Salad Daze maintains an inventory of produce worth $550. Its total bill for produce over the course of the year was $79,000. How oldon average is the lettuce it serves its customers?Note: Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.Average days

COGS = $79,000 (given total bill for produce over the year)Average Inventory = $550 (assuming it's…

Answered: Salad Daze maintains an inventory of…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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In its first year of operations, Dulany Company, a clothing store, purchased $18,000 of merchandisefrom a supplier on account, terms 2/10, n 30. Dulany Company returned $3,000 of defectivemerchandise, and then paid the amount due within the discount period. During the year, the companysold merchandise inventory costing $12,000 to its customers. What would be the balance in Dulany’sCompany’s Merchandise Inventory account at the end of the year?A. $2,700B. $3,200C. $3,300D. $2,640
ssence of Skunk Fragrances, Ltd., sells 6,900 units of its perfume collection each year at a price per unit of $399. All sales are on credit with terms of 2/30, net 50. The discount is taken by 50 percent of the customers. a.What is the amount of the company’s accounts receivable? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)b.In reaction to sales by its main competitor, Sewage Spray, Essence of Skunk is considering a change in its credit policy to terms of 4/30, net 50 to preserve its market share. Will this change in policy increase or decrease accounts receivable?
Flint Taco Palace sells 280 gift cards at $50 per gift card and 140 of the gift cards are redeemed by year-end. Flint estimates that it wi have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, eg. 0.2456 and final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Cash Unearned Gift Card Revenue Subscriptions Revenue. Debit 14000 Credit 7000 7000
Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date Transactions Units Unit Cost Total Cost January 1 Beginning inventory 33 $38 $1,254 April 14 Purchase 78 40 3, 120 August 22 Purchase 128 42 5, 376 October 29 Purchase 93 44 4,092 332 $13,842 January 1 to December 31 Sales ($58 each) 278 Luther uses a periodic inventory system and believes there are 54 birds remaining in ending inventory. However, Luther neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 44 birds in ending inventory. Luther is not aware of the lost canaries. 1. What amount will Luther calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 54 canaries remain in ending inventory?
Ayayai Ltd. distributes suitcases to retail stores. At the end of June, Ayayai's inventory consisted of 70 suitcases purchased at $50 each. Ayayai uses a perpetual inventory system. Ayayai has experienced a 5% return rate historically. During the month of July, the following merchandising transactions occurred: July 2Purchased 75 suitcases on account for $70 each from Sandhill Ltd., terms 2/10, n/30. 3Received a $280 credit from Sandhill after returning four suitcases because they were damaged. 6Sold 60 suitcases on account to Satchel World Inc. for $90 each, with an individual cost of $50, terms n/45. 7Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. 9Sold three suitcases-the right model number this time-on account to Satchel World Inc. for $100 each, with an individual cost of $70, terms n/30 11Paid Sandhill the balance owing 13Sold 30 suitcases on account to The Going Concern Limited for…
A large retailer obtains merchandise under the credit terms of 2/15, net 30, but routinely takes 50 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places.
finance Momo's Muffins sold $30,000,000 of product in a year that had a cost of goods sold of $10,000,000. The average inventory carried by Momo's was $500,000. On average, it takes 35 days for Momo's customers, such as grocery stores and restaurants, to pay on their accounts. Momo's buys ingredients, including flour, spices, and eggs, from its vendors on credit, and Momo's takes about 40 days to pay its suppliers. What is Momo's: Inventory Turnover? Inventory Conversion Period? Cash conversion cycle?
A department store paid $47.88 for a dinner plate set. Overhead expense is 21% of the regular selling price and profit is 13% of the regular selling price. During a clearance sale, the set was sold at a markdown of 26%. What was the operating profit or loss on the sale? was S The operating (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
8. A beauty supply store expects to sell 120 flat irons during the next year. It costs $1.60 to store one flat iron for one year. To reorder, there is a fixed cost of $6, plus $4.50 for each flat iron ordered. In what lot size and how many times per year should an order be placed to minimize inventory costs? how many flat irons per order how many orders per year
Salad Daze maintains an inventory of produce worth $695.07. Its total bill for produce over the course of the year was $86,000. How old on average is the lettuce it serves its customers? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.) Average days
A large retailer obtains merchandise under the credit terms of 3/10, net 40, but routinely takes 55 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places.
You have been pricing an MP3 player in several stores. Three stores have the identical price of $600. Each store charges 18 percent APR, has a 30-day grace period, and sends out bills on the first of the month. On further investigation, you find that store A calculates the finance charge by using the average daily balance method, store B uses the adjusted balance method, and store C uses the previous balance method. Assume you purchased the MP3 player on May 5 and made a $100 payment on June 15. What will the finance charge for June be if you made your purchase from store A? From store B? From store C? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Finance Charge Store A Store B Store C

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