Answer:
Merv's Hardware would most likely try to lower the sale price of the sandpaper. In order to do so, the family store would have to reduce the costs of production, both fixed and variable. It might not still be able to match the $29 price offered by The Home Shoppe, but it could expect to rely on convenience for customers because while the Home Shoppe offers a cheaper product, it is located on another town and some customers may not want to go there.
Answer:
1. a. Raw Materials
Materials left in storeroom
= (7,390 - 6,800) * $145
= $85,550
b. Work in Process
90% were completed so 10% was left. 100 batteries were removed from the 6,800 batteries.
= 10% * (6,700 * 145)
= $97,150
c. Finished goods
Unsold goods are 30%.
= 6,700 * 90% * 30% * 145
= $262,305
d. Cost of goods sold
Sold goods were therefore 70%
= 6,700 * 90% * 70% * 145
= $612,045
e. Selling expense
= 100 batteries used in sales staff cars * 145
= $14,500
2.
- Raw materials - Balance Sheet
- Work in process - Balance Sheet
- Finished goods - Balance Sheet
- Cost of goods sold - Income statement
- Selling expanse - Income statement
The adjusting journal entries to record the adjustments in the books of Scott Company are as follows:
<h3>Journal Entries:</h3>
December 31;
Debit Sales $98,800
Credit Cash Refundable $98,800
- To record expected cash refunds.
Debit Inventory $48,000
Credit Cost of goods sold $48,000
- To record expected merchandise returns.
<h3>Data Analysis:</h3>
Sales = $12,350,000
Cost of goods sold = $7,500,000
Estimated percentage refunds = 0.8% of sales
Expected Refunds = $98,800 ($12,350,000 x 0.8%)
Returned goods = $48,000
Sales $98,800
Cash Refundable $98,800
Inventory $48,000
Cost of goods sold $48,000
Learn more about adjusting journal entries at brainly.com/question/13933471
Answer:
maybe a food delivery or clothes type website or a social networking website I don't know if this will help but I do know those 3 options are very common and well used
Explanation:
Answer:
A a building is one example
Explanation:
Assets are items that have value and is used by a business to generate profit.
There are two types of assets: the current assets and fixed assets.
Current assets are those that can be used or consumed within a year. They include cash, accounts receivable, marketable securities, and prepaid expenses.
Fixed assets are assets that are used by a business for a long period of time.
They can be tangible such as buildings, equipment, and land.
They can also be intangible for example copyright, patents, and trademarks.
In this instance a building is an example of a fixed asset.
