1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
SOVA2 [1]
3 years ago
7

Florence Inc. lost an entire plant due to an earthquake on May 1, 2018. In preparing its insurance claim on the inventory loss,

the company developed the following data: Inventory Jan1, 2018, $470,000; sales and purchases from Jan 1, 2018, to May 1, 2018, $1,260,000 and $895,000, respectively. Florence consistently reports a 30% gross profit.
The estimated inventory on May 1, 2018, is:
Business
1 answer:
Dima020 [189]3 years ago
7 0

Answer:

$483,000

Explanation:

The computation of the estimated inventory on May 1, 2018, is shown below:

= Inventory as on Jan 1, 2018 + purchase of inventory + sales on inventory × gross profit rate - sales on inventory

= $470,000 + $895,000 + $1,260,000 × 30% - $1,260,000

= $470,000 + $895,000 + $378,000 - $1,260,000

= $483,000

By applying the above formula we can get the ending estimated inventory

You might be interested in
Do certain kinds of firms need to stress particular areas<br> of operations management? Explain.
sdas [7]

Answer:

Yes. Certain kinds of firms do need to stress particular areas  of operations management. Operations management is a vast area which consists of several departments such as supply chain management, logistic management, warehouse management, data management, inventory management and etc.

Companies, depending upon the kind of product and services they are supplying, need to figure out which department they are lacking in and should stress upon it.

For example shipment companies might need to focus on logistical affairs to strengthen their services.

7 0
3 years ago
A refrigerator used by a wholesale warehouse has a cost of $64,000, an estimated residual value of $5,200, and an estimated usef
PilotLPTM [1.2K]

Answer:

(64,000- 5,200 = 58,800).

Explanation:

Subtract your originial cost from the residual value. (64,000- 5,200 = 58,800).

3 0
3 years ago
Which of the following is subtracted from national income to get to personal income?
emmasim [6.3K]

Answer:

The answer is "Option A"

Explanation:

RE stands for retained income, In this system also requires the net income to be used in the accounting and cash flows, while the statement of money flow, which is not released as dividends of shareholder value, is used instead for new investments within the company, and other options are were wrong that can be described as follows:

  • Option B and option D are similar to each other because, both used for payment on personal and consumer loans, that's why it is not correct.
  • In option C, It is used in the calculation, that's why it is not correct.

3 0
3 years ago
john Hayes and Lynn Magosian, auditors for a public accounting firm, went to lunch at the Bay View Restaurant in San Francisco.
zloy xaker [14]

Answer:

John is correct but Lynn isn't

Explanation:

John is correct because he left his coat with the coatroom attendant under the premise that it would be properly looked after and returned to him when he was done having lunch at the restaurant. However, Lynn just left her coat lying around under no ones care or supervision, there wasn't a predetermined agreement that anyone would be responsible for watching it on her behalf, therefore I don't think she is has the right to sue.

3 0
3 years ago
Select the correct answers. At which stage of the product life cycle does a product reach its peak in terms of sales and profits
Ostrovityanka [42]

Answer:

D. maturity

Explanation:

A product life cycle is divided into four, namely, introduction,  growth, maturity, and decline. The concept of the product life's cycle is used as a decision-making tool to help management know when to expand to new markets, increase advertising, adjust prices, or redesign a product.

The maturity cycle is the third stage of a product life cycle. At this stage, sales revenues and sale volume reach the peak. The market get saturated with very few new customers. The product growth becomes stagnant. Profits may begin to decline at this stage.

3 0
3 years ago
Other questions:
  • Suppose that Bobo purchases 1 pizza per month when the price is $19 and 3 pizzas per month when the price is $15. What is the pr
    9·1 answer
  • Noa was paid a 25 percent commission for selling a used car. Percents Total 100% If she was paid $1,631.24, what was the selling
    6·2 answers
  • Indigo Company issues 11,300 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2020. The stock has a fair value o
    10·1 answer
  • Andrea Apple opened Apple Photography, Inc. on January 1 of the current year. During January, the following transactions occurre
    13·1 answer
  • While shopping for back-to-school clothes, Josie uses apps on her smartphone to comparison shop, and to obtain coupons and fashi
    9·1 answer
  • On October 1, Gala Corporation has 300 units of Product XYZ on hand. The company plans to sell 1,200 units of Product XYZ during
    8·1 answer
  • if increasing the number of goods produced is one way to increase productivity what is the other way to increase productivity
    9·1 answer
  • Which of the following companies is the easiest type to set up? A. Sole proprietorship B. LLC C. C corporation D. S corporation
    15·2 answers
  • Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After
    11·1 answer
  • A policy of permitting the people of a country to buy and sell where they please, without restrictions, is called:
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!