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olga55 [171]
3 years ago
8

Howard's Supply Co. suffered a fire loss on April 20, 2021. The company's last physical inventory was taken January 30, 2021, at

which time the inventory totaled $226,000. Sales from January 30 to April 20 were $606,000 and purchases during that time were $456,000. Howard's consistently reports a 30% gross profit. The estimated inventory loss is: Multiple Choice
Business
1 answer:
blsea [12.9K]3 years ago
8 0

Answer:

$257,800

Explanation:

According to the scenario, calculation of the given data are as follows,

Inventory on Jan. 30,2021 = $226,000

Sales = $606,000

Purchase = $456,000

Gross profit = 30% × $606,000 = $181,800

So, we can calculate the inventory loss by using following formula,

Inventory loss = COG for sale - COG sold

= ($226,000 + $456,000) - ($606,000 - $181,800)

= $682,000 - $424,200

= $257,800

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3 0
2 years ago
a boy is three years younger than his sister. two years ago he was two-thirds of his sister's age. what are their present ages ​
padilas [110]

Answer:

The boy: 8 years old

The sister: 11 years old

Explanation:

We assume that the age at present of the boy is x (years old).

As he is younger than his sister 3 years, so that his sister's present age is great than x 3 years

=> Her present age is: x + 3 (years old)

Two years ago, the boy is younger than present two years

=> The boy's age two years ago is: x - 2 (years old)

Similarly, the sister's age two years ago is: (x+3)-2 = x + 1 (years old)

As given, two years ago he was two-thirds of his sister's age, so that we have:

<em>The boy's age two years ago = </em>\frac{2}{3}<em> × the sister's age two years ago</em>

⇒ x - 2 = \frac{2}{3}(x+1)

⇒ x - 2 = \frac{2}{3}x + \frac{2}{3}

⇒ x - \frac{2}{3}x =  \frac{2}{3} + 2

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5 0
3 years ago
Problem 5-1 Simple Interest versus Compound Interest [LO1] First City Bank pays 8 percent simple interest on its savings account
Anna71 [15]

Answer:

$14,343.25

Explanation:

The computation is shown below;

For the first bank

The value of investment is

= $68,000 × 8% × 8 + $68,000

= $111,520

For the second bank

= $68,000 × (1 + 0.08)^8

= $125,863.25

So, the difference in these both amount should be

= $125,863.25 - $111,520

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7 0
2 years ago
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Answer:

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3 years ago
What is meant by consistency when discussing financial accounting information?
goblinko [34]

Answer:

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6 0
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