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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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Answer:

FALSE.

Explanation:

When a consumer products company produces inexpensive goods in underdeveloped markets, then repackages them as cost-effective innovations for Western buyers. This is not an example of glocalization because glocalization is the term which is the combination of two terms; localization and globalization. In glocalization, global products are offered to the customers with the local modifications. For example, Pizza Hut has launched Tikka Pizza, Behari Pizza and Achari Pizza in India and Pakistan, which is the perfect example of glocalization. Putting it simply we can say that "thinking globally and acting locally."

3 0
3 years ago
There are many food carts near Mark’s university. Mark and his friends regularly buy hot dogs from Jeff’s cart. Recently, Andrea
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Since there now is a second store, the customers will need to be shared. This means that there are less customers in Jeff's business. Therefore the answer is D: demand for his hotdogs will decrease.
4 0
3 years ago
The most important fundamental component of an entity's internal control is:
rosijanka [135]

Answer:

b) People who operate and function within the control system.

Explanation:

Internal controls are the process and mechanisms that an organization puts in place to ensure the integrity of its accounting and financial information. Internal control helps a business achieve operational efficiency and effectiveness. It ensures that a company financial reporting complies with the relevant laws, policies, and regulations.

The people working in internal control determines whether the mechanisms will succeed or fail.  Employees assigned in internal control must be of high integrity and be able to discharge their duties without fear or favor.  Internal control protects company resources from theft, wastage, or misuse. For internal control to achieve its purpose, the Individuals in that department must not comprise in any situation.

6 0
3 years ago
Amy has opened a new startup company in web design. Within the first month of business, the startup agrees to maintain an accoun
lara31 [8.8K]

Answer:

<em>a) Trade can make everyone better off </em>

Explanation:

In business, it is common to see trades. If the startup agrees to maintain an accounting firm's website in EXCHANGE for the tax returns, that is called trading since you are giving one thing for another.

Hope this helps! :)

3 0
4 years ago
Actual Static Budget Production 54,000 units 60,000 units Machine-hours 985 hours 1,800 hours Fixed overhead costs for September
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Answer:

D.$54,000

Explanation:

A flexible budget is a one which changes or adjusts with change in actual activity. The flexible amount is more reliable than the static amount. The static budget is one which is not adjusted with level of real activity. The machine hours are used as basis of adjustment for flexible budget. The amount of fixed overhead budgeted allocation cost is adjusted based on machine hours according to actual machine hours of 985 hours.

5 0
4 years ago
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