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Komok [63]
3 years ago
14

Marcy's, Inc., operates department stores located primarily in the Southwest, Southeast, and Midwest. In its 2016 third-quarter

repoi the company reported Cost of Goods Sold of $2,900 million, ending inventory for the third quarter of $4,600 million, and ending inventory for the previous quarter of $4,100 million. Estimate merchandise purchases for the third quarter. (Enter your answer in millions.) Merchandise Purchases million
Business
1 answer:
marysya [2.9K]3 years ago
8 0

Answer:

Purchases is $3400  million

Explanation:

Cost of goods formula comes readily helpful in this case.

Cost of goods sold=beginning inventory+purchases-ending inventory

by arranging the formula,the purchases formula is given thus:

Purchases=cost of goods sold-beginning inventory+ending inventory

cost of goods sold is $2,900 million

ending inventory is $4,600 million

beginning inventory is $4,100 million

purchases=($2,900-$4,100+$4,600) million

purchases=3400  million

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A few weeks after marion had her phone number changed, she wrongly gave out her former phone number. the most likely explanation
LiRa [457]
The correct answer is proactive interference.

Proactive interference refers to the phenomenon wherein, old memories get in the way of or interfere with retaining and retrieving new memories. In this instance, Marion's old memory of her former phone number is interfering with her ability to retrieve the memory of her (newer) current phone number.
5 0
3 years ago
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model
marshall27 [118]

Answer:

Number of Firms - many

Type of Product - differentiated

Market Model - monopolistic competition

Number of Firms - many  

Type of Product - standardised  

Market Model - perfect competition

Number of Firms - few  

Type of Product - standardised  

Market Model - oligopoly

Number of Firms - one

Type of Product - unique

Market Model - monopoly

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.   In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants  

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.

An example of a monopoly is a utility company

An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.

Oligopolies are characterised by:

  • price setting firms  
  • profit maximisation
  • high barriers to entry or exit of firms
  • downward sloping demand curve

3 0
2 years ago
Plezion Movie Palace, a film theater in Germany, gives all its customers miniatures of the main character of the latest superher
nadezda [96]

Answer:

B. Augmented products.

Explanation:

An augmented product has been improved by its seller with added features or services to recognize it from a similar product offered by its rivals. Augmenting a product includes adding intangible benefits or additional items that go past the product itself.

The actual product is the core product, whereas given by the Plezion Movie Palace to its customers is the augmented product.

6 0
3 years ago
Does GAAP routinely require companies to disclosure forecasts of financial variables to external users? Indicate yes or no and e
Andrei [34K]

Answer:

No, they don´t.

Explanation:

Forecast is not required by GAAP, as the <u>Relevance</u> and the <u>Faithful</u> <u>Representation</u> are concepts that are not compatible with data projection.  Forecast implies estimates, and subjective interpretations that do not fulfill financial statements aim and are difficult to verify.

4 0
3 years ago
he following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods invento
IceJOKER [234]

Answer:

$210,000

Explanation:

For computing ending inventory under absorption costing, we need to first find out the units of ending inventory, and then do the proportion to each cost.

The units of ending inventory = Units produced - units sold

                                                 = 7,200 units - 5,200 units

                                                 = 2,000 units

Now,

The material cost = Material cost × (ending inventory units ÷ units produced)

                            = $144,000 × (2,000 ÷ 7,200)

                            = $40,000

The Variable conversion cost = Variable conversion cost × (ending inventory units ÷ units produced)

                                                 = $72,000 × (2,000 ÷ 7,200)

                                                 = $20,000

The Fixed manufacturing cost = Fixed manufacturing cost × (ending inventory units ÷ units produced)

                                                 = $540,000 × (2,000 ÷ 7,200)

                                                 = $150,000

So, the ending inventory equals to

= Material cost + Variable conversion cost + Fixed manufacturing cost

= $40,000 + $20,000 + $150,000

= $210,000

6 0
2 years ago
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