2. Ernesto purchased a used car for $6800. He paid 64% sales tax. How much tax did he pay?

Sunland Company just began business and made the following four inventory purchases in June: June 1 144 units $1000 June 10 192

Sergio039 [100]

Answer:

The First-in, First-out has the lower cost of goods sold, therefore, it will provide with a higher gross profit.

Explanation:

Giving the following information:

June 1: 144 units for $1000 ($6.94 per unit)

June 10: 192 units for $1500 ($7.81 per unit)

June 15: 192 units for $1610 ($8.38 per unit)

June 28: 144 units for $1270 ($8.82 per unit)

Ending inventory in units= 200 units on hand.

The method that will provide a higher gross profit is the one with the lower cost of goods sold.

Inventory methods:

FIFO (first-in, first-out):

COGS= 144*6.94 + 192*7.81 + 136*8.38= $3,639

LIFO (last-in, lsdt-out)

COGS= 144*8.82 + 192*8.38 + 136*7.81= $3,941

Weighted-average:

Average price= (6.94 + 7.81 + 8.38 + 8.82)/4= $7.99

Now, we can calculate the cost of goods sold:

COGS= 7.99*472= $3,771.28

The First-in, First-out has the lower cost of goods sold, therefore, it will provide with a higher gross profit.

8 0

3 years ago

Cretically analyse the difference and the point of convergence between floor inspection and functional inspection

VikaD [51]

Answer and Explanation:

The connection between Floor and Function Inspection is that these two techniques are used to eliminate and identify defective raw materials prior to the development of the same. Quality is the key priority for both processes, where standards are reviewed and evaluated to ensure that the operation continues correctly.

The distinction between the two is that in Floor Inspection the system inspects the material in process doe the machine or at the time of production to ensure that each and every machine or floor is working effectively. It is to make share the material processing costs don't go out or it could easily be found by hand and defect.

The Functional Inspection, on the other hand, will have the key feature tested which the product is supposed to perform. For instance, if the same has the right speed and output, the electric motor could be tested up. It doesn't inform us about the variability throughout all parts but gives us an overall view of the satisfaction that comes from investigating the same commodity.

6 0

3 years ago

(TCO E & F) A _____ position in T-bond futures should be used to hedge falling interest rates and a _____ position in T-bond

MariettaO [177]

Answer: The correct answer is LONG; LONG

Explanation: A long position means the holder of the position owns the stock. A long position in a financial insteument means the holder of the position owns a positive amount of the instrument and has the expectation of an increase in value.

A short position refers to when the seller of the financial instrument does not own it.

6 0

3 years ago

A(n) is a document used to present one's background,skill sets,and accomplishments

miss Akunina [59]

Answer:

Explanation:

A resume is a document used to present one's background,skill sets,and accomplishments used in job searches.

3 0

3 years ago

Read 2 more answers

A corporation has a $500,000 beginning balance in retained earnings. its net income for the year was $200,000. sales revenue amo

natta225 [31]

Given:
$500,000 beg. balance in retained earnings.
$200,000 net income for the year
$1,000,000 sales revenue
$100,000 dividends declared and paid by year-end

Retained earning is the amount left from net income after dividends have been paid. In the given data, sales revenue is not included in the Retained earnings report. It is reflected in the Income statement which generates the Net income.

Retained Earnings, beg. balance 500,000
Add: Net Income for the year 200,000
Total 700,000
Less: Dividends declared and paid this year (100,000)
Retained Earnings, end balance 600,000

6 0

3 years ago

2. Ernesto purchased a used car for $6800. He paid 64% sales tax. How much tax did he pay?​

2. Ernesto purchased a used car for $6800. He paid 64% sales tax. How much tax did he pay?