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- Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the manufacturer is £12.50. Her selling price per kit is £18.25. At the beginning of August 20X1 she has 180 kits in inventory. She sells 250 kits during August 20X1 and has 153 left in inventory at the end of the month. What is Sadia’s gross profit for the month of August 20X1? A. £1 437.50 B. £4 562.50 C. £1 282.25 D. £2 787.50Molly receives 1.6% of eBay sales plus $1.65 for each item she lists through her eBay listing service. In June she listed 366 items that sold for a total of $17,905. What were her gross earnings?Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year: March 1 10,000 boxes at $1.60 $16,000 August 15 20,000 boxes at $1.70 34,000 November 20 10,000 boxes at $1.80 18,000 At the end of the year, Lawrence's inventory consisted of 15,000 boxes of candy. a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method. Ending inventory $ Cost of goods sold $ b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method. Ending inventory $ Cost of goods sold $ How do you do this?
- I need help with correct answerKendra and Mikala, owners of Nue Rhythm Clothing, paid $40 a pair for jeans. On September 15, Kendra marked up the jeans 135% based on the cost. On November 24, she marked the jeans down 50% for a Black Friday sale. The jeans were marked down an additional 35% for final clearance. What was the final selling price of the jeans?Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send ItPacking also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled $11,450; the beginning inventory of materials was $1,050, and the ending inventory of materials was $950. Pay-ments for direct labor during the month totaled $25,570. Overhead incurred was $18,130 (including rent, utilities, and insurance, as well as payments of $14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent $2,750 on advertising during the month. Other adminis-trative costs (including accounting and legal services and a trip to Dallas for training) amounted to $3,650 for the month. Revenues for May were $102,100.Required:1.…
- Each autumn, as a hobby, Anne Magnuson weaves cotton place mats to sell through 3 local craft shop. The mats sell for $20 per set of four. The shop charges a 10% commission and remits the net proceeds to Magnuson at the end of December. Magnuson has woven and sold 25 sets each year for the past two years. She has enough cotton in inventory to make another 25 sets. She paid $7 per set for the cotton. Magnuson uses a four-harness loom that she purchased for cash exactly two years ago. It is depreciated at the rate of $10 per month. The Accounts Payable balance relates to the cotton inventory and is payable by September 30. Magnuson is considering buying an eight-harness loom so that she can weave more intricate patterns in linen. The new loom costs $1,000 and would be depreciated at $20 per month. Her bank has agreed to lend her $1,000 at 18% interest per year, with $200 payment of principal, plus accrued interest payable each December 31. Magnuson believes she can weave 15 linen place…Pete recently bought whiteboard supplies for employees in his office. He spent $140 on whiteboards, markers, and erasers. The markers came in packs of 5, which cost $6 per pack. One (1) eraser was 1/3 of the cost of 1 pack of markers and 1 whiteboard was 5 times the cost of 1 eraser. If Pete purchased 56 items in total, including 35 markers, then how many whiteboards did he buy? MvjfjgjguguYusufI need help with general accounting
- General accountingSports Haven keeps an inventory of FitBits treadmills. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $350 each. Additional FitBits were purchased as follows: 15 at $345 each on March 22, 30 at $380 each on May 2, 10 at $400 each on July 14, and 40 at $300 each on September 9. What was the total number of FitBits available for sale over the year?Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year-end she had $5,400 left in inventory. All sales were made at a mark-up on cost of 20%. What is Prisha’s gross profit for the year?