<span>First we must determine the cost of goods sold during November. For this we use beginning inventory ($368,000) + purchases ($217,500) - ending inventory ($226,750). This gives us a total cost of goods sold for November of $358,750.
Then, we take the net sales ($1,000,000) minus the cost of goods sold ($358,750) which equals our gross profit of $641,250.
Finally we divide gross profit ($641,250) by net sales ($1,000,000) to determine the gross profit rate to be 64.125%</span>
Answer:
The plant would have to work 8.33 hours
Explanation:
Initial productivity:
100 parts were produced in 1 hour
Percentage increase in productivity = 20%
New productivity:
100 + (100 × 0.2) = 100 + 20 = 120
120 parts would be produced in 1 hour
Number of hours the plant would have to work to produce 1000 parts = 1000/120 = 8.33 hours
Answer:
The tax rate is the same for all income levels.
Explanation:
A proportional tax system is a tax mechanism that applies equal rates to all income brackets. This system does not segregate based on income earned. The proportional tax system is also the flat rate system.
Since the proportional tax system applies the same rate to all taxpayers, it means that the low income, middle, and high-income earners pay tax at the same rate. The proportional tax system contrasts with other methods, such as the progressive tax system that considers income levels.
Answer and Explanation:
The journal entry is shown below;
Cash $656,600
Factoring charges (2% of $670,000) $13,400
To Trade Receivables $670,000
(Being recording these receivables)
Here cash and factory charges is debited as it increased the assets and expense while the trade receivable is credited as decreased the assets
True, intermediaries add costs to products, but they also add such as convenience and assortment.
<h3>What are financial intermediaries ?</h3>
In every financial transaction, financial intermediaries operate as a middleman between two parties. A good illustration would be a bank, which performs a variety of functions, including acting as a go-between for lenders and borrowers and gathering cash for investments.
Banks and other financial intermediaries make it possible for capital to pass hands in a particular transaction. Typically, both the customer and the business pay a price for this. Physical storage and shipment require a lot of resources and time, adding to the transaction's expenses.
Hence, True is an appropriate response.
To learn more about financial intermediaries
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