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What will Hops pay for the 755 bushels? What will Hops pay for the 890 bushels? How many bushels of dry corn will the elevator actually buy (Note: Do not forget the shrinkage

What will Hops pay for the 755 bushels? What will Hops pay for the 890 bushels? How many bushels of dry corn will the elevator actually buy (Note: Do not forget the shrinkage

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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b. What will Hops pay for the 755 bushels? c. What will Hops pay for the 890 bushels? d. How many bushels of dry corn will the elevator actually buy? (Note: Do not forget the shrinkage.)
Transcribed Image Text:b. What will Hops pay for the 755 bushels? c. What will Hops pay for the 890 bushels? d. How many bushels of dry corn will the elevator actually buy? (Note: Do not forget the shrinkage.)
Hops Elevator received three loads of corn: 920 bushels with 20 percent moisture, 755 bushels with 18.5 percent moisture, and 890 bushels with 22.5 percent moisture. The elevator is paying $5.70 per bushel for corn with 15 percent moisture or less. The elevator will dock the price of the corn 1.65 percent for each 0.5 percentage point over 15 percent moisture. One bushel of dry corn (15 percent moisture) equals 56 pounds.
Transcribed Image Text:Hops Elevator received three loads of corn: 920 bushels with 20 percent moisture, 755 bushels with 18.5 percent moisture, and 890 bushels with 22.5 percent moisture. The elevator is paying $5.70 per bushel for corn with 15 percent moisture or less. The elevator will dock the price of the corn 1.65 percent for each 0.5 percentage point over 15 percent moisture. One bushel of dry corn (15 percent moisture) equals 56 pounds.
Expert Solution
Important points to consider
  • One bushel of dry corn (15% moisture) = 56 pounds  (i.e) 65.88 pounds (0% Moisture)
  • Elevator will dock the price of the corn 1.65% for each 0.5% over 15% moisture
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