Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Merchandise inventory, August 1 $ 96,610 Merchandise inventory, August 31 100,530 Purchases 254,660 Purchases returns and allowances 13,340 Purchases discounts 6,320 Freight in 4,070Cost of Merchandise Sold for August = ______.

Answers

Answer 1

Answer:

Cost of merchandise = $235150

Explanation:

Below is the calculations:

Cost of merchandise = Opening inventory - ending inventory + purchases - purchase return - purchase discount + freight

Now plug the value in the above formula:

Cost of merchandise = 96610 - 100530 + 254660 - 13340 - 6320 +4070

Cost of merchandise = $235150


Related Questions

For February, sales revenue is $250,000; sales commissions are 6% of sales; the sales manager's salary is $50,000; advertising expenses are $15,000; shipping expenses total 1% of sales; and miscellaneous selling expenses are $1,000 plus 1/2 of 1% of sales. Total selling expenses for the month of February are:_______.
a. $65,000.
b. $69,750.
c. $82,250.
d. $84,750.

Answers

Answer:

d. $84,750.

Explanation:

Calculation to determine what Total selling expenses for the month of February are:

Sales commissions $15,000

($250,000 ×6%)

Sales manager's salary $50,000

Advertising expenses $15,000

Shipping expenses $2,500

($250,000 × 1%)

Miscellaneous selling expense $2,250

[$1,000 + ($250,000 × 0.5%)]

Total selling expenses $84,750

Therefore Total selling expenses for the month of February are:$84,750

Company xyz made the following transactions 6 marks
 Borrowed loan of ksh 50000 to start a business
 Obtained Ksh 150,000 in cash from proceeds of sales
 Paid out ksh 240000 in form of salaries
 Purchased Ksh 600000 worth of machinery in cash
 Purchased a track valued at Ksh 1, 500 000 by paying Ksh 300000 in cash and getting a
loan for the reminder
 Paid rent of rent of Ksh 80000 and advertising of ksh 50,000 in cash each
Determine the value of the company’s assets, liability and equity​

Answers

Answer:

Company XYZ

Total assets     ksh 1,030,000

Total liabilities ksh 1,250,000

Total equity      ksh (220,000)

Explanation:

a) Data and Analysis:

Cash ksh 50,000 Loan payable ksh 50,000

Cash ksh 150,000 Sales revenue ksh 150,000

Salaries expense ksh 240,000 Cash ksh 240,000

Equipment ksh 600,000 Cash ksh 600,000

Track ksh 1,500,000 Cash ksh 300,000 Loan payable ksh 1,200,000

Rent Expense ksh 80,000 Advertising Expense ksh 50,000 Cash ksh 130,000

Assets:

Cash                    ksh 50,000

Cash                  ksh 150,000

Cash                ksh (240,000)

Equipment        ksh 600,000

Cash                ksh (600,000)

Track              ksh 1,500,000

Cash               ksh (300,000)

Cash                ksh (130,000)

Total assets  ksh 1,030,000

Liabilities:

Loan payable       ksh 50,000

Loan payable  ksh 1,200,000

Total liabilities ksh 1,250,000

Equity:

Sales revenue                ksh 150,000

Salaries expense         ksh (240,000)

Rent Expense                ksh (80,000)

Advertising Expense    ksh (50,000)

Total equity                ksh (220,000)

You expect to receive $5,400 two years from now, $6,300 three years from now, and $10,900 six years from now. What is the future value of these cash flows seven years from now if the interest rate is 7.4 percent, compounded annually

Answers

Answer:

Total FV= $27,805.2

Explanation:

Giving the following information:

You expect to receive $5,400 two years from now, $6,300 three years from now, and $10,900 six years from now.

Interest rate= 7.4%

To calculate the Future Value, we need to use the following formula:

FV= Cf*(1 + i)^n

Cf1= 5,400*(1.074^5)= 7,716.41

Cf2= 6,300*(1.074^4)= 8,382.19

Cf3= 10,900*1.074= 11,706.6

Total FV= $27,805.2

What is the reasoning behind having the seven Fed Board of Governors remain for 14 years on the Federal Reserve?
a) Participating in the Fed for the 14 year time period allows the board members to build up seniority and on-the-job understanding
b) Longer terms for board members fosters longer relationships and builds strong networks to push through financial changes to the economy.
c) The longer terms are to insulate the members from immediate political pressures and have them focus solely on economic solutions for the nation.

Answers

Answer: c) The longer terms are to insulate the members from immediate political pressures and have them focus solely on economic solutions for the nation.

Explanation:

The Fed is independent of the U.S. Government but can still face significant pressure from the U.S. Government as it is the President that nominates the Board of Governors and the Senate confirms them.

Much like Justices on the Supreme Court who get their positions the same way, these governors have to be protected from being used as political pawns so they are given long terms in office to ensure that they can pursue an independent policy without having to worry about the current administration coming after them if they go contrary to its will.

On whom the trade bill drawn ?​

Answers

The bill of exchange is drawn by the seller of the goods and is accepted by the buyer.

Which of the following is not an example of what creates a hostile work environment?

1. Displaying sexually suggestive pictures or posters

2. Making sexual comments to other employees

3. All of these

4.Dispensing Assignments based on merit.

Answers

Answer:

4.Dispensing Assignments based on merit.

Explanation:

Dispensing Assignments based on merit is not an example of what creates a hostile work environment.

There are examples of what could cause a hostile work environment which include sexual harassment, use of foul language, etc.

However, giving assignments based on merit is not one of those.

When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings increases to $750, the gallery supplies 25 paintings. Calculate the price elasticity of supply using the mid-point formula. Instructions: Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The price elasticity of supply is: .

Answers

Answer:

the  price elasticity of supply is 0.555

Explanation:

The computation of the price elasticity of supply is given below:

= Percentage change in quantity supplied ÷ percentage change in price

= (25 - 20) ÷ (25 + 20) ÷ 2 ÷ (750 - 500) ÷ (750 + 500) ÷ 2

= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

The same is relevant

In January, Dieker Company requisitions raw materials for production as follows: Job 1 $970, Job 2 $1,700, Job 3 $790, and general factory use $660. Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answers

Answer:

Dr Work in Process Inventory $3460

Cr Manufacturing Overhead $660

Cr Raw materials Inventory $2,800

Explanation:

Preparation of a summary journal entry to record raw materials used.

Based on the information given the summary journal entry to record raw materials used will be:

Dr Work in Process Inventory $3460

($970+$1700+$790)

Cr Manufacturing Overhead $660

Cr Raw materials Inventory $2,800

($3460-$660)

(To record raw materials used)

When the interest rate in an economy decreases, it is likely the result of either a/an ________ or a/an ________.

Answers

Answer:

expansionary practice; open market purchase of securities by the Fed.

Explanation:

Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.

A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.

Basically, an expansionary fiscal policy will cause the total increase in aggregate demand to be greater than the initial increase in aggregate demand due to the multiplier process.

Hence, when the interest rate in an economy decreases, it is likely the result of either an expansionary practice or an open market purchase of securities by the Federal Reserve System (Fed).

According to the Keynesian theory, government spending or expenditures should be increased and taxes should be lowered when faced with a recession, in order to create employment and boost the buying power of consumers

Jamon is a manager in a human resources organization. He has a message for Bob who works on the assembly line. What channel is he likely to use get the message to Bob

Answers

Answer: All of the above

Explanation:

The options include:

a. Face-to-face

b. Telephone

c. Electronic mail

d. All of the above

Since the manager manager has a message for Bob, any of the communication channels given here can be used.

There is no preferred communication channel here. The manager may decided to tell Bob the message face to face when he sees him. Also, he can call him on the telephone or send an email to him.

Therefore, the correct option is All of the above.

3. Which of the following is NOT a factor of production?
a. land
d. entrepreneurship
b. output
e. capital
c. inputs

Answers

Answer:

Output.

Explanation:

because it is an effect of production but not a factor.

Output in I think this is right

The burden of a tax is shared by producers and consumers. Under what conditions will consumers pay most of the​ tax? Under what conditions will producers pay most of​ it? A. It depends on who is legally obligated to pay the tax. Typically producers are required to pay the tax and therefore bear most of the burden. B. If demand is relatively more elastic than​ supply, producers will pay more of the tax. C. It depends on who is legally obligated to pay the tax. Typically consumers are required to pay the tax and therefore bear most of the burden. D. If demand is relatively less elastic than​ supply, producers will pay more of the tax.

Answers

Answer:

B

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price  

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price  

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.  

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.  

Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases  

Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.

If demand is more elastic than supply, if price is increased as a result of tax,  demand would fall more than supply. As a result, producers would bear more tax burden

Organizational learning and creativity play an important role in helping managers improve their decisions. Managers must take steps to promote organizational learning and creativity at individual as well as group levels to improve the quality of decision making. Managers can encourage and promote entrepreneurship that mobilizes resources to take advantage of an opportunity to provide customers with new or improved goods and services. The quality of managerial decision making ultimately depends on innovative responses to opportunities and threats. How can managers increase their ability to make nonprogrammed decisions that will allow them to adapt to, modify, and even drastically alter their task environments so they can continually increase organizational performance

Answers

Answer:

Organization learning is the process by which the managers seeks employees desires and ability to understand the task environment.

Explanation:

Organizational learning plays an important role in managers by raising their ability to make programmer decisions that will allow them by adapting to, modifying, and even alter their work environment. Creativity helps managers in thinking and problem solving.

The country of Bolivia had a Gross Domestic Product of $79 billion in 2016 and a population of 11 million people, the GDP per capita would be ________.

Answers

Answer:

The GDP per capita of country of Bolivia would be $7,181.82.

Explanation:

GDP Per capita refers to a measure that calculates a country's economic output per person by dividing its GDP by its population.

Therefore, we have:

GDP per capita = GDP / Population = $79 billion / 11 million = $79,000,000,000 / $11,000,000 = $7,181.82

Therefore, the GDP per capita of country of Bolivia would be $7,181.82.

On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as:

Answers

Answer: Debit Cash $4,194,222; Debit Discount on bonds payable $305,778; Credit Bonds payable $4,500,000

Explanation:

Based on the information given in the question, the journal entry will be prepared as follows:

Debit Cash $4,194,222

Debit Discount on bonds payable $305,778

Credit Bonds payable $4,500,000

Note that the discount on Bonds Payable was calculated as:

= $4,500,000 - $4,194,222

= $305,778

what does it mean to be "in the red"

Answers

Answer:

The expression "in the red" is used to describe a business that has negative earnings. This is in contrast to the phrase "in the black" which refers to businesses that are profitable and financially solvent. ... Before the use of computers, accountants recorded income in black ink and expenses in red ink.

Explanation:

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Select the market segment that looks the most promising?
1. Luxury trenfollowers
Segment size 5,000(5%)
Growth rate 7%

2. School children
Segment size 35,000 (35%)
Growth rate 1%

3. University students
Segment size 24,099(24%)
Growth rate 5%

4. Outdoor enthusiasts
Segment size 14,000 (14%)
Growth rate 5%

5. Urban commuters
Segment size 20,000 (20%)
Growth rate 3%

Answers

Answer:

Luxury Trend followers

Explanation:

The consider which market segment shows the most or higest level of promise, we may have to the growth rate of each segment, which is the percentage change in earnings or revenue over a specific period of time. From the data given, the market segment with the greatest growth rate is the trend followers segment with a growth rate of 7%

Luxury trend followers : 7%

School children : 1%

University students : 5%

Outdoor enthusiasts : 5%

Urban Commuters : 3%

Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 4,500 ounces in beginning work in process inventory (90% complete). During the period, 74,900 ounces were completed. The ending work in process inventory was 3,700 ounces (40% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? fill in the blank 1 units

Answers

Answer: 74,100 units

Explanation:

If the materials are added at the beginning of the process then the opening work in process inventory would need to be deducted from the completed inventory for the period. Also there would be no need to multiply the units by their completion level because they are assumed to be at 100% completion because materials were added at the very beginning.

Total equivalent units for direct materials is:

= (Completed units - Opening inventory) + Closing work in process

= (74,900 - 4,500) + 3,700

= 74,100 units

You are considering purchasing a house in Collin County that costs $350,000. You are debating whether to finance the house for 15 or 30 years. The 15-year mortgage allows you to pay off the house quicker at an interest rate of 2%. However, the 30-year mortgage offers a lower mortgage payment at an interest rate of 2.75%. Which of the following answers is closest to the difference between the 15 and 30-year monthly mortgage payment?

a. 800
b. 600
c. 400
d. 1200
e. 1000

Answers

Answer:

d

Explanation:

i believe this should be correct

You own a stock portfolio invested 30 percent in Stock Q, 25 percent in Stock R, 25 percent in Stock S, and 20 percent in Stock T. The betas for these four stocks are .80, 1.18, 1.19, and 1.36, respectively. What is the portfolio beta

Answers

Answer:

The Portfolio beta is 1.1045

Explanation:

The computation of the portfolio beta is given below:

Stock          Beta       Investment (Weight)       Weighted Beta

Stock Q      0.8         0.3                                   0.2400

Stock R       1.18       0.25                                  0.2950

Stock S       1.19       0.25                                  0.2975

Stock T        1.36      0.2                                    0.2720

Portfolio beta                                                  1.1045

TeleGlobal is an American firm producing TV sets. TeleGlobal imports TV set components from India and assembles them domestically. Suppose that in the United States, a TV set sells for $400 and that 80% of the TV set’s value comes from the value of the imported components. The United States imposes a 40% tariff on TV sets and a 10% tariff on the TV set’s components. Assume that costs of producing components are the same in the United States and India and that transit costs are nonexistent. Based on the information provided, the effective rate of protection that TeleGlobal receives from the tariff is

Answers

Answer:

135 %

Explanation:

Given that,

The selling price of T.V. set in the U.S. = $400

The Tariff imposed on T.V. sets = 30%

The Tariff on its imported components = 10%

To find,

The effective rate of protection gained from tariff = ?

Method:

As we know

Effective rate of protection

= tariff on finished imported good + cost/price of its components * (tariff on imported good - tariff on components imported)/(price of final good - price of its components)

So, by putting the given values in above formulae;

= 40% + 80% of 400 * (40% - 10 %)/(400 - 80% of 400)

= 40 + 320 * (30)/(400 - 320)

= 360 * 30/(80)

= 360 * 30/80

= 135%

Liquidity is _________. Question 10 options: equal to the market value of a firm's total assets minus its total liabilities generally most associated with intangible assets a measure of the use of debt in a firm's capital structure valuable to a firm even though liquid assets tend to be less profitable to own equal to current assets minus current liabilities

Answers

Answer:

valuable to a firm even though liquid assets tend to be less profitable to own

Explanation:

Assume Sheryl Jenkins wants to accumulate $ 13,241.39 in two years. She currently has $ 10,621.36 to invest. What interest rate must she earn on her investment (that is, if she deposits $ 10,621.36 today) to have $ 13,241.39 exactly two years from today?

Answers

Answer: 11.65%

Explanation:

The $13,241.39 is a future value amount as it is what is to be accumulated in 2 years.

Future value formula therefore applies:

Future value = Current value * ( 1 + interest rate) ^ no. of years

13,241.39 = 10,621.36 * ( 1 + i) ²

(1 + i)² = 13,241.39 / 10,621.36

(1 + i)² = 1.24667556697

1 + i = √1.24667556697

i = 1.116546267 - 1

i = 11.65%

Single Plantwide Factory Overhead Rate Kennedy Appliance Inc.’s Machining Department incurred $159,500 of factory overhead cost in producing hoses and valves. The two products consumed a total of 5,500 direct machine hours. Of that amount, hoses consumed 2,800 direct machine hours. Determine the total amount of factory overhead that should be allocated to hoses using machine hours as the allocation base. $fill in the blank 1

Answers

Answer:

the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200

Explanation:

The calculation of the total amount of factory overhead that should be allocated to hoses using machine hours is given below:

= $159,500 × 2,800 ÷ 5,500

= $81,200

Hence, the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200

the same is relevant

The difference between the amount received from issuing a note payable and the amount repaid at maturity is referred to as:

Answers

Answer: interest

Explanation:

Notes payable occurs when a promissory note is issued to the bearer by the firm. Notes payable can either be short term which is within a year or long term which is more than a year.

The difference between the amount received from issuing a note payable and the amount repaid at maturity is known as the interest.

How does the design demonstrate the ability to analyze, research, and explore a variety of information sources to adequately address how the target market might interpret a designmessage

Answers

Answer:

Design should be analyzed, explored and researched carefully so that it adequately targets the audience.

Explanation:

A design has the ability o inclines people's decisions and allows for interpretation. The design is can be used to tell whether the product is going to stay in the market and helps in the identification of the target audience.  The market can interpret the message in design in various ways such as by positive and negative. Thus design should be made keeping in mind the ethics and characteristics of the object. Design should match the traits of people.

Synovec Company is growing quickly. Dividends are expected to grow at a rate of 30 percent for the next three years, with the growth rate falling off to a constant 4 percent thereafter. If the required return is 10 percent, and the company just paid a dividend of $2.65, what is the current share price

Answers

Answer:

$87.03

Explanation:

Calculation to determine the current share price

First step is to calculate p1

p1= $2.65(1+.30)^3(1+.04) / (.10 - .04)

p1= $2.65(1.30)^3(1.04) / (.10 - .04)

p1=6.054932/.06

p1=100.92

Now let calculate the Current price

p0= [$2.65(1.30) / 1.10] +[$2.65(1.30)^2 / 1.10^2] + [$2.65(1.30)^3 / 1.10^3] + [$100.92/ 1.10^3]

p0=3.1318+4.4782/1.21+5.82205/1.331+$100.92/1.331+

p0=3.1318+3.700992+4.37419+75.82

p0=$87.03

Therefore the current share price is $87.03

How does marketing satisfy your needs as a college student? Are certain aspects of your life influenced more heavily by marketing than others? Provide examples

Answers

Yea dude’s iiiiiiiiiiiiiiiiiiiiiiii

Your product Belch has an actual market share of 14.2%, and a potential market share of 17.6%. The most likely scenario to explain this situation is:

Answers

Answer: Your budget for sales and promo are excessive, and you reached diminishing returns on your spend.

Explanation:

You can check the options online.

The market share refers to the percentage of total sales that is generated by a company in an industry.

If the potential market share is higher than the actual market share, the reason for this will be due to the fact that the budget for sales and promo are excessive, and you reached diminishing returns on your spend.

Activity A is worth $100, is complete, and actually cost $150. Activity B is worth $500, is 75% complete, and has actually cost $400 so far. Activity C is worth $500, is 25% complete, and has actually cost $200 so far. What is the estimated cost at completion for this project, assuming current variances are typical of future variances?

Answers

Answer:

$1,375

Explanation:

Budget at completion = Worth of activity A + Worth of activity B + Worth of activity C

Budget at completion = $100 + $500 + $500

Budget at completion = $1,100

Earned value = Worth of activity A*% completed + Worth of activity B*% completed + Worth of activity C*% completed

Earned value = $100*100% + $500*75% + $500*25%

Earned value = $100 + $375 + $125

Earned value = $600

Actual cost = Actual cost of Activity A + Actual cost of Activity B + Actual cost of Activity C

Actual cost = $150 + $400 + $200

Actual cost = $750

Cost performance Index = Earned value / Actual cost

Cost performance Index = $600 / $750

Cost performance Index = 0.80

Cost performance Index = 80%

Estimate at completion = Budget at completion / Cost performance Index

Estimate at completion = $1,100 / 0.80

Estimate at completion = $1,375

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