Answer:
In modern times, Marketing research focuses mainly on knowing how people work and translating knowledge into new process creation. Market analysis plays a role in promoting the information exchange as it enables facilitate the exchange by collecting data and collecting market intelligence. Critical marketing strategy is also absorbed in the process of transformation where it is known as auction Point Data.
The marketing research trend appears to exist across both non - for - profit as well as for-profit organisations as the important information gathered in market analysis involves the procedure of return as it impacts the sum of money that is usually transferred by customers.
Grouper Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item Quantity Cost Cost to Estimated Cost Of Normal NO. Per Replace Selling Completion Profit Unit Price and Disposal 1,320 1,500 $3.87 $3.63 $5.45 $0.421333 1,200 3.27 2.78 4.24 0.61 1426 1,100 5.45 4.48 6.05 0.48 1437 1,300 4.36 3.75 3.87 0.30 1510 1,000 2.72 2.42 3.93 0.97 1522 1,200 3.63 3.27 4.60 0.48 1573 3,300 2.18 1.94 3.03 0.91 1626 1,300 5.69 6.29 7.26 0.61 From the information above, determine the amount of Grouper Company inventory.
Answer:
Normal profit was missing, so I looked for it:
Item Q Cost Cost to Estimated Cost Normal*
No. p/ unit replace selling price of Completion profit
and Disposal
1320 1,500 $3.87 $3.63 $5.45 $0.42 $1.38
1333 1,200 $3.27 $2.78 $4.24 $0.61 $0.67
1426 1,100 $5.45 $4.48 $6.05 $0.48 $0.47
1437 1,300 $4.36 $3.75 $3.87 $0.30 $0.25
1510 1,000 $2.72 $2.42 $3.93 $0.97 $1.18
1522 1,200 $3.63 $3.27 $4.60 $0.48 $0.84
1573 3,300 $2.18 $1.94 $3.03 $0.91 $0.93
1626 1,300 $5.69 $6.29 $7.26 $0.61 $1.56
we have to first determine the ceiling NRV and floor NRV
Item Cost to Estimated Cost NRV NRV
No. replace selling price of Completion ceiling floor
and Disposal
1320 $3.63 $5.45 $0.42 $5.03 $3.65
1333 $2.78 $4.24 $0.61 $3.63 $2.96
1426 $4.48 $6.05 $0.48 $5.57 $5.10
1437 $3.75 $3.87 $0.30 $3.57 $3.32
1510 $2.42 $3.93 $0.97 $2.96 $1.78
1522 $3.27 $4.60 $0.48 $4.12 $3.28
1573 $1.94 $3.03 $0.91 $2.12 $1.19
1626 $6.29 $7.26 $0.61 $6.65 $5.09
we have to determine the market value:
Item Cost to NRV NRV Market value
No. replace ceiling floor (middle of the 3)
1320 $3.63 $5.03 $3.65 $3.63
1333 $2.78 $3.63 $2.96 $2.96
1426 $4.48 $5.57 $5.10 $5.10
1437 $3.75 $3.57 $3.32 $3.57
1510 $2.42 $2.96 $1.78 $2.42
1522 $3.27 $4.12 $3.28 $3.28
1573 $1.94 $2.12 $1.19 $1.94
1626 $6.29 $6.65 $5.09 $6.29
Item Market value Cost Quantity Inventory
No. per unit value
1320 $3.63 $3.87 1,500 $5,445
1333 $2.96 $3.27 1,200 $3,552
1426 $5.10 $5.45 1,100 $5,610
1437 $3.57 $4.36 1,300 $4,641
1510 $2.42 $2.72 1,000 $2,420
1522 $3.28 $3.63 1,200 $3,939
1573 $1.94 $2.18 3,300 $6,402
1626 $6.29 $5.69 1,300 $7,397
total $39,406
Blake and Ryan each invest $30,000 in a business and are given shares of stock in Jones Industries as evidence of their ownership interests. For this transaction, identify the effect on the accounting equation.
Answer:
Both asset and equity increases
Explanation:
As we are accepting investments from Blake and Ryan in the form of cash and offering our shares in exchange. This will result in our cash(asset) will increase by the value of $60,000 and Equity is also raising by issuing shares of $60,000 value to both Blake and Ryan equally.
Suppose there are only two firms that sell smartphones: Flashfone and Pictech. The following payoff matrix shows the profit (in millions of dollars) each company will earn, depending on whether it sets a high or low price for its phones.
Pictech Pricing Pictech Pricing
High Low
Flashfone Pricing High 11,11 3,15
Flashfone Pricing Low 15,3 9,9
For example, the lower-left cell shows that if Flashfone prices low and Pictech prices high, Flashfone will earn a profit of $15 million, and Pictech will earn a profit of $3 million. Assume this is a simultaneous game and that Flashfone and Pictech are both profit-maximizing firms.
If Flashfone prices high, Pictech will make more profit if it chooses a _____ price, and if Flashfone prices low, Pictech will make more profit if it chooses a _____ price.
If Pictech prices high, Flashfone will make more profit if it chooses a _____ price, and if Pictech prices low, Flashfone will make more profit if it chooses a _____ price.
Considering all of the information given, pricing low _____ a dominant strategy for both Flashfone and Pictech.
If the firms do not collude, what strategies will they end up choosing?
(i) Flashfone will choose a low price, and Pictech will choose a high price.
(ii) Both Flashfone and Pictech will choose a high price.
(iii) Flashfone will choose a high price, and Pictech will choose a low price.
(iv) Both Flashfone and Pictech will choose a low price.
The game between Flashfone and Pictech is an example of the prisoners' dilemma
(i) True
(ii) False
Answer:
A. Low
Low
B. Low
Low
C. Pricing low is a dominant strategy for both firms.
D. (iv) Both Flashfone and Pictech will choose a low price.
E. True
Explanation:
Game theory looks at the interactions between participants in a competitive game and calculates the best choice for the player.
Dominant strategy is the best option for a player regardless of what the other player is playing.
Nash equilibrium is the best outcome for players where no player has an incentive to change their decisions.
If either firm prices high, the best strategy for the other firm is to charge low. This is because the firm that charges low earns a profit of 15 which is the highest amount of profit that can be earned in this case. If the other firm also charges low, it would earn a profit of 9 which is less than 15
If either firm prices low, the best strategy for the other firm is to charge low. Its this strategy that yields the highest profit for the firm in this case. If the other firm a charges high, it would earn a profit of 3 which is less than 9.
If both firms do not collude (they do not agree on the price to sell), the best strategy is to price low because the payoffs of pricing low (15,9) is greater than the payoff of pricing high (3,11).
It is a prisoners dilemma because the nash equilibrium is not the best option for either firms. The best strategy is colluding and keeping the price high. Hence it is a prisoners' dilemma
I hope my answer helps you
Depreciation for Partial Periods Bar Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 150,000 miles and a residual value of $3,000. The truck was driven 12,000 miles in 2019 and 20,000 miles in 2020. Bar computes depreciation expense to the nearest whole month. Required: Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) Straight-line method 2019 $ 2020 $ Sum-of-the-years'-digits method 2019 $ 2020 $ Double-declining-balance method 2019 $ 2020 $ Activity method 2019 $ 2020 $ For each method, what is the book value of the machine at the end of 2019
Answer:
Instructions are below.
Explanation:
Giving the following information:
Purchasing price= $45,000
Useful life= 10 years
Salvage value= $3,000
Activity base= 150,000 miles
The truck was driven 12,000 miles in 2019 and 20,000 miles in 2020.
We need to calculate the depreciation expense for 2019 and 2020.
Straight-line method:
Annual depreciation= (original cost - salvage value)/estimated life (years)
General= (45,000 - 3,000)/10= $4,200
2019:
Depreciation= (4,200/12)*9= $3,150
Book value= 45,000 - 3,150= 41,850
2020:
Depreciation= $4,200
Book value= $37,650
Double-declining balance:
Annual depreciation= 2*[(book value)/estimated life (years)]
2019:
Depreciaiton= [(2*4,200)/12]*9= $6,300
Book value= 35,700
2020:
Depreciation= 2*[(35,700/10)]= $7,140
Book value= 35,700 - 7,140= $28,560
Activity-based:
Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles operated
2019:
Depreciation= [(45,000 - 3,000)/150,000]*12,000= $3,360
Book value= 45,000 - 3,360= $41,460
2020:
Depreciation= 0.28*20,000=$5,600
Book value= 41,460 - 5,600= $35,860
Answer:
deded
Explanation:
The Troy Co. has the following information available: Total fixed costs $400,000 Expected sales (units) 100,000 Selling price per unit $10.00 Contribution margin per unit $7.50 Tax rate 30% What is the after-tax net income
Answer:
Net operating income= 245,000
Explanation:
Giving the following information:
Total fixed costs $400,000 Expected sales (units) 100,000 Selling price per unit $10.00 Contribution margin per unit $7.50 Tax rate 30%
We need to determine the after tax income:
Contribution margin= 100,000*7.5= 750,000
Fixed costs= (400,000)
EBIT= 350,000
Tax= 350,000*0.3= (105,000)
Net operating income= 245,000
On January 1, 2014 (the date of grant), Lutz Corporation issues 2,780 shares of restricted stock to its executives. The fair value of these shares is $78,300, and their par value is $11,400. The stock is forfeited if the executives do not complete 3 years of employment with the company.Prepare journal entries for January 1, 2014, and on December 31, 2014, assuming the service period is 3 years.
Answer:
Lutz Corporation Journal entry
1/1/14
Dr Unearned Compensation 78,300
Paid-in Capital in Excess of Par 66,900
($78,300-11,400)
Cr Common Stock 11,400
12/31/14
Dr Compensation Expense 26,100
(78,300/3years)
Cr Unearned Compensation 26,100
Explanation:
On January 1 2014 fair value of shares was $78,300, and their par value is $11,400 we have to Debit Unearned Compensation with 78,300 and credit Paid-in Capital in Excess of Par with 66,900 ($78,300-11,400) and Common Stock with 11,400.
On 12 December 2014 the stock will be forfeited if the executives do not complete 3 years of employment with the company which means we have to Debit Compensation Expense with 26,100(78,300/3years) and Credit Unearned Compensation with 26,100.
Postage Corporation acquired 75 percent of Stamp Corporation's common stock on December 31, 20X8, for $300,000. The fair value of the noncontrolling interest at that date was determined to be S100,000. Stamp's balance sheet immediately before the combination reflected the following balances:__________. Cash and Receivables $ 40,000Inventory 70,000Land 90,000Buildings and Equipment (net) 250,000Total Assets $ 450,000 Accounts Payable $ 30,000Income Taxes Payable 40,000Bonds Payable 100,000Common Stock 100,000Retained Earnings 180,000Total Liabilities and Stockholders' Equity $ 450,000 A careful review of the fair value of Stamp's assets and liabilities indicated that inventory, land, and buildings and equipment (net) had fair values of $65,000, $100,000, and, $300,000 respectively. Goodwill is assigned proportionately to Postage and the noncontrolling shareholders. 1) Based on the preceding information, what amount of Stamp's inventory will be included in the consolidated balance sheet immediately following the acquisition? A) $0 B) S65,000 C) $70,000 D) $60,000 2) Based on the preceding information, what amount of Stamp's land will be included in the consolidated balance sheet immediately following the acquisition? A) $0 B) $10,000 C) $90,000 D) $100,000 3) Based on the preceding information, what amount of Stamp's buildings and equipment (net) will be included in the consolidated balance sheet immediately following the acquisition? A) $0 B) $50,000
Answer:
LOL i can't read that. pls reformat.
Explanation:
Which one of the following is not considered as material costs? a. Partially completed motor engines for a motorcycle plant b. Bolts used in manufacturing the compressor of an engine c. Rivets for the wings of a new commercial jet aircraft d. Lumber used to build tables
Answer:
A. Partially completed motor engines for a motorcycle plant
Explanation:
Material cost is the cost of materials used to manufacture a product or provide a service. It is the cost of the raw materials and the components that are used to manufacture a product. These materials should be easily identifiable with the resulting product.
Partially completed motor engines for a motorcycle plant is not a material cost because it cannot be directly traced to a particular product
The correct option is A. Partially completed motor engines for a motorcycle plant
The following information should be considered:
Materials are used to manufacture any kind of product such as bolts, glue, lumber etc. Motor engine is just a machine, it is not considered as a direct or indirect material.
Learn more: https://brainly.com/question/17429689?referrer=searchResults
g A firm in the United Kingdom hires a firm in the U.S. to train its managers. By itself this transaction a. increases U.S. imports and decreases U.S. net exports. b. increases U.S. imports and increases U.S. net exports. c. increases U.S. exports and decreases U.S. net exports. d. increases U.S. exports and increases U.S. net exports.
Answer:
Option “D” increases (rise) U.S. exports and increases U.S. net exports.
Explanation:
Option “D” is correct because when the United Kingdom hire a firm in the U.S. that means the export of the U.S has increased and import of the United Kingdom has increased. The net export is the amount that comes after subtracting the import from export so an increase in U.S. export will show the increase in U.S net export.
The following materials standards have been established for a particular product: Standard labor- hour per unit of output 3.3 hours Standard labor rate $16.15 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 6,300 hours Actual total labor cost $103,635 Actual output 2,000 units What is the labor rate variance for the month
Answer:
The labor rate variance for the month = $1890
Explanation:
Given values:
Standard labor hour per unit = 3.3 hours
Standard labor rate = $16.15 per hour
Actual hours worked = 6,300
Actual total labor cost = $103,635
Actual output = 2,000 units
Now, we calculate the labor rate variance with the help of given information. Below is the calculation of Labor rate variance.
Labor rate variance = ( Actual labor cost) – (Standard rate × Actual hours)
= 103635 – (16.15 × 6,300)
= $1890
The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had total production costs of $375,000. The journal entry to record the transfer of costs from work in process to finished goods is
Answer:
Finished Goods $540,000 Debit
Work In Process $540,000 Credit
Explanation:
The journal entry to record the transfer of costs from work in process to finished goods is
Finished Goods $540,000 Debit
Work In Process $540,000 Credit
This means that finished goods have been debited with the amount $ 540,000 and work in process has credited an amount $ 540,000. In other words work in process has been transferred to the finished goods account.
The amount which was sold and shipped to customers was $ 375,000. It is related to sales .It means sales of goods costing $375,000 had been shipped.
Sunny corporation reported the following results for december: Description AmountNumber of units sold 800 unitsSelling price per unit $500 per unitCost of goods sold per unit (all variable) $250 per unitVariable selling expense per unit $45 per unitFixed selling expense $22,100Variable administrative expense per unit $32 per unitFixed administrative expense $15,400 The gross margin for December is:
Answer:
The gross margin for December is: 0.5%.
The Gross margin of an organisation or business measure the extent by which its income exceeds the costs it incurs in producing its goods and or services.
The gross margin is measured in percentages. The higher the percentage of this margin, the higher the effectiveness of the company's management in deriving value from every dollar invested.
Explanation:
To arrive at Gross Margin, one is required to subtract the total cost of goods sold from total revenue for the period and dividing that number by revenue. That is:
Gross Margin (GM) = [tex]\frac{Revenue-Cost of Goods Sold}{Revenue}[/tex]
Step I - Calculate Revenue
This is given as the total amount of goods sold which is:
800 x $500 = $400,000
Step II - Calculate Cost of Goods Sold
Cost of goods sold per unit is given as
$250 per unit.
Total Cost of Goods sold therefore is
800 x $250 = $200,000
Step III - Calculate Gross Margin
= [tex]\frac{400,000-200,000}{400,000}[/tex]
= [tex]\frac{200,000}{400,000}[/tex]
= [tex]\frac{1}{2}[/tex] or 0.5%
Cheers!
In March 2021, the Phillips Tool Company signed two purchase commitments. The first commitment requires Phillips to purchase inventory for $101,000 by June 15, 2021. The second commitment requires the company to purchase inventory for $151,000 by August 20, 2021. The company's fiscal year-end is June 30. Phillips uses a periodic inventory system. The first commitment is exercised on June 15, 2021, when the market price of the inventory purchased was $85,500. The second commitment was exercised on August 20, 2021, when the market price of the inventory purchased was $120,500. Required: Prepare the journal entries required on June 15, June 30, and August 20, 2021, to account for the two purchase commitments. Assume that the market price of the inventory related to the outstanding purchase commitment was $140,400 at June 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Journal entries
Date Account title and explanation PR. No. Debit ($) Credit ($)
June 15,2021 Purchases $85,500
Loss on purchase commitment $15,000
Cash $100,000
(To record the payment for the loss on
purchase commitment)
June 30,2021 Estimated loss on purchase
commitment $10,600
Estimated liability on purchase
commitment $10,600
(To record the loss on purchase commitment)
Aug 30,2021 Purchases $120,500
Loss on purchase commitment $19,900
Estimated liability on purchase
commitment $10,600
Cash $151,000
(To record the payment for the loss on purchase commitment)
Explanation:
For June 15, Loss on purchase commitment = Signed value of inventory - Market value of inventory = $100,000 - $85,500 = $14,500
For June 30, Loss on purchase commitment = Signed value of inventory - Market value of inventory = $151,000 - $140,400 = $10,600
For Aug 30, Loss on purchase commitment = Market price of inventory at June 30 - Market value of inventory at August 30 = $140,400 - $120,500 = $19,900
A monetarist would argue that a. prices are inflexible. b. wages are inflexible. c. changes in M in the short run can cause Real GDP to fall. d. large changes in M could be offset by changes in V and not cause changes in P.
Answer:
The correct answer is the option C: changes in M in the short run can cause Real GDP to fall.
Explanation:
To begin with, the monetarist economists are the one that support the idea of not having any intervention from the government regarding the economy and moreover they are the ones whose ideology focus mainly in the money, as it name indicates. Therefore that when the government decides in the short run to increase the amount of the money supply then the monetarists argue that the action done by them will cause the Real GDP to fall because of the high inflation that it will cause the increase of the money supply and consequently low demand, etc.
Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal.
Nov.
3 The company purchased $3,400 of merchandise on credit from Hart Co., terms n/20.
7 The company sold merchandise costing $897 to J. Than for $986 on credit, subject to a $20 sales discount if paid by the end of the month.
9 The company borrowed $2,600 cash by signing a note payable to the bank.
13 J. Ali, the owner, contributed $3,900 cash to the company.
18 The company sold merchandise costing $143 to B. Cox for $255 cash.
22 The company paid Hart Co. $3,400 cash for the merchandise purchased on November 3.
27 The company received $966 cash from J. Than in payment of the November 7 purchase.
30 The company paid salaries of $1,700 in cash.
Answer:
Ali Co.
Cash Receipts Journal:
Date Description Amount
Nov. 9 Bank Notes Payable $2,600
Nov. 13 Capital $3,900
Nov. 18 Sales $255
Nov. 27 Accounts Receivable $966
Total Cash Receipts $7,721
Explanation:
The Cash Receipts Journal is a special journal that is used to record only cash receipts for a period. At the end of the period, the total is posted to the Cash Account in the general ledger as Cash Receipts. The individual records are posted to the various individual accounts.
Orange Corporation has gathered the following data on a proposed investment project: Investment in depreciable equipment $ 620,000 Annual net cash flows $ 86,000 Life of the equipment 10 years Salvage value $ 0 Discount rate 6 % The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment. The payback period for the investment would be:
Answer:
7.2 years
Explanation:
Payback period calculates the amount of the time it takes to recover the amount invested in a project from its cumulative cash flows.
Amount invested = $620,000
Cash flow = $86,000
Payback period = $620,000 / $86,000 = 7.2 years
I hope my answer helps you
GroundCover Pools, Inc., agrees to build a swimming pool for Franci, but fails to complete the job. Franci hires EquiAqua, Inc., to finish the project. Candy may recover from GroundCover:___________.
a. the contract price less costs of materials and labor.
b. the contract price.
c. the costs needed to complete construction.
d. profits plus the costs incurred up to the time of the breach.
Kathryn is looking for ideas on how best to grow her small business. She and her three partners sit down to brainstorm suggestions. Which of the following rules will help ensure a positive brainstorming session?
A. Let everyone jump in to the conversation.
B. Offer criticisms of ideas right away so you don't waste time.
C. Don't be too focused…let your mind wander.
D. Focus on the quality of the ideas…not the quantity.
E. Encourage wild ideas.
Answer:
B
Explanation:
So you dont waste ur time
Encouraging wild ideas of the following rules will help ensure a positive brainstorming session. Thus, option D is correct.
What is brainstorming suggestions?Various teams often employ brainstorming to come up with solutions to definite design issues. Teams address a topic using techniques, and inquiries in a supervised condition and a free-thinking atmosphere.
They generate a wide range of concepts and connect them to identify probable answers. As there is a group in which there are small businesses that is present. Therefore it is important that every idea is validated and looked for.
Also encouraging ideas will help to gain more perspective of the employees and the business as well as the consumer. Therefore, option D is the correct option.
Learn more about brainstorming suggestions, here:
https://brainly.com/question/2888896
#SPJ6
AllCity, Inc., is financed 36 % with debt, 14 % with preferred stock, and 50 % with common stock. Its cost of debt is 5.7 %, its preferred stock pays an annual dividend of $ 2.45 and is priced at $ 29. It has an equity beta of 1.13. Assume the risk-free rate is 2.4 %, the market risk premium is 7.3 % and AllCity's tax rate is 35 %. What is its after-tax WACC? g
Answer:
WACC is 7.84%
Explanation:
First we need to calculate the after-tax cost of debt
Cost of Debt (after Tax) = Pre-tax cost of debt ( 1 - Tax rate )
Cost of Debt (after Tax) = 5.7% x ( 1 - 35% ) = 3.705%
Now calculate the cost of preferred share
Cost of preferred share = Dividend on Preferred share / Market value of preferred share
Cost of preferred share = $2.45 / $29 = 0.0845 = 8.45%
Now calculate the cost f equity
Cost of equity = Rf + Beta x Market risk premium
Cost of equity = 2.4% + 1.13 x 7.3%
Cost of equity = 2.4% + 8.249%
Cost of equity = 10.649%
Now use following formula to calclulate the WACC
WACC = ( Cost of Equity x Weight of common stock ) + ( Cost of Debt x Weight of Debt ) + ( Cost of preferred share x weight of preferred share )
WACC = ( 10.649% x 50% ) + ( 3.705% x 36% ) + ( 8.45% x 14% )
WACC = 5.3245% + 1.3338% + 1.183%
WACC = 7.8413%
Transactions Units Amount
Inventory, January 1 600 $1800
Purchase, January 12 580 2900
Purchase, January 26 180 1260
Sale (460)
Sale (460)
Required:
a. Compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. Assume that the company uses periodic inventory system.
b. Prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase Assume that the company uses periodic inventory system.
Answer:
a) Cost of Goods Sold under each method of inventory:
1) Average Cost:
Beginning Inventory 600 units $1,800
Purchases: January 12, 580 units 2,900
Purchases: January 26, 180 units 1,260
Cost of goods available for sale, 1,360 units $5,960
Less ending Inventory, 440 units $1,927.20
Cost of goods sold, 920 units $4,032.80
a2) FIFO:
Beginning Inventory 600 units $1,800
Purchases: January 12, 580 units 2,900
Purchases: January 26, 180 units 1,260
Cost of goods available for sale, 1,360 units $5,960
Less ending Inventory, 440 units $2,560
Cost of goods sold, 920 units $3,400
a3) LIFO
Beginning Inventory 600 units $1,800
Purchases: January 12, 580 units 2,900
Purchases: January 26, 180 units 1,260
Cost of goods available for sale, 1,360 units $5,960
Less ending Inventory, 440 units $1,320
Cost of goods sold, 920 units $4,640
a4) Specific Identification:
Beginning Inventory 600 units $1,800
Purchases: January 12, 580 units 2,900
Purchases: January 26, 180 units 1,260
Cost of goods available for sale, 1,360 units $5,960
Less ending Inventory, 440 units $2,280
Cost of goods sold, 920 units $3,680
B. Partial Income Statement under:
Average cost FIFO LIFO Specific Identification
Beginning Inventory $1,800 $1,800 $1,800 $1,800
Purchases 4,160 4,160 4,160 4,160
Cost of goods for sale $5,960 $5,960 $5,960 $5,960
Less ending Inventory 1,927.20 2,560 1,320 2,280
Cost of goods sold $4,032.80 $3,400 $4,640 $3,680
Explanation:
a) The average cost per unit under Average Method =
Average cost per unit =$4.38 (5,960/1,360)
Ending Inventory, 440 x $4.38 = $1,927.20
b) Ending Inventory under FIFO: 440 units
Cost of 180 units = $1,260
Cost of 260 units = 1,300 (260 x $5)
Total cost = $2,560
c) Ending Inventory under LIFO: 440 units
Cost of 440 units from beginning inventory = 440 x $3 = $1,320
d) Ending Inventory under Specific Identification: 440 units
Remaining opening inventory 140 units at $3 = $420
Remaining Jan 12, 120 units at $5 = $600
Remaining Jan 26, 180 units at $7 = $1,260
Total cost of ending inventory = $2,280
e) These are various inventory costing methods which present different results in their cost of goods sold and the ending inventory.
Hannah and Ellen rely on consistent messages received via word of mouth and are older and more conservative than other customers of Product X. Hannah and Ellen most likely fall into which of the following categories?a. late majority
b. early majority
c. laggards
d. innovators
Answer:
they fall into early majority
A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,400) to a customer on credit terms of 3/10, n/30. Complete the two journal entries (the first for the revenue part of the transaction and the second for the cost part) to record the sales transaction by selecting the account names and dollar amounts from the drop-down menus. Date Account Title Debit Credit April 4 select select select select select select select select select select select select Slide 3
Answer:
1. Dr Account receivable 5,000
Cr Sales 5,000
2.Cost of goods sold 2,400
Cr Merchandise inventory 2,400
Explanation:
Preparation of the two journal entries
1. The record of the revenue part of the transaction
Since we were told that the seller on April 4, sells $5,000 in merchandise using perpetual inventory system this means we have to record the transaction as :
Dr Account receivable 5,000
Cr Sales 5,000
2.The record of the cost part of the transaction
Since we were told the merchandise cost $2,400 this means we have to record the transaction as:
Cost of goods sold 2,400
Cr Merchandise inventory 2,400
Nathan’s Athletic Apparel has 2,000 shares of 5%, $100 par value preferred stock the company issued at the beginning of 2017. All remaining shares are common stock. The company was not able to pay dividends in 2017, but plans to pay dividends of $22,000 in 2018.Required: 1. & 2. Assuming the preferred stock is cumulative and noncumulative, how much of the $22,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2018? Cumlative Non Cumlativepreferred Dividends for 2018 preferred Dividends in arrears for 2017 Remaining Dividends to common stockholders Total Dividens:
Answer:
1.
Preferred stock dividends to be paid in 2018 = $20000
Common stock dividends to be paid in 2018 = $2000
2.
Preferred stock dividends to be paid in 2018 = $10000
Common stock dividends to be paid in 2018 = $12000
Explanation:
The preferred stock dividends are always paid before the common stock dividends.
Cumulative preferred stock is the stock which accumulates or accrues dividends if the dividends are partially paid or not paid at all in a particular year. These dividends are accrued and are required to be paid by the company whenever it declares dividends.
Non cumulative preferred stock does not accrue or accumulates dividends. Thus, if dividends are not paid in a particular year, the company has no obligation to pay these dividends ever in the future.
1.
If the preferred stock is assumed to be cumulative, then the dividends in arrears for 2017 will be paid in 2018 along with dividends for 2018 on preferred stock before paying the common stock holders.
Preferred stock dividend per year = 2000 * 100 * 0.05
Preferred stock dividend per year = $10000
Preferred stock dividends to be paid in 2018 = 10000 + 10000 = $20000
Common stock dividends to be paid in 2018 = 22000 - 20000 = $2000
2.
If the preferred stock is assumed to be non cumulative, then the dividends in arrears for 2017 will not be paid in 2018. Only the dividends for 2018 on preferred stock will be paid before paying the common stock holders.
Preferred stock dividend per year = 2000 * 100 * 0.05
Preferred stock dividend per year = $10000
Preferred stock dividends to be paid in 2018 = $10000
Common stock dividends to be paid in 2018 = 22000 - 10000 = $12000
Consider the following transactions for Partytime Toys:
October 8 Partytime Toys buys $141,800 worth of MegoBloack toys on account with credit terms of 2/10, n/30
October 11 Partytime Toys returns $14,100 of the merchandise to MegoBlock due to damage during shipment.
October 15 Partytime Toys paid the amount due, less the return and discount.
Required
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Partytime Toys?
Answer:
1. Journalize the entries:
October 8:
Dr Purchases $141,800
Cr Account Payable $141,800
October 11:
Dr Accounts Payable $ 14,100
Cr Purchase Return $ 14.100
October 15:
Dr Accounts Payable $114,930 (141,800-14,100)*90%
Cr Cash $ 114,930.
2. The inventory cost $114,930 to Party Time Toys.
Explanation:
First, we have to Journalize the entries;
October 8:
Dr. Purchases $141,800
Cr Account Payable $141,800
October 11:
Dr Accounts Payable $ 14,100
Cr Purchase Return $ 14.100
October 15:
Dr Accounts Payable $114,930 (141,800-14,100)*90%
Cr Cash $ 114,930.
so, The inventory cost $114,930 to Party Time Toys.
What is a Transaction?A transaction is a business event that has a monetary impact on an entity's financial statements and is recorded as an entry in its accounting records. Examples of transactions are as follows:
Paying a supplier for services rendered or goods delivered.
What is a transaction in a bank?A bank transaction is any money that moves in or out of your bank account. Types of bank transactions include cash withdrawals or deposits, checks, online payments, debit card charges, wire transfers, and loan payments.
Learn more about transactions here:https://brainly.com/question/24835236
#SPJ2
The Green Awning is a flower and gift store. When its owner purchases the green foam used in the bottom of vases of cut flowers, floral tape used in flower arrangements, and gift cards, she is most likely making a ________. Group of answer choices
Answer:
B. straight rebuy
Explanation:
Here are the options
A. modified rebuy
B. straight rebuy
C. complex-task purchase
D. gatekeeping buy
E. new-task buy
A straight rebuy is making regular purchases of supplies. It is usually an automated purchase and most times the same supplier is used and the same brand is bought.
the green foam used in the bottom of vases of cut flowers, floral tape used in flower arrangements, and gift cards are items that would be often used in a gift and flower shops so it would be ordered on a regular basis.
I hope my answer helps you
Answer:
A) straight rebuy
Explanation:
Straight rebuy is a process that occurs when the purchase makes a purchase again without modification. This is one of the simplest types of organizational purchase, it is characterized by routine purchases and the purchase is made in the same quantities and from the same supplier.
In this type of rebuy, the buyer generally does not have many decision processes to be purchased.
Samantha and Adam own a gardening business together. They each pull weeds from flower beds and rake up leaves for their neighbors. If each decides to specialize in what they are best at, Samantha will
Answer:
Samantha and Adam
Gardening Business:
If each decides to specialize in what they are best at, Samantha will be specializing in either pulling weeds or raking up leaves and benefiting from the principle of Division of Labor.
Explanation:
According to britannica.org, division of labour is "the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons. It is most often applied to systems of mass production."
Division of labor facilitates the deployment of machinery and technology to complete simple tasks, thereby reducing costs of production, developing specialized talents, and increasing profits. It also makes possible the invention of tools and other forms of innovations. This is because workers who are focused on the same task can learn the tasks in details and develop better solutions from their learning experiences.
Using the 1% rule-of-thumb, a rental property that gererates $1,000 per month in gross rents could potentially be a very good deal if it were listed for a sale price of A. $150,000 B. $185,000 C. $120,000 D. $75,000
Answer: $75,000
Explanation:
The 1% rule of thumb in real estate is used to evaluate the price of properties. It states that the monthly rent must be 1% or more of the purchase price of the property.
The higher the percentage of the rent over 1% the better.
In the above the best answer would be $75,000 because;
= 1,000/75,000 * 100
= 1.33%
The $1,000 is above 1% of $75,000 and so would be a very good deal.
From the dropdown box beside each numbered balance sheet item, select of its balance sheet classification.
Account Title Classification
1. Prepaid rent (2 months of Rent) 11. Mortgages payable (due in 6 years)
2. Equipment 12. Automobiles
3. Repairs expense 13. Notes payable (due in 3 years)
4. Land (used in operations) 14. Land held for future expansion
5. Depreciation expense -Building 15. Notes payable (due in 2 months)
6. Office equipment 16. Notes receivable (due in 2 years)
7. Common stock 17. Interest paya ble (due in 1 week)
8. Buildings 18. Long-term investment in stock
9 Bonds payable (due in 10 years) 19. Wages payable
10. Accumulated depreciation-Trucks 20. Office supplies
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity
Answer:
Balance Sheet Classifications:
Account Title Classification
1. Prepaid Rent Prepaid Rent Current Assets
2. Equipment Property, Plant, & Equipment Plant Assets
4. Land Land Long-term assets
5. Land Land Long-term assets
6. Office Equipment Property, Plant & Equipment Plant Assets
7. Common Stock Common Stock Equity
8. Buildings Property, Plant & Equipment Plant Assets
9. Bonds Payable 10-year Bonds Payable Long-term Liabilities
10. Accumulated Depreciation -Truck Contra account to Long-term assets
11. Mortgages Payable 6-year Mortgages Long-term liabilities
12. Automobiles Automobiles Long-term assets
13. Notes payable 3-year Notes Payable Long-term liabilities
14. Land Land Long-term assets
15. Notes payable 2-month Notes Payable Current liabilities
16. Notes Receivable 2-year Notes Receivable Long-term assets
17. Interest Payable Interest Payable Current liabilities
18. Long-term investment in stock Long-term investments
19. Wages Payable Wages Payable Current liabilities
20. Office Supplies Office Supplies Current assets
Explanation:
a) Current assets are short-term financial resources owned by the entity from which economic benefits will accrue. They are mainly used as working capital to generate more revenue.
b) Long-term investments are investments in securities like bonds and stock held by the entity to generate interests and dividends.
c) Plant assets are property, plants, and equipment which are non current assets being used for the long-term in the running of the business, e.g. building.
d) Intangible assets are assets which are not physical in nature. Examples of intangible assets are patents and copyrights, mining rights, and intellectual property.
e) Current liabilities are financial obligations of the entity which must be settled with financial resources within a calendar year or less. Examples: Wages Payable, Accounts Payable, and Unearned Revenue.
f) Long-term liabilities are liabilities (financial obligations) which an entity settles with financial resources that can last for more than a calendar year. Examples included Bonds, Notes, and other payables which are not current.
g) Equity refers to the ownership interest in an entity. This is what the owners of the business are entitled when other creditors have been settled. It is made of contributed capital and retained earnings.
When a grocery store makes sure they always have 10 extra dozen eggs in the back storage area "just in case" they are needed, this type of inventory is typically called: A. Cycle Stock B. Safety Stock C. Anticipation Inventory D. Transportation Inventory E. Smoothing Inventory
Answer: Safety Stock
Explanation:
Safety stock is the additional quantity of a product that is kept by a company on its inventory so to reduce the risk of running out of the item in stock. The safety stock can be used when the sales of the product is more than the planned sales.
Regarding the question, when a grocery store makes sure they always have 10 extra dozen eggs in the back storage area "just in case" they are needed, this type of inventory is typically called the safety stock.
Assume the following cost of goods sold data for a company: 2018$1417000 20171204000 20161018000 If 2016 is the base year, what is the percentage increase in cost of goods sold from 2016 to 2018
Answer:
39.19%
Explanation:
2018 $1,417,000
2017 $1,204,000
2016 $1,018,000
if 2016 was the base year, then the % from 2016 to 2018 = ($1,417,000 - $1,018,000) / $1,018,100 = 39.19%
we can also calculate the % increase from 2016 - 2017 and from 2017 - 2018 in a similar manner:
2016 to 2017 increase = ($1,204,000 - $1,018,000) / $1,018,100 = 18.27%
2017 to 2018 increase = ($1,417,000 - $1,204,000) / $1,204,100 = 17.69%