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trapecia [35]
3 years ago
11

A firm's database showed that the average value of all inventory items for the year was $7,650. The cost of goods sold was repor

ted at $76,500. Because the company closes for two weeks each year, its business year is reduced in length. How many weeks of supply were held in inventory? Group of answer choices
Business
1 answer:
Zinaida [17]3 years ago
8 0

Answer:

We know the average inventory was 7,650 and the cost of goods sold through  out the yer were 76,500.There are about 52 weeks in a year. If the company closes for 2 weeks, then they are in business for 50 weeks a year.

If we divide the cost of goods sold by the number of weeks that the company is open, we get what is the cost of goods sold each week.

76,500/50= 1,530

The company has 1,530 of cost of goods sold each week. And their average inventory is of 7650 so if we divide average inventory by the cost of goods sold each week, we will get how many weeks of supply is held in inventory.

7650/1530=5

The company holds 5 weeks of supply in inventory.

Explanation:

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Managing Financial Information<br> Project: Analyzing Consumer Protections Active
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Explanation:

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Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attem
Juliette [100K]

Answer:

$24,000

Explanation:

According to the consignment accounting, it States that any inventory sent on consignment by the consignor to the consignee, belongs to the consignor until the inventory is sold by the consignee.

Regarding the above, Mogu company sent inventory costing $100,000 and out of this, only $76,000 has been sold. The remaining inventory still belongs to the consignor and the amount of this inventory is;

$100,000 - $76,000 = $24,000

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7 0
3 years ago
Diamond Company has three product lines, A, B, and C. The following financial information is available:
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Answer:

e. Increase by $4,500.

Explanation:

<u>Analysis of the effect of discontinuing Product Line C</u>

Income :

Rent Income                                                    $6,000

Savings : Fixed Costs - Avoidable                 $3,000

Total Income                                                   $9,000

Costs :

Opportunity Cost - Contribution Margin       $4,500

Total Costs                                                      $4,500

Net Income (Loss)                                           $4,500

therefore,

By discontinuing Product Line C, operating income for the company will likely  Increase by $4,500

5 0
3 years ago
On January 1, 2021, Nana Company paid $100,000 for 6,200 shares of Papa Company common stock. The ownership in Papa Company is 1
anygoal [31]

Answer:

$372,000

Explanation:

The computation of the amount to be reported in the balance sheet is shown below:

= Number of shares of common stock × fair value of the Papa stock on that date per share

= 6,200 shares × $60

= $372,000

Since in the question it is given that the Nana company does not have significant influence over Papa Company which means that the net income, retained earning, dividend is not be considered.

Therefore, the investment should be reported at the fair value

6 0
3 years ago
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