Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
Gross profit = Sales - Cost of goods sold
= (440 x 90 + 220 x 80 + 264 x 50) - (440 x 56.7 + 220 x 50.4 + 264 x 31.5)
= (39,600 + 17,600 + 13,200) - (24,948 + 11,088 + 8,316)
= 70,400 - 44,352
= $26,048
Ending inventory schedule attached in the excel archive
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
A situation that would most likely cause demand for milk to rise in France is French consumers expect the price of milk to increase in the future.
<h3>What causes an increase in the demand for a product?</h3>
The demand for a product is affected by:
- future expectations
- change in the price of other goods
- Change in the income of consumers
When it is expected that the price of a product would increase in the future. Consumers would want to buy the product now when it is cheaper so as to save money.
For more information about the change in demand, please check: brainly.com/question/25871620
Answer:
Depreciation expense = $4,400
Accumulated depreciation = $13,200
Explanation:
Depreciation: The depreciation is the amount which decreases the value of the asset. It can be by obsolescence, usage, tear and wear, etc.
The annual depreciation is given i.e. $4,400 which will be charged in depreciation expense whereas the accumulated depreciation would be equal to
= Annual Depreciation × useful life
= $4,400 × 3
= $13,200
Answer:
Luca Pacioli
Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447.
Answer:
The amount worth $6,000 will be debited to the account in Year 2
Explanation:
When the uncollectible accounts are written off, then the debit is created to the allowance and the credit to the accounts receivable. The starting balance in the allowance account is $90,000 and the ending balance is $100,000 and the expense of bad debt is $16,000
The write off is computed as:
Write off = Beginning balance + Bad debt expense - Ending balance
= $90,000 + $16,000 - $100,000
= $106,000 - $100,000
= $6,000
Therefore, the amount of $6,000 is to be write off in Year 2
