Home Hardware paid $125 for a particular type of drill. Expenses are 11% of selling price and the required profit is 12% of selling price. Round ALL answers to the nearest cent if applicable. 1) What is the regular selling price? $153.75 2) What is the break-even selling price? 138.75 3) During an inventory sale, the drill was marked down 23% on the regular selling price. What is the sale price? $118.39 X 4) What is the operating profit or loss during the inventory sale (use a negative sign (-) for a loss)? $ -20.36

Home Hardware paid $125 for a particular type of drill. Expenses are 11% of selling price and the required profit is 12% of selling price. Round ALL answers to the nearest cent if applicable. 1) What is the regular selling price? $153.75 2) What is the break-even selling price? 138.75 3) During an inventory sale, the drill was marked down 23% on the regular selling price. What is the sale price? $118.39 X 4) What is the operating profit or loss during the inventory sale (use a negative sign (-) for a loss)? $ -20.36

Name: Home Hardware paid $125 for a particular type of drill. Expenses are
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Home Hardware paid $125 for a particular type of drill. Expenses are 11% of sellingprice and the required profit is 12% of selling price. Round ALL answers to thenearest cent if applicable.1) What is the regular selling price?153.752) What is the br

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

Find the cost of goods sold for Coffee Time. Their beginning inventory was valued at $1,500, and they spent $2,200 during that period. At the end the period, the ending inventory was valued at $1,100
Chamiching makes hacksaw blades. Inventory values are determined using the first in, first out (FIFO) method. Production and sales data for the first three years appear below. Hacksaw blades Sold Produced Yr 1 18,000 22,000 Yr 2 25,000 23,000 Yr 3 37,000 35,000 Sales price Full cost Yr 1 $10.00 $6.00 Yr 2 $11.00 $6.60 Yr 3 $12.00 $7.60 In the first year, variable costs accounted for half of the full costs. Total fixed production costs increased each subsequent year by 20%, as a result of step-fixed costs and a general inflationary price increase. For Chamiching, which of the following is true? Variable costing income (VCI) exceeds full costing income (FCI) every year VCI exceeds FCI in Yrs 1 and 2 only VCI exceeds FCI in Yrs 2 and 3 only VCI never exceeds FCI
Opulent Outfits procures inventory for $15,800 with terms 4/20, n/60. After the purchase, the company returns $4,000 worth of the inventory to the supplier and receives an allowance for defective items totaling $180. The entire amount due is settled within the discount period. What is the amount of the discount that will be taken? $380 $297 $304.40 $237
Last year, the following inventories at cost were taken at the Smoke Shop: $7,260 $6,834 $6,726 $7,308The cost of goods sold was $30,800.a) Find the average inventory at cost. Show work.b) Find the turnover at cost. Keep one decimal only. Show work.c) Can you find the average inventory at selling price? Yes? No? Why?
JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 OD. $2,396
Poe, Co. uses LIFO for its inventory valuation. The original cost of Item #BB-8, the only inventory item of Poe, was $12,000. The current selling price and replacement cost are $13,500 and $9,500, respectively. Costs to sell are estimated to be $2,700. The normal profit margin is 10% of the original cost.
The ABC merchandise Company has the following transactions: May 01: The Company purchased 5 units of inventory on account at a costof $500 each.May 04: sold 4 units of inventory on account at a price of $800 each.May 05: Purchased an additional 6 units on account at a cost of $500.May 07: Paid $2500 against purchases to supplier of inventory.May 08: Sold 5 units of inventory for cash at a sale price of $850.May 10: Collected $3200 from the customer against the credit sales onMay 04.Requirement: Prepare the journal entries to record the above transactions byusing the following:1. Perpetual inventory system2. Periodic inventory system check_circle Expert Answer Step 1 Under the perpetual inventory system, the cost of goods sold are recorded immediately at the time of the sale and it is kept updated in the books. Under this system, there is no physical count of inventory on regular basis. Under periodic inventory system, the physical count of inventory is taken from time to time.…
On September 1, ABC Company bought goods with a list price of $20,000 terms 2/10, n/30. On On September 5, ABC Company returned goods with a list price of $2,500 for credit. On September 9, ABC Company made a payment for their inventory purchase. How much did ABC Company pay for the inventory? $17,500 $19,600 $20,000 $17,150
At a clearance sale, everything has been marked down 17%. How much did a car originally sell for if its current price is $12,952.99? $10,750.98 $15,155.00 $15,606.01 $17,357.01
Peterson Manufacturing purchased inventory for $5,900 and also paid a $330 freight bill. Peterson Manufacturing returned 40% of the goods to the seller and later took a 1% purchase discount. Assume Peterson Manufacturing uses a perpetual inventory system. What is Peterson Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $3,505 OB. $3,835 OC. $3,701 OD. $2,336 RECOR
A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86e per item less 2 8 of the retail price. What was the amount of the credit received by the retailer? a discount of 11 The credit received by the retailer is $ (Round to the nearest cent as needed.) al
Example 1: The Bay paid $125 for a set of knives. Expenses are 22 % of the selling price and the required profit is 15% of the selling price. During an inventory sale, the knives are marked down by 30 %. a. What is the regular selling price? (ANS: $198.41) b. What is the sale price? (ANS: $138.89) c. What is the operating profit or loss? (ANS: $29.76)