Answer:
The lump sum invested was $2,730.30.
Explanation:
Giving the following information:
Invested one lump sum 17 years ago at 4.25 percent interest. Today, the proceeds totaled $5,539.92.
We need to calculate the original amount that this person invested 17 years ago. We will use the following formula:
PV= FV/(1+i)^n
PV= 5,539.92/ (1.0425)^17
PV= $2,730.30
It would be easier to expand your first text box if you don't want to take the risk of lumping everything together. Move your work to one text box and expand it so it all fits.
Answer:
$24,779
Explanation:
In order to calculating the ending inventory using the conventional retail inventory method. we required to do the following computations which are shown below:
Using cost method
Goods available for sale:
= Beginning inventory + Purchases
= $11,700 + $130,016
= $141,716
Using retail method
Ending inventory
= Beginning inventory + Purchases + Net markups - Net markdowns - sales revenue
= $19,700 + $169,800 + $101,00 - $6,800 - $157,900
= $34,900
Now
Cost to retail ratio = $141,716 ÷ ($19,700 + $169,800 + $101,00)
= $141,716 ÷ $199,600
= 0.71
So,
Estimated ending inventory at cost:
= Estimated ending inventory at retail × Cost to retail ratio
= $34,900 × 0.71
= $24,779
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You get to look at the progress of your business
