On January 1, 2020, the merchandise inventory of Fruit Tree Corp. was $600,000. During 2020, Fruit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2020, the merchandise inventory of Fruit Tree Corp. was $600,000. During 2020, Fruit Free purchased $1,150,000 of merchandise and recorded sales of $1,350,000. The gross profit rate on these sales was 35%. What is the estimated dollar value of the inventory at December 312 On January 1, 2020, the merchandise inventory of Fruit Tree Corp. was $600,000. During 2020, Fruit Free purchased $1,150,000 of merchandise and recorded sales of $1,350,000. The gross profit rate on these sales was 35%. What is the estimated dollar value of the inventory at December 312
Expert Answer:
Answer rating: 100% (QA)
Theres a typo in the question It states December 312 which is l... View the full answer
Related Book For
Advanced Accounting
ISBN: 9781260247824
14th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date:
Students also viewed these accounting questions
-
QUESTION 2 A two dimensional robot has the transformations between links of the robot are follows: 00 C2 -82 04 S C 00 $2 C2 0 0 T = T = T = 0 0 1 0 0 0 10 0 0 01 0 0 01 L [100 2] 0100 001 0 0001...
-
What are the challenges associated with heat transfer in compact heat exchangers, and how do innovations in materials science and additive manufacturing contribute to overcoming these challenges ?
-
What are the common myths about C4 plants?
-
Samson Company manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: Fixed...
-
A spring is used to stop a 50-kg package which is moving down a 20 incline. The spring has a constant k = 30 kN/m and is held by cables so that it is initially compressed 50 mm. Knowing that the...
-
Although the process of bank reconciliation provides a measure of control over cash in a business entity, bank reconciliation is useless unless it operates within a framework which incorporates...
-
If a friend asks you to sponsor his or her participation in a charity event, such as a run or walk, do you usually give a positive response or not? Why? Would your response be different if that...
-
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the...
-
Use the Midpoint Rule to approximate with n = 6. 4.5 x dx -1.5
-
Monica wishes to assess whether she should invest in both or only one of the investments listed below. Her required annual rate of return is 8%. What would you recommend to Monica? Investment Q...
-
This problem contains three parts. In Part A, you are asked to determine the parameters of the profit function- the contribution margin and the fixed costs. You shoul move on to Parts B and C until...
-
A site where you solve a murder mystery is sponsoredby a compnay that specializes in publising mystery novels. This site is using big datato promote its novels?
-
Bryce invested $30,000 in his employeesponsored retirement account when he was 29 years old. He is now 65 years old and ready to retire. If he earned an average of 6% on the account, how many times...
-
MistyMoss Company produces two products, cheese and butter, in a single process. In the month of January, the joint costs related to the process amounted to $81,000. In addition, 5,000 pounds of...
-
A site where you solve a murder mystery is sponsoredby a compnay that specializes in publising mystery novels. This site is using what plateform to promote its novels?
-
Q1. It is the ratio between total discounted cash inflows and total discounted cash outflows. a) Identify the method of evaluating the project. Write one merit and one demerit of the above method. b)...
-
Use the accompanying tables of Laplace transforms and properties of Laplace transforms to find the Laplace transform of the function below. Note that an appropriate trigonometric identity may be...
-
Assume a simple Keynesian depression economy with a multiplier of 4 and an initial equilibrium income of $3,000. Saving and investment equal $400, and assume full employment income is $4,000. a. What...
-
What does the Securities Act of 1933 cover?
-
On January 1, 2021, Jay Company acquired all the outstanding ownership shares of Zee Company. In assessing Zees acquisition-date fair values, Jay concluded that the carrying value of Zees longterm...
-
On June 30, 2020, Wisconsin, Inc., issued $300,000 in debt and 15,000 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company....
-
Study the appendix beginning on page 551. The CD-ROM division (CDRD) of Micro Storage, Inc. produces CD-ROM drives for personal computers. The drives are assembled from purchased components. The...
-
Since Mitch Banks had become president of Alberta Mining, Ltd., budgets had become a major focus for managers. In fact, making budget was such an important goal that the two managers who had missed...
-
Budgeting is useful to many different types of entities, including the individual. Consider the entity that you know best, the college or university student. Form groups of two to six students, and...
Study smarter with the SolutionInn App