Calculate the profit per bag for the bags sold at 2$ each Salesprice$200 800,000 bags$3.00 500,000 bagsA. $1.40EstimatedSalesC. $1.10Fixed cost$400,000$400,000Fixed costper unit$0.50$0.40$0.50 $0.40Variablecosthe table shows the estimated sales for two differentprices of bags of chips. Calculate the profit per bagfor the bags sold at $2 each.B. $1.30D. $2.10Total cost$0.90$0.90

Financial accounting refers to a type or branch of accounting which records the financial…

Answered: he table shows the estimated sales for…

he table shows the estimated sales for two different prices of bags of chips. Calculate the profit per bag for the bags sold at $2 each. A. $1.40 C. $1.10 B. $1.30 D. $2.10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A carpet store sells designer rugs at retail for $845.61. If a 50% markup based on cost is added,…

A: The retail price includes the cost price and the markup value. The cost of goods manufactured is the…

Q: During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is…

A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

Q: Use the net price rate to calculate the net price for 40 boxes of computer paper if the unit price…

A: To calculate the net price rate we will use the below formula Net price rate = Unit…

Q: A bookstore sets selling prices to be 20% more than their cost. What percent of the selling price is…

A: Given: Cost + 20% of Cost = Selling price

Q: At a 15% discount, a pair of shoes cost was $38.7. What was the regular price (without discount)?…

A: Regular price = Price after discount / (100 - Discount %)

Q: Use Exhibit 18-1 to determine the sales tax (in $) and calculate the total purchase price (in $) for…

A: Sales Tax: It implies a charge that is borne or paid by the buyer of the goods & services on the…

Q: Boston Company sells ten items for $1,100 per unit and has a cost of goods sold per unit of $660.…

A: Gross profit: The difference between the sales and the cost of goods sold is called gross profit.…

Q: a. Assume that the cost of goods sold is 60% and that the monthly discount rate is 1%. Looking at…

A: LTV is abbreviated for "Lifetime Value." Lifetime Value, in a business sense, is the overall value…

Q: A company purchased 50 units of merchandise for $100 each. After selling 30 units for $125 each, the…

A: Cost of goods sold is the cost of making or purchasing the units sold. The price at which the units…

Q: Find the selling price. A store pays $8 for a pool noodle. The markup is 20%.

A: The selling price is calculated as sum of cost price and markup value. SP = cost price + Markup…

Q: A purchaser just paid $32,152.94 for a pickup truck. If 47% was the seller's markup, based on the…

A: Here,Purchase Price = pp = $32,152.94Markup Rate =mr = 47%

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: If a Blackbirds shirt costs $24 and can be sold for $60, what is the contribution to sales ratio?

A: Contribution means the difference between the selling price and variable cost . Fixed cost remain…

Q: Gross sales=1,000 Riyals, Credits for Damaged Goods= 200 Riyals, and Annual Membership fees from…

A: Answer:- Annual membership fees from customer for store credit card is not sale . It's credit card…

Q: A dress has a selling price of 600 and a mark up rate based on selling price of 22%. What is the…

A: Selling price = 600 Mark up rate on selling price = 22%

Q: Calculate the total purchase price: Given: retail price $30,000; Sales tax 7%; Excise tax 10% Total…

A: Purchase price includes retail price and all taxes. First compute the sales tax and excise tax and…

Q: Apple sales for $2.95 a pound and you make a profit of 20% on the sale price. Grapes sells for…

A: Budgeting is a financial plan that helps organization in effective utilization of its resources.…

Q: Financial information is presented below: Operating expenses 38,000 Sales returns and allowances…

A: What is really left over after taxation and other tax withholding have been taken out of your…

Q: Pet Value paid $114 for a dog bed. Expenses are 23% of selling price and the required profit is 21%…

A: As per the given information: Amount paid for a dog bed - $114Expenses - 23% of selling…

Q: Financial information is presented below: Operating expenses $38,000 Sales returns and…

A: The gross profit margin shows how much money your company made after deducting its operating…

Q: a) Use a one-variable data table to determine how the total profit earned from the mailing will vary…

A: Total profit = Profit per order * Response Rate * Number mailed - Cost per catalog * Number Mailed=…

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: A Bud Light cost $14.40 per case of 24 bottles. A bottle sells for $7.50, what is the beverage cost…

A: The beverage cost percentage per bottle is the ratio of the cost of one bottle to the Price per…

Q: sing the financial information presented below: Operating Expenses $ 55,000…

A: Answer 1) Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: Calculate the actual sales since the sales and sales tax were rung up together. Assume sales tax of…

A: Sales is the amount of money or revenue collected by the entity by selling goods or providing…

Q: An automobile ski rack is sold to stores at a wholesale price of $38. If a store has a $23 markup,…

A: The price which manufacturers charges to the retailers is the wholesale price. Retail price is the…

Q: What is the cost

A: Cost price is the price incurred by the manufacturer in producing goods and services. It is the…

Q: Assume that markup is based on selling price. Calculate the dollar markup and cost. Note: Round your…

A: Markup Price - Markup price is the difference between the Cost of the product and the selling price…

Q: What is the amount of sale for a single price transaction of $16.80 that includes a 6% sales tax?

A: Solution: The amount of sale excluding sales tax is $15.85. The amount of sales tax included in…

Q: What is the total cost of an item that is priced $12.50 and is subject to 6% sales tax? Submit

A: Sales tax is a form of indirect tax or sales tax being imposed on goods and services. This…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: Your company has sales of $97,200 this year and cost of goods sold of $71,200. You forecast sales…

A: The percent of sales method is a financial analysis technique that is used to estimate future…

Q: Find the average payment period if accounts payable is $10,000, cost of goods sold is $200,000, and…

A: A financial indicator called the average payment period calculates how long it typically takes a…

Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Question

Calculate the profit per bag for the bags sold at 2$ each

Sales
price
$200 800,000 bags
$3.00 500,000 bags
A. $1.40
Estimated
Sales
C. $1.10
Fixed cost
$400,000
$400,000
Fixed cost
per unit
$0.50
$0.40
$0.50 $0.40
Variable
cost
he table shows the estimated sales for two different
prices of bags of chips. Calculate the profit per bag
for the bags sold at $2 each.
B. $1.30
D. $2.10
Total cost
$0.90
$0.90

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A store pays $60 for a set of cookware. Overhead expense on each cookware is 6% of the selling price and the profit is 17% of the selling price. Fill in the missing values in the given merchandizing-calculation table. (Round your answers to two decimal places if needed) Profit (P) Amount ($) Expenses (E) Markup (M) $ Cost (C) Selling Price (S) $ S SA Next Question On cost Markup Rate (%) % On Selling price %
A wholesaler sells a guitar for $1,380.60. What is the percent markup based on cost if the wholesaler paid $780 for the guitar?
Calculate the following: Retail selling price Sales tax (6%) Excise tax (10%) Total price including taxes $1,200
During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost of the goods sold is $96,140. What is the amount of the gross profit?
Calculate the gross earning for an apple picker based on the following differential pay scale: (Round your answer to the nearest cent.) 1–1,000: $0.03 each 1,001–1,600: $0.05 each Over 1,600: $0.07 each Apple picker Number of apples picked Gross earnings James 1,935
1. Sales slip for Ron Wilson. Electric drill for $49.50. Drill bits for $18.50. Sales tax rate of 5%. What is the total purchase price?
2. Sales slip for Judy Henry. Blender for $109.50. Canister set for $39.95. Sales tax rate of 4.5%. What is the total purchase price?
2 A storekeeper bought merchandise for $2940. If she sells the merchandise at 16% above cost, how much gross profit does she make? Her gross profit is $ (Type an integer or a decimal)
Use Exhibit 18-1 to determine Sales Tax in (K and Calculate the Total purchase price (in) for the Item. (Round Your Answer to the nearest Cent) 2 Item Hair Dryer Selling Price Sales Tax $$17.28 Total Purchase Rrice
Calculate the actual sales since the sales and sales tax were rung up together. Assume sales tax of 6% and total sales of $35,000. Note: Round your answer to the nearest cent. Actual sales