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Musya8 [376]
3 years ago
13

Friendly Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2016. In preparing its insurance

claim on the Inventory loss, the company developed the following data: inventory January 1, 2016, $340,000; sales and purchases from January 1, 2016, to May 1, 2016, $1,160,000 and $885,000, respectively. California consistently reports a 30% gross prom. The estimated inventory on May 1. 2016. is:
a. $473,000.
b. $414,400.
c. $378,000.
d. $413,000.
Business
1 answer:
lianna [129]3 years ago
5 0

Answer:

d. $413,000

Explanation:

Sales                                                                               = $1,160,000

Less: Cost of Goods Sold (1,160,000*70%)                  = <u>($812,000)</u>

Gross Profit                                                                     = 348,000

Note: Since gross profit margin is 30% of the sales, the cost of goods sold must be 70% of sales.

Beginning inventory on Jan.1, 2016                             = $340,000

Purchase inventory from Jan.1, 2016 to May 1,2016   =  <u>$885,000</u>

Total Inventory                                                              =  $1,225,000

Less: Cost of Goods sold                                              =  <u>($812,000)</u>

Estimated Inventory on May.1 2016                            =   $413,000

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Answer:

1) What is the size of Labor force

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60 people are full time employed + 20 people who are part-time employed + 20 people who are unemployed = 100 people

2) What is the Unemployment rate?

20 people who are unemployed / 100 people = 0.2 or 20%

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5 0
3 years ago
As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 25% of Nursery Supplies Inc
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Answer:

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No Entry

Explanation:

Preparation of the appropriate journal entries from the purchase through the end of the year.

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Cr Cash $66 million

(To record purchase of 25% shares for $66 million)

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5 0
3 years ago
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Answer:

Check the explanation

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Step 1: Setup a spreadsheet on Excel, as shown in the first and second attached images below:

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7 0
3 years ago
Which of the following is true when an economy produces at full employment, but consumers, government, businesses, and the forei
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According to the Keynesian perspective, firms produce output only if they expect it to sell.

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Keynes termed a fall in the aggregate demand as a recessionary gap.

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6 0
3 years ago
A _____ is subsidiary to the work-in-process account and is the primary document for accumulating all costs related to a particu
OlgaM077 [116]

Answer:

correct option is b. job-order cost sheet

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A job order cost sheet is subsidiary to work in process

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so correct option is b. job-order cost sheet

8 0
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