1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gwar [14]
3 years ago
8

For each of the following cases determine the ending balance in the inventory account. (Hint: First, determine the total cost of

inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill’s Dress Shop had a beginning balance in its inventory account of $45,500. During the accounting period, Jill’s purchased $91,500 of inventory, returned $6,100 of inventory, and obtained $860 of purchases discounts. Jill’s incurred $1,220 of transportation-in cost and $710 of transportation-out cost. Salaries of sales personnel amounted to $36,500. Administrative expenses amounted to $41,100. Cost of goods sold amounted to $93,300.
Business
1 answer:
Anna71 [15]3 years ago
8 0

Answer:

The ending balance in the inventory account is $37,960

Explanation:

For computing the ending balance, first we have to compute the cost of inventory which is available for sale

So, the cost of inventory which is available for sale equals to

=  Beginning balance of inventory + purchased - purchase return - purchase discount + in transportation cost

= $45,500 + $91,500 - $6,100 - $860 + $1,220

= $131,260

Now the ending inventory would be

= Cost of inventory which is available for sale -  Cost of goods sold

= $131,260 - $93,300

= $37,960

You might be interested in
Which of the following statements is most correct? Select one: a. If a bond sells for less than par, then its yield to maturity
vladimir1956 [14]

Answer: "e. None of the answers above is correct."

Explanation: 1) If a bond sells for less than par, its yield at maturity is greater than its coupon rate.

2) If a bond sells at par, its current yield will be the same as its yield at maturity.

3) A bond selling for more than par will always have a lower capital gain than a par bond.

4) Both Incorrect.

8 0
3 years ago
The process of assigning meaningful authority and responsibility to managers and employees lower in the hierarchy is called:
Fudgin [204]
The answer is C. Delegation.
Delegation is the process of <span>assigning meaningful authority and responsibility to managers and employees lower in the hierarchy. Managers needs to delegate tasks to their people so they can be able to develop leaders in her/his team.</span>
4 0
3 years ago
The citizens of France, Belgium, and Finland are upset by a recent trade law enacted in the European Union which they feel negat
BigorU [14]

Answer:

The European Parliament to resolve their concerns.

Explanation:

The European Parliament bis the legislative section of the European Union. The European Parliament is made up of 705 members and is the 2nd largest parliament in the world.

When there is dispute with regards to EU laws the European Parliament is the body that resolves it. They help implement laws enacted by the European commission. They can amend or reject a legislature, and they also make proposal for legislation.

So citizens of France, Belgium, and Finland will approach the European Parliament when they are upset by a recent trade law enacted in the European Union which they feel negatively impacts their respective economies.

3 0
3 years ago
Read 2 more answers
Herbert and lily wanted to purchase a new set of curtains for their bedroom. however, they could not decide upon which color to
Yakvenalex [24]

Answer:

The answer is gender.

Explanation:

The difference between the choices that Herbert and Lily make on the curtains they prefer are mainly due to gender differences typically associated with masculinity and femininity. Herbert’s preferred curtain, which is solid dark blue, reflects his masculine preference in colors, since he picked blue. Lily, on the other hand, showcases a feminine preference with lilac-colored curtains; which is a soft shade that feminine women tend to prefer combined, in addition to the embroidery style.

6 0
3 years ago
Joe Levi bought a home in Arlington, Texas, for $147,000. He put down 25% and obtained a mortgage for 30 years at 8.00%. What is
Leni [432]

Answer:

53,367

Explanation:

The first thing we do is to substract the down payment from the initial amount, because this payment is not part of the mortgage.

147,000 x 25% = 36,750

147,000 - 36,750 = 110,250

Next, to find the financed amount we use the present value of an annuity formula:

PV = X [(1 - (1 + i)^-n) / i ]

Where:

  • PV = Present value, in this case, the initial financed amount of $110,250
  • X = Value of the annuity payments.
  • i = Interest rate
  • n = number of compounding periods

For the 8% interest rate we have:

110,250 = X [(1 - (1 + 0.08)^-30) / 0.08]

110,250 = X [11.26]

110,250 / 11.26 = X

9,791.3 = X

Now we multiply this value by 30 to obtain the total amount paid

9,791.3 * 30 = 293,739

The total interest cost under then 8% interest rate is the total amound paid minus the initial amount:

Total interest cost = 293,739 - 110,250

                              = 183,489

We do the same for the 6% interest rate:

110,250 = X [(1-(1 + 0.06)^-30) / 0.06]

110,250 = X [13.76]

110,250 / 13.76 = X

8,012.4 = X

8,012.4 * 30 = 240,372

Total interest cost = 240,372 - 110,250

                              = 130,122

Difference in interest cost = 183,489 - 130,122

                                           = 53,367

4 0
3 years ago
Other questions:
  • More than ________ percent of those holding patents win their infringement suits.
    6·1 answer
  • What is important to know about yourself when making a career choice?
    6·1 answer
  • OFUNILS
    14·1 answer
  • [The following information applies to the questions displayed below.] The following information was reported in the December 31,
    11·1 answer
  • In an organizational setting, a _____ is a small number of people with complementary skills who work together for a common purpo
    13·1 answer
  • Select the best answer for the question.
    6·1 answer
  • When preparing a representative sample from a list of 200 customers who complained about errors in their statements, a _____ mig
    10·1 answer
  • Jake wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacati
    14·1 answer
  • Suppose after the semester ends, you take a trip to an Island of Vieques. Upon arriving at the island, you make a stop at one of
    13·1 answer
  • what are the economic factors influencing the communication industry as a whole and how does this impact the economic base​
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!