Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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! image text in transcribed
image text in transcribed
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

4th edition

978-0134125053, 9780134114781, 134125053, 134114787, 978-0134436111

More Books

Students also viewed these Accounting questions