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miv72 [106K]
3 years ago
9

Lucky Inc. reported sales revenue of $385,000, operating expenses of $65,000, and a net loss of $23,000 for the most recent fisc

al year. What amount did Lucky report for cost of goods sold
Business
1 answer:
Mademuasel [1]3 years ago
3 0

Answer:

$343,000

Explanation:

Given that,

Sales revenue = $385,000

Operating expenses = $65,000

Net loss = $23,000

Gross profit:

= Net loss + Operating expenses

= - $23,000 + $65,000

= $42,000

Cost of goods sold:

= Sales revenue - Gross profit

= $385,000 - $42,000

= $343,000

Therefore, the amount of cost of goods sold for the Lucky is $343,000.

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The selected inventory costing method impacts:________
Alisiya [41]

Answer:

The correct option is a) Gross profit and ending inventory.

Explanation:

The inventory technique is a method of accounting for calculating the value of an inventory. The approach calculates the ending inventory balance by comparing the inventory cost to the merchandise price.

There are three methods for valuing inventory whic are FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost) (Weighted Average Cost). The gross profit and ending inventory are affected differently by each of these costing methods.

This implies that the selected inventory costing method impacts gross profit and ending inventory.

Therefore, the correct option is a) Gross profit and ending inventory.

4 0
3 years ago
The company is gearing up for next year’s events and determining where to hold them. Customer feedback, logistics, and pricing o
SSSSS [86.1K]

Answer:

team

Explanation:

Using a <em>team </em>of employees for tasks that are cross-department  based is a better solution than letting each individual work on a task and just ask other departments for reference and help if needed. When working on important projects such as this one, the most efficient way is to put employees from the tackled departments into one team. This way, communication and collaboration is vastly improved.

8 0
3 years ago
A growing perpetuity is currently valued $6,225.81. The next annuity payment will be $386 and the discount rate is 9 percent. Wh
viva [34]

Answer:

2.8%

Explanation:

The formula to calculate value of a perpetuity is as follow:

V = Annuity payment in year 1 / (r-g)

V: Value of the perpetuity

r: Discount rate

g: Growth rate (missing value)

By inputting numbers into the formula, we have:

6225.81 = 386 / (0.09 - g)

--> g = 2.8%

3 0
3 years ago
During most of the Soviet rule (and certainly after 1934), any form of experimental art was considered dissident and, therefore,
QveST [7]

The statement, "During most of the Soviet rule (and certainly after 1934), any form of experimental art was considered dissident and, therefore, could only exist as a part of underground culture" is True

Option a

<u>Explanation: </u>

All across the 1920s, the creation of Soviet Art was followed by an era of severe ideological competitiveness among artistic groups, which each tried to ensure that their views were given a priority for the determination of the shapes and instructions under which soviet art will also grow.

The increasing crisis of radical left wing artwork done this fight even more angry, In the late 1930's, several avant-garde movements that emerged in the 1910s had become tired and began depicting artifacts in real life, as they sought to return to the traditional model of drawn pictures.

6 0
3 years ago
WV Construction has two divisions: Remodeling and New Home Construction. Each division has an on-site supervisor who is paid a s
Fynjy0 [20]

Answer:

the common fixed expense is $300,000

Explanation:

The computation of the common fixed expense is shown below:

Common Fixed Expenes = Office Administrative Assistant + Office Administrative Assistant + President's Salary

= $70,000 + $47,000 + $183,000

= $300,000

hence, the common fixed expense is $300,000

6 0
3 years ago
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