Answer:
$60000
Explanation:
Given: Sales = $300000.
Cost of goods available for sale= $270000.
The gross profit ratio= 30%
First finding the gross profit out of total sales.
Gross profit= 
Gross profit= 
∴ Cost of goods sold= 
Cost of goods sold= 
Cost of goods sold= 
Hence, cost of goods sold=
Now, finding estimated cost of the ending inventory.
Cost of ending inventory= 
⇒ Cost of ending inventory= 
∴ Cost of ending inventory= 
Hence, estimated cost of the ending inventory under the gross profit method would be $60000.
Answer: Noting down of ideas
Explanation: Cedric could note down the ideas and points he remembers on the back of his test booklet. He should first read the question and make short notes of every point he remembers regarding that question.
This strategy will help Cedric to answer the questions while doing the final writing in answer sheet. By doing this he can also improve his speed with accuracy while answering.
Answer:
The amount Swifty debited to the appropriate account in 2017 to write off actual bad debts: $25,800
Explanation:
Allowance for uncollectible accounts at the end of 2017 = Allowance for uncollectible accounts at the end of 2016 + Bad debt expense of 2017 - The amount of write off actual bad debts.
The amount of write off actual bad debts = Allowance for uncollectible accounts at the end of 2016 + Bad debt expense of 2017 - Allowance for uncollectible accounts at the end of 2017 = $180,500 + $32,800 - $187,500 = $25,800
Answer: 0.48 minutes
Explanation:
Takt time = Net time available / Daily demand
Net time available is number of minutes in a shift so:
= 8 hours * 60 minutes
= 480 minutes
Daily demand = 1,000 units
Takt time = 480 / 1,000
= 0.48 minutes
Answer:
Self Interest & Invisible Hand of Laissez Faire Policy
Explanation:
Adam Smith Laissez Faire Policy - suggests that free markets are the best approach for welfare maximisation of a society, based on self interest guiding best decisions by individuals, and individual wealth & welfare maximisation implies society wealth & welfare maximisation.
The Invisible Hand of free markets corrects all the discrepancies (if any), re-guides self interest forming the basis of over all social interest. Government intervention is unnecessary & distortionary as per the theory
