Using the lower-of-cost-or-market rule, what is the cost of goods sold for Hodges is: C. $989,020.
<h3>Cost of good sold</h3>
Using this formula
Cost of goods sold=Goods available for sale-Inventory balance
Where:
Goods available for sale=$1,074,450
Inventory balance=$85,430
Let plug in the formula
Cost of good sold=$1,074,450-$85,430
Cost of good sold=$989,020
Inconclusion Using the lower-of-cost-or-market rule, what is the cost of goods sold for Hodges is: C. $989,020.
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Answer:
The correct option is B,$6,710 million
Explanation:
First and foremost,one needs to be aware that net operating profit margin(NOPM) of 3.6% was computed by dividing operating profit after tax by the total revenue for 2016,hence we use same formula to determine the net operating profit after tax for 2017 by merely changing the subject of the formula.
NOPM=net operating profit after/total revenue
net operating profit after tax=NOPM*total revenue
NOPM remains at 3.6%
total revenue for 2017=total revenue for 2016*(1+growth rate)
total revenue for 2016 is $177,526 million
growth rate is 5%
total revenue for 2017= $177,526*(1+5%)=$ 186,402.30 million
Net operating profit after tax= 186,402.30 *3.6%=$ 6,710.48 million
Approximately $6710 million
The second step in the problem solving process is to clarify the issues of a problem.
Answer: The second step.
Sweepstakes does not require a consumer to purchase anything aside from the the ticket they will fill out for a chance to win prices.
<h3>What is Sweepstakes?</h3>
Sweepstakes is a form of gambling in which everyone involved in the contest pay a certain amount of money and the winner is awarded with a price or the money contributed.
Therefore, Sweepstakes does not require a consumer to purchase anything aside from the the ticket they will fill out for a chance to win prices.
Learn more about Sweepstakes below.
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