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nirvana33 [79]
3 years ago
10

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be

ginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sales during the first six months totaled $490,000. The estimated inventory at June 30, 2021, would be:
Business
1 answer:
enyata [817]3 years ago
5 0

Answer: $68,200

Explanation:

Estimated inventory = Difference between Goods available for Sale at Retail Price and Actual Sales made * Cost Retail Ratio

Retail value of Goods Available for Sale

= Retail Price of Beginning Inventory + Retail price of Purchases

= 120,000 + 480,000

= $600,000

Difference between Goods available for Sale at Retail Price and Actual Sales made

= 600,000 - 490,000

= $110,000

Cost to retail price ratio

= (Cost of Beginning Inventory + Cost of Purchases) / (Retail Price of Beginning Inventory + Retail Price of Purchases)

= (60,000 + 312,000) / (120,000 + 480,000)

= 62%

Ending inventory

= 110,000 × 62%

= $68,200

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Answer:

The correct option is b. The income from continuing operations is $1141000.

Explanation:

Based on the information given we were told that the tax rate is 30% while the income before income taxes was $1,630,000 which means that the The income from continuing operations is $1141000 calculated as:

Income from continuing operations=[$1,630,000-(30%*$1,630,000)]

Income from continuing operations=$1,630,000-$489,000

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5 0
3 years ago
The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of 20% of net income (after the bonus
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Answer:

pre-bonus income is $33600

Explanation:

given data

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income before the bonus = $57600

to find out

pre-bonus income

solution

we know pre income bonus is express as

pre-bonus income = bonous + share of income    ............1

so bonus = 20/120 × 57600 = $9600

and share of net income = 1/2 × ( 57600 - 9600)

share of net income = $24000

so from equation 1

pre-bonus income = bonous + share of income

pre-bonus income =9600+ 24000

pre-bonus income is $33600

3 0
3 years ago
Choose the behaviors that are exhibited by someone who is using critical thinking.
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Answer:

b c d f

Explanation:

i just did it <3

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What are the agriculture specialist do ​
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Answer:

Agricultural specialists research farms and crops, collect data, and help farmers implement the best industry practices available. As an agricultural specialist, you also take the time to evaluate farmlands, cultivate relationships with others in the industry, and support land conservation efforts.

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Second Scenario:

The account payable clerk should keep track of all the invoices entered in the system. The system controls should be efficient so that there is no duplicate payment or missed payment. The system should notify the user when any duplicate invoice entering attempt is made. There should be authorization of invoices before they are entered in the system. The payment process should be segregated between 2 or more users so that there is less risk for fraud.

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3 years ago
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