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mojhsa [17]
3 years ago
10

Powers Corporation has provided the following information for its most recent month of operation: sales $16,000; ending inventor

y $4,000, purchases $8,000 and gross profit $10,000. How much was Powers' beginning inventory
Business
1 answer:
Elza [17]3 years ago
7 0

Answer:

The beginning inventory was  $2000.

Explanation:

First, we need to calculate the Cost of Goods sold. The cost of Goods sold is the difference between the Sales and the gross profit. Thus, the cost of goods sold is 16000 - 10000  =  $6000

The value of the beginning inventory for the period can be calculated by using the Cost of Goods sold formula. The cost of goods sold is calculated as:

Cost of goods sold = Beginning inventory + Purchases - Closing Inventory

Plugging in the available figures in the formula,

6000  =  Beginning Inventory  +  8000  -  4000

6000 = Beginning inventory + 4000

6000 - 4000 = Beginning Inventory

Beginning Inventory = $2000

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When a product spreads through the population, it is called the?
Fiesta28 [93]

The answer is diffusion of innovation. This type of theory or process has the aim of having to influence other people in regards with the ideas that they have formulated in which are new. These ideas are being spread out with the use of innovations.

7 0
3 years ago
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated Deprecia
ludmilkaskok [199]

Answer:

all the given figures are wrong but i explained the correct procedure.

Explanation:

INCOME STATEMENT

Fees earned                            17400

Expenses:  

Depreciation expense      1300  

Insurance expense      400  

Supplies expense              3800     5500

Net Income                               11900

Therefore, The Net income for the period is $11900.

3 0
3 years ago
In 1970 Professor Fellswoop earned $12,000; in 1980 he earned $24,000; and in 1990 he earned $36,000. If the CPI was 40 in 1970,
Arte-miy333 [17]

Answer:

In 1980

Explanation:

Year        Salary        Percentage Salary Increase        CPI Increase

1970       $12,000     -                                                      -

1980       $24,000    100                                                 50

1990       $36,000    50                                                   83.3

As can be seen in the table, the Professor's salary increase from 1970 to 1980 was twice as much as the CPI increase during the same period.

On the contrary, his salary increase from 1980 to 1990 was significantly less than the CPI increase during the same period.

Therefore, the professor's salary was highest in 1980.

4 0
3 years ago
(a) On March 2, Blossom Company sold $853,600 of merchandise to Kingbird Company on account, terms 3/10, n/30. The cost of the m
tester [92]

Answer:

The answers are:

A) to record sales

Dr Accounts Receivable 853,600

Cr Sales Revenue 853,600

to record inventory

Dr Cost of Goods Sold 540,300

Cr Merchandise Inventory 540,300

B) to record sales returns

Dr Sales Returns & Allowances 114,200

Cr Accounts Receivable 114,200

to record inventory

Dr Merchandise Inventory 68,200

Cr Cost of Goods Sold 68,200

C) to record payment

Cr Cash 717,218

Cr Sales Discounts 22,182

Dr Accounts Receivable 739,400

8 0
3 years ago
Contribution margin per unit and break-even units LO P2 SBD Phone Company sells its waterproof phone case for $90 per unit. Fixe
anastassius [24]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $90

Unitary variable cost= $36

Fixed costs= $135,000

First, we need to calculate the contribution margin per unit.

Contribution margin= selling price - unitary variable cost

Contribution margin= 90 - 36= $54

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 135,000 / 54

Break-even point in units= 2,500 units

8 0
3 years ago
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