Answer:
Closing inventory is $294,932
Explanation:
The retail inventory method is used by retailers in estimating their closing inventory.
It identifies the relationship between cost and retail prices and thus associates cost to its net sales using the cost to retail ratio to work our its costs of sales which further guides in defining what his profit ought to be.
The cost to retail ratio is cost price divided by retail selling price
The cost of sales worked out is then deducted from Cost of Goods available for sales to determine the closing inventory/stock.
The schedule attached shows the relationship between cost and retail and how we arrived at a closing inventory of $294,932
Answer:
thanks for the points :-)
Answer:
The higher the income, the higher the tax rate.
Explanation: The more money they make the more money the state will take form you
When society produces the combination of goods and services on the PPF that it values the most highly, society has Allocative efficiency. PPF is defined as the public provident fund, and Allocative efficiency<span> is the point in which the preference of the product consumption is balanced in production levels in an economy. This is specifically related to the benefit of a product or service being equivocal to the cost of making it, directly reflective of consumer preferences.
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A measure such as direct labor-hours or machine hours used to assign overhead costs to products and services is called a cost driver or an allocation base.
An entity allocates its overhead costs on the basis of an allocation base. An allocation basis is a measurement, such as the amount of square footage occupied, kilowatt hours consumed, or machine hours used.
Cost accounting assigns overhead expenses using an allocation base. An allocation base can be a quantity, such as the amount of machine hours used, kWh spent, or occupied square footage.
Learn more about allocation base here
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