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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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First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest
Anarel [89]

Answer:

$14,343.25

Explanation:

First city bank pays 8% simple interest in a savings account

Second city bank pays 8% interest compounded annually

$68,000 is deposited deposited in each of the bank

The first step is to calculate the simple interesr per year of first city bank

= principal × rate

= 68,000 × 8/100

= 68,000 × 0.08

= 5,440

The interest earned for the period of 8 years can be calculated as follows.

= 5,440 × 8

= 43,520

The balance at the end of 8 years can be calculated as follows

= 68,000 + 43,520

= 111,520

The next step is to calculate the future value of second city bank

= principal × (1+R)^n

= 68,000 × (1+8%)^8

= 68,000 × (1+0.08)^8

= 68,000 × 1.08^8

= 68,000 × 1.85093021

= 125,863.25

Therefore the amount of money earned from second city bank at the end of 8 years can be calculated as follows

= 125,863.25-111,520

= 14343.25

Hence the money that was earned from second city bank at the end of 8 years is $14,343.25

8 0
3 years ago
Cleaners & Solvents, Inc. (CSI), engages in deceptive advertising when it markets its product Dirt Remover as able to kill g
AlexFokin [52]

Answer:

multiple product order

Explanation:

A multiple product order is not a court order, but rather an order coming from the Federal Trade Commission ordering a firm that has used false or deceptive advertisement to stop doing it. This prohibition includes all the products manufactured or sold by the company that used the false advertisement.

In this case, CSI has to stop all types of advertisement regarding the products that it manufactures.

7 0
3 years ago
A company buys equipment for $48,000, expects to use it for ten years, and then sell it for $6,000. using the straight-line meth
Vesnalui [34]

Using the straight-line method, the company should report annual depreciation for the equipment of $4,200.

Given,

A company buys equipment for $48,000 expects to use it for ten years, and then sell it for $6,000

The formula to calculate annual depreciation is given below-

Annual depreciation = (Original cost - salvage value) / Estimated life(years)

Annual depreciation = ($48,000 - $6,000) / 10

Thus, annual depreciation = $4,200

A standard yearly rate at which depreciation is charged to a fixed asset is called annual depreciation. Thus, to calculated depreciation the straight-line method is used. Where you need to subtract the asset's salvage value from its cost.

To learn more about annual depreciation here:

brainly.com/question/27971176

#SPJ4

3 0
2 years ago
Your teammates, Sara and Juan, are having difficulty cooperating with one another even though their individual assignments are h
Airida [17]

Answer:

Sara and Juan (Uncooperative Teammates)

The action that is least likely to improve their cooperation is:

4) Reassign their tasks so that they are working on very different aspects of the team’s project.

Explanation:

Option 4 makes it impossible for Sara and Juan to come together or work on an aspect of the team's project.  It is the most unlikely way of improving cooperation between the two.  If they continue being unwilling to work together, the team's productivity and morale will deteriorate.  Resentment will grow as costs are overrun, causing loss of business and weakened workplace culture.  Overall, the team will not be able to achieve its goals because the poor relationship will gradually permeate the team's spirit.

7 0
3 years ago
Rhonda would like to call her coworker Jessica, but she only remembers the first three digits of the seven-digit telephone numbe
viva [34]

Answer:

120 calls

Explanation:

A phone number has 7 digits, of which we know three, leaving 4 spaces left.

Those four spaces are all different even numbers. Even numbers of only one digit include: 0,2,4,6,8. In total there are 5 options.

So the equation is simply multiply 5 x 4 x 3 x 2 = 120.

5 0
2 years ago
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