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Darina [25.2K]
3 years ago
7

On August 31, a hurricane destroyed a retail location of Carla Vista's Clothier including the entire inventory on hand at the lo

cation. The inventory on hand as of June 30 totaled $1895000. Since June 30 until the time of the hurricane, the company made purchases of $495000 and had sales of $1480000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed
Business
1 answer:
IrinaK [193]3 years ago
5 0

Answer: $1,502,000

Explanation:

The destroyed stock is the closing stock on August 31.

Cost of Goods sold = Opening stock + Purchases - Closing stock

Closing stock = Opening stock + Purchases - Cost of Goods sold

Opening stock = $1,895,000

Purchases = $495,000

Gross profit is 40% of sales so Cost of Goods sold must be 60%;

= 60% * 1,480,000

= $888,000

Closing stock = 1,895,000 + 495,000 - 888,000

= $1,502,000

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8 0
2 years ago
A company had the following purchases during its first year of operations: Purchases January: 18 units at $128 February: 28 unit
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Answer:

$8,584

Explanation:

Cost of ending inventory can be calculated by multiplying the remaining units of the given month by their purchase cost in the following month

DATA

Total remaining units n ending inventory = 58 units

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12 from February at $138

14 from May at $148

12 from September at $158

10 from November at $168

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January  =  10 x $128       = $1,280

February = 12 x $138        = $1,656

May = 14 x $148                = $2,072

September = 12 x $158     = $1,896

November = 10 x $168      = $1,680

Cost of ending inventory = $8,584

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​enrique borrowed $3600 to put a down payment on a motorcycle. the loan had a simple interest rate of 8% for 2 years. use the fo
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Answer:

The amount of interest is $576.

Step by step explanation :

Given : ​Enrique borrowed $3600 to put a down payment on a motorcycle. The loan had a simple interest rate of 8% for 2 years.

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I=3600\times 0.08\times 2

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