The three part process for problem solving are:
1. Analyse the problem: take the problem into parts and consider what could be done and what could not be done.
2. Solve for the unknown: decide on a suitable solution based on the results of the analysis that you carried out.
3. Evaluate the answer: Evaluate your solution to see if it the very best you can come up with.
He control his profits en his expenditure without interference
Jeff Company issues a promissory note to David Company to get extended time on an account payable. David records this transaction by debiting <span>Accounts Payable and crediting Notes Payable.
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If the average cost of producing 9 sweaters is $6. 50 and the marginal cost of producing the tenth sweater is $6. 25, the average cost of producing 10 sweaters will be less than $6.50
If marginal cost is less than average cost, average cost will decrease and therefore be less than $6.50. In this case, average cost of producing 10 sweaters is ($6.50 x 9 + $6.25)/10 = $6.48.
The marginal cost is the variation in total cost brought on by an increase in output, or the cost of producing more. In certain contexts, it might refer to an increase in output of one unit, while in others, it can relate to the rate of change of total cost as output grows by a modest amount.
The total cost is expressed in dollars, whereas the marginal cost is expressed in dollars per unit. The marginal cost is the slope of the total cost, or the rate at which it increases with production.
Marginal cost is the distinction between average cost, which is the total cost divided by the number of units produced.
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<h3>California Inc Estimated ending inventory is $319,000
</h3>
Explanation:
Goods available for sale = Beginning inventory + Net purchases
- California Inc Beginning inventory $310,000
- California Inc Net purchases = $905,000
- California Inc Goods available for sale = $1,215,000
Gross profit = Net sales * profit %
- California Inc Net sales = $1,280,000
- California Inc gross profit = 30%
- California Inc gross profit = $384,000
Estimated cost of goods sold = Net sales - Gross profit
- California Inc Estimated cost of goods sold = $1,280,000 - $384,000
- California Inc Estimated cost of goods sold = $896,000
Estimated ending inventory = Goods available for sale - Cost of goods sold
- California Inc Estimated ending inventory = $1,215,000 - $896,000
- California Inc Estimated ending inventory = $319,000
California Inc Estimated ending inventory is $319,000
