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morpeh [17]
2 years ago
13

Assume that Toy Craft makes ragdolls. Each ragdoll requires 15 square feet of fabric. If the number of dolls to be produced duri

ng the quarter is 20,100, the desired ending inventory of fabric is 12,500 square feet, the beginning inventory of fabric is 23,900 square feet, and the cost of the fabric is $12 per square foot, what is the total cost of fabric purchases
Business
1 answer:
Brut [27]2 years ago
5 0

Answer:

Total cost - Purchases = $3,481,200

Explanation:

We first need to find out the requirement for fabric to produce 20100 ragdolls and adjust it for the already available inventory of fabric (beginning inventory) and the desired ending inventory.

The production of 20100 ragdolls will require fabric of,

Fabric required = 20100 * 15  => 301500 square feet

The purchase of fabric in square feet will be,

Production = Beginning Inventory + Purchases - Ending Inventory

301500 = 23900 + Purchases - 12500

301500 + 12500 - 23900 = Purchases

Purchases = 290100 square feet

The total cost of fabric purchases will be,

Total cost - Purchases = 290100 * 12

Total cost - Purchases = $3,481,200

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Warm-Up
zloy xaker [14]

Answer:

$1,088.12

Explanation:

The formula for calculating monthly repayments is as below.

M=  P x   <u>  r      </u>

              1 − (1+r)−^n

where p is the loan amount = $220,000

r = 4.3per cent or 0.043 % interest rate per year,

 on monthly basis r will be 0.043/12=0.00358%

n = 30 year, which is 30 x 12 months= 360 months

M= $220,000 x <u> 0.00358    </u>

                         1 - (1+0.00358 ) ^ - 360

M=$220,000 x<u>  0.00358  </u>

                         1- 0.2762

M = $220,000 x (0.00358 /0.7238)

M = $220,000 x 0.0049461

M = 1,088.12

Monthly payments will be $1,088.12

4 0
3 years ago
The journal entry for the purchase of inventory on account using the perpetual inventory system is
alexandr1967 [171]

Answer:

D. Merchandise Inventory xxx

Accounts Receivable xxx

Explanation:

The Journal Entry is shown below:-

Merchandise Inventory A/c Dr,         xxx

              To Accounts Payable     xxx

(Being purchase of inventory on account is recorded)

Therefore inventory is purchased so it will increasing assets, it is debited while accounts payable is increasing liabilities so it is credited.

5 0
3 years ago
The tax incidence (A) is the manner in which the burden of a tax is shared among participants in a market. (B) can be shifted to
8090 [49]

Answer:

(A) is the manner in which the burden of a tax is shared among participants in a market

Explanation:

Tax incidence refers to the burden of a tax between buyers or sellers or other stakeholders.

When price elasticity of supply is greater than price elasticity of demand, i.e a change in price causes supply to change more than demand, the tax incidence is said to be more burdensome for the buyers and vice versa.

It represents the distribution of tax burden to various sections of a society such as producers, consumers, etc.

For example, if taxes and duties are raised on alcohol or cigarettes, the producers shall transfer such burden on the consumers by covering their margin and raising prices. Thus, in such a case, the tax incidence would be borne by the consumers.

4 0
2 years ago
EBook
KonstantinChe [14]

Answer:

Cost Flow Methods

Gross profit and ending inventory on April 30 using:

                                                          Gross Profit     Ending Inventory

(a) first-in, first-out (FIFO)                     $75                   $546

(b) last-in, first-out (LIFO)                       $71                   $542

(c) weighted average cost method     $73                   $544

Explanation:

a) Data and Calculations:

Item Beta   Cost

April 2  Purchase   $270

April 15  Purchase   272

April 20  Purchase 274

Total                      $816

Average cost per unit = $272  ($816/ 3 units)

Assume that one unit is sold on April 27 for $345

Gross profit and ending inventory on April 30 using:

                                                          Gross Profit            Ending Inventory

(a) first-in, first-out (FIFO)                 $75 ($345 - $270)  $546 ($816 - $270)

(b) last-in, first-out (LIFO)                   $71 ($345 - $274)   $542 ($816 - $274)

(c) weighted average cost method $73 ($345 - $272)  $544 ($816 - $272)

Ending inventory = Cost of goods available for sale Minus Cost of goods sold

Gross profit = Sales Minus Cost of goods sold

3 0
2 years ago
An ordinary annuity selling at $3,806.77 today promises to make equal payments at the end of each year for the next six years (N
andrew-mc [135]

Answer:

  • <em>The annual annuity payment (PMT) will be </em><u>$750.00</u>

Explanation:

The value of a <em>annuity payment</em>, A, is equal to the present value of the future payments.

When the interest rate,r, and the <em>annual annuity payment (PMT) </em>remain constant over the entire life of the annuity, the formula for the value of the annuity is:

      A=PMT\times \bigg[\dfrac{1}{r}-\dfrac{1}{r(1+r)^{t}}\bigg]

To caculate PMT substitute:

  • A = $3,806.77
  • r = 5.00% = 0.05
  • t = 6 years

      \$3,806.77=PMT\times \bigg[\dfrac{1}{0.05}-\dfrac{1}{0.05(1+0.05)^{6}}\bigg]

Compute and solve for PMT:

             \$3,806.77=PMT\times \bigg[20-14.9243079\bigg]\\\\\\PMT=\$3,806.77/5.07569207=\$750.00

5 0
2 years ago
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