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Mumz [18]
3 years ago
13

Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250).

Beginning inventory for the month was $60,000; purchases for the month were $175,000; and gross profit was 43%. What was the ending inventory for the month?
Business
1 answer:
Yanka [14]3 years ago
7 0

Answer:

Ending Inventory  $ 64,000

Explanation:

To define the final inventory of the company it's necessary to find the cost of good of the period.  

As the company had a 43% of gross profit, it means that for every dollar of sales we have 0,43 dollar of Gross Profit, with this value is possible to know the total cost of the goods sold during the period, that it's the difference between Sales Revenue and Gross Profit.  

Total Sales Revenue had to be the net value after returns and discounts as it's detailed.  

Income Statement  

Sales revenue        $ 300,000  

Cost of goods sold  -$ 171,000  

Gross Profit            $ 129,000 43%

Beginning Inventory  $ 60,000

Purchases                  $ 175,000

Cost of goods sold  -$ 171,000

Ending Inventory    $ 64,000

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Without creating a separate business organization, Roy starts up Sole Savers, a new, pre-owned auto sales enterprise. Roy is
s2008m [1.1K]

Roy is a sole trader if he is not setting up a company instead starts a business.

<h3>What is a Business?</h3>

A business is the process of selling goods or services and earning revenue and profits through it, the business generates revenue which is deducted by the expenses incurred by the business. The business ensures the strategy to have a balance between these expenses and revenue so that there is some residue profit.

The sole trader is the business where the owner of the business is highly involved in day to day running of the business taking all the strategic decisions and responsible for all the debts of the business.

On the other hand a limited liability company is a business in which the owner of the company can be involved in day to day running of the operations but is not liable personally for the debts.

Learn more about Trader at brainly.com/question/27235892

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5 0
1 year ago
Elite Stationary employs 20​ full-time employees and 10 trainees. Direct and indirect costs are applied on a professional​ labor
kolezko [41]

Answer:

Since cost per hour of full-time employees is $150, while cost per hour of trainees $27, clients using proportionately more​ full-time employees than trainees will​ <u>be under billed or charged for the resources or labor hour used</u>.

Explanation:

The data in the question are merged and they are first separated before answering the question as follows:

Details                                                  Budget                Actual

Indirect costs ​                                     $250,000 ​             $400,000

Annual salary of each employee ​     $200,000 ​             $250,000

Annual salary of each trainee ​             $40,000 ​               $45,000

Total professional​ labor-hours         ​40,000 dlh ​            50,000 dlh

In normal costing system, actual costs are used.

Therefore, labor hours for each category and cost per hour can be calculated as follows:

Full-time employees total labor hours = (20/30) * 50,000 = 33,333 hours

Each full-time employee annual labor hour = 33,333/20 = 1,667 hours

Cost per hour of full-time employees = $250,000/1,667 = $150 per hour

Trainee total labor hours = (10/30) * 50,000 =  16,667 hours

Each trainee annual labor hours = 16,667/10 = 1,667 hours

Cost per hour of trainees = $45,000/1,667 = $27 per hour

Since cost per hour of full-time employees is $150, while cost per hour of trainees $27, clients using proportionately more​ full-time employees than trainees will​ <u>be under billed or charged for the resources or labor hour used</u>.

5 0
2 years ago
An Uber driver faces costs for driving that include sunk costs like insurance that contribute to the average cost per mile of $.
crimeas [40]

Answer: sunk costs don't increase as driving increases.

Explanation: sunk costs are irrelevant costs because they have already occured in the past and cannot be avoided. Sunk costs thus do not differ between alternatives, and are unavoidable. The calculation for insurance and other sunk costs are likely not based on the amount of rides the Uber picks up, but rather calculated at a constant rate. So regardless of whether or not the rider pays more or less than the $.50 on the insurance, this will not have any effect on the insurance that is constant and has likely already been paid out.

4 0
2 years ago
Last​ weekend, Bob attended the university football game. At the opening​ kickoff, the crowd stood up. Bob therefore had to stan
Tatiana [17]

Answer:

a non-cooperative game strategy, where participants independently choose their strategy to maximize their payoffs.

Explanation:

From the question, we are informed about Bob, who attended the university football game last week . At the opening​ kickoff, the crowd stood up. Bob therefore had to stand up as well to see the game. In this​ case, Bob was participating in a non-cooperative game of​ strategy, where participants collectively choose their strategy to maximize their joint payoffs. Non-cooperative game strategy can be regarded as the rational ways economic agent relate with each other so that their goals can be achieved. In this game both the available strategies as well as the outcome from various choices will be listed.

6 0
2 years ago
A manufacturer of DVD players has monthly fixed costs of $9500 and variable costs of $55 per unit for one particular model. The
Alla [95]

Answer:

(a) C(x) = 9500 + 55x

(b) R(x) = 90x

(c) P(x) = 35x - 9500

(d) C(240) = $22,700

All functions are measured in $.

Explanation:

The total revenue of an entity is a function of the number of units sold and the selling price per unit. The total cost is a function of the fixed cost and the variable cost (which is also a function of the units produced/sold). Profit is a function of sales and cost.

Given that monthly;

fixed costs = $9500

variable costs = $55 per unit

Selling price  = $90 per unit

Where x is the number of units

total costs C(x) in $ = 9500 + 55x

total revenue R(x) in $ = 90x

profit P(x) in $ = 90x - (9500 + 55x)

= 35x - 9500

C(240) = 9500 + 55(240)

= $22,700

5 0
3 years ago
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