Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $7,740,000. Ranns engaged in the following transactions during the year. Purchased merchandise inventory for $11,400,000. Generated net sales of $31,200,000. Recorded inventory shrinkage of $12,000 after taking a physical inventory at year-end. Reported gross profit for the year of $18,000,000 in its income statement. a. At what amount was Cost of Goods Sold reported in the company’s year-end income statement? b. At what amount was Merchandise Inventory reported in the company’s year-end balance sheet? c. Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account?
Answers: 1
Business, 22.06.2019 04:30
Galwaysc electronics makes two products. model a requires component a and component c. model b requires component b and component c. new versions of both models are released each year with updated versions of all components. all components are sourced overseas, and abc contracts annually for a quantity of each component before seeing that year’s demand. components are only assembled into finished products once demand for each model is known. for the coming year, alwaysc’s purchasing manner has proposed ordering 500,000 units of component a, 630,000 of component b, and 1,000,000 units of component c. her boss has asked why she has recommended purchasing so much of components a and b when alwaysc will not have enough of component c to fully use all of the inventory of a and b. what factors might the purchasing manager cite to explain her recommended order? explain your reasoning.
Answers: 3
Business, 22.06.2019 11:00
Which ranks these careers that employers are most likely to hire from the least to the greatest?
Answers: 2
Business, 22.06.2019 19:30
Nextdoor is an instant messaging application for smartphones. new smartphone users find it easier to connect with friends and relatives through this mobile app when compared to other similar instant messaging applications. hence, it has the largest user base in the industry. thus, nextdoor app's value has increased primarily due to itsa. learning curve effects. b. economies of scale. c. economies of scope. d. network effects.
Answers: 2
Business, 22.06.2019 20:40
If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant.a. the division's basic earning power ratio is above the average of other firms in its industry.b. the division's total assets turnover ratio is below the average for other firms in its industry.c. the division's debt ratio is above the average for other firms in the industry.d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.
Answers: 1
Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning...
Computers and Technology, 02.09.2020 21:01
History, 02.09.2020 21:01
Mathematics, 02.09.2020 21:01
Physics, 02.09.2020 21:01
Mathematics, 02.09.2020 21:01
Mathematics, 02.09.2020 21:01
History, 02.09.2020 21:01