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Answer:
The total revenue Solitare would report over the two months is $99 with a gross loss of $11.74
Explanation:
Particulars Amount ($)
Sales (January & February)
- Wizard Inc $50
- Spyder Corp $50
Less: Discount allowed to Wizard Inc <u>$1 </u> ($50 * 2%)
Net Sales $99
Less: Cost of goods sold (60.6+50.14) <u>$110.74</u>
Gross Loss <u>$11.74</u>
Answer:
Frictional unemployment occurs when people decided to leave their jobs and look for another or people join the labor force for the first time.
Structural unemployment arises from a situation where there is a mismatch between the skills needed in an economy and the skills possessed by people. Happens a lot when employees need to adapt to new technology.
Cyclical unemployment happens as a result of the economy either growing or shrinking.
a. Andrew recently lost his job as an accountant for a large firm because he only knows how to perform the job using a general ledger (paper and pencil), and has been unwilling to learn how to use newly invented accounting software provided by the company. ⇒ <u>STRUCTURAL UNEMPLOYMENT. </u>
b. Sam recently lost his job as an accountant for a large firm because he only knows how to perform the job a using a general ledger and has been unwilling to learn how to use newly invented accounting software provided by the company. ⇒ <u>STRUCTURAL UNEMPLOYMENT.</u>
c. Teresa just graduated from college and is looking for a full time position with an investment banking firm. ⇒ <u>FRICTIONAL UNEMPLOYMENT. </u>
d. A recent recession has reduced the number visitors to a local theme park. The park has had to lay off many of its employee, including Beth. ⇒ <u>CYCLICAL UNEMPLOYMENT. </u>
Answer:
$35,860
Explanation:
The computation of the ending inventory using the retail inventory method is shown below
Particulars Cost Retail
Opening Inventory(A) $63,800 $128,400
Purchases(B) $115,060 $196,800
Goods available
C=(A-B) $178,860 $325,200
Cost ratio
($178,860 ÷ $325,200 × 100) 55%
Sales at retail (D) $260,000
End, Inventory at Retail $65,200
($325,200 - $260,000)
End, Inventory at Cost $35,860
($65,200 × 55%)
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