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JulijaS [17]
3 years ago
11

Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly fina

ncial statements required by its bank. Inventory on hand at the end of October was $58,500. The following information for the month of November was available from company records:
Purchases: $114000
Freight-in: $3900
Sales: $188000
Sales Returns: $5200
Purchase Returns: $4300

In addition, the controller is aware of $8600 of inventory that was stolen during November from one of the company's warehouses.

Required:

a. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%.
b. Calculate the estimated inventory at the end of November, assuming a markup on cost of 100%.
Business
1 answer:
Nastasia [14]3 years ago
7 0

Answer:

Please refer the attachment to have the solution with explanation

Download xlsx
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Who is the home inspector's most important source of business leads? A. Engineering firms B. Architects C. Real estate agents D.
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This would be C. the Real Estate Agents. The engineering firms are only in charge of the construction of the home and the materials that are to be used for building it. The Architects, on the other hand, are responsible for the design of the home and the placement of the materials of the home. The lending institutions are focused more on providing the home inspector with money that he will need for a piece of property. So that leaves us with the Real Estate Agents. It is these people who deal with the sales of property which is why they are the source of business leads.
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3 years ago
What terms best refer to anything that can be bought or sold?
Savatey [412]

The terms best refer to anything that can be bought or sold

goods and services

This is further explained below.

<h3>What terms best refer to anything that can be bought or sold?</h3>

Generally, The output of an economic system consists of things like goods and services.

While services consist of activities that are carried out for the advantage of the receivers, goods are physical products that are sold to clients. Products such as autos, home appliances, and apparel are all examples of goods.

In conclusion, The terms best refer to anything that can be bought or sold

goods and sevices

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7 0
2 years ago
Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited liability compa
lozanna [386]

Answer:

Explanation:Answer:

Explanation: Characteristics of a proprietorship:

1. Owned by single individual

2. Less regulated Subject to unlimited liability

3. Has unlimited life Subject to lower income taxes

B.

Michael founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death. Sole proprietor

DDX Co. is a shipping company. Tyler owned 1,000 shares of DDX stock. He found better opportunities and sold his entire stake in DDX to another investor. Limited liability company.

Jackson and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. Partnership

Tyler, Jackson, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt. Limited partnership

Businesses in the form of corporations offer their owners several advantages, but the benefits come at a price. For instance, corporations are required to create a charter, set bylaws, and file mandatory reports with state and federal authorities, which can get expensive and time consuming. The filing document, which requires the company to state: (1) the name of the proposed corporation, (2) types of activities the company will be involved in, (3) amount of capital stock, (4) number of directors, and (5) names and addresses of the directors, is called the corporate limited liability company

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3 years ago
Which of the following documents will a bank issue in order to secure a loan with your personal assets?
Minchanka [31]
You to do a loan application
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all of these are costs of nonconformance except: a. training. b. rework and repair. c. scrap. d. liability judgments.
Juli2301 [7.4K]

All of these are costs of nonconformance rework and repair, scrap,  liability judgments except<u>  </u><u>training.</u>

<u />

What does liability mean?

A person's or organization's financial responsibility for any losses or damages caused to another person or organization is referred to as "liability" in law. It generally refers to the responsibility to pay for any damage caused by one's own actions or negligence.

What does Organization mean?

Organization is the process of structuring and coordinating the activities of people and resources in order to achieve a goal or set of goals. It entails establishing or creating distinct lines of authority, responsibilities, communication, and decision-making. Setting goals, planning, controlling resources, and assessing progress are all part of the process.

Therefore the option A. <u>training</u> is the correct option.

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