The determination of the National Distributing Company's cost percentage under the gross profit method of estimating ending inventory and the cost of goods sold is 70%.
What is the gross profit method?Under the gross profit method, the cost of ending inventory and the cost of goods sold are estimated in each by following the following steps:
Add the cost of beginning inventory to the cost of purchases during the period to arrive at the cost of goods available for sale.Multiply (1 - expected gross profit percent, if given) by sales during the period to arrive at the estimated cost of goods sold.Otherwise, if you have the estimated cost of goods sold, you can use the figure to work out the gross profit percentage. Then work out the ending inventory by subtracting the cost of goods sold from the cost of goods available for sale.Data and Calculations:Net Purchases for August = $43,000
National Distributing Company
Income StatementsFor the months ending August 31, 2021, and July 31, 2021:
August July
Net sales $60,000 $50,000
National Distributing Company
Balance sheetsAt August 31, 2021 July 31, 2021
Assets: August July
Merchandise inventory $35,000 $34,000
Cost of goods available for sale for August:
Beginning inventory (July) $34,000
Purchases 43,000
Cost of goods available $77,000
Ending inventory (35,000)
Cost of goods sold $42,000
Company's cost of goods sold percentage = 70% ($42,000/$$60,000 x 100)
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What is a pricing strategy that establishes a low price in hopes of attracting a great number of customers and discouraging competitors?.
The pricing strategy that establishes a low price in hopes of attracting a great number of customers and discouraging competitors is penetration pricing.
What is penetration pricing?
Penetration pricing is a pricing strategy where the sellers of a new product make the price of the good very low with the hopes that it would attract customers to purchase the product.
Penetration pricing increases the market share of the firm but can lead to the firm earning very low levels of profit.
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According to the authors of A Gift of Fire, it is obvious that computer technology ___________ mass unemployment.
Answer:
According to the authors of A Gift of Fire, it is obvious that computer technology has not and will not mass unemployment.
Why do monopolies and oligopolies benefit producers over consumers?.
Answer:
Few Producers can generally control prices.
Explanation:
Monopolies and Oligopolies are structures where few generally control things. I also got the question right :)
Knowing the slope of activities allows project managers to compare which ____ activities to shorten.
Answer:
Knowing the slope of activities allows project managers to compare which Critical activities to shorten
it is likely that John chooses this oil company because of their ___ services
it is likely that John chooses this oil company because of their good services
Answer:
Due to their good services, John is likely to choose this oil company!
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A coupon bond that pays interest semi-annually is selling at par value of $1,000, matures in seven years and has a coupon rate of 8.6%. The yield to maturity on this bond is
Based on the selling price of the bond and the coupon rate, the yield to maturity on the bond is 8.6%.
What is the yield to maturity on this bond?When a bond is selling at par, it means that the coupon rate and the yield to maturity are the same.
The bond in question is selling at its par price of $1,000 which means that the coupon rate of 8.6% is the same as the yield to maturity.
In conclusion, the YTM is 8.6%.
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Flextrola, Inc. , an electronics systems integrator, is planning to sell its next generation product using components sourced from its supplier. Flextrola will integrate the component with some software and then sell it to consumers. Given the short life cycles of such products and the long lead times quoted by its supplier, Flextrola only has one opportunity to place an order prior to the beginning of its "selling season. " Assume that Flextrola’s demand during the season is normally distributed with a mean of 1000 and a standard deviation of 600. (A normal table is provided at the end of this exam for your convenience. )
Solectrics’ production cost for the component is $52 per unit and it plans to sell the component for $72 per unit to Flextrola. Flextrola incurs essentially no cost associated with the software integration and handling of each unit. Flextrola sells these units to consumers for $121 each. Flextrola can sell unsold inventory at the end of the season in a secondary electronics market for $50 each. The existing contract specifies that once Flextrola places the order, no changes are allowed to it. Also, Solectrics does not accept any returns of unsold inventory, so Flextrola must dispose of excess inventory in the secondary market.
Required:
a. What is the probability that Flextrola’s demand will be within 25 percent of its forecast?
b. What is the probability that Flextrola’s demand will be more than 40 percent greater than its forecast?
c. Under this contract, how many units should Flextrola order to maximize its expected profit?
d. What are Flextrola’s expected sales?
e. How many units of inventory can Flextrola expect to sell in the secondary electronics market?
With a mean of 1000 and a standard deviation of 600, the probability that the demand is going to be withing 25 percent of its forecast is 0.3230.
a. Mean = 1000
sd = 600
p(1000x 1-25%) - p(1000x 1+25%)
using the z test
d-μ/σ
[tex]p(z < \frac{1250-1000}{600} )-p(z < \frac{-1000}{600} )\\\\(z < 0.4167)-(z < -0.4167)[/tex]
find values using excel sheet formula
NORMSDIST(0.4167) - NORMSDIST(-0.4167)
=m0.6615 - 0.3385
= 0.3230
b. The probability that the forecast would be more than 40 percent1000x 1+40%
= p(D>1400)
= 1- NormDist(0.667)
= 0.225
c. Cu = 121-72 = 49
Co = 72.50 = 22
The critical ratio calculation
49/22 +49 = 0.6901
Normsinv(0.6901) = 0.496
1000+0.496x600
= 1297
The units that Flextrola has to order is 1297.
d. The expected sales of Flextrola1200-1000/600
= 0.3333
loss function from z = 0.333 is 0.254
600x0.254 = 152. 4
1000-152.4 = 847.6
the expected sales are 847.6
e 1200- 847.6
= 352. 4
The units of inventory that can be sold is 352.4
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By drastically reducing inventories, manufacturers can increase the utilization of more floor space. This is an example of a
Drastically reducing inventories to help manufacturers increase the utilization of more floor space is an example of B. a just-in-time (JIT) inventory system.
What is a Just-inTime inventory system?A Just-in-Time inventory system is inventory management that ensures that raw materials for production arrive as needed.
With a Just-in-Time system, inventory arrives as production is scheduled to begin.
The purpose of a Just-in-Time system is to reduce inventory on hand to the minimum just to meet demand.
A. a merchandising inventory system.
B. a just-in-time (JIT) inventory system.
C. a finished goods inventory system.
D. determining inventory quantities.
Thus, reducing inventories to help manufacturers increase the utilization of more floor space is an example of B. a just-in-time (JIT) inventory system.
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Brown, the president and director of a corporation engaged in owning and operating a chain of motels, was advised, upon what seemed to be good authority, that a superhighway was to be constructed through the town of X, which would be a most desirable location for a motel. Brown presented these facts to the board of directors of the motel corporation and recommended that the corporation build a motel in the town of X at the location described. The board of directors agreed, and the new motel was constructed. The superhighway plans were changed, however, after the motel was constructed, and the highway was never built. Later, a packinghouse was built on property adjoining the motel, and the corporation sustained a considerable loss as a result. The shareholders brought an appropriate action against Brown, charging that his proposal had caused a substantial loss to the corporation and seeking recovery of that loss from Brown. What result
Media planners seek to reach the largest possible percentage of their target audience with no monetary limitations.
a) True
b) False
As regards media planners trying to reach a large percentage of their target audience with no limitations, this is False.
Why is this statement false?The ultimate goal of a company is to reduce costs and make more profit. As a result, media planners try to keep costs as low as possible when engaging in ad campaigns.
This means that they try to reach the largest percentage of people they can reach, with limitations placed on them.
In conclusion, this is false.
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The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount to $62,500 for the year. Balances of the current asset and current liabilities accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $56,000 $59,500 Accounts receivable (net) 71,000 73,400 Inventories 140,000 126,500 Prepaid expenses 7,800 8,400 Accounts payable (merchandise creditors) 62,600 66,400 Salaries payable 9,000 8,250 Required: Question Content Area a. Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
The Cash Flow from Operating Activities 258,950 using the indirect method.
What is Cash Flow from Operating Activities?The total cash flow generated by a business from its ordinary business operation is known as operating cash flow. It shows if the company is able to generate enough cash inflow to sustain its operation.
The cash flows from operating activities section of the statement of cash flows, using the indirect method is shown below:
Particulars Amount ($)
Cash flows from operating activities:
Net income 210,000
Add: Depreciation expense 62,500
Add: Decrease in accounts receivable 2,400
Less: Increase in inventory 13,500
Add: Decrease in prepaid expenses 600
Less: Decrease in accounts payable 3,800
Add: Increase in salaries payable 750
Net cash flow from operating activities 258,950
Hence, Cash Flow from Operating Activities 258,950
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Please answer it is due in a hour please help
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Answer:
1.costs that do not change when sales or production volumes increase or decrease
2.Variable costs are costs that change as the quantity of the good or service that a business produces changes.
3.the level of production at which the costs of production equal the revenues for a product
Answer:
1) Fixed costs are costs that do not change when sales or production volumes increase or decrease.
2) A variable cost is a corporate expense that changes in proportion to how much a company produces or sells.
3) The breakeven point is the level of production at which the costs of production equal the revenues for a product.
How can a market be segmented using demographics?
Here is a Answer to your question:
Demographic segmentation divides the market into smaller categories based on demographic factors, such as age, gender, and income. Instead of reaching an entire market, a brand uses this method to focus resources into a defined group within that market.
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Which of the following statements about electronic résumés is false? a. directions for submitting electronic résumés should be followed carefully. b. many companies only use electronically submitted or emailed résumés. c. electronic résumés should be typed in a standard word processing program. d. electronic résumés should be saved in html format. please select the best answer from the choices provided a b c d
An electronic resume is one that is sent to a potential employer via email. An electronic résumé is used to apply for employment online.
What makes an effective electronic resume?On an electronic resume might be provided in a distinct keyword section or integrated into the text. All text should be positioned to the left and in a plain typeface. Underlining, bolding, italics, and bullets should be avoided since they can cause problems with older OCR software.
Thus, Option D would be the false statement about electronic resumes.
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Answer:D
Explanation:Electronic résumés should be saved in HTML format.
According to this credit report, how many accounts has lillie had sent to collections? a. 0 b. 1 c. 2 d. 3
From the credit report the number of accounts that Lille has sent collections is 0. This is because she has sent not sent any to an account.
What is a credit report?This is a report of how a persons credit activity is. It also tells about the financial standing of a person and how they are faring in terms of finance.
The credit report contains the history of the loan payments that are made by the individual.
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The receipts section of the cash budget lists ______. Multiple choice question. all cash inflows, except from financing total sales for the period all cash inflows total credit sales
The receipts section of the cash budget lists B. all cash inflows.
What is a cash budget?A cash budget is a document prepared in advance to show the planned monthly cash inflows (receipts) and cash outflows (payments).
Preparing the cash budget helps management to manage cash outflows with its cash inflows and make other cash decisions.
Thus, the receipts section of the cash budget lists B. all cash inflows and not credit sales.
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HELPP! In 2011 the United States economy had a GDP of $14,991 billion according to the United Nations. If consumption was $10,729 billion, government spending was $2,594 billion, and net exports was -$568 billion, how much was investment spending?
The total amount of the investment spending is $2,236 billion.
What is an investment spending?An investment spending means the private domestic investment or capital expenditures.
The formula for Investment spending is I = GDP − C − G − NX.
Investment spending = $14,991 billion - $10,729 billion - $2,594 billion - (-$568 billion)
Investment spending = $14,991 billion - $10,729 billion - $2,594 billion + $568 billion
Investment spending = $2,236 billion.
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Please select the word from the list that best fits the definition Enjoy music in their free time
Answer:
Auditory Learners
Explanation:
I got it right on edge 2022.
Which settlement option pay a stated amount to an annuitant but no residual value to a beneficiary
Answer:
Life income
Explanation:
All companies operate in a broad ______-environment that is made up of six components, including political factors and technological factors. Multiple choice question. micro meso para macro
Answer:
The word that is underlined, that's the answer; Macro
Explanation:
hope this helps.
Answer:
the answer is macro .
Explanation:
MARK ME AS A BRIANLIESTWages are defined as ______. a) financial rewards based on the number of hours the employee works or the level of output achieved b) a form of compensation whereby a percentage of company profits is distributed to the employees whose work helped to generate them monetary rewards offered by companies for exceptional c) performance as incentives to further increase productivity an incentive system that pays a fixed amount or a percentage of the employee's sales
After every service rendered, there is a payment for it. when it is hourly, it is termed wages, when it is monthly, then, it is called salary.
Wages are defined as ______. a) financial rewards based on the number of hours the employee works or the level of output achieved
WagesWages a payment usually of money for labor or services usually according to a contract and on an hourly, daily, or piecework basis.
Therefore, the it refers to rewards based on the number of hours the employee works or the level of output achieved.
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Hideki just received his latest bank statement. To make sure it is correct, he
should:
A. call the bank to ask for help.
B. call his creditors to check accuracy of payments.
C. reconcile his statement with his own record.
D. withdraw funds to make sure his account is active.
Answer:
call the bank to ask for help
An increase in government purchases will increase aggregate demand because:.
Answer:
Explanation below.
Explanation:
Think of it like this:
Consumption + Investment + Government Spending + Net Exports = AD
When Government spending goes up, it is increasing AD within (C+I+G+X), so AD shifts right.
The ________ is the member of the buying center whose primary function is handling the details of the transaction.
The level of aggregate supply in the long run is not affected by.
Answer:
Long run aggregate supply (LRAS) is a theoretical concept and refers to the output that an economy can produce when using all its factors of production, and hence when operating at full employment. Graphically, it is a vertical curve indicating that, in the long run, output is not affected by changes in the price level.
The upward-sloping portion of the long-run average cost curve is a result of:.
Answer:
average cost is increasing
Explanation:
Cerina likes to make products while ensuring that accidents are kept to a minimum. which career pathway would be the best fit for cerina? maintenance, installation, and repair quality assurance logistics and inventory control health, safety, and environmental assurance
Cerina enjoys creating items while keeping accidents to a minimum. Cerina's career path would be most suited to health, safety, and environmental assurance.
What are health, safety, and environmental assurance?Employees in the Health, Safety and Environmental (HSE) Assurance department make certain that:
The equipment is used safely Plan for safety in new manufacturing processes. Conduct incident and hazard investigations in the areas of health, safety, and/or the environment.Conduct incident and hazard inspections for health, safety, and/or the environment.Implement programs, projects, policies, or procedures related to health, safety, and/or the environment.Therefore, option (d) is the correct answer.
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Answer:
I would say d
Explanation:
One of the "7 determinants of productivity, income, and wealth" is "seemingly unrelated market condition," which refers to the recognition that differences in income or wealth across individuals could result from differences in:.
The differences in income or wealth across individuals could result from differences in A) income depends in part upon economic conditions beyond our control; a worker's value ...
What are the sources of income?The different income sources include:
WorkingProducing a product or serviceInvesting capitalEarning pensions and other government programsSelling goods or services above the cost of production.Answer Options:A) income depends in part upon economic conditions beyond our control; a worker's value depends greatly upon the price of the product he helps produce (e.g., a wage of a coal miner would increase if we ran out of oil)
2) the natural talents that people are endowed with at birth
3) the skills and experiences that people acquire through education, training, and work
4) how hard individuals choose to work
Thus, the differences in income or wealth across individuals could result from differences in Option A.
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What is the term for media for broad popular audiences—including newspapers, radio, and television?.
Answer:
Mass media
Example
Mass media is actually the primary means of communication for the general public to communicate with each other as well as on a grander level. The most popular types of mass media include Newspapers, Radio, Television, Internet, Magazines.
Who among the following is most likely to believe that groups and organizations are generally characterized by superficiality and depthlessness in social relationships because employee interactions with customers are largely scripted and customer behavior and responses are often tried-and-tested ways of dealing with employees
The postmodernist tends to believe that groups, as well as organizations, are generally characterized by superficiality and depthlessness in social relationships.
What is postmodernism?Postmodernism is an intellectual viewpoint or form of communication characterized by the skepticism of what it views to be modernism's grand narratives and philosophies, as well as resistance to cognitive certainty and meaningful stability.
In a business environment, postmodernist believes in the economic power of governing groups and organizations while considering the superficiality and depthlessness of their social relationship with customers.
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