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4 years ago

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"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:"

1 answer:

leva [86]4 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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The interest in Year 1 was incurred in year 1 and so will need to be recorded in year 1 for the period from issuance of the note to the last day of the accounting period.

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Suppose that a college physics experiment goes horribly wrong and releases an electronic pulse that renders all electronic equip

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It will decrease because the marginal productivities of workers will decrease. Diminishing marginal product occurs when the marginal product of an input goes down as the quantity of the input goes up. The transformation in product resulting from employing one more unit of a particular input for instance, the change in output when a firm's labor is mark up from five to six units, assuming that the mass of other product are kept constant is called The input of marginal product or marginal physical product.

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4 years ago

Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to

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Answer:

Contribution is sales revenue less variable cost. In multiple products environment, it is important that the producer have information about the performance of each product. This is useful for decision making purpose. See income statement below

Explanation:

An income statement showing contribution would suffice:

Royal Lawrence Company

Income statement

Weedban Greengrow Total

$ $ $

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3 years ago

Read 2 more answers

Which of the following is NOT a benefit of safety and health programs?

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4 years ago

Read 2 more answers

Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent. $200

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Answer:

Normal:

$ 3,509.7470

$ 563.7093

$ 2,000.00

Due:

$3,930.9167

$ 597.5319

$ 2,000.00

Explanation:

We solve using the formula for common annuity and annuity-due on each case:

$C \times \frac{(1+r)^{time} }{rate} = FV\\$

$C \times \frac{(1+r)^{time} }{rate}(1+rate) = FV\\$ (annuity-due)

<u>First:</u>

C 200.00

time 10

rate 0.12

$200 \times \frac{11+0.12)^{10} }{0.12} = FV\\$

$200 \times \frac{11+0.12)^{10} }{0.12}(1+0.12) = FV\\$

Normal: $3,509.7470

Due: $3,930.9167

<u>Second:</u>

$100 \times \frac{(1+0.06)^{5} }{0.06} = FV\\$

$100 \times \frac{(1+0.06)^{5} }{0.06} (1+0.06)= FV\\$

$563.7093

$597.5319

<u>Third:</u>

No interest so no time value of money the future value is the same as the sum of the receipts regardless of time or being paid at the beginning or ending.

1,000 + 1,000 = 2,000

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