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Ad libitum [116K]
2 years ago
9

Blossom Enterprises reported cost of goods sold for 2020 of $1,517,400 and retained earnings of $5,576,300 at December 31, 2020.

Blossom later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $105,590 and $36,540, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.
Business
1 answer:
Inga [223]2 years ago
8 0

Answer:

$1,448,350 ;  $5,539,760        

Explanation:

The corrected amount is as follows

For cost of goods sold

= Reported cost of goods sold - overstated value of ending inventory in year 2019 + overstated value of ending inventory in year 2020

= $1,517,400 - $105,590 + $36,540

= $1,448,350    

For retained earnings

= Reported retained earning -  overstated value of ending inventory in year 2020

= $5,576,300 - $36,540

= $5,539,760          

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Answer:

Secondary data technique is not perfect for marketing research

Explanation:

The secondary method is useful, as it is difficult to perform or conduct a new survey. More, importantly using secondary data technique in marketing research is not an ideal method, because the data may be inaccurate or outdated. The pharmaceutical company was performing marketing research, and usually, the availability of new marketing data is challenging to get from secondary sources.

5 0
2 years ago
Rachelle is the owner of a full-service car wash. For the month of December she paid $2,000 in rent, $700 in utilities, $2,950 i
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Answer:

Total Fixed costs:      $

 Rent                       2,000

Utilities                    700

Salaries                   2,950

Advertising             50

Total fixed cost       5,700

Contribution per car = Selling price - Unit variable cost

                                    = $10.50 - $2.50

                                    = $8.00 per car      

Break-even point in full-service car

= <u>Total fixed cost</u>

  Contribution per car

=  <u>$5,700</u>  

     $8.00    

=   712.5 = 713 cars                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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vovikov84 [41]

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5 0
1 year ago
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