A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the
1 answer:
Answer:
Total cost of Ticket = $96
Explanation:
Provided information,
Total number of people buying lottery ticket in a joint contribution = 10
Two people withdraw being short of funds, therefore people buying such ticket = 8
Revised share increase by $2.40 each.
Total increase = $2.40 8 = $19.20
Just because 2 people withdraw, thus earlier contribution per person = $19.20/2 = $9.60
Therefore, total cost of ticket = $9.60 10 = $96
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Answer:
Cost of goods will be $4670325
Explanation:
We have given current liabilities = $407000
A quick ratio = 1.90
Current ratio is 3.40 and inventory turnover = 4.50
We know that current ratio is the ratio of current assets and current liabilities
So
So current assets = $1383800
Now quick ratio is equal to =
So
Inventory = $1037850
Inventory turnover is given 4.5
So
So cost of goods sold = 4.5×$1037850 = $4670325