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Elan Coil [88]
3 years ago
11

Fortune Company had sales during July 20X3 of $29,000. During the month, the company had purchases of $17,000. At July 1, 20X3,

the company had inventory of $4,500. Assuming the company has a gross profit percentage of 40%, what is the estimated ending inventory for Fortune Company at July 31, 20X3?
Business
1 answer:
mart [117]3 years ago
6 0

Answer:

$4,100

Explanation:

In this question ,we apply the income statement equation

Opening stock + Purchase + Gross profit = Sales + Closing stock

$4,500 + $17,000 + $11,600 = $29,000 + Closing stock

$33,100 = $29,000 + Closing stock

So, the closing stock would be

= $33,100 - $29,000

= $4,100

The gross profit is computed below:

= Sales × gross profit percentage

= $29,000 × 40%

= $11,600

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1. Explain how Merck produces TVs.
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8 0
3 years ago
Taylor Company began manufacturing operations on January 2, 20X1. During 20X1 Taylor reported pre-tax book income of $150,000 an
aleksley [76]

Answer:

$11,300

Explanation:

The computation of the deferred tax asset is shown below:

= 21%(20X2 Expense) + 25%(20X3 and 20X4 Expense)

= 21%($30,000) + 25%($15,000) + 25%($5,000)

= $6,300 + $3,750 + $1,250

= $11,300

3 0
3 years ago
What institution will Martha's lender check before granting or denying a loan or mortgage to Martha?
aalyn [17]

Answer:

A credit bureau

Explanation:

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6 0
2 years ago
what is the surface area of a triangular prism where the base area is 25 m2 (metre square) , the base perimeter is 24 m and the
mixas84 [53]

Answer:

SA = 338m²

Explanation:

Write down given values.

A = 25m²

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L = 12m

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SA = (2×A) + (P×L)

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SA = 338m²

7 0
2 years ago
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