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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Calculate the total number of imported silk ties available for sale and the cost of goods available for sale from the following inventory figures for Ritz Fashions. Inc.

UnitsDate Purchased Cost perUnit Total Cost
Beginning Inventory, January 1 59 $46.10
Purchase. March 29 75 43.50
Purchase. July 14 120 47.75
Purchase. October 12 95 50.00
Purchase. December 8 105 53.25
Total Units Available Cost of Goods Available for Sale

To determine

To calculate: The total number of imported silk ties available for sale and the cost of goods available for sale from the following inventory figures for Ritz Fashion, Inc.

DateUnitPurchasedCost per UnitTotalCostBeginning Inventory, January 159$46.10___Purchase, March297543.50___Purchase, July 1412047.75___Purchase, October 12Purchase, December 89510550.0053.25___Total units available___Cost of goods Available for sale___

Explanation

Given Information:

The provided table is:

DateUnitPurchasedCost per UnitTotalCostBeginning Inventory, January 159$46.10___Purchase, March297543.50___Purchase, July 1412047.75___Purchase, October 12Purchase, December 89510550.0053.25___Total units available___Cost of goods Available for sale___

Formula:

Follow the steps to calculate the total number of goods and the total amount of goods:

Step 1: Add all units to calculate the total numbers of units available for sale.

Step 2: Add the cost of all units to calculate the cost of goods available for sale.

Calculation:

To calculate the total number of imported silk ties available for sale, add all unit purchased and write the value of summation.

59+75+120+95+105=454

To calculate the total cost of imported silk ties available for sale, multiply the units with per unit cost,

59×46.10=2,719.975×43.50=3,262.5120×47

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