If we used the retail method to estimate the ending inventory first we get the given of the problem that can be used in solving.
Given
Sales - 200,000
Goods available for sale - 261,000 (cost) & 450,000 (retail)
First, we need to get the cost of retail ratio. the formula is
Cost to Retail ratio= Cost/ Retail
261,000
CRR= ------------- = 0.58
450,000
Next is to get the ending inventory by following this steps
Cost Retail
Cost of Goods Available for Sale $261,000 $450,000
- Sales $200,000
------------------
Ending Inventory $250,000
x Cost to Retail Ratio .58
------------------
Ending Inventory $145,000
So, the estimated ending inventory for the month of July is $145,000.
Answer:
Explanation:
The journal entries are shown below:
1. Petty cash A/c $1,100
To Cash A/c $1, 100
(Being the petty cash fund is established)
2. Office supplies A/c Dr $614
Miscellaneous selling expense A/c Dr $200
Miscellaneous administrative expense A/c Dr $145
Cash short and over A/c $26
To Petty cash A/c $985
(Being the expenses are recorded)
The Cash short and over is computed below:
= $1,100 - $115- $614 - $200 - $145
= $26
Answers in the completed spreadsheet, as well as the formuals I used.
Hope this helps!
Answer:
D. Debiting Wage Expense for $1,080 and crediting Wages Payable for $1,080.
Explanation:
Salary Calculation for three employees for one day = $ 600 + $ 600 + $ 600/5= 1800/5= $ 360
Salary for 3 days for 3 workers= $ 360 * 3= $ 1080
Adjusting Entry would be recognizing the expense and liability for the payment of wages.
So
Wages expense will be debited with $ 1080
And wages payable would be credited with $ 1080
Answer:
<u>New York Times (NYT) Cost per Thousand Impressions (CPM):
</u>
Cost per Thousand Impressions = Advertisement Cost / (Impressions / 1000)
Cost per Thousand Impressions = $12,000 / (251,000 /1000)
Cost per Thousand Impressions = $12,000 / 251
Cost per Thousand Impressions = $47.8
<u>NYT CPM for College Professors:
</u>
Impressions generated = 251,000 × 11%
Impressions generated = 27610
CPM = Advertisement Cost / (Impressions / 1000)
CPM = $12,000 / (27610 / 1000)
CPM = $12,000 / 27.61
CPM = $434.6
