BUSINESS COLLEGE

Coronado Inc. had beginning inventory of $12700 at cost and $20900 at retail. Net purchases were $113930 at cost and $158500 at retail. Net markups were $9600, net markdowns were $7400, and sales revenue was $151100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Answers

Answer 1
Answer:

Answer:

Ending Inventory:21,267.70

Explanation:

                cost   retail  

beginning        12,700    20,900

purchases   113,930   158,500

markups                9,600  

markdowns               (7,400)

total                 126,630    181,600  

inventory to retail ratio: 126,630 / 181,600 =  0.6973

sales revenues   151,100  

COGS: 151,100 x 0.6973 =  105,362.30

Ending Inventory: 126,630 - 105,362.30 = 21,267.70

Related Questions

Refer to the following list of liability balances at December 31, 2015. Accounts Payable $ 13,000 Employee Health Insurance Payable 450 Employee Income Tax Payable 400 Estimated Warranty Payable 600 Long-Term Notes Payable(Due 2019) 33,000 FICA—OASDI Taxes Payable 560 Sales Tax Payable 370 Mortgage Payable(Due 2020) 6,000 Bonds Payable(Due 2021) 53,000 Current Portion of Long-Term Notes Payable 3,500 What is the total amount of current liabilities?
A bond with an annual coupon rate of 7.2% sells for $988.22. What is the bond’s current yield? (Round your answer to 2 decimal places.)
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Consumption spending is:__________ A. spending by households, businesses, and government on all goods used up within one year. B. spending by individuals and households on both durable and nondurable goods. C. spending on goods and services by heads of households. D. spending by individuals and households on only nondurable goods, since they are used up quickly.
Explain how a consumer’s place of residence has an especially large impact on their purchase of sports and entertainment commodities.

Corporate governance Aa Aa The management of Badger Corp. controls 58% of the company's stock. The firm did not meet any of its quarterly sales projections for the last year. Some of the firm's institutional investors are worried that the firm's poor performance is partly because management has not been focused on maximizing shareholder wealth. Which of the following measures would the institutional investors most likely want to see implemented?O They would want to change the corporate bylaws so that one-third of the board seats are filled each year and each director serves a three-year term. O They would want to change the corporate charter to allow cumulative voting instead of noncumulative voting. O They would want to ensure that the company's CEO is also the chairperson of the board of directors.

Answers

Answer: They would want to change the corporate charter to allow cumulative voting instead of noncumulative voting.

A good description of source inspection is inspecting: materials upon delivery by the supplier.
the goods at the production facility before they reach the customer.
the design specifications. goods at the supplier's plant.
one's own work.

Answers

Answer:

the goods at the production facility before they reach the customer.

Explanation:

  • A source inspection is the quality inspection in which the buyers need the quality check before the material is received and come sunder the total quality management.

As a result of the decrease in the world price, consumer surplus in the United States by $ million, producer surplus by $ million, and total surplus by $ million. (Hint: Recall that the area of a triangle is 12×Base×Height .) Suppose the U.S. government responded by putting a tariff of $100 on imported televisions. As a result of this import tariff, consumer surplus will , and producer surplus will . The government will raise $ million in revenue at the cost of $ million in deadweight loss. True or False: From the standpoint of U.S. welfare, this is a good policy, but domestic producers will not support it. A. True B. False

Answers

The tariff has resulted in a net drop of $80 million in combined surplus between consumers and producers, but a $60 million increase in government income, which is less than the net decrease in combined surplus between consumers and producers.This means that the tariff policy is not helpful for the welfare of the United States, and hence the supplied statement is FALSE.

What are the increase and decreases of consumer and producer surplus?

Prior to technological development, demand was 1000 units, while supply was 400. This means there are 600 units of imports.

The globe price drops by $100 as a result of technical improvement. Area CEDG is responsible for the increase in consumer surplus.

\text{ Increase in consumer surplus (in thousand dollars)} = \text{area CEDB}

= \text{area CEJB} + \text{area BJD}\n= {[P1-(P1-100)] \text{ x } (1,000 - 0)} + {1/2 \text{ x } [P1-(P1-100)] \text{ x } (1,200 - 1,000)}\n= (100 \text { x } 1,000) + (1/2 \text{ x } 100 \text{ x } 2000)\n= 100,000 + 10,000\n= 110,000

The decrease in producer surplus is given by area CEFG in image format

As a result of the lower world price, the consumer surplus rises $110,000, or $110 million; the producer surplus falls $30,000, or $30 million, and the total surplus raises $80 million.

The price will return to its original level if the government imposes a $100 tariff on imported televisions.

Imports will be reduced to 600 units, as well. Both the consumer and producer surpluses will return to their previous levels. A total of $60 million will be raised by the government.

For more information about consumers and producers, refer below

brainly.com/question/24369842

Answer

The answer and procedures of the exercise are attached in the images below.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

A problem in using the judgment by market structure criterion is that: O it is the most subjective standard.
O it is difficult to determine the relevant industry and geographic market.
O it is an expensive and time-consuming standard.
O each action of a firm must be analyzed separately and within a particular context.

Answers

Answer:

The problem faced while using the judgement by the market structure criteria is that it is difficult for determining the geographic market and the relevant industry.

Explanation:

Market structures criteria are the kind or type of goods and services being traded, the size as well as the numbers of the consumers and the producers in the market and the degree to which the information could flow freely.

So, the problem which can be faced while using the judgement by the market structure criteria is that it is difficult for determining the geographic market and the relevant industry.

Arthur Corporation has a margin of safety percentage of 25% based on its actual sales. The break-even point is $290,400 and the variable expenses are 45% of sales. Given this information, the actual profit is:(Do not round your intermediate calculations.)

Answers

Answer:

$53,240

Explanation:

We know that,

Break even point = Fixed cost ÷ contribution margin ratio

$290,400 = Fixed cost ÷ 55%

So, the fixed cost = $290,400 × 55% = $159,720

As the variable expense is 45% and we assume the sales is 100%, so the contribution ratio would be 100% - 45% = 55%

Now the margin of safety equal to

= (Expected sales - break even sales) ÷ (expected sales) × 100

25% = (Expected sales - $290,400) ÷ (expected sales) × 100

25% Sales = (Expected sales - $290,400)

So, the expected sales would be

= $290,400 ÷ 75%

= $387,200

Now the actual profit equals to

= Sales - variable expenses - fixed cost

= $387,200 - $174,240 - $159,720

= $53,240

The variable expense is computed below:

= $387,200 × 45%

= $174,240

Dimitrov Corporation, a company that produces and sells a single product, has provided its contribution format income statement for July.Sales (6,800 units) $401,200
Variable expenses 265,200

Contribution margin 136,000
Fixed expenses 103,500
Net operating income $32,500



If the company sells 6,700 units, its net operating income should be closest to:

a. $31,979
b. $32,500
c. $28,000
d. $30,500

Answers

Answer:

Option (d) is correct.

Explanation:

Contribution margin per unit:

= Contribution margin ÷ No. of units sold

= 136,000 ÷ 6,800

= $20 per unit

If the company sells 6,700 units, then

Net operating income:

= Contribution margin - Fixed expenses

= (6,700 units × $20 per unit) - $103,500

= $134,000 - $103,500

= $30,500

Therefore, the net operating income of this company is closest to $30,500.
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