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Nookie1986 [14]
3 years ago
14

7. Gulf Real Estate properties just signed contracts for two new listings: a Gulf View condominium with a list price of $589,000

and a No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price and number of days required to sell each of these units
Business
1 answer:
oksano4ka [1.4K]3 years ago
3 0

Answer:

The answer is "135 days"

Explanation:

Condo with a list price of Gulf View = \$589,000

They recognize for a Gulf View the preciously calculated summary analysis

The average cost list for a condominium is474.0075 and that average sale value is 454.245.

\to \$474,000 -\$454,245 = \$20,755

We also are selling $20,755 underneath the selling price on average.

\to \frac{20,755}{474,000} = .0437869198

Therefore a typical condominium in the South View is selling 4.38% well below the price list.

\to 589,000 \times (1- .0438)=563,209.5042

The estimated sales price is thus approximately $563,210

The amount of times that mine device needs and be delivered is an approximate 106 days of median number calculated at a number 1.

No condo Gulf Views $285,000 List price

Through the previously calculated concise figures, we learn that the average price list is 212.805556 for a Non-Gulf View Condominium or that the total selling price is 203.133333.

\to \$212,806 -\$203,133 = \$9,673

We sell $9,673 below the value of the total on average.

\to \frac{9,673}{212,806} =.045454545

Therefore a condo in No Gulf Vision offers on aggregate 4,545% well below the selling price.

\to \$285,000 \times (1-.04545)=272,045.4545

The average price is therefore approximately $272.045.

My projected place to trade this unit is the number of days in number 2 measured to be 135 days.

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Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into ya
sammy [17]

Answer:

Port Ormond Carpet Company

1. Journal Entries:

Jan. 31 Debit Materials $500,000

Credit Accounts payable $500,000

To record the purchase of materials on account.

Jan. 31 Debit Work-in-Process - Spinning $275,000

Credit Materials $275,000

To record the materials requisitioned.

Jan. 31 Debit Work-in-Process -Tufting $110,000

Credit Materials $110,000

To record carpet backing

Jan. 2 Debit Factory Overhead - Spinning $46,000

Debit Factory Overhead - Tufting $39,500

Credit Materials $85,500

To record indirect materials used.

Jan. 31 Debit Work-in-Process - Spinning $185,000

Debit Work-in-Process - Tufting $98,000

Credit Factory Payroll $283,000

To record direct labor costs.

Jan 31: Debit Overhead - Spinning $18,500

Debit Overhead - Tufting $9,000

Credit Factory Payroll $27,500

To record indirect labor costs.

Jan. 31: Debit Factory Overhead - Spinning $12,500

Debit Factory Overhead - Tufting $8,500

Credit Factory Depreciation Expense $21,000

To record depreciation costs.

Jan. 31:

Debit Factory Overhead - Spinning $2,000

Debit Factory Overhead - Tufting $1,000

Credit Factory Insurance $3,000

To record insurance costs.

Jan. 31 Debit Work-in-Process - Spinning $80,000

Credit Factory Overhead - Spinning $80,000

To record overhead costs applied.

Jan. 31 Debit Work-in-Process - Tufting $55,000

Credit Factory Overhead $55,000

To record overhead costs applied.

Jan. 31 Debit Work-in-Process - Tufting $547,000

Credit Work-in-Process - Spinning $547,000

To record the transfer to Tufting department.

Jan. 31 Debit Finished Goods Inventory $807,200

Credit Work-in-Process- Tufting $807,200

To record the transfer to Finished Goods.

Jan. 31 Debit Cost of Goods Sold $795,200

Credit Finished Goods $795,200

To record the cost of goods sold.

2. January 31 balances of the inventory accounts:

Finished Goods = $74,000

Work-in-Process - Spinning = $28,000

Work-in-Process - Tufting = $31,300

Materials = $46,500

3. Factory Overhead Accounts Balances:

Spinning $1,000 (Debit)  

Tufting $3,000 (Credit)

Explanation:

a) Data and Calculations:

January 1 Inventories:

Finished Goods = $62,000

Work in Process- Spinning = $35,000

Work in Process - Tufting = $28,500

Materials = $17,000

Finished Goods

Account Titles                                Debit      Credit

Jan. 1 Beginning balance           $62,000

Jan. 2 Work-in-Process-Tufting 807,200

Jan. 31 Cost of Goods Sold                     $795,200

Jan. 31 Ending balance                                74,000

Work-in-Process - Spinning

Account Titles                   Debit      Credit

Beginning balance        $35,000

Jan. 2 Materials            275,000

Jan. 31 Direct labor       185,000

   Applied overhead      80,000

    Work-in-Process -Tufting        $547,000

Jan. 31 Ending balance                   28,000    

Work-in-Process - Tufting

Account Titles                             Debit      Credit

Jan. 1 Beginning balance        $28,500

Jan. 2 Carpet backing              110,000

Jan. 31 Direct labor                   98,000

 Jan. 31 Applied overhead        55,000

Jan. 31 WIP- Spinning            547,000

Jan. 31 Finished Goods                        $807,200

Jan. 31 Ending balance                              31,300

Cost of Goods Sold

Account Titles                             Debit      Credit

Jan. 31 Finished Goods       $795,200

Materials

Account Titles                            Debit       Credit

Jan. 1 Beginning balance         $17,000

Jan. 2 Accounts payable       500,000

Jan. 31 Work-in-Process - Spinning           $275,000

Jan. 31 Work-in-Process - Spinning               46,000

Jan. 31 Factory Overhead - Tufting               39,500

Jan. 31 Factory Overhead - Tufting              110,000

Jan. 31 Ending balance                                  46,500

Factory Overhead - Spinning

Account Titles                                    Debit      Credit

Jan. 31 Materials - Spinning             46,000

Jan. 31 Payroll - Spinning                  18,500

Jan. 31 Depreciation - Spinning       12,500

Jan. 31 Factory insurance-Spinning 2,000

Jan. 31 Work in Process                                  80,000

Jan. 31 Balance                                  1,000

Factory Overhead - Tufting

Account Titles                                    Debit      Credit

Jan. 31 Materials - Tufting                39,500

Jan. 31 Payroll - Tufting                      9,000

Jan. 31 Depreciation - Tufting           8,500

Jan. 31 Factory insurance- Tufting    1,000

Jan. 31 Work in Process                                   55,000

Jan. 31 Balance                                                   3,000

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