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Feliz [49]
3 years ago
13

A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company pa

id the shipper $1,500 cash for freight in. The company paid the vendor nine days after the sale. If there was no beginning inventory, the cost of inventory would be ________. (Assume a perpetual inventory system.) Group of answer choices $73,280 $75,500 $70,280 $72,500
Business
1 answer:
marysya [2.9K]3 years ago
8 0

Answer:

Cost of inventory =$73,280

Explanation:

The term 3/10 implies that the company would get a discount of 3% off the gross purchase price if its settles its account within 10 days of purchase. Since the payment was made 9 days after then the  discount is secured.

The cost of inventory =  the net purchase price + the freight charges

Net purchase price = Gross amount - discounts

Net purchase price = 74,000 - (3%× 74,000)=$71780

The cost of inventory = 71,780 + 1500= 73280

Cost of inventory =$73,280

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2 years ago
Perfect Clean, Inc. provides housekeeping services. The following financial data have been provided.
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Answer:

A) $38,650; 48.31%

Explanation:

The computation of the contribution margin and the contribution margin ratio is shown below:

Contribution margin = Service Revenue - Cleaning Supplies Used - wages expense

= $80,000 - $22,000 - $19,350

= $38,650

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And, the contribution margin ratio equals to

= (Contribution margin ÷ sales) × 100

= ($38,650 ÷ $80,000)  × 100

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3 years ago
which of the following is an example of a project that belongs to the functional area of accounting and finance? a. market resea
Semenov [28]

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Number one markets are facilitated by way of underwriting corporations such as investment banks that set a starting charge range for a given protection and oversee its sale to buyers.

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3 0
1 year ago
Under a _____ exchange rate regime, a country will attach the value of its currency to that of a major currency.
bija089 [108]
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7 0
2 years ago
In one year, Hitech Microdevices will pay a common stock dividend of $4.35. You predict that you will be able to sell your Hitec
Andre45 [30]

Answer:

Price to be paid now = $52.89

Explanation:

<em>The Dividend Valuation Model is a technique used to value the worth of an asset. According to this model, the worth of an asset is the sum of the present values of its future cash flows discounted at the required rate of return. </em>

T<em>he stock would be held for just a period, hence we would use the single period return model. This is given as follows:</em>

Price now  = D/(1+r) + P×(1+r)

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Dividend = 4.35, r-16%, P- 57

Price = 4.35/(1.16)  + 57/(1.16)= $52.89

Price to be paid now = $52.89

7 0
2 years ago
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