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sukhopar [10]
3 years ago
13

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Co

st Retail Merchandise inventory, January 1, 2021 $ 300,000 $ 291,000 Purchases 581,000 928,000 Freight-in 19,000 Net markups 31,000 Net markdowns 5,000 Net sales 910,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)
Business
1 answer:
Anton [14]3 years ago
6 0

Answer:

$242,168.82

Explanation:

Inventory on December 31, 2021

Cost. Retail

Beginning inventory 300,000 291,000

Add: purchases 581,000 928,000

Add: freight in. 19,000

Add: net markups. 31,000

900,000 1,250,000

Less net markdown. 5,000

Goods available for 900,000 1,245,000

Cost to retail %

900,000/1,245,000

0.722891566

Less: net sales. 910,000

Estimated ending 335,000

Estimated ending inventory at cost

335,000 × 0.722891566

242,168.82

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2019 balance sheet showed net fixed assets of $5.2 million, and the 2020 balance sheet showed net fixed assets of $5.8 million.
Allushta [10]

Answer: $935,000

Explanation:

Net capital spending refers to the amount spent on acquiring new fixed assets.

= 2020 net fixed assets + 2020 depreciation - 2019 net fixed assets

= 5,800,000 + 335,000 - 5,200,000

= $935,000

5 0
3 years ago
In the U.S., the iron and steel industry is concentrated in the: A.South B.North C.Midwest D.West
lesya [120]
I think the FIRST answer is North because then it goes to the MidWest.
4 0
3 years ago
An allocation base that causes overhead costs to be incurred is called a(n):
barxatty [35]
It is called A COST DRIVER. A cost driver refers to any factor that causes a change in the cost of an activity. Cost driver is used to assign overhead costs to the quantity of a particular goods that is manufactured. Example of a cost driver is direct labour hours input into a production operation. 
7 0
4 years ago
What is a​ quota? A. A quota is the same thing as a voluntary export restraint. B. A numerical limit a government imposes on the
LenKa [72]

Answer:

Option (B) is correct.

Explanation:

An import quota is defined as the restriction on the imports from the other nations. It is the direct restriction on the quantity of goods imported from the other countries. This restriction takes place to protect the domestic producers of the home nation from the foreign competition.

For example: The united states wants to import 50,000 cars from Japan but there is an import quota of 40,000 cars. So, the consumers in the United States won't be able to import remaining 10,000 cars.

8 0
3 years ago
The aggregate demand for good X is Q​ = 20 minus ​P, and the market price is P​ = $8. What is the maximum amount that consumers
bagirrra123 [75]

Answer:

so maximum amount that consumers are willing to pay for the quantity demanded at this​ price = $168

Explanation:

given data

Q​ = 20 - ​P

P​ = $8

to find out

maximum amount that consumers are willing to pay for the quantity demanded at this​ price

solution

we get here demand at current market price that is

Q = 20 - P

Q = 20 - 8

Q = 12

and Total expenditure incurred will be at at current market price will be

Total expenditure incurred  = Price × Quantity ..................1

Total expenditure incurred  = $8 × 12

Total expenditure incurred  = $96

and

we get price when Q = 0

Q = 20 - P  

P = 20

so now consumer surplus will be here as

consumer surplus = 0.5 × ( Price when(Q = 0) - Current market price) × Quantity ............................2

put her value we get

consumer surplus = 0.5 × ( 20 - 8 ) × 12

consumer surplus = $72

and

now we get maximum amount that is

maximum amount = Current expenditure + Consumer surplus  

maximum amount = $96 + $72

maximum amount = $168

so maximum amount that consumers are willing to pay for the quantity demanded at this​ price = $168

8 0
3 years ago
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