1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
myrzilka [38]
3 years ago
14

Gotiable sells straw hats for $24 each. The April inventory purchases are summarized below. Gotiable sold 142 hats at a hat fest

ival on April 28. Units Cost each Dollars Beg. Inv. 84 3 252 April 2 75 4 300 April 14 66 7 462 April 23 52 8 416
Assume that Gotiable uses the average cost method for inventory costing.
1. What is the average cost of one hat? (Round to the nearest penny (2 decimal points)).
2. What will be the dollar value of the inventory on the April 30th balance Sheet? (Round to the nearest dollar)
3. What will Gotiable report as Gross margin for the hats for the month of April? (Round to the nearest dollar)
Business
1 answer:
natulia [17]3 years ago
3 0

Answer and Explanation:

The computation is shown below:

1.

<u>Particulars        Units                 Unit Cost           Dollars </u>

Beg. Inv.             84                      $3                    $252

Apr-02                75                      $4                    $300

Apr-14                  66                     $7                    $462

Apr-23                  52                    $8                    $416

Total                      277                                            $1,430

Average cost of one hat is

= Total cost of purchases ÷ Units purchased

= $1,430 ÷ 277 units

= $5.16  

2.  

Ending Inventory in Units = Units purchased - Units sold

= 277 units - 142 units

= 135 units

Now

Value of Ending Inventory = Units in Ending Inventory × Average cost per unit

= 135 units × $5.16

= $696.60

= $697

3

Gross Margin = Units sold × (Selling Price - Cost of goods sold)

= 142 units × ($24 - $5.16)

= $2,675.28

= $2,675

You might be interested in
An interview begins _____.
Zina [86]
When the first question is asked. Up until then you could decide to walk away.
7 0
2 years ago
Read 2 more answers
Managers choose the manufacturing location for each product based on where the best combination of cost, quality, and technology
Bingel [31]

Answer:

The correct answer is letter "D": rationalization.

Explanation:

Rationalization refers to the restructuring of a company in terms of changing its operational processes, strategy, or corporate size on an attempt of increasing its efficiency. That stage is reached by reducing costs and increasing profits. The introduction of a new product could push a firm to rationalize whether to expand or cut part of its operations.

5 0
3 years ago
Blossom Company purchases a patent for $158,000 on January 2, 2017. Its estimated useful life is 8 years. (a) Compute amortizati
ohaa [14]

Answer:

a. 19.750 b. 138.250

Explanation:

A. We divide 158.000 by 8 to get the amount per year

158.000/8= 19.750

  • Amortization expense (Db) 19.750
  • Accumulated amortization (Cr)                       19.750

B. On the balance sheet at the end of the first year, we would subtract those 19.750 to the gross value of the patent and the value of the patent would be

158.000 - 19.750 = 138.250

<u><em>Net carrying amount of the patent:</em></u><em> 138.250</em>

6 0
2 years ago
A static budget is one that shows estimated revenues and costs at multiple activity levels. true or false
maxonik [38]

Answer:

A static budget is one that shows estimated revenues and costs at multiple activity levels.

True

Which of the following is not typically found in a decentralized organization?

Asset center

Explanation:

3 0
2 years ago
Newly-implemented government regulations have reduced the availability of raw materials for Blair Woodworking Corp. This would b
Arlecino [84]

Answer: Threat

Explanation:

 The threat is one of the important factor in the SWOT analysis that is basically used for analyzing the main causes of the damages in an organization, products and the venture. The threats can be defined as external or in a negative way.

The SWOT is stand for the strengths, weaknesses, opportunities, and the threats and these are the techniques for evaluating the four main aspects of the business.

 According to the given question, the implementation of the new government regulations are reducing the availability of the raw materials and this is known as the external organization threat in the given SWOT analysis.

 Therefore, Threat is the correct answer.

3 0
3 years ago
Other questions:
  • Diverse Diversions, Inc., makes video, games. Ember buys a copy of Final Infinity. Inside the package is a shrink-wrap agreement
    9·1 answer
  • Fernandez Corporation purchased a truck at the beginning of 2020 for $50,000. The truck is estimated to have a salvage value of
    12·1 answer
  • If inputs increase by 15% and outputs increase by 15%, what is the percentage change in productivity?
    9·1 answer
  • ​Amber, Inc. provides the following information for​ 2019: Net income $ 330 comma 000 Market price per share of common stock $ 6
    8·1 answer
  • As of December 31, 2017, Armani Company’s financial records show the following items and amounts. Cash $ 10,000 Accounts receiva
    8·1 answer
  • At December 31, 2017 Sheridan Company had 294000 shares of common stock and 9500 shares of 6%, $100 par value cumulative preferr
    11·2 answers
  • The first Photography Club dinner that was paid for in advance concluded at 10:00 pm on the last evening of the month. The Club'
    15·1 answer
  • The demand for money is higher in japan than in the united states because they do not accept credit cards
    7·1 answer
  • ________ is shown on a multiple-step but not on a single-step income statement.
    9·1 answer
  • Near an ocean beach, a high-rise building is being constructed that will block the scenic view of the ocean by the residents of
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!