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- vi) If cost of goods sold increases 20%, fixed selling expense decreases RM10,000 and selling price decreases 10%, calculate the profit/loss for DSRSB. (CLO3, C4) vii) Calculate the additional sales volume required to meet RM 10,500 additional administrative expenses to maintain the original profit. (CLO3, C4)13. One of the following is not a purchase cost of inventoriesa. non-refundable taxes b. trade discounts c. import duties d. handling cost 14. A markup of 40% on cost is equivalent to what markup on selling price?a. 29%b. 40%c. 31%d. 25% PLEASE ANSWER IMMEDIATELYBUS 038 : Business Computations 3. For the last 15 years, Tina has been receiving a 20/15/5 series discount. Find the equivalent singlediscount rate.
- E18.17 (LO 3) (Sales with Returns) Refer to the revenue arrangement in E18.16. Assume that instead of selling the tool sets on credit, Steele sold them for cash. Below is the E18.16 On March 10, 2022, Steele Company sold to Barr Hardware 200 tool sets at a price of $50 each (cost $30 per set) with terms of n/60, f.o.b. shipping point. Steele allows Barr to return any unused tool sets within 60 days of purchase. Steele estimates that: (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2022, Barr returned six tool sets and received a credit to its account. Instructions 1. Prepare journal entries for Steele to record (1) the sale on March 10, 2022, (2) the return on March 25, 2022, and (3) any adjusting entries required on March 31, 2022 (when Steele prepares financial statements). Steele believes the original estimate of returns is correct.2. Indicate the income statement and…Year 1 Year 2 YR 1 YR2Sales (S) $ 614,405.00 $ 600,343.00 Cost of Good Sold (COGS) $ 385,101.00 $ 473,396.00 Gross Profit (GP) $ 229,304.00 $ 226,947.00 Calculate the following: (round to nearest percent) Answer Answer(a) Mark-up percent for year 1 (b) Mark-up percent for year 2 (c) Gross Profit for year 1 (d) Gross Profit for year 2chapter 3 7. Determine the customer return percent when gross sales are $138,300 and net sales are $127,430. Round your answer to two decimal places and add a percent sign (i.e. 15.37%).
- Buy P 1-P Low Cost High Cost Purchase Cost C1 = 35,000+ 0.08 x 2,500,000 C2 = 35,000+ 0.12 x 2,500,000 C3 = 200,000Example 14: CVP Analysis Application: For example, sale price of one laptop is $500, sales revenue=500Q; Assume that expense is Y=a+bx=$80,000+300Q. We can draw two lines to assume Horizontal line (X) is the units sold Q and Vertical line (Y) is dollar sales $. We need to draw a graph using this informationSCRUMPTIOUS CUPCAKESProfit and loss accountfor the year ended 30 April 20202020£SalesSales 220,000Cost of sales 120,000Gross Profit 100,000ExpensesSalaries 24,000Other Fixed cost 4,800Distribution 3,000Advertising 4,500Rent 13,200AHUtilities 3,600Other Cost 4,00057,100Operating Profit 42,900 SCRUMPTIOUS CUPCAKESBalance Sheetas at 30 April 20202020£Fixed assetsIntangible assets -Tangible assets 35,000Investments -35,000Current assetsStocks 3,000Debtors 10,000Cash at bank and in hand 6,30019,300Written ReportsCreditors: amounts falling duewithin one year (11,300)Net Current Assets 8,000Total assets less currentliabilities 43,000Net Assets 43,000Capital and reservesCalled up share capital 100Profit and loss account 42,900Shareholders' funds 43,000 please calculate the folliwing ratios: Profitability Ratios – Gross Profit Margin, Net Profit Margin and ROCE● Liquidity – Current Test and Acid Test● Gearing● Activity/Performance – Stock Turnover, Debtors’ Collection Period and AssetTurnover…
- P8.6 (LO 3) (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye.Date Transaction Quantity Price/Cost1/1 Beginning inventory 1,000 $122/4 Purchase 2,000 182/20 Sale 2,500 304/2 Purchase 3,000 2311/4 Sale 2,200 33Instructions Compute ending inventory AND cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system,…9. Assuming the management chooses the first option, which amount the product lines will be eliminated?a. La-Lisab. Jenniec. Jisood. Rose_____ 10. Assuming the management chooses to discontinue the unprofitable product line, what is the net impact to the Company’s overall profit?a. P 7,000b. P 17,000c. P 13,000d. P 23,00036-Since the selling price of a good sold with 20% profit is 144 TL, what is the cost of it?A) 120B) 110C) 105D) 100E) 115
