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3 years ago

A car rental cost $90.00 last year. This year it cost $102.99. What is the inflation rate, to the nearest tenth percent?

Business

1 answer:

zhannawk [14.2K]3 years ago

3 0

Answer:

14.43%

Explanation:

Given that

Last year rental cost of the car = $90

This year rental cost of the car = $102.99

So, the inflation rate equal to

= (This year rental cost of the car - Last year rental cost of the car) ÷ (Last year rental cost of the car)

= ($102.99 - $90) ÷ ($90)

= ($12.99) ÷ ($90)

= 14.43%

We simply applied the above formula to compute the inflation rate

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Oriole Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $65

labwork [276]

Answer:

Explanation:

The journal entries are shown below:

Using net method:

1. Notes receivable A/c Dr $650,000 ($659,900 - $9,900)

To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr $460,000

To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

To Notes receivable $650,000

To Discount forfeited $9,900

(Being received payment is recorded)

Using gross method:

1. Notes receivable A/c Dr $650,000 ($659,900 - $9,900)

To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr $460,000

To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

To Notes receivable $659,900

(Being received payment is recorded)

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2 years ago

In a command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at

IrinaK [193]

Answer:

In a command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are planned by the government

The government plans the goods and services that a country produces, the quantity in which they are produced, and the price at which they are sold.

8 0

2 years ago

Costs that do not change in total over wide ranges of volume. 2. Technique that estimates profit or loss results when conditions

likoan [24]

Complete Question:

Match the terms with the correct definitions.

Answer:

1. Fixed costs: Costs that do not change in total over wide ranges of volume.

2. Sensitivity analysis: Technique that estimates profit or loss results when conditions change.

3. Breakeven point: The sales level at which operating income is zero.

4. Margin of safety: Drop in sales a company can absorb without incurring an operating loss.

5. Sales mix: Combination of products that make up total sales.

6. Contribution margin: Net sales revenue minus variable costs.

7. Cost behavior: Describes how a cost changes as volume changes.

8. Variable costs: Costs that change in total in direct proportion to changes in volume.

9. Relevant range: The band of volume where total fixed costs and variable cost per unit remain constant.

Explanation:

It is required that each term are matched with their respective correct definitions. The terms are generally associated with business and sales management.

For instance, fixed costs are indirect costs that do not change in total over wide ranges of volume and irrespective of the level of output (goods and services) e.g rent, salaries, property tax, insurance, depreciation etc.

Also variable costs are costs that change in total in direct proportion to changes in volume of goods and services e.g sales commission, utility costs, raw materials costs, credit card fees, direct labour costs etc.

3 0

3 years ago

In order to compute equivalent units of production using the FIFO method of process costing, work for the period must be broken

bazaltina [42]

Answer:

C. completed from beginning inventory, started and completed during the month, and units in ending inventory

Explanation:

During the period, the work done is:

the last part of the beginning WIP

If BI is at 40% complete

During the period 60% is assign to this period cost

the started and complete, those count entirely, as they are finished.

and the equivalent work of the endind inventory

this is also work done during the period, so it should be accounted to assing cost into.

5 0

2 years ago

Custom Computers, Inc. assembles custom home computer systems. The heat sinks needed are bought for $14 each and are ordered in

belka [17]

Answer:

EOQ = 609.91 units

Average inventory= 600 units

Number of orders = 5.2 times

Annual inventory holding cost =$1,200

Annual ordering cost = $312

Total cost = $88,312

Explanation:

EOQ =√ (2× Co× D)/Ch

EOQ= ? , Co-60, Ch- 2, D- 6200

EOQ = √(2× 60× 6200/2)

EOQ = 609.9180273

Average inventory = minimum level +EOQ/2

= 1200 /2 = 600 units

Number of orders = Annual demand/ order quantity

= 6,200/1200 = 5.166

Number of orders = 5.2 times

Annual inventory holding cost = Average inventory × holding cost per unit

=600 × $2 =$1,200

Annual ordering cost = No of orders × ordering cost per order

= 5.2 times × 2 =$312

Annual inventory cost = Purchase cost + Ordering cost + Holding cost

Purchase cost=Annual demand× unit price 14× 6200= 86,800

Total cost = 86,800 + $1,200+ $312

=88312

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2 years ago