Answer:
Union Apparel's sales for the month is $520,000
Explanation:
For computing the monthly sales excluding taxes, the calculation is shown below:
= Sales including sales taxes × Sales ÷ sales with sales tax
where,
1 is the sales value
And, sales value with tax equals to
= 1 + 6 % = 1 + 0.06 = 1.06
Now, put these values to the above formula
So, the value would be equal to
= $552,000 ×1 ÷ 1.06
= $520,000
Hence, Union Apparel's sales for the month is $520,000
Processed by the cerebral cortex only
Answer:
the net cost = 11,466
Explanation:
To following journal entry is done to record the purchase, credit terms 2/10, n/30:
Dr Merchandise inventory 11,700
Cr Accounts payable 11,700
If the company pays within the discount period (10 days):
Dr Accounts payable 11,700
Cr Cash 11,466
Cr Purchase discounts 234
net cost of goods = $11,700 x 98% = $11,466
<span>In pure competition, producers compete exclusively on the basis of p</span>roduct features.
