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What is a description of the prime rate?

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Answer: Prime rate is the interest rate that banks charge their preferred customers, or those with the highest credit ratings.

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Friendly Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2016. In preparing its insurance

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d. $413,000

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Sales = $1,160,000

Less: Cost of Goods Sold (1,160,000*70%) = ($812,000)

Gross Profit = 348,000

Note: Since gross profit margin is 30% of the sales, the cost of goods sold must be 70% of sales.

Beginning inventory on Jan.1, 2016 = $340,000

Purchase inventory from Jan.1, 2016 to May 1,2016 = $885,000

Total Inventory = $1,225,000

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Estimated Inventory on May.1 2016 = $413,000

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