answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
GREYUIT [131]
2 years ago
15

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be

ginning inventory at cost and retail were $78,000 and $132,000, net purchases at cost and retail were $324,000 and $492,000, and sales during the first six months totaled $502,000. The estimated inventory at June 30, 2021, would be: Multiple Choice $78,080. $64,880. $81,380. $73,130.
Business
1 answer:
san4es73 [151]2 years ago
7 0

Answer:

$78,592

Explanation:

The computation of estimated inventory is shown below:-

Cost of Goods available for sale = Beginning inventory + Net purchases

= $78,000 + $324,000

= $402,000

Retail value of goods available for sale = Retail price of beginning inventory + Retail price of purchases

= $132,000 + 492,000

= $624,000

Cost to retail percent = Cost of Goods available for sale ÷ Retail value of goods available for sale

= $402,000 ÷ $624,000

= 64.42%

Estimated ending inventory at retail = Cost of Goods available for sale at retail - Sales

= $624,000 - $502,000

= $122,000

Estimated ending inventory at cost = Estimated ending inventory at retail × Cost to retail percent

= $122,000 × 64.42%

= $78,592

Therefore the correct answer is $78,592. So, in the given question the option is not available.

You might be interested in
A consumer lives on a diet of solely steak and potatoes. Her budget is ​$30 for every 10 days and she must buy enough potatoes t
Alja [10]

Answer:

Total= 20 potatoes + 2 steaks

Explanation:

Giving the following information:

Her budget is ​$30 for every 10 days and she must buy enough potatoes to eat at least 2 potatoes per day. If a potato costs ​$0.50 and the price of a steak is ​$10.

2 potatoes a day= 0.5*2= 1

Consumption of potatoes= 10 days*$1= $10

Consumption of steak= 30 - 10= 20/10= 2 steaks.

Total= 20 potatoes + 2 steaks

5 0
2 years ago
Which type of learning situation is one in which the consumer is motivated to process or learn the material? explicit learning i
8090 [49]
<span>high-involvement learning is the correct answer </span>
7 0
2 years ago
Tanya (born 10-31-90) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyo
Kay [80]

Answer:

Tanya

Taxable Income is:

$23,564

Explanation:

a) Data and Calculations:

Gross Income:

Wages                       $22,594

Bank interest                 $320

Unemployment             $250

Alimony (Pre 2018)    $2,400

Total gross income $25,564

Claim adjustments:

Student loan interest  ($800)

IRA                               (1,200)

Taxable income      $23,564

b) Tanya's taxable income is the amount of income that will be used to calculate how much tax she owes to the government in a given tax year. It is generally described as the adjusted gross income because it is her total income, known as her “gross income,” minus any deductions or exemptions allowed in that tax year.

6 0
2 years ago
Estelle is trying to create an advertising message that communicates the tangible features of her company's laptop computers, te
ankoles [38]

Answer:

Answer is D. Informational.

Refer below.

Explanation:

Estelle is trying to create an advertising message that communicates the tangible features of her company's laptop computers, telling consumers about the relative advantages of her products as compared to other offerings in the market. Estelle is trying to create an informational appeal.

3 0
2 years ago
Read 2 more answers
Spontaneously generated funds are generally defined as follows: a. Funds that a firm must raise externally through borrowing or
siniylev [52]

Answer: e. Funds that arise out of normal business operations from its suppliers, employees, and the government, and they include spontaneous increases in accounts payable and accruals.

Explanation:

Spontaneously Generated Funds are a result of an increase in sales. This then in turn leads to an increase in Accounts Payables, wages to employees and taxes to the Government. For example, if sales rise then the company will buy more from.its suppliers leading to a higher Payables balance.

It is used in the calculation of Additional Funds Needed where it along with an increase in Retained earnings is subtracted from the required increase in sales.

6 0
2 years ago
Other questions:
  • Archoid's Flowering Plants provides the following information for the month of May: Actual Budget Tulips Geraniums Tulips Gerani
    12·1 answer
  • Which of these pieces of information would fit in a career plan’s career definition section? Check all that apply.
    10·2 answers
  • A direct cost is a cost that is:
    6·1 answer
  • One use of inventory is A. to provide a hedge against inflation. B. to tightly synchronize production and distribution processes
    12·1 answer
  • Mark responds to Brianna’s concerns about the new employee end of shift policy with ""… This is a policy straight from corporate
    5·1 answer
  • Item 8Item 8 Rick’s Cafe is a new restaurant in town. It has Rick, (the owner), five waitstaff, two cooks, a busboy, and a hoste
    15·1 answer
  • Every time Beth buys a book at The Venus Bookstore, she presents her Venus card, and the sales associate enters her purchase in
    10·2 answers
  • If purchasing power parity holds, a bushel of rice costs $10 in the US, and the nominal exchange rate is 2 Thai bhat per dollar,
    12·1 answer
  • I'm having a difficult time with my accounting workbook. I post the adjusting entries, but my balance sheet never equalizes. Can
    8·1 answer
  • You are given the following information: sales, $260; expenses other than depreciation, $140; depreciation expense, $50; margina
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!