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LuckyWell [14K]
2 years ago
12

Garden World uses the retail method to estimate its monthly cost of goods sold and month-end inventory. At May 31, the accountin

g records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $580,000. These goods had been priced for resale at $1,020,000. Sales in May totaled $400,000. The estimated inventory at May 31 is:
Business
1 answer:
chubhunter [2.5K]2 years ago
8 0

Answer:

The estimated inventory at May 31 is $352,549

Explanation:

In order to calculate the estimated inventory at May 31 we would have to calculate the following formula:

Estimated closing inventory=(resale of goods- sales in may)*(beginning inventory plus purchases/resale of goods

Estimated closing inventory=($1,020,000-$400,000)*($580,000)/$1,020,000)

Estimated closing inventory =($620,000*$580,000)/$1,020,000

Estimated closing inventory =$352,549

The estimated inventory at May 31 is $352,549

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A. Average inventory; average daily cost of goods sold
8 0
2 years ago
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Suppose you are buying your first condo for $145,000, and you will make a $15,000 down payment. You will finance the remainder w
postnew [5]

Answer:

$819.98

Explanation:

After making downpayment, the remaining amount is $145,000 - 15000 = $130,000

Using financial calculator:

PV = 130,000

n = 30 years = 360 months

i/r = 6.5%/year = 0.54% / month

FV = 0

PMT = ? (Monthly payment = ?)

--> Monthly payment = $819.98

5 0
3 years ago
When the manufacturer of Cool Whip introduced a chocolate-flavored Cool Whip and still continued to produce all of its other Coo
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If the manufacturer of Cool Whip were to introduce a chocolate-flavored Cool Whip and still continue to produce all of its other Cool Whip products, this would be an example of (C) line extension.

<h3>What is line extension?</h3>
  • The process of expanding an established product line is referred to as line extensions.
  • When a corporation with a well-known brand releases new items in a product segment.
  • The corporation capitalizes on the existing product's value to the market and presents new options to consumers.
  • A corporation launches a brand line extension by using the brand name of an existing product to launch a new, somewhat different item in the same product category.
  • Line extension would be demonstrated if the manufacturer of Cool Whip introduced a chocolate-flavored Cool Whip while continuing to produce all of its existing Cool Whip products.

Therefore, if the manufacturer of Cool Whip were to introduce a chocolate-flavored Cool Whip and still continue to produce all of its other Cool Whip products, this would be an example of (C) line extension.

Know more about  line extension here:

brainly.com/question/14720584

#SPJ4

The complete question is given below:
If the manufacturer of Cool Whip were to introduce a chocolate-flavored Cool Whip and still continue to produce all of its other Cool Whip products, this would be an example of

a. a brand extension.

b. quality modification.

c. line extension.

d. a new-to-the-world product.

e. functional modification.

8 0
2 years ago
Identify the element of sensory memory that would be most useful in quickly scanning a map of a country to learn the geographica
alisha [4.7K]
Had to look for the missing options and here is my answer.

The element of sensory memory that is being described above is ICONIC. Iconic memory is part of the visual memory, and this is when someone is able to store visual information. This is stimulated with pictures and images and may be in a form of short term or long term memory. Hope this answer helps.
4 0
3 years ago
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A machine costing $450,000 with a four-year life and an estimated $30,000 salvage value is installed by Lux Company on January 1
Tasya [4]

Answer:

$112,500

Explanation:

Depreciation expense using the double declining method = Depreciation factor x cost of the asset

Depreciation factor = 2 x (1/useful life)  

Depreciation expense in year 1 = 2/4 x $450,000 = $225,000

Book value at the beginning of year 2 =  $450,000 - $225,000 =  $225,000

Depreciation expense in year 2 = 2/4 x $225,000 = $112,500

4 0
2 years ago
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