Lowes Farm Supply paid $73 for a large bag of fertilizer. Expenses are 13% of cost and the profit is 21% of cost. Round the answers to the nearest cent if necessary. 1) What is the regular selling price? $ 2) To help clear inventory, the fertilizer was sold at break-even during a sale. What is the break-even selling price? $

Lowes Farm Supply paid $73 for a large bag of fertilizer. Expenses are 13% of cost and the profit is 21% of cost. Round the answers to the nearest cent if necessary. 1) What is the regular selling price? $ 2) To help clear inventory, the fertilizer was sold at break-even during a sale. What is the break-even selling price? $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 1PA: When prices are rising (inflation), which costing method would produce the highest value for gross...

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As shown below, a shop purchases and sells a certain type of product. Purchasing price : $10 per unit Selling price : $15 per unit Fixed cost : $1,000 How many units are sold at a “break even” point, where there is neither a profit nor a loss?
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)
Pet Value paid $114 for a dog bed. Expenses are 23% of selling price and the required profit is 21% of selling price. Round ALL answers to the nearest cent if applicable. Question 15 1) What is the regular selling price? $ 2) What is the break-even selling price? $ 3) During an inventory sale, the dog bed was marked down 16% on the regular selling price. What is the sale price? 4) What is the operating profit or loss during the inventory sale (use a negative sign (-) for a loss)? Next Question
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. Home Hardware paid $78 for a particular type of drill. Expenses are 14% of selling price and the required profit is 19% of selling price. Round ALL answers to the nearest cent if applicable.1) What is the regular selling price?$2) What is the break-even selling price?$3) During an inventory sale, the drill was marked down 23% on the regular selling price. What is the sale price?$4) What is the operating profit or loss during the inventory sale (use a negative sign (-) for a loss)?$
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 %
GIVE PROPER EXPLANATION OF COST OF GOODS AND GROSS MARGIN. YOU MADE A SALE FOR $588,000. THE CUSTOMER PAID IN CASH. YOUR GROSS MARGIN IS 61%. WHAT IS YOUR COST OF GOODS SOLD?
How do I complete the table on question 2.2 ?
A factory sells an item to the wholesalers at a profit of 5%. The wholesaler sells the item to the retailer at a profit of 10%. The retailer sells the item to the public at a profit of 25%. All businesses add VAT of 15%. Required: 2.1 Complete the following table. Factory Wholesaler Retailer Cost Price R 600 ? 5 430,00 ? 3 345,60 ? ? 100,00 ? ? Profit ? ? 2.2 Complete the table below by calculating the missing amounts. Amount (R) VAT (R) 156,80 ? ? VAT ? ? ? 15,68 0 Exempt Selling Price ? ? ? TOTAL (R) ? ? 4058,40 ? ? 74,90 ?
Q1. Murray furniture store sells couches as a retailer. The wholesale cost to them of their most popular model of couch varies depending on how many they purchase for sale. For the first 200 couches the cost is $299 each; for the next 200 couches it drops to $250 each; and for every couch after that it costs $225. Create an excel function using the IF function to show the gross profit under the following scenarios: a. b. It sells at a price of $650 and 350 units are purchased for sale and sold It sells at a price of $625 and 300 units are purchased for sale and sold It sells at a price are $700 and 1,000 units are purchased for sale and sold C.
: A newsvendor purchases units for $10 and sells each one for $18. Inventoryis salvaged for $6. He orders 45,000 units and expected sales are 35,000. What is hisexpected profit?
What is your cost of goods sold?
Jordan Cameras, Incorporated manufactures two models of cameras. Model ZM has a zoom lens; Model DS has a fixed lens. Jordan uses an activity-based costing system. The following are the relevant cost data for the previous month: Direct Cost per Unit Direct materials Direct labor Category Unit level Batch level Product level Facility level Total Estimated Cost $ 25,960 49,920 90,000 180,000 $ 345,880 Model ZM $ 20.70 29.40 Cost Driver Model DS $7.00 9.00 Number of units Number of setups Number of TV commercials Number of machine hours Amount of Cost Driver ZM: 2,500 units; DS: 9,300 units ZM: 26 setups; DS: 26 setups ZM: 14; DS: 11 ZM: 300 hours; DS: 600 hours Jordan's facility has the capacity to operate 2,700 machine hours per month. Required a. Compute the cost per unit for each product. b. The current market price for products comparable to Model ZM is $118 and for DS is $68. If Jordan sold all of its products at the market prices, what was its profit or loss for the previous month?…