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AlladinOne [14]
2 years ago
12

Crane Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information

for the month of May.
Inventory, May 1 $ 162,000
Purchases (gross) 637,500
Freight-in 28,600
Sales revenue 1,031,100
Sales returns 69,600
Purchase discounts 11,500
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of cost.
Business
1 answer:
MakcuM [25]2 years ago
4 0

Answer:

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Explanation:

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Cado Co.'s payroll for the month ended January 31 is summarized as follows:Total wages $100,000Amount of wages subject to payrol
sladkih [1.3K]

Answer:

A. $6,200

Explanation:

We multiply the taxable wages by the tax rate of each tax.

FICA                      80,000 x 7% = 5,600

Unemployment    20,000 x 3% =    600

This will be share of Cado in the payroll taxes. 6,200

The total taxes, would include the employee FICA. but we aren't asked for that. Just for the employee

8 0
3 years ago
The model of monopolistic competition characterizes the market for plumbing services in a city. suppose that the market is in lo
nexus9112 [7]
For a typical plumbing firm, price: will <span>equals average total cost. 
A market is considered to achieve equilibrium if the amount of Demand in the market is exactly the same as the amount of supply.
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Final Examination Hide or show questions Calculator Problem 9-23 (b) (LO. 2) Ricardo, who is self-employed, uses his automobile
Anna35 [415]

Answer:

Explanation:

a) actual cost method:-

=deductions × percentage

= 345 + 205 + 85% (2800 + 275 + 180 + 1890 +3600 +4125 )

=550 + 10939.5

=11489.5 = 11490

Note :- fines are not taken.

b) automatic mileage method:-

=total number of business miles × standard rate

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5 0
3 years ago
Justin’s plan doesn’t cover his costs completely. What are his options for covering the rest of his costs? Select all that apply
spin [16.1K]

Available Options:

He could try to save more money.

He could get a student loan for the extra amount he

needs.

TO He could apply for a scholarship

He could ask his friends to loan him money.

He could ask his family to contribute.

Answer:

All of the above    

Explanation:

The best option is to be self reliant which means that Justin must apply for scholarships, save money now and during the program execution and if still there are any expenses due then he can ask his family to contribute to meet his exense and still if there are unpaid expenses then he can borrow from his friends if he thinks that he can repay the loan to his friends in the mutually agreed time. If Justin can not pay its amount borrowed then he must consider long term loan option to fund his studies.

The order of finance is given as under:

  1. Save Money
  2. Scholarship
  3. Ask his Family
  4. Loan from Friend
  5. Long term Loan
5 0
2 years ago
Read 2 more answers
If a cheese factory was interested in estimating the market potential for a new light cheese and estimated the potential by mult
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Answer:

True

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7 0
3 years ago
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