Answer:
A, $12,000
Explanation:
Profit is the financial gain as a result of the difference between the selling price of a product and the cost/production cost of the product.
To calculate the profit from the sale of the bicycles, we use the formula
Profit = (marginal cost x quantity of bicycles) - Expenses.
we have,
Profit = ($200 x 100) - $8,000
Profit = $20,000 - $8,000
Profit = $12,000.
Cheers.
Answer:
General; limited; limited.
Explanation:
Limited partnerships have two classes of partners. These two (2) classes are;
1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.
2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.
Hence, the general partner actually runs the business and faces unlimited liability for the firm's debt, while the limited partner is only liable up to the amount the limited partner invested.
The correct answer should be Option C: 30 graphic T-shirts on sale for $10
.
Answer:
$390000
Explanation:
Given: Beginning inventory= $60000
Cost of goods purchased = $380,000
Sales revenue= $800000.
Ending inventory= $50000.
The Periodic inventory system is used to determine the amount of inventory available at the end of each accounting period.
Cost of goods sold= 
⇒ Cost of goods sold= 
⇒ Cost of goods sold= 
∴ Cost of goods sold= 
.
Hence, $390000 is the cost of goods sold under a periodic system.
Answer:
Closing work in progress using FIFO is $1,282.
Explanation:
Working are attached:
