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konstantin123 [22]
3 years ago
11

During a period, an RV company purchased three vehicles for $33,000, $46,000, and $24,000, and sold two of them for $125,000. Us

ing the specific identification method of costing inventory, they identified the $46,000 vehicle as still in stock. Calculate the gross profit for the period.
Business
1 answer:
Georgia [21]3 years ago
7 0

Answer: $68,000

Explanation:

If the inventory that remains is the $46,000 then that means that the cars costing $33,000 and $24,000 have been sold.

With specific identification, the actual prices of the stock are used so the cost of goods sold is:

= 24,000 + 33,000

= $57,000

The gross profit is therefore:

= Sales - Cost of goods sold

= 125,000 - 57,000

= $68,000

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Meena Chavan​ Corp.'s computer chip production process yields DRAM chips with an average life of 1 comma 800 hours and sigma ​=
Lena [83]

Answer:

Cp= 1.33

Explanation:

Giving the following information:

Meena Chavan​ Corp.'s computer chip production process yields DRAM chips with an average life of 1,800 hours and sigma ​= 100 hours. The tolerance upper and lower specification limits are 2,400 hours and 1,600 ​hours, respectively.

Cp= (upper specification - lower specification)/6*sigma

Cp= (2400 - 1600)/6*100= 1.33

3 0
3 years ago
Juarez Builders incurred $285,000 of labor costs for construction jobs completed during the month of August, of which $212,000 w
VikaD [51]

Answer:

                                                             Dr.            Cr.  

Work in progess                              139,000

Salaries and wages payable account                139,000

Explanation:

Direct Labor are charges to work in progress account and a payble is created as a result.

Total Labor cost = $212,000

Indirect cost = $73,000

Direct labor cost = $212,000 - 73,000

Direct labor cost = $139,000

3 0
3 years ago
Read 2 more answers
Select the best (most informative) answer. present value involves _____ whereas future value involves _____.
Marina CMI [18]
Present Value involves discounting, and future value involves compounding.

The find present value of a dollar a year from now, we must discount by the discount rate, since a dollar a year from now is not worth as much as a dollar today.

To find the future value (in a year) of a dollar we receive today, we increase the dollar by the discount rate, since our dollar today is worth more than a dollar a year from now. 
4 0
3 years ago
The Second National Bank of Guthrie has opened an office in Chile. This office offers a full line of services and is not a separ
erma4kov [3.2K]

The Second National Bank of Guthrie has opened an office in Chile. This office offers a full line of services and is not a separate legal entity from the Second National Bank of Guthrie. The type of  office the Second National Bank of Guthrie open in Chile is the<u> Branch Office</u>

Explanation:

A branch office is one that  :

  • That offers a full line of services and is not a separate legal entity from the Second National Bank of Guthrie.

A branch office is a location, which is other  than the main office, where a business is conducted. A branch office consist of MANY smaller divisions of different DEPARTMENTS of the company such as human resources, marketing, and finance.

The main Difference between a branch office and a subsidiary is that a branch office   is not a separate legal entity of the parent corporation whereas  a subsidiary is a separate legal entity from the parent, although owned by the parent corporation.

6 0
4 years ago
Scenario: There are 4 households in a locality. The annual income of the first household is $20,000, the annual income of the se
Fynjy0 [20]

Answer:

A) The first household.

Explanation:

The tax of the first household = $20,000 x 20% = $4000

The tax of the second household = $47,000 x 17.5% = $8225

The tax of the third household = $50,000 x 13% = $6500

The tax of the first household = $71,000 x 10% = $7100

A regressive tax is a tax applied uniformly, taking a larger percentage of income from low-income earners than from high-income earners. It is in opposition to a progressive tax, which takes a larger percentage from high-income earners.

<u>Hence Household A which earns the lowest income pays the highest tax</u>

<u />

3 0
3 years ago
Read 2 more answers
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