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
NARA [144]
3 years ago
10

Swifty Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $159,400, and purchases for January throu

gh April totaled $504,000. Sales revenue for the same period was $671,100. Swifty’s normal gross profit percentage is 35% on sales.
Using the gross profit method, estimate Swifty’s April 30 inventory that was destroyed by fire.
Business
1 answer:
Natali [406]3 years ago
7 0

Answer:

$226,000

Explanation:

Ending Inventory As of April 30, is the ending inventory from January to April.

Opening inventory = $159,409

Purchases = $504,000

gross profit =35% of  $671,100

=0.35 x 671,000

=234,000

cost of goods sold = revenue - gross profit

=$671,100 - $234,000

=$437, 000

cost of goods sold = opening inventory + purchases- ending inventory

=$437, 000=  $159,409 +  $504,000- ending inventory

=$437,000= $663,409- ending inventory.

Ending inventory =  $663,409 - $437,000

=$226,000

You might be interested in
Microsoft studies correlations between its successful workers and the schools and companies they arrived from, an application of
sertanlavr [38]
<span>The statement about "Microsoft studies correlations between its successful workers and the schools and companies they arrived from, an application of business analytics" is true. The answer is letter B. An example is a paper called Diamonds in the Data Mine by Gary Loveman, the CEO of the Harah's gambling empire. He wanted to know how data-mining software was used to study numerous amounts of casino customer data to target profitable sponsors. So the statement above aids in the recruitment of these sponsors using data-mining software such as microsoft.</span>
4 0
3 years ago
The Alpha Beta Corporation disposes a capital asset with an original cost of​ $170,000 and accumulated depreciation of​ $109,000
Bingel [31]

Answer:

Option D) $54.400

Explanation:

When  a company disposes a capital asset, the cost of the asset it's the remanent value, that is the difference between the original cost less the accumulated depreciation, in this case $170.000 minus $109.000, remanent value is $61.000.

This value it's the cost of sale and the price it's $50.000 , the result of this transaction it's a loss of ($11.000) so the after-tax cash inflow it's ($4.400).

The total Cash Inflow it's the sum of $50.000 (gained from the sale) and the save on taxes for $4.400, because of the loss I get a payback on taxes, the total is $54.400.

8 0
4 years ago
The reason for a(n) ____ inventory strategy is to minimize tying up large sums of money for long periods of time and, in additio
Sav [38]

The reason for a <u>just-in-time</u> inventory strategy is to minimize tying up large sums of money for long periods of time and, in addition, to reduce the cost associated with inventory management.

inventory management enables agencies to discover which and what kind of inventory to order at what time. It tracks stock from buy to the sale of products. The exercise identifies and responds to tendencies to ensure there may be constantly sufficient inventory to satisfy patron orders and the right caution of a shortage.

Discipline inventory management generally known as stock management is the feature of know-how of the stock mix of a corporation and the exclusive demands on that inventory.

The three maximum popular inventory management strategies are the frenzy method, the pull approach, and the simply-in-time technique. these techniques offer businesses distinct pathways to assembly consumers call for.

Learn more about inventory management here brainly.com/question/13439318

#SPJ4

5 0
1 year ago
Jordan plans to add a porch to her house. The new 16' 18' porch will cost an average of $27 por square foot. Jorden also plans t
tatiyna

Question is incomplete as the cost of the sidewalk is not given :

Assume the sidewalk cost an additional $6 per foot. ​

Answer:

$8366

Explanation:

Given that :

Size of porch = 16 by 18 feets

Area of porch = (16 * 18) = 288 ft²

Cost per ft² = $27

Cost of porch = ($27 * 288) = $7,776

Sidewalk = 15feets

Cost per foot = $6

Cost of sidewalk = ($6 * 15) = $90

Cost of gate = $500

Total cost :

(cost of porch area + side walk + gate)

($7776 + $90 + $500) = $8366

Kindly note that the cost pwr foot of sidewalk was erroneously excluded and the value employed for the cost was only assumed.

7 0
3 years ago
The income statement of Cullumber Co. for the month of July shows net income of $2,200 based on Service Revenue $6,100, Salaries
saw5 [17]

Answer:

Revenue                                                                      $6,800

Expenses:

  • Salaries and Wages Expense ($2,700)
  • Supplies Expense ($1,050)
  • Depreciation expense ($250)
  • Insurance expense ($600)
  • Utilities Expense ($400)                                   <u>($5,000)</u>

Net income                                                                  $1,800

1) you must add insurance expense

2) you must decrease supplies expense = $1,200 - $150 = $1,050

3) you must add depreciation expense

4) you must increase salaries and wages expense = $2,300 + $400 = $2,700

5) you must increase revenue = $6,100 + $700 = $6,800

3 0
3 years ago
Other questions:
  • Which is the key reason that an incident log be a bound logbook instead of one that is not bound?
    15·2 answers
  • Megan sets the selling price for her watches at $29.95, so they will seem less expensive than $30.00 watches.
    14·1 answer
  • Chad competes in multiple ironman triathlons every year and trains outdoors daily. chad's been getting sunburned on his long bik
    15·1 answer
  • Consumers have certain rights that do not carry corresponding responsibilities. true or false.
    9·1 answer
  • Alpha Manufacturing has interest expense of $12 million, total assets of $184 million, sales of $176 million, long-term debt of
    13·1 answer
  • A farmer grows squash in his 100 by 100 foot garden. He then sells the crop at the local farmers' market. Two summers ago, he wa
    9·1 answer
  • In the Baldrige assessment, _____ refers to how a company refines the approach through cycles of evaluation and improvement, enc
    6·1 answer
  • Unlike supportive leadership, participative leadership is used when _____. a. workers have an external locus of control b. the f
    12·1 answer
  • Uncollectible accounts; allowance method estimating bad debts as percentage of net sales vs. direct write-off method [LO7-5, 7-6
    7·1 answer
  • Embryologist salary thanks
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!