1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Olin [163]
3 years ago
15

The inventory of Cullumber Company was destroyed by fire on March 1. From an examination of the accounting records, the followin

g data for the first 2 months of the year are obtained:
Sales Revenue $51,000.
Sales Returns and Allowances $1,100.
Purchases $31,000.
Freight-In $1,200, and Purchase Returns and Allowances $1,500.
Required:
Determine the merchandise lost by fire, assuming:
1. A beginning inventory of $20,000 and a gross profit rate of 40% on net sales.
2. A beginning inventory of $30,000 and a gross profit rate of 30% on net sales.
Business
1 answer:
maria [59]3 years ago
5 0

Answer:

a. Merchandise lost by fire value  = $20,760

b. Merchandise lost by fire value  = $25,770

Explanation:

Net sales = $51,000 - $1,100

= $49,900

Net purchase cost = $31,000 + 1,200 - $1,500

= $30,700

a. Gross profit = $49,900 × 40%

= $19,960

Cost of goods sold = $49,900 - $19,960

= $29,940

Cost of goods sold = beginning inventory + Purchases - ending inventory

= $29,940 = $20,000 + $30,700 -  ending inventory

Ending inventory = $20,760

Merchandise lost by fire value  = $20,760

b. Gross profit = $49,900 × 30%

= $14,970

Cost of goods sold = $49,900 - $14,970

= $34,930

Cost of goods sold = beginning inventory + Purchases - ending inventory

= $34,930 = $30,000 + $30,700 - ending inventory

ending inventory = $25,770

Merchandise lost by fire value  = $25,770

You might be interested in
What your body language can tell someone is an example of
NikAS [45]

Answer:

implicit communication

Explanation:

Body language is the use of physical behaviors to communicate, as opposed to the use of words.   Implicit communication uses gestures, facial expressions, body language, and postures to get messages across. Therefore, implicit communication uses body language to communicate.

While implicit communication uses body language and gestures, explicit communication uses words to communicate. Messages from implicit communication may be unclear and subject to interpretation.

8 0
2 years ago
Which action is an example of a service
Mila [183]

Answer:

To perform an open heart sirgury

Explanation:

In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the buyer's willingness to make the exchange. Public services are those that society (nation state, fiscal union, region) as a whole pays for.

4 0
3 years ago
Zeta Corporation is a manufacturer of sports caps, which require soft fabric. The standards for each cap allow 2.00 yards of sof
Alex777 [14]

Answer:

Material Price Variance = $2,500 Unfavorable

Explanation:

Standard fabric for each cap = 2.00 yard

Standard price per yard = $2.00 per yard

Actual price per yard = $2.10

Actual Quantity = 25,000 yards

Materials price variance = (Standard price - Actual Price) \times Actual Quantity

= ($2.00 - $2.10) \times 25,000 = - $0.10 \times 25,000

= - $2,500

Since it is negative in value it is Unfavorable

7 0
3 years ago
How much money has to be invested at 5.1% interest compounded continuously to have $17,000 after 14 years?
andre [41]
We will use the formula; A = Pe^(r*t)
Given;
A = 17,000
r = 5.1%
t = 14
Solution;A = Pe^(r*t)  Compounding continously
17,000 = Pe^(.051*14)
17,000/e^(.714) = P
      $8324.59  = P 
The money that has been invested at 5.1% interest and compounded contiounsly to have 17,000 after 14 years is $8324.59
8 0
3 years ago
which group has individual investors as participants and is a lender of funds to the financial markets? multiple choice question
Feliz [49]

The financial markets are financed by those with money but no ideas, and they also include private investors as participants.

A marketplace where bonds, equities, securities, and currencies are traded is referred to as a financial market. Few financial markets do daily security transactions worth trillions of dollars, whereas some are smaller and less active. These are marketplaces where investors gain more money, firms increase their cash flow, and dangers are reduced.

The selling and purchasing of financial assets and securities takes place in a venue known as a financial market. In the economy of the country, it distributes scarce resources. By facilitating the transfer of funds between investors and collectors, it acts as an intermediary.

On a financial market, the stock market enables investors to buy and sell shares of publicly traded corporations. The primary stock market is where new stocks are initially offered, together with other stock securities.

Learn more about financial market here

brainly.com/question/27961174

#SPJ4

3 0
1 year ago
Other questions:
  • Of 58 bank customers depositing a check, 15 received some cash back. (a) Construct a 90 percent confidence interval for the prop
    15·1 answer
  • Suppose the real risk-free rate is 4.20%, the average expected future inflation rate is 2.50%, and a maturity risk premium of 0.
    7·1 answer
  • Brunette Company is contemplating investing in a new piece of manufacturing machinery. The amount to be invested is $180,000. Th
    6·1 answer
  • Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses
    15·1 answer
  • Blossom Company reported the following selected information at March 31 Total current assets Total assets Total current liabilit
    8·1 answer
  • Seth invested $44,000 in Series EE savings bonds on April 1. By December 31, the published redemption value of the bonds had inc
    8·2 answers
  • 22. The difference between advertising and public relations is that advertising is:
    8·2 answers
  • Grand River Corporation reported pretax book income of $700,000. Included in the computation were favorable temporary difference
    6·1 answer
  • Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the f
    13·1 answer
  • Synthetic clothing releases fibers during the washing process, which then end up poisoning rivers, lakes, and oceans. Fish and o
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!