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DIA [1.3K]
3 years ago
14

Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $100,000 in sales during the seco

nd quarter of this year. If it began the quarter with $18,000 of inventory at cost and purchased $72,000 of inventory during the quarter, its estimated ending inventory by the gross profit method is:__________
a) $30,000.
b) $21,000.
c) $20,000.
d) $18,000.
e) $27,000.
Business
1 answer:
nydimaria [60]3 years ago
5 0

Answer:

c) $20,000.

Explanation:

The computation of the estimated ending inventory is shown below:

We know that

Cost of goods sold = Beginning inventory + purchase made - ending inventory

And, the

Sales - gross profit = Cost of goods sold

$100,000 - $100,000 × 30% = Cost of goods sold

So, cost of goods sold would be

= $100,000 - $30,000

= $70,000

Now the ending inventory would be

$70,000 = $18,000 + $72,000 - ending inventory

$70,000 = $90,000  - ending inventory

So, the ending inventory would be

= $90,000 - $70,000

= $20,000

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Which of the following scenarios illustrates cost-push inflation?(1 point)
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Answer:

1. Inflation is best described as _____.

- an upward, general trend of prices in the economy

2. Which of the following scenarios illustrates cost-push inflation?

- An increase in the price of raw materials decreases aggregate supply, pushing prices higher throughout the economy.

3. The Consumer Price Index in 2018 was 251. In 2019, the CPI rose to 257. Calculate the inflation rate from 2018 to 2019. Round your answer to the nearest tenth of a percent.

- 2.4%

4. The Consumer Price Index of any given year provides _____.

- the relative price of a basket of consumer goods as compared to base year prices

5. The rate of inflation in a hypothetical economy is projected to be 1.5% in the coming quarter. Given this information, the Federal Reserve is likely to _____.

- make efforts to raise the inflation rate because 1.5% is below the desired rate of inflation

Explanation:

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3 0
2 years ago
Smart Stream Inc. uses the total cost method of applying the cost-plus approach to product pricing. The costs of producing and s
gogolik [260]

Answer:

Smart Stream Inc.

a) Total costs:

Variable costs:

Direct materials = $1,500,000 ($150 x 10,000)

Direct labor = $250,000 ($25 x 10,000)

Factory overhead = $400,000 ($40 x 10,000)

Selling and Administrative = $250,000( $25 x 10,000)

Total variable costs = $2,400,000 ($240 x 10,000)

Fixed Costs:

Factory overhead = $350,000

Selling and admin = $140,000

Total fixed costs = $490,000

I) Total costs = variable plus fixed costs = $2,890,000 ($2,400,000 + 490,000)

II) Total cost per unit = $289 ($2,890,000/10,000)

Explanation:

The total cost method includes all the costs in arriving at the unit cost before adding the desired profit to arrive at the selling price of a product.

Total costs include the cost of goods sold and the expenses incurred in running the business for the period.

It is unlike the product cost-plus and variable cost-plus approaches to product pricing.  For the product cost-plus approach, only the costs of production is taken into consideration for arriving at the selling price.  In that case, the costs of direct materials and labor, and factory overheads would be considered, while variable and fixed selling and administrative costs are excluded.   The unit cost would have been $250.

The variable cost-plus approach considers only the variable elements of costs to arrive at the selling price.  These include the direct materials and labor costs, and variable element of the factory overhead and selling and administrative expenses.  The unit cost would have been $240 as stated in the question.

These different cost-plus pricing approaches are more suitable for some industries than others.  No matter the choice made, it must be noted that they result in different selling prices and can affect the competitiveness of a company.

4 0
3 years ago
XYZ Zippers, Inc. wants to develop a new sales system that account executives can access over the Internet with a back-end custo
DanielleElmas [232]

Answer:

A programmer, a web designer, and a data analyst.

Explanation:

The programmer creates the sales system application. He will integrate key functionalities in the new software that will meet the companie's unique need.

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5 0
3 years ago
Sheffield Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution.
vlabodo [156]

Answer:

                        SHEFFIELD LABORATORY

                            PATENT (NO. 78-6002-1A)

Carrying value as at Dec 31

                                      2011                     2015                   2018

Cost                            $182,300           $349,000           $385,000

Amortization             <u> (10,724)   </u>             <u>(79,433)  </u>           <u>(142,403)</u>

                                 <u> 171,576     </u>         <u>   269,567  </u>           <u>242,597</u>

Cost

As at 31 Dec 2011

Design and construction of a prototype                                     $89,000

Testing of models                                                                           40,600

Fees paid engineers and lawyers to prepare application          <u> 52,700</u>

                                                                                                       <u>$182,300</u>

As at 31 Dec 2012

Cost as at Jan 1, 2012                                                                $182,300

Additional cost during the year:

Engineering activity necessary to advance.                           <u> $84,500  </u>

                                                                                                    <u>$266,800</u>

As at 31 Dec 2013

Cost as at Jan 1, 2013                                                                $266,800

Additional cost during the year:

legal fee paid                                                                              <u>$40600  </u>

                                                                                                 <u>   $307,400</u>

As at 31 Dec 2014

Cost as at Jan 1, 2013                                                                $307,400

Additional cost during the year:

Research aimed at modifying the design                                <u>$41,600 </u>

                                                                                                   <u> $349,000</u>

As at 31 Dec 2018

Cost as at Jan 1, 2018                                                                $349,000

Additional cost during the year:

legal fee paid in unseccesful patent infrigement.                   <u>  $36,000  </u>

                                                                                                    <u>$385,000</u>

Amortization for the year    

Dec 31 2011         $182,300/17 =  $10,724

Dec 31 2012

182,300/17                                          10,724

84,500/0                                          <u>      -       </u>

                                                         <u>  10,724</u>

<u />

Dec 31 , 2013 :

  $182,300/17 =  $10,724            

  84,500/16    =      5,281

40,600/0     =     <u>    -  </u>

                         <u>   16,005</u>

Dec 31 2014  =  

$182,300/17 =  $10,724            

  84,500/16    =      5,281

40,600/16     =       2,538

41,600/17      =       <u> 2,447</u>

                         <u>   20,990</u>

Dec 31 2018  =  

$182,300/17 =  $10,724            

  84,500/16    =      5,281

40,600/16     =       2,538

41,600/17      =        2,447

36,000/0     =    <u>       -</u>

                         <u>   20,990</u>

Explanation:

5 0
3 years ago
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tankabanditka [31]

Answer:

C.) The interest groups could only use the phrase for non-profit purposes.

Explanation:

I know for a fact I am right, cause I was built *DIFFERENT*

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