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creativ13 [48]
3 years ago
8

3M Co. reports beginning raw materials inventory of $986 million and ending raw materials inventory of $928 million. 3M purchase

d $4,576 million of raw materials during the year.What is the amount of raw materials it used during the year?
Business
2 answers:
Rudiy273 years ago
4 0

Answer:

$4,634 million

Explanation:

The movement or change in the raw materials balance is as a result of purchases and use. The more the raw materials are used, the more reduced the raw material balance is and the more the purchase, the higher the balance.

Hence the relationship may be stated as

Opening balance + purchases - use = closing balance

$986 million + $4,576 million - amount used = $928 million

Amount used = $986 million + $4,576 million - $928 million

= $4,634 million

andrew11 [14]3 years ago
3 0

Answer:

The amount of raw materials used in the year by 3M Co. is $4634 million

Explanation:

The amount of raw materials used in the year is the opening inventory of raw materials added to purchases of raw materials in  the year,minus the closing inventory of raw materials.

In other words, the below shows the computation of raw materials used in the year:

Opening inventory of raw materials                  $986,000,000

Purchases of raw materials                               $4,576,000,000

Less closing inventory of raw materials            <u>$928,000,000</u>

Raw materials used                                            <u>$4,634,000,000</u>

The proforma used is similar that of costs of goods sold where opening inventory of goods is added to purchases of goods, while closing inventory of finished goods is deducted.

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When a union bargains successfully with employers resulting in increased total compensation, both the quantity of labor supplied
34kurt

ANSWER – FALSE

 

When a union bargains successfully with employers, resulting in increment in total compensation, both the quantity of labor supplied and the quantity of labor demanded doesn’t increase, rather, the quantity of labor supplied increases and the quantity of labor demanded decreases.

8 0
3 years ago
Tax loopholes allow individuals and corporations to
kifflom [539]
<span>They allow individuals and corporations to legally reduce their taxable income. An example of a tax loophole is owning a church- these are non- taxable. However, a lot of private individuals have set up churches in their homes in recent years in order to avoid having to pay their usual taxes.</span>
4 0
3 years ago
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sol
Levart [38]

Answer:

Ending inventory is $424,045

Cost of goods sold is $889,955

Explanation:

Retail Inventory method is used to estimate the value of inventory using retail price of the unit of inventory.

As per given data

                                                   Cost           Retail

Beginning inventory               $370,000   $515,000

Net purchases                        $890,000   $ 1,280,000

Freight-in                                $54,000

Net markups                                                $55,000

Net markdowns                                           $25,000

Net sales                                                      $1,235,000

Cost of Purchase = 890,000 + 54,000 = $944,000

Retail Price of Purchases = Net Purchases Retail + ( Net Markup ) = $1280,000 + ( 55,000 - 25,000 ) = 1,310,000

Cost to retail Percentage = ( $944,000 / $1,310,000 ) x 100 = 72.06%

Closing Inventory = Purchases + Net Markup - Sales = $1,280,000 + ( $944,000 / $1,310,000 ) - $1,235,000 = $75,000

                                      Retail           Cost

Beginning inventory  $515,000   $370,000

Net purchases           <u>$75,000</u>     <u> $54,045</u>  ( $75,000 x 72.06% )

Ending Inventory       <u>$590,000</u>   <u>$424,045</u>

Closing Inventory = Opening + Purchases - Closing = $370,000 + ( 890,000 + 54,000 ) - 424,045 = $889,955

7 0
3 years ago
Which of the following is not a type of qualitative forecasting?
Svetradugi [14.3K]

The following that is not a type of qualitative forecasting is<u> </u><u>Moving Averages</u>

Qualitative forecasting has to do with the use of feedback and other research data to make a prediction about how the finances of a company is likely to change in a period of time.

This qualitative research is done by making analysis of the amount of money gotten in the past by the company to estimate future financial operations.

There are four types of qualitative forecasting such as:

  • Executive Opinions
  • Consumer Surveys.
  • Delphi Method
  • Sales Force Polling

Therefore, the correct answer is Moving Averages.

Read more here:

brainly.com/question/8201684

7 0
3 years ago
A company reports the following amounts at the end of the year:
Inga [223]

Answer:

33.33%

Explanation:

Given:

Sales revenue = $360,000

Cost of goods sold = $240,000

Net income = $53,000

Now,

the gross profit = Sales revenue - Cost of goods sold

or

The gross profit = $360,000  - $240,000  = $120,000

Thus,

the company's gross profit ratio = \frac{\textup{Gross Profit}}{\textup{Sales revenue}}

or

The company's gross profit ratio =  \frac{120,000}{\textup{360,000}

or

The company's gross profit ratio = 33.33%

8 0
3 years ago
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