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
Likurg_2 [28]
2 years ago
5

Jefferson Company has sales of $300,000 and cost of goods available for sale of $270,000. If the gross profit ratio is typically

30%, the estimated cost of the ending inventory under the gross profit method would be:________.A. $60,000B. $180,000C. $30,000D. $90,000E. $120,000
Business
1 answer:
Anna71 [15]2 years ago
4 0

Answer:

A. $60,000

Explanation

Calculation for what the estimated cost of the ending inventory under the gross profit method would be

First step is to calculate the Gross profit

Gross profit= $300,000 *30%

Gross profit= $90,000

Second Step is to calculate the cost of goods sold

Cost of goods sold=$300,000-$90,000

Cost of goods sold= $210,000

Last step is to calculate the estimated cost of the ending inventory under the gross profit method

Using this formula

Estimated cost of the ending inventory=

Cost of goods available for sale- Cost of goods sold

Let plug in the formula

Estimated cost of the ending inventory=$270,000-$210,000

Estimated cost of the ending inventory=$60,000

Therefore the estimated cost of the ending inventory under the gross profit method would be $60,000

You might be interested in
You plan to make a series of deposits in an interest-bearing account. You will deposit $1,000 today, $2,000 in 2 years, and $8,0
solniwko [45]

Answer:

$5,641

Explanation:

DEPOSIT NOW  

$1000 * FVIF 9%,8 PERIODS

= $1000 * 1.9926

= $1992.6

IN 2 YEARS

= $2000 * FVIF 9%,6 PERIODS

= $2000 * 1.6771

= $3354.20

IN 5 YEARS

= $8000 * FVIF 9%, 3 PERIODS

= $8000*1.2950

= $10360

WITHDRAWAL: IN 3 YEARS

= ($3000) * FVIF 9%, 5 PERIODS

= ($3000) * 1.5386

= ($4615.80)

IN 7 YEARS

= ($5000) * FVIF 9%, 1 PERIOD

= ($5000) * 1.0900

= ($5450)

Total value = $1992.6  + $3354.20 + $10360  - $4615.80 - $5450

Total value = $5,641

So, the total future value after eight years is $5,641

7 0
2 years ago
Suppose a life insurance company sells a ​$290 comma 000 ​one-year term life insurance policy to a 20​-year-old female for ​$280
Monica [59]

Answer:

The insurance company will gain an expected value $176.66032

Explanation:

The expected value is the gain or loss of an event and is calculated each outcome by its probability.

In our case we have to consider all events as follows;

The probability of dying means the insurance company will have a loss of $290,000 and gain $280 which is the cost of the policy. The probability of this happening=(1-probability of living)=(1-0.999644)=0.000356

The probability of living means the insurance company will gain $280, and the probability of this happening=0.999644

The gain or loss from death=280-290,000=-$289,720

The gain or loss from living=$280

Expected value=(The loss from death×probability of death)+(The gain from living×probability of living)

where;

The loss from death=-$290,000

Probability of death=0.000356

The gain from living=$280

Probability of living=0.999644

replacing;

Expected value=(-290,000×0.000356)+(280×0.999644)

Expected value=(-103.24+279.90032)

Expected value=$176.66032

The insurance company will gain an expected value $176.66032

4 0
2 years ago
Lena Company has provided the following data (gnore income taxes); 2016 revenues were $77,000. 2016 expenses were $48,600. Divid
Ilya [14]

Answer:

Option (b) is correct.

Explanation:

(a) Net Income:

= Revenues - Expenses

= $77,000 - $48,600

= $ 28,400

(b) Retained earnings :

= Net Income - Dividend

= $ 28,400 - $7,700

= $20,700

(c) Stockholders' Equity:

= Total assets - Total Liabilities

= 185,000 - $105,000

= $80,000

Therefore, the retained earnings at December 31, 2016 were $20,700.

5 0
3 years ago
Jessica wants to set up a manufacturing unit, so she meets with Rachel, a human resource manager at her company. Rachel explains
stiv31 [10]

In other to be able to conduct a work flow analysis and defines the outputs of the process, she needs to defines the type of products that will need to be manufactured.

<h3>What is used to define the products?</h3>

In a firm, the product mission is a statement that contains a clear and concise idea of its product's purpose.

In conclusion, she needs to defines the type of products that will need to be manufactured.

Read more about product mission

<em>brainly.com/question/1687404</em>

6 0
2 years ago
How can you avoid spending more than what is in your
zimovet [89]

Answer:

keep your own records to compare with your financial institutions records

4 0
3 years ago
Other questions:
  • Why do all shareholders agree on the same goal for the financial​ manager??
    7·1 answer
  • 1. Within the past several years, billing processes have become:
    13·1 answer
  • Cullumber Company had a beginning inventory on January 1 of 75 units of Product 4-18-15 at a cost of $18 per unit. During the ye
    8·1 answer
  • The team is struggling to agree on the Story point sizing of a new User Story. The Product Owner was previously a related domain
    5·1 answer
  • As recognized in the case in the text, Toys "R" Us, Inc. v. Canarsie Kiddie Shop, Inc., to obtain trademark protection, a descri
    14·1 answer
  • Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $3,360,000 (240,00
    15·1 answer
  • Can anyone let me use their Netflix account?<br>Thank you! ​
    8·1 answer
  • job ________ involves division of an organization’s work among its employees and application of motivational theories to jobs to
    5·1 answer
  • Choose the action that is supported by egoism, but might seem unethical. a.) Using skills you learned from your former job to ge
    9·1 answer
  • The Office of Federal Contract Compliance Programs is responsible for enforcing orders that cover companies doing business with
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!