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Marizza181 [45]
3 years ago
15

The Michael Miller Corporation has a sales budget for next month of $200,000. Cost of goods sold is expected to be $125,000. All

goods are paid for in the month following their purchase. The beginning inventory of merchandise is $8,000, and an ending inventory of $6,000 is desired. Beginning accounts payable is $26,000. How much merchandise inventory will The Michael Miller Corporation need to purchase next month
Business
1 answer:
frutty [35]3 years ago
3 0

Answer:

the  inventory to be purchased next month is $123,000

Explanation:

The computation of the inventory to be purchased next month is shown below:

= Cost of goods sold + closing inventory - opening inventory

= $125,000 + $6,000 - $8,000

= $123,000

hence, the  inventory to be purchased next month is $123,000

We simply applied the above formula so that the purchase value of the inventory could come  

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A company sold merchandise with a cost of​ $217 for​ $390 on account. The seller uses the perpetual inventory system. The entry
Elden [556K]

Answer:a debit to Cost of Goods Sold and a credit to Merchandise Inventory for​ $217

( The answer Is not in the options given)

Explanation:

The Perpetual inventory is a method of accounting for inventory  which immediately records when an inventory is sold or purchased using the available point-of-sale software systems of the particular business.

In that regard , the entry to record  cost of merchandise sold

Account titles                                              Debit         Credit

Cost of goods (Merchandise sold)             $217

Merchandise Inventory                                                    $217

7 0
2 years ago
Golden Enterprises started the year with the following: Assets $107,000; Liabilities $37,000; Common Stock $67,000; Retained Ear
Tema [17]

Answer:

$3,650

Explanation:

Given that,

Assets = $107,000;

Liabilities = $37,000;

Common Stock = $67,000;

Retained Earnings = $3,000

Amount of net income:

= Revenue - Expenses

= $5,700 - $3,350

= $2,350

Closing retained earnings:

= Retained earnings at the start + Current year net income - Dividends paid

= $3,000 + $2,350 - $1,700

= $3,650

Therefore, the Golden's retained earnings at the end of the year is $3,650.

6 0
3 years ago
Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct labor-hours at a rate of $
attashe74 [19]

Answer:

$1,702 , $1,497, and $1,957

Explanation:

The computation of the total cost is shown below:

Particulars Strawberry Vanilla Chocolate

Direct Labor $766          $841  $1,141

Direct Material  $816          $516  $616

Overhead   $120               $140        $200

                        (60 × 2)           (70 × 2)   (100 ×2)

Total Cost   $1,702           $1,497    $1,957

We simply added the direct labor cost, direct material cost and the overhead cost so that the total cost could come

8 0
3 years ago
Tom sells his father's watch for $100 to sue. he later finds out from his father that the watch was an expensive rolex. tom want
Daniel [21]

The court would rule in sue's favor because courts seldom inquire into the adequacy of consideration.

In contracts, <em>consideration </em>just means the <em>exchange of things of value</em>. There has to be an exchange of things of value for there to be an enforceable contract, and in this case a watch was exchanged for money. It is rare for courts to rule on how much consideration is expected because people are generally free to set their own prices and not sell if the price is too low. That is not for a court to decide (in most cases).

8 0
2 years ago
Patty took a cash advance of $1,500. Her new credit card charges an Annual Percentage Rate of 21%. The transaction fee for the c
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I honestly don’t kno

4 0
3 years ago
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