ANSWER: To calculate the gross profit for the month of August, Gibson will have to find out the sales in his company. Gibson had a opening stock of 200 units of products valuing $8 per unit. The total value of the stock available at the opening of the month is $8 x 200 units = $1,600. If he uses the average cost method to calculate the inventory cost, he will need the opening stock and the production done in the month of August. This will give him the figure which will show his entire stock which were available for sale in the month.
Let's assume the entire stock produced in the month of August to be 'x', so the total stock available for sale was '$1,600+x'. This amount needs to be subtracted by the closing stock of the month to get the actual value of sales that has happened during the month of August. So, dividing the actual value of sales by the production cost of the sold number of units will give Gibson the gross profit for the month of August.
The answer should be A, as grants and scholarships are easier to attain
The calculated value of the Z statistic to test the potential buyer's belief at the 1% significant level is -2.57512627.
The calculated Z score is slightly greater than the critical value of -2.575, the potential buyer's view that weekly store revenues are less than $7,000 stands vindicated.
Since store revenues are assumed to be normally distributed and population standard deviation is given, we can use the Z-test. The relevant test statistic is the Z-score.
We use the following formula for calculating the Z score:
Z = (X - μ) / (σ /√n)
Substituting the relevant values we get,
Z = (6400 -7000) / (1042/√20)
Z = -600 / 232.9982833
Z = -2.57512627
Answer: $10240
Explanation:
Based on the information that have been provided in the question, the planning budget for the utilities in June will be calculated as:
= Fixed expenses + (Budgeted activity × Variable cost per unit)
where
Fixed expenses = $8000
Budgeted activity = 3200 jackets
Variable cost per unit = $0.70
Therefore, planning budget will be:
= $8,000 + (3,200 × $0.70)
= $8,000 + $2240
= $10240
Answer:
Dr Unearned rent revenue 16,800
Cr Rent revenue 16,800
Explanation:
Period 6 months
Period expired at year end which is from September to December = 4 months
December 31
Dr Unearned rent revenue 16,800
(4/6×25,200)
Cr Rent revenue 16,800
Unearned Rent Revenue was debited in order to reduced Liability while Rent Revenue was credited in order to increase revenue.
