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wlad13 [49]
3 years ago
6

"California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2021. In preparing its insura

nce claim on the inventory loss, the company developed the following data: Inventory January 1, 2021, $310,000; sales and purchases from January 1, 2021, to May 1, 2021, $1,280,000 and $905,000, respectively. California consistently reports a 30% gross profit. The estimated inventory on May 1, 2021, is:"
Business
1 answer:
leva [86]3 years ago
3 0
<h3>California Inc Estimated ending inventory is $319,000 </h3>

Explanation:

Goods available for sale = Beginning inventory + Net purchases

  • California Inc Beginning inventory $310,000
  • California Inc Net purchases = $905,000
  • California Inc Goods available for sale = $1,215,000

Gross profit = Net sales *  profit %

  • California Inc Net sales = $1,280,000
  • California Inc gross profit = 30%  
  • California Inc gross profit = $384,000

Estimated cost of goods sold = Net sales - Gross profit

  • California Inc Estimated cost of goods sold = $1,280,000 - $384,000
  • California Inc Estimated cost of goods sold = $896,000

Estimated ending inventory = Goods available for sale - Cost of goods sold

  • California Inc Estimated ending inventory = $1,215,000 - $896,000
  • California Inc Estimated ending inventory = $319,000

California Inc Estimated ending inventory is $319,000

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Answer:

It's Best to Pay Your Credit Card Balance in Full Each Month

Explanation:

Leaving a balance will not help your credit scores—it will just cost you money in the form of interest. Carrying a high balance on your credit cards has a negative impact on scores because it increases your credit utilization ratio.

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3 years ago
On October 2 a buyer made an offer, which he agreed to keep open for three days. The seller made a counter offer, which the buye
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Answer:

Void

Explanation:

As long as the seller made a counter offer, this counter offer made by the seller automatically leads to the rejection of the original offer from the buyer. In this light, as long as the original contract has been rejected by the seller, it is impossible for the seller to then change his mind and make a decision to accepting the original contract because at this point, the contract is void.

8 0
3 years ago
Every few months for the past six years, Camille has ordered between $1,000 and $1,250 worth of crickets from Khan's Crickets, d
FrozenT [24]

The result of this mistake on the order form is that Khan's Crickets should verify from Camille the actual order amount intended.

We may factor in the fact that the number of crickets will show the correct quantity that Camille requires, then Khan should supply only the quantity on the order form and request for a corrected or revised order form from Camille.

Thus, the result is that Khan's Crickets will still supply crickets with an invoice worth $1,000, not adhering to the mistaken total sum.

Related link for similar mistake on order form at brainly.com/question/17251413

3 0
2 years ago
Which is not a type of economy?
astraxan [27]

Answer:

agrarian economy

Explanation:

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is a cost-effective way that many companies outsource the production of goods, such as clothing, shoes, and cell phones. the dom
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Contract manufacturing is a popular method used by many companies to outsource the production of goods including clothing, footwear, and mobile phones. A foreign firm is hired to produce and private-label the goods since the pricing is much lower than the local company could charge in its home market.

<h3>What is mobile phones?</h3>

A portable telephone that can make and receive calls over a radio frequency link while the user is moving within a telephone service area is known as a mobile phone. These terms are sometimes abbreviated to simply mobile, cell, or just phone. A mobile phone operator's switching systems are connected via the radio frequency link, granting access to the public switched telephone network (PSTN). Mobile phones are known as cellular telephones or cell phones in North America because modern mobile telephone services utilize a cellular network design.

To learn more about mobile phones from the given link:

brainly.com/question/28050612

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1 year ago
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