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Ira Lisetskai [31]
3 years ago
5

During 2020, Sarasota Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sarasota for

a lump sum of $131,670 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.Col1 Type Lounge chairs Armchairs Straight chairsCol2 No. of Chairs 880 660 1540Col3 Estimated Selling Price Each $90 80 50During 2020, Sarasota sells 440 lounge chairs, 220 armchairs, and 264 straight chairs.
What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020?
Business
1 answer:
vfiekz [6]3 years ago
8 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

Gross profit = Sales - Cost of goods sold

= (440 x 90 + 220 x 80 + 264 x 50) - (440 x 56.7 + 220 x 50.4 + 264 x 31.5)

= (39,600 + 17,600 + 13,200) - (24,948 + 11,088 + 8,316)

= 70,400 - 44,352

= $26,048

Ending inventory schedule attached in the excel archive

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
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Answer: CONSUMPTION SPENDING = $730 Billion

PRIVATE SAVING = $300 Billion

PUBLIC SAVING = -$50 Billion

NATIONAL SAVING = $250 Billion

Explanation:

The missing figures are the Consumption Spending, Private Saving, Public saving and National Saving.

This is a closed economy so no imports.

Consumption Spending.

The Formula for GDP is

Y = C + I + G

Y is income

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I is Investment

G is Government Spending.

Making C the subject we have,

C = Y - I - G

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= $730 billion

Private Saving is what people are left with after taxes and Consumption so,

= Y - T - C

= 1,200 - 170 - 730

= $300 billion

Public Saving is how much the Government spent vs what it received.

The formula would therefore be

= Taxes - Government Spending

= 170 - 220

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National Saving is the amount in the Economy that was saved after accounting for Consumption and Government Spending.

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= 1,200 - 730 - 220

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If you need any clarification do react or comment.

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3 years ago
"True or false: When evaluating a position strategy s implementation, it is more important to look at data and sales figures tha
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Answer:

False

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The most important thing to lool at is the feedback from customers, this enables you stand at a better position to innovate and implement better ideas making use of the feedback from customers.

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Larson Manufacturing is considering purchasing a new​ injection-molding machine for ​$360 comma 000360,000 to expand its product
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