Please give me answer general accounting Commodity L sells for $12.00, selling expenses are$2.40, normal profit is $3.00. If the cost of commodity Lis $7.80 and the replacement cost is $6.00, the lower ofcost or market is:a) $5.40b) $6.60c) $6.00d) $7.80

Step 1: Define InventoryIn a product-driven business enterprise, inventory management is critical…

Answered: Commodity L sells for $12.00, selling…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume that markup is based on selling price. Find the dollar markup and percent of markup on selling price. Note: Round your "Dollar markup" answer to the nearest cent and "Percent markup on selling price" to the nearest tenth percent $ Selling price 15.40 $ 52.00 Cost Dollar markup Percent markup on selling price %
company 1 sells a product for $24.30 with trade discount rates of 7% and 3%. company 2 sells the same product for $22.30 with two trade discount rates of 7% and 5%. a. Which company is offering it for a cheaper price? The company 1 The company 2 b. What further trade discount rate must the company with the higher price provide to match the lower price?
assume that markup is based on selling price. calculate cost and selling price. dollar markup s $5.60 and percent on markup cost is 101.82%.
please help answer Complete the two tables below using the information provided and assume a VAT rate of 15%
a seller's marginal cost of a unit of a good is $20, and a buyer’s marginal benefit from consuming the unit is $40, then the total surplus generated from trading the unit is ________. 1) $10 2) -$20 3) $20 4) Cannot be answered without information about the trading price.
33
Calculate the net price factor ( as a % ) and net price ( in $ ) by using the complement method, round your answer to the nearest cent. List price is $1,244.25 Trade discount is 45.9% What is the Net Price Factor and what is the Net price ?
An item originally cost $20 and its current replacement cost is $13. Its NRV is $18 and the normal profit (c) Assume the same information as above except that original cost was $14. Determine the value to 9.28 per unit is $3. (a) Determine designated market value. (b) Determine the value to be assigned to the item. be assigned to the item.
Provide Correct answer from below correct option
Answer please with correct option
A) What is VAT? what is the difference between input and output VAT? B) Samo is a trader who purchases inventory at a cost of 60,500 (inc. VAT) and incurs the expense of 4,000 (Inc. VAT) and sells the inventory for 85,000 (Excl. VAT). Required: (a) If it standard rate is 20%. How will much the trader pay to HMRC or HMRC will pay for him? (b) If it Zero rate (0%). How much the trader will pay for HMRC or HMRC will pay to Samo?
Assume that markup is based on cost. Calculate the cost and selling price. Note: Round your answers to the nearest cent. Cost Selling price Dollar markup $ 6.00 Percent markup on cost 101.69 %

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Commodity L sells for $12.00, selling expenses are $2.40, normal profit is $3.00. If the cost of commodity L is $7.80 and the replacement cost is $6.00, the lower of cost or market is: a) $5.40 b) $6.60 c) $6.00 d) $7.80