Answer:
$2,266,123.60
Explanation:
As it is given
Return on sales = Net income ÷ Sales
3.56% = $110,000 ÷ Sales
So, the sales is $3,089,887.64
Now the Gross Profit percentage is
Gross Profit percentage = Gross profit ÷ Sales
26.66% = Gross profit ÷ $3,089,887.64
So, the gross profit
= $823,764.044
Now the cost of goods sold is
= Sales - gross profit
= $3,089,887.64 - $823,764.044
= $2,266,123.60
<span>A monopolist sells 6 units of a product per day at a unit price of $15. if it lowers price to $14, its total revenue increases by $22. this implies that its sales quantity increases by: 8 units.
To solve for the original sales amount: (6 units)($15) = $90
Next find the new unit amount: (8 units)($14) = $112
The difference between these two is a $22 sales increase which means to have the difference in sales be $22 there were 8 units sold instead of 6 units.
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<h2>A control total for hours worked, prepared from time cards collected by the timekeeping department.</h2>
Explanation:
An employee should get salary only based on the number days / number hours worked for the organization. So the time card will help the organization to solve the problem.
So the time card should be collected and then only the salary needs to be calculated. The salary calculation should take number of leaves (paid / unpaid), permissions and On-duty in to account so that the expected outcome can be achieved.
When there is a surplus of goods and the government does not intervene to stabilize prices, the prices will keep dropping in an effort to sell the good off.
According to the Law of Supply and demand:
- prices drop when the supply of a good is more than the demand to encourage people to buy more of the goods.
This will be done in an effort to at least recuperate some of the costs of production instead of suffering a total loss when people don't buy the goods as is the case with these holiday toys.
We can therefore conclude that if the government does not intervene to either subsidize the price of these toys or control their price, the prices will keep falling to entice people to buy the goods.
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