Answer:
ending inventory before adjustment: 12,875
Explanation:
The ending inventory before adjustment will be at cost.
The company at year-end will adjust for the difference the cost and the lower-or-cost rule:
COST NRV
Shirts 30 units $ 55 $ 65
MegaDriver 10 units $ 310 $ 225
MegaDriver II 25 units $ 325 $ 370
<em><u>Inventory before adjustment:</u></em>
30 *25 + 10 * 310 + 25*325 =
1650 + 3100 + 8125 = 12,875
Answer:
b. 60%
Explanation:
The computation of percentage is assigned to Cost of Goods Sold is shown below:-
$ %
Sales $300 $100
Cost of Goods Sold $180 $60 ($180 ÷ $300) × 100
Gross Profit $120 $40 ($120 ÷ $300) × 100
Operating Expenses $45 $15 ($45 ÷ $300) × 100
Net Income $75 $25 ($75 ÷ $300) × 100
Percentage assigned to cost of goods sold = Cost of goods sold ÷ Sales × 100
= $180 ÷ $300 × 100
= 60%
Therefore for computing the percentage is assigned to Cost of Goods Sold we simply applied the above formula.
Answer:
The answer is $241,800
Explanation:
Step 1:
We need to find Net income.
Net income = Revenue - expense
$402,000 - $351,000
Net income is $51,000
Step 2.
Closing/ending retained earnings = beginning/starting retained earnings plus net income minus dividend.
= $202,000 + $51,000 - $11,200
=$241,800
Therefore, Retained earnings on the balance sheet as of December 31, 2016 is $241,800
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