Songbird Company has sales of $150,000 and the cost of goods available for sale of $135,000. If the gross profit rate is 30%, the estimated cost of the ending inventory under the gross profit method is: a. $15,000 b. $30,000 c. $90,000 d. $105,000
Q: Strict no AI
A: Approach to Solving the QuestionUnderstand the Transactions: Begin by analyzing each transaction…
Q: 13.)
A: Detailed explanation: Let's go through the solution in detail, focusing on each aspect of the…
Q: Don't use Ai. Answer in step by step with explanation.
A: Step 1:(4) Total revenue, expenses and net income are calculated (and shown in bold) in the income…
Q: EA7. LO 10.2Prepare journal entries to record the following transactions, assuming periodic…
A: On January 2, the company purchased 300 units of merchandise at $21 per unit. The total cost of this…
Q: Don't use AI.
A: Compute the contribution margin per unit. Selling price 40.00 Direct materials…
Q: Business 123 Introduction to Investments May I please have an expert's explanation and solution for…
A: Step 1:Identify Cash FlowsDividends:2024: $0.182025: $0.242026: $0.28Expected Selling Price in 2026:…
Q: None
A: Step 1: Define Interest ReceivableThe business earns interest on various credit instruments during…
Q: None
A: Step 1: Given Value for Calculation Cash Flow for Year 1 = cf1 = $100,000Cash Flow for Year 2 = cf2…
Q: not use ai please don't
A: 1. Jumbo's Local RestaurantAssumption Violated: Going ConcernExplanation: The going concern…
Q: Need help
A: Calculating NPV for Projects A and BFormula:NPV = ∑(CFt / (1+r)^t) - Initial InvestmentWhere:CFt =…
Q: What is the amount of current liabilities?
A: Step 1: Define Current LiabilitiesCurrent liabilities refer to the liabilities that are payable in…
Q: Splish Corporation had 318,000 shares of common stock outstanding on January 1, 2025. On May 1,…
A: The weighted-average number of shares is a calculation that takes into consideration any changes in…
Q: not use ai please
A: To determine the company's net income for September, we need to apply the accrual basis of…
Q: Business 123 Introduction to Investments May I please have a response to the following post? Thank…
A: I'm glad to hear you enjoyed this week's assignments and found them helpful! Mutual funds are indeed…
Q: Hello tutor give me answer
A:
Q: Number Account 101 Cash 111 Accounts receivable 121 Supplies 125 Prepaid rent 151 Office equipment…
A: Note: To record the adjusting entries we have to consider the transactions provided.
Q: not use ai please
A: Complete CalculationYear 2 Calculations:Wages expense: (254,000 ÷ 765,340) × 100 = 33.2%Rent…
Q: Wildhorse Inc. decided to purchase equipment from Central Ontario Industries on January 2, 2023, to…
A: To record the purchase of equipment for Wildhorse Inc., we need to calculate the present value of…
Q: Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,514…
A: The traditional format income statement and the contribution format income statement for August.…
Q: Spartan Corporation redeemed 25 percent of its shares for $3,300 on July 1 of this year, in a…
A: Step 1:Start with the accumulated E&P at the beginning of the yearBeginning Accumulated E&P…
Q: Bruin, Incorporated has identified the following two mutually exclusive projects: Year Cash Flow (A)…
A: Step 1: Calculate the IRR for Each ProjectProject A:The cash flows for Project A are:Year 0:…
Q: Lg.q
A: To prepare a Statement of Cash Flows using the indirect method based on the provided data, we'll…
Q: Critical Thinkers always expect to:ALearn more about a situation or problemBL earn more about a…
A: The question is asking what critical thinkers always expect to do. The options provided are: A)…
Q: Don't use Ai and chatgpt. Answer in step by step with explanation.
A: Computation of interest revenue for the first year by using the following method:Computation of…
Q: Current Attempt in Progress Novak Corporation is authorized to issue 45,000 shares of $5 par value…
A: To make our journal entry we have to consider the transactions involved. If you have further…
Q: None
A: STATE FAIR COMPANYApril 1 - Borrowed $700,000 from Borlaug Bank (Note Payable)On April 1, the State…
Q: What do these ratios tells us about Target. What impact does this analysis have on your perceptions…
A: Target looks to be a financially sound business with good profitability and efficiency based on the…
Q: labor hour at a rate of $18 per hour. Variable overhead is budgeted at a rate of $2 per direct labor…
A: Detailed explanation:1. Direct Materials Budget for September and OctoberThe Direct Materials Budget…
Q: Not use ai please
A: Step 1: Define OverheadsOverheads are the collection of indirect expenses that are incurred for…
Q: give answer please teacher
A: Step 1: What is Income Statement:The accounts reported on the income statement are the first to…
Q: Give true answer
A: Step 1: Identify Cash ReceiptsThe clinic has budgeted cash receipts of $110,000 for January. This is…
Q: Not use ai please don't
A: Step 1: Introduction to the Job CostingJob costing is the specific costs of preparing a particular…
Q: 17. Huntsville Company has invested in a project that has an eight-year life. It is expected that…
A: Initial Investment=Annual Cash Inflow×Present Value Factor of an AnnuityThe Present Value Factor for…
Q: The management team of Skysong Industries was evaluating its performance for the first half of the…
A: Sales:$263,500: This is the total revenue generated from selling 3,100 units of the product during…
Q: Hi expart Provide solution
A: To calculate the discounted payback period, we need to discount each year's cash flow at the…
Q: Adams, Incorporated, acquires Clay Corporation on January 1, 2023, in exchange for $527,000 cash.…
A: 1. Retained Earnings Account Balance on January 1, 2024Using the Equity Value MethodAdams's Initial…
Q: Don't use Ai and chatgpt. Answer in all options with explanation.
A: True. Payroll taxes to fund the EI system are paid by both employees and employers.In most systems,…
Q: not use ai please don't
A: Here's a detailed explanation for better understanding. Step 1: Calculate Overapplied or…
Q: mn.3 answer must be in table format or i will give down vote
A: Here are the journal entries required for the issuance of the new bonds and the refunding of the old…
Q: Hi expart Provide solution
A: Step 1: Introduction to the Inventory TurnoverInventory turnover is used to determine the frequency…
Q: choose wisely and give correct answer for all question
A: Question 1: Journal entries are recorded as follows: Accounts titleDebit Amount ($)Credit Amount…
Q: Problem 6-28 (LO 6-1) (Static) Don Juan, a single taxpayer, is the sole owner of DJ's Incorporated,…
A: Here is a detailed explanation: This problem involves Don Juan, a single taxpayer, who owns both a…
Q: Need help
A: Step 1: Define Economic Order QuantityThe economic order quantity helps the traders to understand…
Q: None
A: Competence: Refers to the capacity to carry out activities in a way that complies with professional…
Q: 3. Assume a consumer can either buy chips or soda. Their marginal utility for each unit is provided…
A: To solve this, we need to determine the optimal consumption of chips and sodas based on the marginal…
Q: Clark Enterprises reports the following information: Net income $5150000 Depreciation expense 700400…
A: The cash provided by operating activities is a section of a company's cash flow statement that…
Q: The owner of a plumbing supply company has requested a cash budget for June. After examining the…
A: The plumbing supply firm projects that its June cash collections, including credit and cash…
Q: None
A: Step 1: Define Current LiabilitiesCurrent liabilities are the liabilities of a company that must be…
Q: Use the end of year price, dividend data (dividend paid during year), and annual returns provided…
A: Step 1: Extract DataFor calculating the covariance and correlation, we need the annual returns for…
Q: esc 1 View Policies ! Current Attempt in Progress Sunland Company has the following production data…
A: Explanation of Equivalent Units of Production (EUP): This refers to the number of complete units…
Need answer the question
Step by step
Solved in 2 steps
- Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.Boston Company sells ten items for $1,100 per unit and has a cost of goods sold per unit of $660. The gross profit to be reported for sellling 10 items is? A. $4,400. B. $11,000. C. $440. D. $6,600.Given the information above, gross margin is? Given the information above, and assuming that Lindsey's total operating expenses (exclusive of the cost of goods sold) are $40,000, pretax income is?
- evenue for the year amounted to R4 500 000 and represents net sales to third parties of goods purchased for resale. Rainbow Limited maintained a 40% gross profit percentage throughout the year. How much would be the cost of sales for Rainbow Limited? Select one: a. R7 500 000 b. R11 250 000 c. R2 700 000 d. R1 800 000How is the gross profit percentagecomputed? Illustrate its calculation and interpretationassuming Net Sales is $100,000 and Cost of Goods Sold is$60,000.A retailer has net annual sales of $3,000,000. Retail expenses are $260,000. Net profit is $400,000. Calculate the maintained markup at retail. The retail selling price is $10.00. What are the merchandise costs? a. $3.33 b. $6.67 c. $12.00 d. $14.92 The answer must be 6.67$
- The gross margin for Corona Company for the third quarter of the year was R3 250 000, when sales were R7 000 000. The beginning inventory of finished goods was R600 000 and the ending inventory of finished goods was R850 000. The cost of goods manufactured for the third quarter would have been:A.R3 850 000B.R3 750 000C.R4 000 000D.R3 500 000A company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). Compute the cost of finished goods in inventory under absorption costing a. $427,500 O b. $285,000 O c. $230,000 O d. $712,500The weighted-average cost method is used by Mendez, Inc. Sales are $80,000, the number of units available for sale is 100, the number of units sold during the period is 75, and the weighted average cost of the goods available for sale is $200 each. How much is gross profit for the company?
- Please provide answer of all requiredNet sales for the year were $450,000 and cost of goods sold was $297,000 for the company's existing products. A new product is presently under development and has an expected selling price of not more than $75 per unit in order to remain competitive with similar products in the marketplace. Required: a. Calculate gross profit and the gross profit ratio for the year. Net sales Cost of goods sold Gross profit $ 450,000 $ 153,000 b. What is the maximum cost per unit that can be incurred to manufacture the new product so that the product can be priced competitively and will not result in a reduction to the company's gross profit ratio? (Round your final answer to 2 decimal places.) Maximum manufacturing cost per unitBrown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000. What would be the net sales revenue of Brown Glory Corp.?