The gross profit method is most commonly used to:_______ a. estimate the cost of inventory from incomplete records. b. determine the exact cost of inventory. c. develop a sales budget. d. replace the year-end physical inventory.

Answers

Answer 1

Answer:

Answer:

a. estimate the cost of inventory from incomplete records.

Explanation:

The gross profit method is used to estimate the cost of inventory from incomplete records. This is done by determining the amount of gross profit using the Sales Revenue and the Gross Profit Margin. Then finding the difference between the Cost of Goods available for sale and this Gross Profit to reach to the estimated cost of inventory.

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When meeting someone from a different culture it is more useful to focus on ________, or central tendencies and patterns within a culture which recognize that there are variations of beliefs, behavior and values within that culture.a. prototype
b. stereotype
c. halo bias
d. fundamental attribution error

Answers

Answer:

Option A: Prototype

Explanation:

culture is basically the way of life of people in a place. It is a system of beliefs, values, and ways of life that are shared or common with(by) a group of people.migration in the world today has made people with different cultures to be intertwined. Understanding your cultures is good but to foster growth, peace and love wherever we are among other cultures and traditions, one must learn to understand other people cultures around is as it will help in building faith, love and peace. Cultural differences appear in a number of important areas, including nonverbal signals, gender. Religion and attitudes toward work and success.

Focus on the original, early model,/sample(prototype), central tendencies and patterns within a culture will help us to recognize that there are a lot of difference in the beliefs, behavior and values within that culture.

Tucker Company makes chairs. Tucker has the following production budget for January - March. January February March Units Produced 10,064 11,918 8,277 Each chair produced uses 5 board feet of wood. Management wants ending inventory levels of raw materials to equal 20% of the production needs (in wood) for the next month. How many board feet of wood does Tucker need to purchase in February? Round your answer to the nearest whole number. Don't round any intermediate calculations.

Answers

Answer:

79,785

Explanation:

The computation of the purchase needed is shown below:

= February material + march material - January material

where,

February material = 11,918 units × 5 board feet = 59,590

March material = 8,277 × 5 board feet × 20% = 8,277

January material = 11,918 units × 5 board feet × 20% = 11,918

Now put these units to the above formula

So, the total units would equal to

= 59,590 + 8,277 + 11,918

= 79,785

Final answer:

Tucker Company needs to purchase approximately 55,949 board feet of wood in February to meet its production needs and desired inventory levels, when rounded to the nearest whole number.

Explanation:

To solve this problem, we need to first calculate the number of board feet of wood required for production in each month, and then consider the ending inventory levels desired by management.

Let's first calculate the amount of wood required for production each month. For each chair, Tucker requires 5 board feet of wood. Thus, for January, February, and March, they respectively require 10,064*5, 11,918*5 and 8,277*5 board feet, which equals 50,320, 59,590 and 41,385 board feet.
Next, we need to calculate the ending inventory of raw materials for February. Management wants this to be 20% of the production needs for March, or 0.20*41,385 = 8,277 board feet.
Now, to find the Raw Material to Purchase in February, you need to add the production needs for February and the desired ending inventory for February, then subtract the beginning inventory for February. The beginning inventory would be the ending inventory of January. As the ending inventory of January equals to 20% of February's needs, we have 0.20*59,590 = 11,918 board feet(same as the units produced in February).
Thus, the board foot of wood Tucker needs to purchase in February is: 59,590 (needs for February) + 8,277 (ending inventory for February) - 11,918 (beginning inventory for February) = 55,949 board feet.

So in answer to the question, Tucker needs to purchase approximately 55,949 board feet of wood in February (to the nearest whole number).

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One of the primary goals of stabilizing the economy is toA) increase income levels.
B) maintain low unemployment.
C) raise the standard of living.
D) increase profits and spending.

Answers

the right answer is to increase profits ans spending

One of the primary goals of stabilizing the economy is to maintain low unemployment. When the economy is stabilizing the rate of unemployment is often at an all time low. When unemployment rate is low, there is more money being made by companies and employees therefor allowing more money to be spent within the economy.

Inventory Valuation under Variable CostingDuring the most recent year, Judson Company had the following data associated with the product it makes:

Units in beginning inventory 300
Units produced 15,000
Units sold ($300 per unit) 12,700
Variable costs per unit:
Direct materials $20
Direct labor $60
Variable overhead $12
Fixed costs:
Fixed overhead per unit produced $30
Fixed selling and administrative $140,000

Required:

1. How many units are in ending inventory?
$ _______ units
2. Using variable costing, calculate the per-unit product cost.
$_____________
3. What is the value of ending inventory under variable costing?
$___________

Answers

Answer:

1. Ending inventory = Beginning inventory + Production - Sales

= 300 units + 15,000 units - 12,700 units

= 2,600 units

2. Per unit Product Cost Using Variable Costing

Direct material 20

Direct labor 60

Variable overhead 12

Product cost 92

3. Value of ending inventory under variable costing

= 2,600 units x $92

= $239,200

Explanation:

The units of ending inventory is calculated as beginning inventory plus production minus sales.

Per unit product cost is the aggregate of variable cost per unit. This includes direct material cost, direct labour cost and variable overhead.

Value of ending inventory is the product of units of ending inventory and per unit product cost.

The adjusted trial balance of Warbocks Corporation at December 31, 2017 includes the following accounts: Retained Earnings $12,600; Dividends $5,000; Service Revenue $30,000; Salaries and Wages Expense $15,000; Insurance Expense $2,000; Rent Expense $4,500; Supplies Expense $500; and Depreciation Expense $1,000. Prepare a retained earnings statement for the year.

Answers

Answer:

Warbocks Corporation

Statement of retained earnings for the year ended December 31, 2017

Amount in $

Opening retained earnings 12,600

Net income for the year 7,000

Dividend (5,000)

Closing retained earnings 14,600

Explanation:

The retained earnings statement shows the movement in the retained earnings balance between the start and end of the year.

This includes the net earnings and dividend paid during the year.

Net income = $30,000 - $15,000 - $2,000 - $4,500 - $500 - $1,000

= $7,000

Gunther earned a 62.5 percent return on a stock that he purchased one year ago. The stock is now worth $12, and he received a dividend of $1 during the year. How much did Gunther originally pay for the stock?

Answers

Answer:

Originally pay for the stock = $8

Explanation:

Given:

Total return = 62.5%

Value of stock (after 1 year) = $12

Dividend during the year = $1

Originally pay for the stock = ?

Computation:

$Total\ return = [(Dividend + (Value\ of\ stock\ after\ 1\ year - Purchase\ Value))/(Purchase\ Value) ]* 100$

$62.5 = [(1 + (12 - Purchase\ Value))/(Purchase\ Value) ]* 100\n\n0.625 Purchase\ Value = 1 + 12 - Purchase\ Value\n\n1.625 Purchase\ Value = 13\n\nPurchase\ Value = 8$

Originally pay for the stock = $8

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