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Ira Lisetskai [31]
2 years ago
5

During 2020, Sarasota Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sarasota for

a lump sum of $131,670 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.Col1 Type Lounge chairs Armchairs Straight chairsCol2 No. of Chairs 880 660 1540Col3 Estimated Selling Price Each $90 80 50During 2020, Sarasota sells 440 lounge chairs, 220 armchairs, and 264 straight chairs.
What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020?
Business
1 answer:
vfiekz [6]2 years ago
8 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

Gross profit = Sales - Cost of goods sold

= (440 x 90 + 220 x 80 + 264 x 50) - (440 x 56.7 + 220 x 50.4 + 264 x 31.5)

= (39,600 + 17,600 + 13,200) - (24,948 + 11,088 + 8,316)

= 70,400 - 44,352

= $26,048

Ending inventory schedule attached in the excel archive

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
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The key characteristic of organizational culture that addresses the degree to which people exhibit integrity and high ethical st
attashe74 [19]

Answer:

Integrity

Explanation:

Organizational culture consists of shared assumptions, values, and beliefs, which governs how people behave in organizations. These values determines how people behave in an organizational settings and there are different characteristics ranging from innovation, teamwork, stability etc. The main one that addresses degree people exhibit integrity and high ethical standards is Integrity.

8 0
2 years ago
A restaurant sells salsa and guacamole, each of which can be eaten with the tacos that the restaurant sells. The manager of the
sergiy2304 [10]

Answer:

The cross price elasticity of salsa and guacamole is 0.2. The two goods are substitutes.

Explanation:

The price of guacamole is increased from $2 to $2.5.

Percentage change in price

= \frac{new price\ -\ initial\ price}{initial\ price} \times100

= \frac{2.50\ -\ 2}{2} \times100

= 25%

The demand for salsa rises by 5%.

The cross price elasticity will be

= \frac{percenatge\ change\ in\ quantity\ demanded}{percenatge\ change\ in\ price}

= \frac{5}{25}

= 0.2

We see that the cross price elasticity is positive. This means that the two goods are substitutes. When price of one good will increase consumers will prefer the cheaper substitute, increasing its demand.

3 0
2 years ago
Dogs R US uses the perpetual inventory system to account for its merchandise. On May 1, it returned $50 of merchandise due to a
nataly862011 [7]

Answer:

F. Debit Accounts Payable $50.

B. Credit Merchandise Inventory $50.

Explanation:

As the company uses perpetual Inventory System, the journal entry to record the purchase return will be -

Debit           Accounts Payable             $50

Credit          Merchandise Inventory    $50

As the purchase was on credit, cash would not be either debit or credit. As the Merchandise Inventory returned to the suppliers, inventory was decreased. Hence, inventory will not be debit. Accounts payable was reduced too. Therefore, accounts payable will not be credit. Purchase returns are used in the periodic inventory system.

3 0
2 years ago
It is election day and 1800 voters vote in their precinct’s library during the 10 hours the polls are open. On average, there ar
lorasvet [3.4K]

Answer:

Inventory = 15 voters

Flow rate = 3 voters per minute

Flow Time = 5 minutes

Explanation:

Flow rate is defined as the flow of units for each minute, or the minutes or each unit.

Here, number of voters is the units = 1,800 voters

Also provided number of hours = 10

Thus, flow rate shall be:  1,800/10 = 180 voters each hour

Now \frac{180}{60\ minutes} = 3 voters per minute.

Flow time is the average time by each unit, that is time taken for each unit.

Flow time = 5 minutes

Now, that we know what flow rate and flow time is:

Inventory of voters = Flow rate \times Flow time = 3 voters \times 5 minutes = 15 voters.

5 0
2 years ago
To save energy and money, Jackie Smith replaced the 150 Watt incandescent light bulb in her house with a 32 Watt CFL bulb. The e
wlad13 [49]

Answer:

total savings using CFL light bulbs = $47.09

Explanation:

We can compare the costs of 8,000 hours of lighting:

incandescent light  bulbs

  • you need 8 incandescent light bulbs to generate 8,000 hours of lighting = 8 x $0.70 = $5.60
  • they will consume a total of 150 watts x 8,000 hours = 1,200 kWh x $0.05 per kWh = $60
  • total cost = $5.60 + $60 = $65.60

CFL light bulbs

  • you need one CFL light bulb to generate 8,000 hours of lighting = $5.71
  • it will consume a total of 32 watts x 8,000 = 256 kWh x $0.05 = $12.80
  • total cost = $5.71 + $12.80 = $18.51

total savings = $18.51 - $65.60 = -$47.09

8 0
2 years ago
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