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xxTIMURxx [149]
3 years ago
6

Ivanhoe, Inc. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of ma

rkup on cost is 20%. The following account balances are available: Inventory, March 1 $540000 Purchases 420000 Purchase returns 10000 Sales during March 720000 The estimate of the cost of inventory at March 31 would be
Business
1 answer:
NARA [144]3 years ago
4 0

Answer:

$350,000

Explanation:

Cost of goods sold = $720,000 / 1.20

Cost of goods sold = $600,000

Estimated cost of inventory = Inventory, March 1 + (Purchases - Purchases Return) -  Cost of goods sold

Estimated cost of inventory = $540,000 + ($420,000 - $10,000) - $600,000

Estimated cost of inventory = $540,000 + $410,000 - $600,000

Estimated cost of inventory = $350,000

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Your company’s human resource manager is away from the office serving in the National Guard, and you have four open positions to
Papessa [141]

Answer: An assessment center

Explanation:

The tests that should be chosen to determine how applicants handle complex situations that mimic events they would encounter on the job is the assessment center.

An assessment centre is used by different organizations so as to know how suitable candidates are for a particular position in the company.

The candidates perform different exercises, group work, interviews, presentation etc in order to make the employers know if they fit the role.

7 0
3 years ago
Assume that at the current market price, a perfectly competitive firm's profit-maximizing level of output yields total revenues
wlad13 [49]

Answer:

c. The firm is earning zero economic profit and should continue to operate.

Explanation:

This is because at that point firm has not earned any profit or facing a loss.

6 0
2 years ago
A finance lease agreement calls for quarterly lease payments of $5,376 over a 10-year lease term, with the first payment on July
Rainbow [258]

Answer:

a. The preparation of partial amortization is shown below:-

b. $2,892

Explanation:

a. Date Lease  Effective        Decrease in  Outstanding              

             payment     interest           balance          balance

July 1                                                                           $150,000

July 1     $5,376                                  $5,376             $144,624

                                                                                ($150,000 - $5,376)

Oct 1      $5,376       $2,892              $2,484              $142,140

                                                       ( $5,376 - $2,892) ($144,624 - $2,484)

b. Interest expense on October 1 = $2,892

Working Note:-

Take the outstanding balance times 2% (8% annual = 2% quarterly)

So, the Effective interest = $144,624 × 0.02

= $2,892.48

4 0
3 years ago
Which economic system has economic roles that are passed from generation to generation?
mylen [45]
The best answer would be: traditional economy (specifically, it's definitely neither market economy nor command economy - in those economies the family does not necessarily play a role in the chose of roles).

An example of such strict economic roles is ancient India - and the roles are called castes.
5 0
2 years ago
A company bought a computer for$1,500. Three years later, the computer was sold for $300.
madam [21]

The accounts that will be used to record the disposal of the assets are Gain/loss on sale of asset and Sales Income

<h3>What is a disposal account?</h3>

A disposal account calculates the gain or loss account that appears in the income statement.

The disposal account records the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.

Hence, the account that will be used to record the disposal of the assets is Gain/loss on sale of asset and Sales Income

Read more about assets disposal

<em>brainly.com/question/1357713</em>

6 0
1 year ago
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