Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Cost Retail Jaffe Co. Merchandise inventory, February 1 $400,000 $615,000 Transactions during February: Purchases (net) 4,055,000 5,325,000 Sales 5,100,000 Coronado Co. Merchandise inventory, May 1 $400,000 Transactions during May through October: Purchases (net) 3,150,000 Sales 4,750,000 Estimated gross profit rate 35% Required: 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. Jaffe Co. Cost of the Merchandise Inventory February 28 Cost Retail $ $ $ $ Ratio of cost to retail price: % $ $ 2a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations.
Answers
Answer:
1. Estimated cost of the merchandise inventory of Jaffe Co. on February 28 by retail method us $733,764.71
2a. Estimated cost of the merchandise inventory of Coronado Co. on October 31st by gross profit method is $462,500
2b. Estimated loss of inventory due to damage or theft during May through October is $96,000.
Explanation:
Please find attached detailed breakdown of the above questions and answers.
Related Questions
Refer to Exhibit 4-11. Suppose that the government imposes a price ceiling in the market for good ABC at a price of $4. The number of units that would be exchanged in the market for good ABC at the price ceiling would be _________ units.
Answers
Question Completion:
Exhibit 4-11
Price of Good ABC Quantity Demanded Quantity Supplied
$4 100 40
5 80 80
6 60 110
7 50 160
Options:
a. 20
b. 40
c. 100
d. 60
Answer:
The number of units that would be exchanged in the market for good ABC at the price ceiling would be _________ units.
b. 40
Explanation:
The suppliers of good ABC cannot sell above $4 since it is the price ceiling. A price ceiling is the opposite of a price floor. A price ceiling usually prevents the market of good ABC from reaching equilibrium as suppliers will be unwilling to supply more units of ABC.
Jobs, Inc. has recently started the manufacture of Tri-Robo, a three-wheeled robot that can scan a home for fires and gas leaks and then transmit this information to a smartphone. The cost structure to manufacture 20,500 Tri-Robos is as follows. Cost Direct materials ($52 per robot) $1,066,000 Direct labor ($38 per robot) 779,000 Variable overhead ($7 per robot) 143,500 Allocated fixed overhead ($29 per robot) 594,500 Total $2,583,000 Jobs is approached by Tienh Inc., which offers to make Tri-Robo for $116 per unit or $2,378,000.
Answers
Answer:
the question is incomplete, so I looked for similar questions (see attached image).
this is a differential analysis that compares two alternative situations:
Make Buy Net income increase
(decrease)
materials $1,066,000 $0 $1,066,000
labor $779,000 $0 $779,000
var. overhead $143,500 $0 $143,500
fixed overhead $594,500 ($405,000) $999,500
purchase price $0 $2,378,000 ($2,378,000)
total $2,583,000 $1,973,000 $610,000
If Jobs decides to purchase the Tri-Robos from Tienh, and it is able to avoid $405,000 in fixed cots, then its operating income should increase by $610,000.
'what she said' phrase or clause. give reason
Answers
List the six shifters (NPDs) of demand
Answers
Answer:
Changes in income
Changes in the number of consumers
Changes in consumer tastes and preferences
Changes in consumer expectations
Changes in the price of substitute goods
Changes in the price of complementary goods
Explanation:
What is the purpose of the qualifications section of a résumé?
To provide an employer with the applicant's contact information
b. To highlight why the applicant is the perfect candidate for the position
C. To give an employer an overview of the applicant's education history
d. To state the type of work the applicant is seeking
Answers
Answer:
b
Explanation:
ddd
The correct option is C). To give an employer an overview of the applicant's education history.
What does qualifications mean on a resume?A qualifications section of a resume refers to the customized section which consists of the education information about the candidate.
It is a brief highlight of relevant education, skills and experience, which shows the employer how the candidate will offer a competitive advantage.
Basically, qualifications section give an employer an overview of the applicant's education history.
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The city of waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city's park. On may 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide reimbursement for allowable expenditures. On may 5, the special revenue fund entered into a short-term loan with the general fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Reimbursement was received from the state on december 13.
Answers
Answer:
1. No journal entry on May 1
2. May 5
Dr Cash count 200,000
Cr Interfund loans payable 200,000
3. Dr Expenditures account debited 165,000
Credit Vouchers payable account 165,000
Dr State Government account 165,000 Credit Revenue account 165,000
4. December 13
Dr Cash account 165,000
Credit Dues from state government account 165,000
5. December 31
Dr Revenue account debited 165,000
Cr Expenditure account 165,000
Explanation:
Preparation of Journal entries
1. No journal entry on May 1
2. Preparation of Journal entry for short term loan
May 5
Dr Cash count 200,000
Cr Interfund loans payable 200,000
(To record short term loan is recorded)
3. Preparation of Journal entry for the payment of expendtiture
Dr Expenditures account debited 165,000
Credit Vouchers payable account 165,000
( To record the expenditure incurred )
Dr State Government account 165,000 Credit Revenue account 165,000
( Being recorded in the sate government)
4. Preparation of Journal entry for government reimbursement of funds
December 13
Dr Cash account 165,000
Credit Dues from state government account 165,000
(To record the receipts of dues )
5. Preparation of the Adjusted Entry for the revenue and expenditure
December 31
Dr Revenue account debited 165,000
Cr Expenditure account 165,000
( To record the closing of entries )
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $27,500 debit balance. The company’s May 31 bank statement shows $25,800 on deposit in the bank. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $5,600. May 31 cash receipts of $6,200 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this NSF check. Prepare a bank reconciliation for the company using the above information.
Answers
Answer:
Please see solution below
Explanation:
Bank reconciliation as at June 31st.
•Bank statement balance
$25,800
Add:
Bank service charges
$100
NSF check
$600
Wrong drawn
$400
Total
$1,100
Adjusted bank balance
$26,900
Bank reconciliation as at June 31st.
•Cash book balance
$27,500
Add: outstanding checks
$5,600
Balance
$34,100
Less: deposit in transit
($6,200)
Adjusted book balance
$26,900
If philip's utility function is uequals12 left parenthesis q 1 right parenthesis superscript 0.5 baseline plus q 2, what are his demand functions for the two goods? Let the price of q 1 be p 1, let the price of q 2 be p 2, and let income be y. philip's demand for q 1 as a function of p 1 and p 2 is
Answers
Full question attached
Answer and Explanation:
Answer and explanation attached
The role of corporate support in event marketing has
in the past few decades.
a. Increased
b. Decreased
C. Remained status quo
d. Developed
Answers
A.incrased
Tyler is using a credit card to purchase a television. Which of the following should Tyler expect? Check all that apply
to have the full amount available in his bank account right away
to receive a bill at a later date
to be able to pay for it over time
to write a check
to pay interest if he does not pay in full by a certain date
Answers
A credit card is termed as the card that is in the rectangular shape that provides the services and then acquires the payment from the customers. The customers intake the funds from the card to acquire goods and services and then pay for the acquired services.
The correct options are...
B.) To receive his bill at a later date
C.) To be able to pay it over time
D.) To pay interest if he does not pay in full by a certain date
These options are correct because first of all, there was no way for Tyler to immediately get the money into his account so the first answer is not correct. It is also a credit card so he would not need to write a check.
Options:
A. to have the full amount available in his bank account right away
E. to pay interest if he does not pay in full by a certain date
These options are wrong because they do not fulfill the expectation of Tyler regarding the purchase of the credit card.
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Answer:
B.
C.
E.
Explanation: Edge
please help me!!! I literally have no clue what it is
Answers
Answer:
Critical Thinking,Mathematics, and Operation and Control.
Explanation:
Where does the channel of distribution begin?
Answers
Answer:
A channel of distribution begins with a producer and ends with an ultimate consumer or industrial user.
Explanation:
The Utah Mining Corporation is set to open a gold mine near Provo, Utah. According to the treasurer, Monty Goldstein, "This is a golden opportunity." The mine will cost $3,200,000 to open and will have an economic life of 11 years. It will generate a cash inflow of $425,000 at the end of the first year, and the cash inflows are projected to grow at 8 percent per year for the next 10 years. After 11 years, the mine will be abandoned. Abandonment costs will be $480,000 at the end of Year 11.
What is the IRR for the gold mine? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
Answers
Answer:
IRR = 13.05%
Explanation:
using an excel spreadsheet, the cash flows are:
year 0 = -$3,200,000
year 1 = $425,000
year 2 = $425,000 x 1.08 = $459,000
year 3 = $459,000 x 1.08 = $495,720
year 4 = $535,378
year 5 = $578,208
year 6 = $624,464
year 7 = $674,422
year 8 = $728,375
year 9 = $786,645
year 10 = $849,577
year 11 = ($849,577 x 1.08) - $480,000 = $917,543 - $480,000 = $437,543
IRR = 13.05%
The internal rate of return (IRR) is the discount rate at which a project's NPV (net present value) would equal $0.
Tim wants to buy an apartment that costs $2,225,000 with an 85% LTV mortgage. Tim got a 30 year, 3/1 ARM with an initial teaser rate of 4.875%. The reset margin on the loan is 300 basis points above 1 year CMT. There are no caps. Tim anticipates the index to be 3.50% at the time of the 1st reset. What is Tim’s monthly mortgage payment going to be during the 1st 3 years?
Answers
Answer:
monthly payment = $10,009 (rounded to nearest dollar)
Explanation:
A 3/1 adjustable rate mortgage (ARM) means that the monthly payment will be fixed during the first 3 years only. Then they should vary, although the variance is generally upwards. The monthly interest can be calculated by using the present value of an annuity formula:
monthly payment = present value of the loan / annuity factor
present value of the loan = $2,225,000 x 85% = $1,891,250PV annuity factor, 0.40625%, 360 periods = 188.9615monthly payment = $1,891,250 / 188.9615 = $10,008.65256 ≈ $10,009
Tim's monthly mortgage payment during the first 3 years will be $10,009 (rounded to nearest dollar).
What is an Adjustable-rate mortgage (ARM)?A 3/1 Adjustable-rate mortgage (ARM) is a home loan with a variable interest rate. With an ARM, the initial interest rate is fixed for a period of time. Thereafter, the interest rate used on the remaining balance is adjusted periodically, annually, or monthly.
The monthly interest can be calculated by using the present value of an annuity formula:
[tex]\rm\,Monthly payment = \dfrac{Present \;Value \; of \;the \; loan}{Annuity \; \;factor}\\\\Present Value of the Loan = \$2,225,000 \times 85\% = \$1,891,250\\\\\rm\,(PV\; annuity \;factor, 0.40625\%, 360 \;Periods) = 188.9615\\\\\rm\,Monthly \;Payment = \dfrac{\$1,891,250}{188.9615} \\\\Monthly \;Payment = \$10,008.65256 \\\\Monthly \; Payment = \$10,009[/tex]
Hence, Tim's monthly payment for the first three years will be $10,009.
Learn more about Adjustable-rate mortgage, refer to the link:
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What is a stock symbol?
Answers
Answer:
A stock symbol is an arrangement of characters—usually letters—representing publicly-traded securities on an exchange. When a company issues securities to the public marketplace, it selects an available symbol for its shares, often related to the company name.
Explanation:
Is the total of your fixed and variable expenses your cash flow
Answers
Answer:
mabey
Explanation:
What should you do in the following scenario?
You are meeting with a colleague and within the conversation, the colleague talks about going to dinner with a client, holding hands, and seems to indicate he is thinking of pursuing a relationship.
Answers
Answer:
it seems kind of inappropriate to have a relationship with a client
Explanation:
You survey 125 employees and determine that 25 are extremely unhappy. As you walk the floor, you run into a random employee, what are the odds that she is extremely unhappy
Answers
Answer:
0.2 or 20%
Explanation:
The odds of meeting an unhappy person will be the no. of unhappy people divided by the sample size.
=25/125
=1/5
The odds are 1 in every five people is extremely unhappy.
1/5 = 0.2 or 20%
Bianca has take-home pay every month of $800. She anticipates having $675 of expenses in August.
In a zero-based budget, why is it important that she put the extra $125 in some budget category?
Where might you suggest Bianca budget that extra $125? Why?
Answers
Elysha has a monthly gross income of $3,000 and a monthly debt load of $500. How can her debt-to-income ratio be classified?
Answers
Answer:
Her debt to income ratio is classified as favorable
Explanation:
The given information are;
Elysha's gross monthly income = $3,000
The amount she pays as debt each month = $500
Therefore, her debt to in to income ratio, DTI, is given as follows;
DTI = (Amount payed as debt)/(Gross income) = $500/$3,000 ≈ 0.167
We multiply by 100 to express the result as a percentage, to get;
0.167 × 100 = 16.7%
Given that her debt to income ration is less than 35%, her debt to income ratio is classified as favorable and she has a manageable debt.
Answer: Good—between 15 and 20 percent
Explanation: All you have to do is find what the different percents of 3,000 are and see which one is the closest.
When applying for a loan, the lending institution evaluates a potential borrower's ability to complete repayment on a loan, cash on hand, collateral, and job status, play critical factors at arriving on this decision. A. Civil B. Criminal C. Character D. Capacity
Answers
Answer:
D. Capacity
Explanation:
In order to applying for a loan, the financial institution analyze the borrower information in terms of creditworthiness i.e. collateral property, cash on hand, repayment conditions, status of the job. These factors should be based on the capacity of the borrower whether he or she is eligible for a loan or not
Therefore according to the given situation, the option D is correct and the same is to be considered
Nora has heard that opening a lot of credit card accounts is a good way to build credit. She currently has five cards, but is sometimes forgetful in paying her bills on time and usually has a balance on each card. Her favourite store is offering a $50 coupon on her next purchase, with the promise of more coupons in the future, if she opens a credit card. She decides to open the store credit card to get the discounts.
How would Nora use the decision making steps in this scenario?
Is this a good or bad debt move? Why?
Answers
One has to ask oneself how you know that you've discovered something that distinguishes the successful companies from other companies? otherwise, you can fall into a trap that is the same as identifying "the management practice equivalent of having buildings" (collins & porras, 2002, p. 14).
Answers
Full question attached
Answer:
Word-for-word plagiarism
Explanation:
Although the student cited some of the author's work that he quoted word for word( "the management practice equivalent of having buildings" (Collins & Porras, 2002, p. 14)), and even referenced with bibliography at the end, he didn't cite(intext citation) the other part (
you know that you've discovered something that distinguishes the successful companies from other companies? )where he quoted the original author word for word and as a result has plagiarized the original author of the work.
Even through the United States is traditionally viewed as a market economy, what role does the government have in the economy?
A. The government is in charge of setting the prices within the economy.
B. The government is in charge of the taxing and spending of the government.
C. The government has no role within the market economy of the United States.
D. The government is to make sure that there is fairness and equity within all markets of the economy.
Answers
Answer:
D. The government is to make sure that there is fairness and equity within all markets of the economy.
Explanation:
The USA is a predominantly free-market economy. Entrepreneurs are free to decide where and the nature of the business to set-up. Buyers have the liberty to purchase from their preferred suppliers. Demand and supply forces determine the goods and services to be availed in the market and their prices.
The US government participates in the economy as a regulator. Its primary role is to promote fair competition among suppliers, guard consumers against unfair exploitation by traders, and safeguard worker interest. The government may provide essential public services such as roads, health, and education but the majority of factors of production are in the private sector.
the answer is B. The government is in charge of the taxing and spending of the government.
who wants brainlest i think i spelled it right
Answers
Answer:
ill take it lol but whats the catch??
Explanation:
Answer:
I dooooooooo plzzzzzzzzzzz!!!!!!1
Explanation:
Brainliest...
Need Help ASAP
How do you demonstrate independence and initiative in your daily life? Discuss examples. Write 4 sentences. First, define the terms: independence & initiative. Then give me examples of each.
Will give brainly.
Answers
Answer:
I. Never stand still
2. Do more than is Required of you
3. Think as a team Member, Not an Employee
4 Speak up and share your ideas
5 Fake it till you make it
6. Consider every opportunity
7. Always be prepared
8. Be Self-Pronotional
Explanation:
Hope this helps! Tell me if I'm wrong. If thai Helps Give me brainly.
COMMON MEASURE OF WHAT SOMETHING IS WORTH OR WHAT SOMETHING COSTS
Answers
Answer:
price. is the answere I am almost certain
What is the best what to make money
Answers
Explanation:
Be a Customer Service Rep. U-Haul offers the best of both worlds. ...
Fill Out Surveys Online. Survey Junkie is a website that pays teens for sharing their opinion. ...
Get Paid to Search the Internet. ...
Test Products. ...
Sell Textbooks. ...
Design T-Shirts. ...
Babysit. ...
Offer Services For $5.
What sort of work can 14 and 15-year-olds do?
Barista.
Busser.
Caddy.
Cashier.
Dog walker.
Dishwasher.
Grocery bagger.
Host/hostess.
Which of these contains data that identifies a product?
A. UPC
B. Inventory
C. Information system
D. Purchase order
Answers
Answer:
A. UPC
Explanation:
A UPC is an acronym for universal product code. UPC is typically used for the identification of a specific product and its manufacturer (vendor) through a unique code that is printed on the product.
Basically, a universal product code (UPC) comprises of two (2) main parts;
A machine-readable barcode that contains sets of vertical black lines. A unique twelve (12) digit number placed beneath or adjacent to the machine-readable barcode.The first six-digits of the UPC represents the manufacturer and is printed on all of its products while the next five-digits is the product's unique reference number (item number) and the last digit is typically known as a check digit, used for the verification of the authenticity of a UPC.
Generally, the universal product code are usually scanned with a barcode scanner and this makes it easier to identify a product, as well as its price.
Hence, a universal product code (UPC) contains data that identifies a product.
Answer:
upc
Explanation:
please help me with this match the column if i get perfect answer then i will give brainliest
Answers
Answer:
what do you need help on
Explanation:
