Company A sets price equal to cost plus 60%. Recently, Company A charged a customer a price of $42 for an item. What was the cost of the item to Company A? a. $26.25 b. $42 c. $25.20 d. $67.20 e. $40.32
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- If a company has four lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle) for$15, purchase 3 (middle) for $12, and purchase 4 (latest) for $14, which cost would be assumed to be sold firstusing LIFO costing?A. $17B. $15C. $12D. $141-If the common cost ( 350 000)$. distribution between S. and R. using N.R.V. the sales Value of S. ( 200 000)$. , ( 300 000)$. to the R. and the Cost after off point to the S. ( 145000)$. the value of N.R.V. to the S. ? * . a- ( 145000)$. b-(55000 )$. C- ( another option)If the cost of goods sold is $100,000 and the ending finished goods inventory is$30,000 higher than the beginning finished goods inventory, what must be the amountof the cost of goods manufactured?a. $30,000b. $100,000c. $130,000d. $70,000
- Snyder’s cost of goods sold using the LIFO method would be:a. $7,200.b. $7,400.c. $7,475.d. $7,700.An item originally cost $20 and its current replacement cost is $13. Its NRV is $18 and the normal profit (c) Assume the same information as above except that original cost was $14. Determine the value to 9.28 per unit is $3. (a) Determine designated market value. (b) Determine the value to be assigned to the item. be assigned to the item.General Merchandising Co. Selling price is P2,750, Selling expenses is P500 and the Cost to sell is P650. The cost of sales is P.1750 and replacement cost P1,500, 47. What is Lower of Cost or Net Realizable Value (NRV)? LCNRV AP1,500. B. P 1.600. C.P 1,750. D. P 2,750 OD O B OC O A
- An item has a 29% markup based on selling price. The markup is $400. a. Find the selling price. b. Find the cost. Round to the nearest cent. a. The selling price is $ (Round to the nearest cent as needed.) b. The cost is SIf cost of goods sold is $520,000 and the gross profit rate is 20%, what is the gross profit? Select one: a. $2,600,000. b. $130,000. c. $ 520,000. d. $416,000.Use the following date to answer the requirement of this item:Quantity (Product X) - 1,200.00Quantity (Product Y) - 1,800.00Purchase cost per unit (Product X) - 70.00Purchase cost per unit (Product Y) - 90.00Cash discount taken for both products – 10%Freight cost from supplier (Product X) 10.00Freight cost from supplier (Product Y) 30.00Estimated selling price (Product X) 120.00Estimated selling price (Product Y) 150.00Estimated selling costs (Product X) 22.00Estimated selling costs (Product Y) 35.00General and administrative (Product X) 15.00General and administrative (Product Y) 21.00Cost of goods sold per record – 385,800Inventory at year-end shall be carried at
- The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $Find expressions for the Revenue, Cost, and Profit from selling x thousand items. 2) Item Price Fixed Cost Variable Cost $3.00 $31,471 3775xIf the common cost ( 350 000)$. distribution between S. and R. using N.R.V. the sales Value of S. ( 200 000)$. , ( 300 000)$. to the R. and the Cost after off point to the R. ( 155000)$. the value of N.R.V. to the R. ? *