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igor_vitrenko [27]
2 years ago
6

The Intramural Sports Club reports sales revenue of $578,000. Inventory at both the beginning and end of the year totals $110,00

0. The inventory turnover ratio for the year is 3.9.
What amount of gross profit does the company report in its income statement?
Business
1 answer:
Genrish500 [490]2 years ago
3 0

Answer:

$363,500

Explanation:

Gross profit = Revenue - Cost of Goods Sold.

In the case

Revenue = $578,000.

The Cost of Goods Sold: COGS

Inventory turn over = COGS/ Average turnover

Average turnover = Opening stock + closing stock/2

In this case Opening stock + Closing stock = $110,000

Average turnover = $110,000 /2 =$55,000

Therefore:

3.9 = COGS/$55,000

COGS = $55,000 x 3.9

COGS =$214,500

Gross profit =  $578,000 - $214,500

Gross profit = $363,500

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Builtrite has two bond issues outstanding(sold two separate groups of bonds over the years). One issue has a 7 year maturity and
baherus [9]

Answer:

C

Explanation:

Here, we want to select which of the given options in the question is true/correct.

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Who are the main stakeholders that the y is attempting to reach with the information it has gained through its market research?
Hitman42 [59]

The main stakeholders that the Y is attempting to reach with the information it has gained through its market research are the Primary stakeholders and the Secondary stakeholders.

There are three types of market research- Descriptive, Exploratory, and Causal. Y has conducted causal market research wherein the effect of change on the current operations is quantified.

Here, in this causal market research, Y is attempting to reach the Primary stakeholders and the Secondary stakeholders with the information it has gained through its market research.

Primary stakeholders are those individuals, groups or entities who are involved with the monetary transactions of an organization. Primary stakeholders include- employees, customers, investors, banks, lenders etc.

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7 0
2 years ago
Total variable costs ________ with decreasing output. A) always increase B) always decrease C) initially increase and then decre
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Answer:

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Answer:

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