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ankoles [38]
3 years ago
12

The list price on Boyton's catalog indicated that product A sells for $3,000, with a trade discount of 5%. Boyton sells the good

s to a customer who qualifies for the trade discount. At what amount should Boyton record the sale and related account receivable
a. $3,150
b. $2,850
c. $3,000
Business
1 answer:
Alexeev081 [22]3 years ago
4 0

Answer:

B) $2,850

Explanation:

1: Find the discount: $3,000*5% = $150

2: Subtract the discount: $3,000 - $150 = $2,850

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Flounder Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cos
iragen [17]

Answer:

Flounder Corp.

                                   Weighted Average      FIFO             LIFO

Ending Inventory              $1,414                   $1,580           $1,280

Cost of goods sold          $2,796                 $2,630          $2,930

Explanation:

a) Data and Calculations:

Date        Explanation      Units     Unit Cost     Total Cost

June 1     Inventory            100          $5               $ 500

June 12   Purchases         385            6                 2,310    

June 23  Purchases        200             7                 1,400

               Total units        685                            $ 4,210

June 30  Inventory          230

June 30  Units Sold        455  (685 - 230)

Weighted Average Cost = Total costs/Total units bought

= $4,210/685 = $6.146

Weighted Average:

Ending Inventory = $1,414 ($6.146 * 230)

Cost of goods sold = $2,796 ($6.146 * 455)

FIFO:

Ending Inventory  = (30 * $6) + (200 * $7) = $1,580

Cost of goods sold = (100 * $5) + (355 * $6) = $2,630

LIFO:

Ending Inventory = (100 * $5) + (130 * $6) = $1,280

Cost of goods sold = (200 * $7) + (255 * $6) = $2,930

The weighted average method is based on an average cost for estimating the cost of ending inventory and cost of goods sold.  The FIFO method assumes that goods bought initially are the first to be sold while the LIFO method assumes that goods bought last are the first to be sold.

6 0
3 years ago
Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding shar
bogdanovich [222]

Answer:

c. $524,000 and $250,000

Explanation:

See the attached picture for detailed explanation.

3 0
3 years ago
Read 2 more answers
find the selling price per pound of a coffee mixture made from 8 pounds of coffee that sells fo $9.20 per pound and 12 pounds of
elena-14-01-66 [18.8K]

Answer:

$6.98 per pound

Explanation:

The computation of the selling price per pound is shown below:

As we know that

8 pounds of coffee sells for $9.20 per pound which equal to

= 8 pounds × $9.20 per pound

= $73.6

And, 12 pounds of coffee is for $5.50 per pound which equal to

= 12 pounds × $5.50 per pound

= $66

The total value would be

= $73.6 + $66

= $139.60

And, the total number of pounds would be

= 8 pound + 12 pound

= 20 pounds

And we assume the selling price per pound be X

So, the equation would be

$139.60 = 20 pounds × X

So, X would be

= $139.60 ÷ 20 pounds

= $6.98 per pound

4 0
3 years ago
Jack Spratt is the production manager for a manufacturing firm that produces wizzy-gadgets and other items. The annual demand fo
Assoli18 [71]

Answer:

200 units      

Explanation:

For computing the number of units produced each time we need to applied the economic order quantity formula which is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

where,

Annual demand is 1,600 units

Ordering cost per order is $25

And, the carrying cost or holding cost per unit per year is $2

Now placing these values to the above formula

So, the economic order quantity is

= \sqrt{\frac{2\times \text{1,600}\times \text{\$25}}{\text{\$2}}}

= 200 units          

8 0
3 years ago
A house is sold for $105,500 and the commission rate is 6 percent. If the commission is split 60/40 between the selling broker a
laila [671]

Answer: The answer is $ 1266.

Explanation: If the commission rate is 6%

The commission is = 105500. 0.06 = 6330

40% is for the listing broker = 6330. 0.4 = 2532

And half is for his salesperson = 2532/2 = 1266.

The listing salesperson receive from this sale $ 1266.

3 0
3 years ago
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