Answer:
Explanation:
Data given and notation
represent the sample mean
represent the standard deviation for the sample
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
State the null and alternative hypotheses.
We need to conduct a hypothesis in order to determine if the mean is lower than 5600, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
We don't know the population deviation, so for this case is better apply a t test to compare the actual mean to the reference value, and the statistic is given by:
(1)
t-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".
Calculate the statistic
We can replace in formula (1) the info given like this:
Answer:
the information is missing, so I looked for a similar question and found the attached image:
a) days inventory on hand = (average inventory / cost of goods sold) x 365 = ($14,000 / $120,000) x 365 = 42.58 days
b) inventory turnover ratio = cost of goods sold / average inventory = $120,000 / $14,000 = 8.57
I agree with Mr. David because the inventory turnover ratio of Golden Cup is already higher than the industry's average. That means that Golden Cup's current inventory level is appropriate and increasing it would only result in higher costs but would have very little influence on the company's sales.
Answer:
Dr. Office Supplies Expense $900
Cr. Office supplies $900
Explanation:
At the end of the period office supplies account requires an adjusting entry of the office supplies used during the period. It can be calculated as follow
Ending balance of Office supplies = Beginning balance of Office supplies + Purchases during the period - office supplies expense during the period
$1,200 = $1,100 + $1,000 - office supplies expense during the period
$1,200 = $2,100 - office supplies expense during the period
Office supplies expense during the period = $2,100 - $1,200
Office supplies expense during the period = $900
Journal Entry will be debited to office supplies expense account and credit to office supplies inventory account, which will increase the expenses and decrease the inventory.
Answer:
$15,000
Explanation:
Year 2
Opening inventory = $8,000
Purchases = $10,000
Sales = $15,000 (cash received = $20,000)
Inventory count at year end = $1,000
Amount to be written to p/l = 8000 + 10000 - 1000
= $17,000
However, the cost of goods sold is $15,000 while the remaining $2,000 is recognized as inventory write down.
Answer: 2.5186 percent
Explanation:
First you have to understand that the payment includes Payment Interst plus Debt Payment and that the Payment Balance is the Loan Amount minus the Debt Payment; with this information you calculate the Loan Amount that is 260,500.00 and calculate the rate per month (use the interest debt / Loan Amount) which results in 0.2075 percent (TEM). To calculate the annual interest rate you use the formula to convert to TEA which is ((1+TEM)^12)-1).
