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GREYUIT [131]
3 years ago
15

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be

ginning inventory at cost and retail were $78,000 and $132,000, net purchases at cost and retail were $324,000 and $492,000, and sales during the first six months totaled $502,000. The estimated inventory at June 30, 2021, would be: Multiple Choice $78,080. $64,880. $81,380. $73,130.
Business
1 answer:
san4es73 [151]3 years ago
7 0

Answer:

$78,592

Explanation:

The computation of estimated inventory is shown below:-

Cost of Goods available for sale = Beginning inventory + Net purchases

= $78,000 + $324,000

= $402,000

Retail value of goods available for sale = Retail price of beginning inventory + Retail price of purchases

= $132,000 + 492,000

= $624,000

Cost to retail percent = Cost of Goods available for sale ÷ Retail value of goods available for sale

= $402,000 ÷ $624,000

= 64.42%

Estimated ending inventory at retail = Cost of Goods available for sale at retail - Sales

= $624,000 - $502,000

= $122,000

Estimated ending inventory at cost = Estimated ending inventory at retail × Cost to retail percent

= $122,000 × 64.42%

= $78,592

Therefore the correct answer is $78,592. So, in the given question the option is not available.

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Explanation:

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Explanation:

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Kaitlyn purchased one share of Northwest Energy stock for $200; one year later she sold that share for $400. The inflation rate
Law Incorporation [45]

Answer:

The tax on Kaitlyn's capital gain was $100

Explanation:

In order to calculate the tax on Kaitlyn's capital gain we would have to calculate first the Nominal capital gain as follows:

nominal capital gain=$400 - $200

nominal capital gain= $200

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The tax on Kaitlyn's capital gain was $100

6 0
4 years ago
On May 1, 2018, Kelalani purchased land for $88,000 for use in her business. She sold it on May 1, 2019, for $82,000. If there a
Evgen [1.6K]

Answer: $6000 short term Capital loss

Explanation:

From the question, we are informed that on May 1, 2018, Kelalani purchased land for $88,000 for use in her business and that she sold it on May 1, 2019, for $82,000.

We are further told that there are no other sales of business or trade property. Based on this scenario, the loss treated for tax purposes on Kelalani's return will be a short term capital loss of $6000($88,000 - $82,000). It is a short term capital loss because the loss is for a period of a year or less.

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4 years ago
g "With respect to the types of information systems used in organizations, financial, operations, and human resource management
34kurt

Answer:

enterprise resource planning.

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For example ERP can be set up in a company to define various functions of human resources, accounting, amd operations.

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3 years ago
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