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please answer all questions and fully explain! These are 3 seperate questions. Ravi met with his accountant to determine what his store's equivalent markup rates
please answer all questions and fully explain!
These are 3 seperate questions.
Ravi met with his accountant to determine what his store's equivalent markup rates should be for a new product line. Ravi only wrote down the rates, 42.86% and 75%, and is reluctant to call the accountant to ask which is markup on cost and which is markup on selling price. Is there a way for Ravi to determine this without asking his accountant? Explain how you know. INVOICE DATE TERMS DATE OF ORDER ORDERED BY PHONE NO. HARPER REMIT May 27, 20XX4/10, 1/30, n/60 May 27, 20XX TO 555-555-5555 Accounting Office LINE MANUFACTURER QTY QTY. UNIT EXTENDED DESCRIPTION NO. PRODUCT NUMBER ORD SHP. PRICE AMOUNT 001 REMYY370/02253 4 4 FAUX FUR THROW 99.99 002 Sk1230M402 LOVE SALAD PLATE, 5 3 31.99 set of 4 003 JRLM01023 10 10 MIRRORED FRAME 29.99 004 rTu123456 9 9 JACQUARD BATH TOWEL, GRAY 28.50 074460900001 TOTAL INVOICE AMOUNT ORDER NO. b. Locate the terms of the invoice and determine what you would pay on June 7. A premium food producer and retailer made 500 pounds of chocolate covered strawberries at a cost of $7.59 per pound. If a 26% spoilage rate is anticipated, at what price per pound should the strawberries be sold in order to achieve a 191% markup based on cost (to the nearest cent)? Ravi met with his accountant to determine what his store's equivalent markup rates should be for a new product line. Ravi only wrote down the rates, 42.86% and 75%, and is reluctant to call the accountant to ask which is markup on cost and which is markup on selling price. Is there a way for Ravi to determine this without asking his accountant? Explain how you know. INVOICE DATE TERMS DATE OF ORDER ORDERED BY PHONE NO. HARPER REMIT May 27, 20XX4/10, 1/30, n/60 May 27, 20XX TO 555-555-5555 Accounting Office LINE MANUFACTURER QTY QTY. UNIT EXTENDED DESCRIPTION NO. PRODUCT NUMBER ORD SHP. PRICE AMOUNT 001 REMYY370/02253 4 4 FAUX FUR THROW 99.99 002 Sk1230M402 LOVE SALAD PLATE, 5 3 31.99 set of 4 003 JRLM01023 10 10 MIRRORED FRAME 29.99 004 rTu123456 9 9 JACQUARD BATH TOWEL, GRAY 28.50 074460900001 TOTAL INVOICE AMOUNT ORDER NO. b. Locate the terms of the invoice and determine what you would pay on June 7. A premium food producer and retailer made 500 pounds of chocolate covered strawberries at a cost of $7.59 per pound. If a 26% spoilage rate is anticipated, at what price per pound should the strawberries be sold in order to achieve a 191% markup based on cost (to the nearest cent) Step by Step Solution
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