Ivanhoe Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $786800 ($970700), purchases during the current year at cost (retail) were $3005800 ($3958300), freight-in on these purchases totaled $181700, sales during the current year totaled $3856000, and net markups (markdowns) were $5000 ($278900). What is the ending inventory value at cost

Answers

Answer 1

Answer:

$643,276

Explanation:

Calculation to determine the ending inventory value at cost

First step is to calculate the beginning inventory

Ending inventory value at cost=($970700 + $3958300 + $5000 - $3856000 - $278900)*[($786800 + $3005800 + $181700) ÷ ($970700 + $3958300 + $5000)]

Ending inventory value at cost=

= $799,100*(3974300÷4934000)

Ending inventory value at cost=$799,100 × 0.805

Ending inventory value at cost = $643,276

Therefore the ending inventory value at cost will be $643,276


Related Questions

Bob is the owner of Apartments Complex. Betty is his manager. Bob informs all tenants in writing as part of their lease that rent may ONLY be paid to Bob and not to Betty. However, over the years, tenants pay Betty directly who gives the rent to Bob. Bob never objects. What types of agency authority does Betty have

Answers

Answer: perceived relationship

Explanation:

An agent is referred to as someone who is given authority by the principal and acts in his or her behalf and the agent is also under the control of such person.

From the question, the principal is Bob while Betty is his agent. The relationship that exist in thus case is the perceived relationship which means that the third party that us, the tenants in thus case believe that an agent is authorised by the principal to do a particular work such as collection of rent in this case but in reality thus doesn't exist. They ate not meant to pay to the manager in this case but they acted based on their perception and since the principal didn't complain, they continued doing it.

On May 1, 2020, Richardson Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $900 in advance on May 15, 2020. Kickapoo pays Richardson on May 15, 2020, and Richardson delivers the mower (with cost of $575) on May 31, 2020.

Required:
a. Prepare the journal entry on May 1, 2020, for Richardson.
b. Prepare the journal entry on May 15, 2020, for Richardson.
c. Prepare the journal entry on May 31, 2020, for Richardson.

Answers

Answer:

A. No entry

B. Dr Cash $900

Cr Unearned sales Revenue $900

C. Dr Unearned sales Revenue $900

Dr Cost of goods sold $575

Cr Sales Revenue $900

Cr Inventory $575

Explanation:

A. Preparation of the journal entry on May 1, 2020, for Richardson.

May 1, 2020

No entry

B. Preparation of the journal entry on May 15, 2020, for Richardson.

May 15, 2020

Dr Cash $900

Cr Unearned sales Revenue $900

C Preparation of the journal entry on May 31, 2020, for Richardson.

May 31, 2020

Dr Unearned sales Revenue $900

Dr Cost of goods sold $575

Cr Sales Revenue $900

Cr Inventory $575

Chino Company reported net income of $23,000 for the current year. During the year, Inventory decreased by $7,500, Accounts Payable decreased by $8,250, Depreciation Expense was $10,500, and Accounts Receivable increased by $7,000. If the indirect method is used, what is the net cash provided by operating activities?
A). $25,750.
B). $56,250.
C). $42,250.
D). $11,000.

Answers

Answer: A). $25,750.

Explanation:

Cash from operating activities refers to cash from the business operations of the company.

Formula is:

= Net Income + Depreciation + Decrease in inventory - Accounts payable decrease - Accounts receivable increase

= 23,000 + 10,500 + 7,500 - 8,250 - 7,000

= $25,750

Explanation:

A). $25,750.

⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀

explain the difference between production control and production planning​

Answers

Answer:

Planning of the manufacturing process is deciding in advance what to do, how to do, when to do it and who is to do it. Controlling of the manufacturing process measures the digression of actual performance from the standard performance and takes corrective actions.

Explanation:

Jack and Jill are the only two residents in a neighbourhood, and they would like to hire a security guard. The value of a security guard is $50 per month to Jack and $90 per month to Jill. Irrespective of who pays the guard, the guard will protect the entire neighbourhood and charge $120 per month for the service. Suppose Jack earns $4,000 per month and Jill earns $8,000 per month.
a. With a proportional tax of 1 percent on income, how much would Jack and Jill pay, and would it be enough to pay for the security guard?
Jack would pay $ _____.
Jill would pay $ _____.
This tax _____ be enough to pay for the security guard.
b. Suppose instead that Jack proposes a payment scheme under which Jack and Jill would each receive the same net benefit from hiring the guard. How much would Jack and Jill pay now?
Jack would pay $ _____.
Jill would pay $ _____.
Would both Jack and Jill vote for this scheme? _____

Answers

Answer:

Jack and Jill

a. With a proportional tax of 1 percent on income, it would be enough to pay for the security guard $120.

Jack would pay $ __40___.

Jill would pay $ __80___.

This tax _will____ be enough to pay for the security guard.

b. Based on net benefit from the guard:

Jack would pay $ __43___.

Jill would pay $ _ 77____.

Would both Jack and Jill vote for this scheme? __No___ Jack will feel cheated by Jill in the sum of $3.  Jack will likely prefer the 1% based on income.

Explanation:

a) Data and Calculations:

Value of a security guard for Jack = $50 per month

Value of a security guard for Jill = $90 per month

Total value of a security guard for both Jack and Jill = $140 ($50 + $90)

Cost of hiring a guard = $120 per month

Jack's monthly earnings = $4,000

Jill's monthly earnings = $8,000

Total monthly earnings for both Jack and Jill = $12,000

a. Proportional tax of 1 percent on income = $120 ($12,000 * 1%)

Jack will pay $4,000 * 1% = $40

Jill will pay $8,000 * 1% =    $80

Total = $120

b. Net benefit scheme:

Jack will pay $50/$140 * $120 = $43

Jill will pay $90/$140 * $120 =    $77

Total = $120

Aqua Corporation uses the weighted average method in its process costing system. Cost data for its work in process department follow:

Materials Conversion
Beginning work in process $67,000 $48,000
Costs added during the period $125,000 $225,000

Assuming equivalent units of production for materials are 90,000 and for conversion are 20,000, the cost per equivalent unit for materials during the period is closest to: ________

a. $3.89
b. $1.75
c. $1.39
d. $2.13

Answers

Answer:

See below

Explanation:

The cost per equivalent unit for materials during the period is closest is computed as;

Beginning work in process

$67,000

Add:

Costs added during the period

$125,000

Balance

$192,000

÷

Units of production for materials

90,000

= $2.13

Frank is a salesman of Richard Laundry Equipment. He wants to give a presentation to a five star hotel for setting up an in-house laundry system. The hotel manager sent Frank the hotel's requirements and space constraints for a laundry system. Frank prepared a layout which suited the hotel's requirements. Frank has to select an approach for his allotted ten minute presentation. What advice can you give to Frank

Answers

Answer: Use customer benefit statements due to the time allotment.

Explanation:

The options include:

a. Use the curiosity approach to generate interest.

b. Open with a demonstration to convince the prospect.

c. Use customer benefit statements due to the time allotment.

d. Use the product approach to make the prospect aware of discounts.

e. Open with the premium approach as the prospect is a five star hotel.

Based on the information given, the advice that'll be given to Mike is to use the customer benefit statements due to the time allotment.

We should note that the benefit statements are typically used in scenarios whereby one knows the critical needs of the customer and there's a short time available for a presentation to be done. Since the Tim tht Frank has is short but he already knows what the hotel wants, then this is the best option.

Frank should use the customer benefit approach for is presentation since he has limited time to complete the same.

What is customer benefit approach?

The customer benefit approach refers to an approach that involves prior research before presenting anything before the audience. It focuses on the consumer specific benefit of the product or service that are prompt to be offered.

The customer benefit approach is usually used when there is a time limit for completing the presentation or the assigned task.

In the given case Frank was given 10 minutes to complete his presentation about the in house laundry system in 5 star hotel.

Therefore the appropriate advice is to use customer benefit approaches.

Learn more about customer benefit approach here:

https://brainly.com/question/26532893

4. Suppose GDP is $15 million, private saving is $3 million, consumption is $8 million, public saving is $2 million. Assume the economy is closed.

(a) Calculate taxes minus transfer payments (T), government purchases (G), national saving (S), and investment (I).

(b) Is the government running a deficit or a surplus.? Explain

Answers

Answer in the file below .

Wilson Animal Feeds has developed the following data to calculate lower of cost or market for its products.

Large animals:
Cattle $320 $160
Horse 400 400
Small animals:
Cat $360 $320
Dog 120 90
Exotic pets:
Ferret $140 $112
Iguana 70 48

The costs to sell are 20% of selling price.

Required:
Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to classes of feeds.


Answers

Answer:

The total reported inventory value is $1,130.

Explanation:

Note: The data given the question are sorted and presented properly as follows:

                                     Selling Price              Cost    

Large animals:                  

Cattle                                     $320                    $160

Horse                                      400                      400

Small animals:

Cat                                         $360                  $320

Dog                                          120                       90

Exotic pets:

Ferret                                     $140                    $112

Iguana                                       70                      48

Based on the lower of cost and net realizable value rule, we select the lower and determine the reported inventory value as follows:

Details                                        Value ($)  

Large animals:

Cattle                                            160

Horse                                            400

Small animals:

Cat                                                320

Dog                                                90

Exotic pets:

Ferret                                             112

Iguana                                            48    

Total value                                  1,130  

Therefore, the total reported inventory value is $1,130.

A leading beverage company sells its signature soft drink brand in vending machines for $0.87 per 12 oz. can. A vending machine has monthly fixed costs of space rental, energy consumption, and capital depreciation of $146. Variable cost for a can of soda is $0.48. The more pessimistic operations manager was concerned about rising costs and asked the sales manager, if fixed costs increase to $190 per month, and the variable costs increase by $.10 due to rising sugar costs, what is the new breakeven volume in units at the original price

Answers

Answer:

655

Explanation:

Breakeven quantity are the number of  units produced and sold at which net income is zero

Breakeven quantity = fixed cost / price – variable cost per unit

$190  / ( 0.87 - 0.58) = 655.2 = 655 to the nearest whole number

When using the cost of production report to analyze the change in direct materials cost per equivalent unit compared to conversion cost per equivalent unit, an investigation may reveal that direct materials costs a.may increase while conversion costs decrease because the two are separately calculated and depend on separate costs. b.will never decrease when conversion costs decrease. c.always increase between periods if conversion costs increase. d.always decrease between periods if conversion costs increase.

Answers

Answer: a.may increase while conversion costs decrease because the two are separately calculated and depend on separate costs.

Explanation:

When the cost of production report is being used to analyze change in direct materials cost per equivalent unit when compared to the conversion cost per equivalent unit, we should note that an investigation may end up showing that the fluctuation in the the direct materials costs which then brings about an increase or a decrease.

Therefore, the correct option is A "may increase while conversion costs decrease because the two are separately calculated and depend on separate costs".

Cincy Machinery stock currently sells for $77 per share. The market requires a return of 14 percent while the company maintains a constant 6 percent growth rate in dividends. What was the most recent annual dividend per share paid on this stock (that is, this year's dividend)

Answers

Answer:

$5.81

Explanation:

according to the constant dividend growth model

price = d1 / (r - g)

d1 =do(1 + g) = next dividend to be paid

r = cost of equity

g = growth rate

(do x 1.06) / (0.14 - 0.06) = 77

(d0 x 1.06) / 0.08 = 77

Multiply both sides by 0.08

d0 x 1.06 = 6.16

divide both sides by 1.06

d0 = 5.81

Select the correct answer.
Which product is an athlete more likely to endorse?
A.
wine
B.
fast food
C.
sports drink
D.
tobacco products

Answers

Answer:

Which product is an athlete more likely to endorse? Fast Food

I would say fast food or sports drink I don’t know tho

Pina Football Shop began operations on January 2, 2017. The following stock record card for footballs was taken from the records at the end of the year.
Date Voucher Terms Units Received Unit Invoice Cost Gross Invoice
Amount
1/15 10624 Net 30 67 $28 $1,876
3/15 11437 1/5, net 30 82 23 1,886
6/20 21332 1/10, net 30 107 21 2,247
9/1 227644 1/10, net 30 101 17 1,717
11/24 31269 1/10, net 30 93 16 1,488
Totals 450 $9,214
A physical inventory on December 31, 2017, reveals that 111 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Pina Football Shop uses the invoice price less discount for recording purchases.
(a) Compute the December 31, 2017, inventory using the FIFO method.
B.) Compute the 2017 cost of goods sold using the LIFO method.

Answers

Answer:

A. FIFO $1,794

B. LIFO $6,326

Explanation:

(a) Computation for the December 31, 2017, inventory using the FIFO method

Value of closing Stock

93 Footballs purchased in November = 93 * $16 93 Footballs purchased in November= $1,488

18 Footballs purchased in September= (111-93)* $17

18 Footballs purchased in September= 18* $17

18 Footballs purchased in September= $306

Total Value as on 31 December, 2017 =$1,488+$396

Total Value as on 31 December, 2017=$1,794

Therefore the December 31, 2017, inventory using the FIFO method will be $1,794

B.) Computation for the 2017 cost of goods sold using the LIFO method.

First step is to calculate the Value of closing Stock

67 Footballs purchased in January= 67 * $28

67 Footballs purchased in January = $1,876

44 Footballs purchsed in March= (111-67)* $23

44 Footballs purchsed in March=44*$23

44 Footballs purchsed in March= $1,012

Total Value as on 31 December, 2017=$1,876+$1,012

Total Value as on 31 December, 2017 = $2,888

Now let calculate the Cost of goods sold using this formula

Cost of goods sold

= Gross Invoice amount - Value of closing stock

Let plug in the formula

Cost of goods sold= $9,214 - $2,888

Cost of goods sold= $6,326

Therefore the 2017 cost of goods sold using the LIFO method will be $6,326

Alpha Company makes products A and B. Its contribution margin statement is as follows: A B Total Sales volume (units) 400 600 1,000 Revenue $60,000 $60,000 $120,000 Variable Costs Direct materials $25,000 $15,000 $40,000 Direct labor $15,000 $10,000 $25,000 Contribution Margin $20,000 $35,000 $55,000 Fixed Costs $50,000 Profit $5,000 Alpha allocates its fixed costs (capacity costs) based on direct labor dollars. Compute the allocated fixed costs for product A. Group of answer choices $2.00 $30,000 $50,000 $60,000 $110,000

Answers

Answer:

Product A= $30,000

Explanation:

Giving the following information:

A B Total

Direct labor $15,000 $10,000 $25,000

Fixed Costs $50,000

First, we need to calculate the allocation rate:

Allocation rate= total estimated costs for the period/ total amount of allocation base

Allocation rate= 50,000 / 25,000

Allocation rate= $2 per direct labor dollar

Now, for product A:

Product A= 2*15,000= $30,000

How does communication take place in the United States?

Answers

Answer:

Communication is the act of giving, receiving, and sharing information  in other words, talking or writing, and listening or reading. Good communicators listen carefully, speak or write clearly, and respect different opinions.

Explanation:

have a nice day T_T

Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker General Partnership. In addition to their normal share of the partnership's annual income, Jhumpa and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewalker's income statement for the current year reflects the following revenues and expenses: Sales revenue $ 340,000 Interest income 3,300 Long-term capital gains 1,200 Cost of goods sold (120,000 ) Employee wages (75,000 ) Depreciation expense (28,000 ) Guaranteed payments (20,000 ) Miscellaneous expenses (4,500 ) Overall net income $ 97,000 (Leave no answer blank. Enter zero if applicable.) b. How will Firewalker allocate ordinary business income and separately stated items to its partners

Answers

Question Completion:

a.Given Firewalker’s operating results, how much ordinary business income (loss) and what separately stated items [including the partners’ self-employment earnings (loss) will it report on its return for the year?

Answer:

Firewalker General Partnership

a) In its return for the year, the partnership will report an ordinary business income of $117,000.  It will also report the guaranteed payments and share of remaining profits as allocated below.

b) Allocation of business income:

                                       Jhumpa   Stewart      Kelly         Total

Guaranteed payments  $10,000   $10,000                  $20,000

Share of profit                 32,333     32,333   $32,334    97,000

Total business income                                                  $117,000

Explanation:

a) Data and Calculations:

Share of profits and loss:

Jhumpa = 1/3

Steward = 1/3

Kelly = 1/3

Income Statement for the year:

Sales revenue             $ 340,000

Cost of goods sold        (120,000)

Gross profit                  $220,000

Interest income                   3,300

Long-term capital gains      1,200

Income                         $224,500

Employee wages            (75,000)

Depreciation expense   (28,000)

Miscellaneous expenses (4,500)

Net income                   $117,000

Appropriation Section:

Net income                   $117,000

Guaranteed payments (20,000)

Shareable income       $97,000

Allocation of business income:

                                       Jhumpa   Stewart      Kelly         Total

Guaranteed payments  $10,000   $10,000                  $20,000

Share of profit                 32,333     32,333   $32,334    97,000

Total business income                                                  $117,000

Suppose your company sells services of $370 in exchange for $205 cash and $165 on account. Required: Prepare the journal entry to record this transaction. Identify the amount that should be reported as net cash flow from operating activities. Identify the amount that would be included in net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).

Answers

Answer:

1. Journal Entry

Date Particulars               Debit   Credit

         Cash                        $205

         Debtors/Party A/c   $165

               To Service revenue       $370

         (Being service income recorded)  

2. Net cash Flow = $370 - $165

Net cash Flow = $205

3. Calculation of Net Income

Net Income = Service Income - Expenses

Net Income = $370 - $0

Net Income = $370

4. Computation of how the indirect method convert the net income to net cash flow from operating activities

Particulars                                                  Amount

Net Income                                                   $370

Increase in accounts receivable               ($165)

Net cash flow from operating activities   $205

Phillip, the proprietor of a vineyard, estimates that the first 10900 bottles of wine produced this season will fetch a profit of $6 per bottle. However, the profit from each bottle beyond 10900 drops by $0.0001 for each additional bottle sold. Assuming at least 10900 bottles of wine are produced and sold, what is the maximum profit

Answers

Answer:

See below

Explanation:

With regards to the above information, we can write out the equation to be;

P = (10,900 + y)($6 - 0.0001y)

= 65,400 - 1.09y + 6y - 0.0001y^2

= 65,400 + 4.9y - 0.0001y^2

dp/dx = 4.9 - 0.002y

Set equal to zero to find maximum

4.9 - 0.002y = 0

y = 8,000

So, maximum profit is $

Imagine that the economy is in long-run equilibrium. Then, perhaps because of improved international relations and increased confidence in policy makers, people become more optimistic about the future and stay this way for some time.
1. Refer to Optimism. Which curve shifts and in which direction?
a. aggregate demand shifts right.
b. aggregate demand shifts left.
c. aggregate supply shifts right.
d. aggregate supply shifts left.
2. Refer to Optimism. In the short run what happens to the price level and real GDP?
a. both the price level and real GDP rise.
b. both the price level and real GDP fall.
c. the price level rises and real GDP falls.
c. the price level falls and real GDP rises.
3. Refer to Optimism. What happens to the expected price level and what's the result for wage bargaining?
A. The expected price level falls. Bargains are struck for higher wages.
B. The expected price level rises. Bargains are struck for higher wages.
C. The expected price level rises. Bargains are struck for lower wages.
D. The expected price level falls. Bargains are struck for lower wages.
4. Refer to Optimism. In the long run, the change in price expectations created by optimism shifts:_____.
a. long-run aggregate supply right.
b. long-run aggregate supply left.
c. short-run aggregate supply right.
d. short-run aggregate supply left.
5. Refer to Optimism. How is the new long-run equilibrium different from the original one?
a. both price and real GDP are higher.
b. both price and real GDP are lower.
c. the price level is the same and GDP is higher.
d. the price level is higher and real GDP is the same.
6. People choose to hold a smaller quantity of money if:_____.
a. the interest rate rises, which causes the opportunity cost of holding money to rise.
b. the interest rate falls, which causes the opportunity cost of holding money to rise.
c. the interest rate rises, which causes the opportunity cost of holding money to fall.
d. the interest rate falls, which causes the opportunity cost of holding money to fall.
7. When the Fed sells government bonds, the reserves of the banking system:___.
a. increase, so the money supply increases.
b. increase, so the money supply decreases.
c. decrease, so the money supply increases.
d. decrease, so the money supply decreases.

Answers

Answer:

1. a. aggregate demand shifts right.

As people are more optimistic, they will consume more in the short term because they feel as though prosperity is coming in the long term.

2. a. both the price level and real GDP rise.

Both of these would rise as Aggregate demand refers to GDP and price level would rise due to the new intersection with the Aggregate supply curve when the AD shifted right.

3. B. The expected price level rises. Bargains are struck for higher wages.

Expected price level will rise because demand is still increasing. Workers will want to benefit from this as well and so will negotiate higher wages.

4. d. short-run aggregate supply left.

As a result of the rise in expected price level and the subsequent negotiation for higher salaries, producers will find the cost of labor to be hire and so will limit production so that they do not spend as much. This will reduce supply thereby shifting the supply curve left.

5. d. the price level is higher and real GDP is the same.

The shift to the left in supply will lead to a higher price but the Real GDP will remain the same because there will be less goods produced so once prices are inflation adjusted, real GDP will be the same.

6. a. the interest rate rises, which causes the opportunity cost of holding money to rise.

If interest rates rise, people will hold less money because they could make a higher return by investing that money.

7. d. decrease, so the money supply decreases.

The money supply decreases because the Fed is taking money out of the banking system by selling bonds as people will pay the Fed for the bonds and the Fed will keep the money.

What is a product that is not an object or something that is owned called?

Answers

Answer:A product that is not an object or something that is owned is called a non-economic good.

Explanation:

A product that is not an object or something that is owned is called a non-economic good.

A local Chevrolet dealership carries the following types of vehicles:

Inventory Items Quantity Cost per Unit Market (replacement cost) per Unit
Vans 3 $22,000 $20,000
Trucks 6 17,000 16,000
2-door sedans 2 12,000 14,000
4-door sedans 7 16,000 19,000
Sports cars 3 32,000 35,000
SUVs 5 28,000 23,000

Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks.

Required:
a. Compute the total cost of the entire inventory.
b. Determine whether each inventory item would be reported at cost or market. Multiply the quantity of each inventory item by the appropriate cost or market amount and place the total in the "Lower-of-Cost-or-Market" column. Then determine the total for that column.
c. Compare your answers in Requirement 1 and Requirement 2 and then record any necessary adjustment to write down inventory from cost to market value.
d. Discuss the financial statement effects of using lower-of-cost-or-market to report inventory.

Answers

Answer:

Explanation:

Since the table doesn't show up correctly, the first dollar value is the Cost per Unit of the vehicle, while the second dollar value is the Market Cost per Vehicle.

a. If we compute the cost using the Cost per Unit then they would be the following.

Vans:   3 * $22,000 = $66,000Trucks: 6 * $17,000 = $102,0002-Door Sedans: 2 * $12,000 = $24,0004-Door Sedans: 7 * $16,000 = $112,000Sports Cars: 3 * $32,000 = $96,000SUV's: 5 * $28,000 = $140,000Total Inventory: $504,000

b. The "Lower-of-Cost-or-Market" basically states that whatever of the two prices is lower is ultimately the one that is recorded as the cost. Therefore, under this method the costs would be the following...(Purchase Cost or Market Cost)

Vans:   3 * $20,000 = $60,000 MarketTrucks: 6 * $16,000 = $96,000 Market2-Door Sedans: 2 * $12,000 = $24,000 Purchase Cost4-Door Sedans: 7 * $16,000 = $112,000 Purchase CostSports Cars: 3 * $32,000 = $96,000 Purchase CostSUV's: 5 * $23,000 = $115,000 MarketTotal Inventory: $504,000 Purchase Cost

c. There were only 3 changes made from from requirement 1 and 2 these were the changes in total cost...

Vans: $60,000 - $66,000 =  - $6000Trucks: $96,000 - $102,000 = - $6000SUV's: $115,000 - $140,000 = - $25,000

d. This allows companies to report losses at a much more reasonable and consistent way. Thus allowing profits to be more predictable.

a. Total inventory cost: $504,000

b. Total inventory at lower-of-cost-or-market: $503,000

c. Adjustment to write down inventory: -$37,000

d. Using lower-of-cost-or-market to report inventory allows for more realistic and conservative reporting, reflecting the decrease in market value.

a. If we compute the cost using the Cost per Unit then they would be the following.

Vans:   3 * $22,000 = $66,000

Trucks: 6 * $17,000 = $102,000

2-Door Sedans: 2 * $12,000 = $24,000

4-Door Sedans: 7 * $16,000 = $112,000

Sports Cars: 3 * $32,000 = $96,000

SUV's: 5 * $28,000 = $140,000

Total Inventory: $504,000

b. The "Lower-of-Cost-or-Market" basically states that whatever of the two prices is lower is ultimately the one that is recorded as the cost. Therefore, under this method the costs would be the following...(Purchase Cost or Market Cost)

Vans: 3 * $20,000 = $60,000 (reported at market)

Trucks: 6 * $16,000 = $96,000 (reported at market)

2-Door Sedans: 2 * $12,000 = $24,000 (reported at cost)

4-Door Sedans: 7 * $16,000 = $112,000 (reported at cost)

Sports Cars: 3 * $32,000 = $96,000 (reported at cost)

SUVs: 5 * $23,000 = $115,000 (reported at market)

Total for "Lower-of-Cost-or-Market" column: $60,000 + $96,000 + $24,000 + $112,000 + $96,000 + $115,000 = $503,000

c. The necessary adjustment to write down inventory from cost to market value is as follows:

Vans: -$6,000

Trucks: -$6,000

SUVs: -$25,000

d. Using the lower-of-cost-or-market method to report inventory allows companies to recognize and account for potential declines in the market value of their inventory.

By valuing inventory at the lower cost or market value, it ensures a conservative approach and provides a more accurate representation of the company's financial position.

This approach helps in reflecting the true economic value of inventory and potential losses associated with declines in market value.

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In this simulation, theoretical utilization of the intensive care unit (ICU) is calculated as the flow rate of patients that arrive for service at the ICU in a given unit of time divided by the ICU’s capacity to serve customers in that same unit of time. You can think about this as demand/capacity. What is the theoretical utilization of the ICU if the mean inter-arrival time is 4 hour(s), the mean length of stay is 6 hour(s), and there are 4 beds in the ICU?

Answers

Answer:

The theoretical utilization of the ICU is:

= 0.25 or 25%

Explanation:

Inter-arrival time or flow rate of patients that arrive for service at the ICU = 4 hours

Mean length of stay = 6 hours

ICU's capacity to serve customers in 6 hours = 4*6 = 24 bed-hours

Total demand = 6 hours

Therefore, the theoretical utilization = flow rate of patients that arrive for service at the ICU in a given unit of time divided by ICU's capacity to serve customers in that same unit of time

= 6 hours/24 bed-hours

= 0.25

Multiplication. Phyllis, who is 30 years old, works for We Add for You Accounting. Phyllis has worked there for a number of years and is considering quitting in order to spend more time with her three active triplets, Sunny, Fussy, and Perky. She asks her boss, Bolivar, about the pension plan at We Add for You. Her boss tells her that she is not entitled to that information until she is at least 60 years old. Phyllis also asks about retaining her medical insurance protection if she quits and is told that she would have no right to do so. Bolivar also throws in that he has been monitoring her conversations and that he particularly enjoys the conversations between her and her single female friends involving failed dating experiences. He asks her to keep those up. Phyllis tells him that her personal phone calls are none of his business. Bolivar says that he can listen if he wants because the phones are his. Phyllis ends up starting her own company called We Multiply for You, and makes much, much more money. (In answering the following questions, assume all federal laws apply and that any pension and medical plan qualifies for regulation under federal law.) Which of the following addresses the retention of medical benefits upon leaving a job?

a. The Medical Benefits Retention Act (MBRA)
b. The Comprehensive Medical Benefits Retention Act (CMBRA)
c. The Consolidated Omnibus Budget Reconciliation Act (COBRA)
d. The Health and Maintenance Act (HMA)
e. The Americans with Disabilities Act (ADA)

Answers

Answer:

c. The Consolidated Omnibus Budget Reconciliation Act (COBRA)

Explanation:

The act was created and implemented in  the year 1985 and that was passed by Congress. In this act it create and retains the medical benefits after leaving the job.

So according to the question the act that should be retained medical benefits upon leaving the job is COBRA

Hence, the correct option is c.  

Select the correct answer.
Athletes can have short playing careers, so they are eager to leverage their fame through endorsements as much as possible. What is the risk of such an approach?
A.
There’s saturation of the market with multiple endorsements.
B.
Only certain companies will be interested.
C.
Consumers will start to lose interest.
D.
Their perceived endorsement value will be low.

Answers

Answer: I believe the answer is a

Explanation:

Carey Company owns a plot of land on which burried toxic wastes have been discovered. Since it will require several years and a considerable sum of money before the property is fully detoxified and capable of generating revenues, Carey wishes to sell the land now. It has located two potenital buyers. Buyer A, who is willing to pay $480,000 for the land now, or Buyer B, who is willing to make 20 annual payments of $75,000 each, with the first payment to be made 5 years from today. Assuming that the appropraite rate of interest is 9%, wo whom should Carey sell the land. Show calculations.

Answers

Answer:

Carey should accept buyer A's offer

Explanation:

we need to compare the present values of both proposals:

Present value of proposal A = $480,000

Present value of proposal B:

present value of annuity in 5 years = $75,000 x 9.1285 (PVIFA, 9%, 20 periods) = $684,637.50

present value (today) = $684,637.50 / (1 + 9%)⁵ = $444,967.40

Spiess Corporation has two major business segments--Apparel and Accessories. Data concerning those segments for December appear below: Sales revenues, Apparel $ 775,000 Variable expenses, Apparel $ 314,000 Traceable fixed expenses, Apparel $ 201,000 Sales revenues, Accessories $ 799,000 Variable expenses, Accessories $ 425,000 Traceable fixed expenses, Accessories $ 128,000 Common fixed expenses totaled $401,000 and were allocated as follows: $172,000 to the Apparel business segment and $229,000 to the Accessories business segment. Required: Prepare a segmented income statement in the contribution format for the company.

Answers

Answer:

Spiess Corporation

The segmented income statement in the contribution format for December:

                                                  Apparel         Accessories   Total

Sales revenues,                     $ 775,000         $ 799,000   $1,574,000

Variable expenses,                   314,000             425,000       739,000

Contribution margin               $461,000           $374,000    $835,000

Traceable fixed expenses,       201,000             128,000       329,000

Common fixed expenses         172,000            229,000        401,000

Total expenses                      $373,000          $357,000     $730,000

Net income                              $88,000             $17,000      $105,000

Explanation:

a) Data and Calculations:

                                                  Apparel         Accessories

Sales revenues,                     $ 775,000         $ 799,000

Variable expenses,                   314,000             425,000

Traceable fixed expenses,       201,000             128,000

Common fixed expenses         172,000            229,000

b)Spiess' segmented income statement presents the revenues and costs according to the business segments to enable the managers understand how their specific segments are performing vis-a-vis others in Spiess Corporation.  It serves as a managerial tool for business insights.

On April 1, Townsley Company sold merchandise with a selling price of $10,000 on account to Trout Company, with terms 3/10, n/30. On April 5, Trout Company returned merchandise with a selling price of $1,000. Trout Company paid the amount due on April 9. What journal entry did Townsley Company prepare on April 9 assuming the gross method is used

Answers

Answer and Explanation:

The journal entry is shown below:

Cash $8,730

Sales Discount ($9,000 × 3%) $270

       To Accounts receivable $9,000 ($10,000 - $1,000)

Here cash and sales discount is debited as it increased the assets and discount while on the other hand the account receivable should be credited as it reduced the assets  

What are the different forms of technology?

Answers

Answer:

1. Communication Technology

2. Construction Technology

3. Product Technology

4. Medical Technology

5. Architecture Technology

6. Business Technology

7. Educational Technology

8. Information Technology

9. Space Technology

10. Artificial Intelligence

11. Robotics Technology

12. Superintelligence

13. Agriculture Technology

14. Assistive Technology

15. Operation Technology

16. Entertainment Technology

Explanation:

let me know if you want more forms and i will add more but plz mark brainlyest

15. A bottle‐filling operation has a target value of 20 and consistently averages 19.8 with a standard deviation of 0.5. The design engineers have established an upper specification limit of 22 and a lower specification limit of 18. Which statement concerning this process is TRUE? A. The two‐sided specification process capability index is 1.47 B. The one‐sided specification process capability index is 1.33 C. The process must be in control D. None of these is true

Answers

Answer:

A. The two sided specification process capability index is 1.47

Explanation:

The formula for calculating process capability index is :

( Upper specification Limit  - Average of mean ) / 3 * Standard Deviation

CI = ( 22 - 19.8 ) / 3 * 0.5

CI = 1.47 approximately.

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