canova corporation adopted the dollar-value lifo retail method on january 1, 2021. on that date, the cost of the inventory on hand was $15,000 and its retail value was $18,750. information for 2021 and 2022 is as follows: ending inventory at retail retail price index cost-to-retail percentage date 12/31/2021 $ 25,000 1.25 82 % 12/31/2022 $ 28,600 1.30 85 % required: 1. what is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. calculate the inventory value at the end of 2021 and 2022 using the dollar-value lifo retail method.
Answers
The cost-to-retail percentage for the inventory on hand at 1/1/2021 is 75%.
What is corporation?
A corporation is a legal entity established by a group of people to carry out business activities. It is a separate legal entity from its owners and is treated as an individual in the eyes of the law. Corporations have the ability to raise capital by issuing shares, enter into contracts, buy and sell assets, and pay taxes. They also have the ability to sue and be sued, and are liable for their own debts. The structure of a corporation allows for a separation of ownership and management, which helps to ensure that decisions are made in the best interests of the company. Corporations also provide limited liability to their owners, meaning that shareholders are not held personally liable for the debts and obligations of the corporation.
1. The cost-to-retail percentage for the inventory on hand at 1/1/2021 is 75%.
2. 12/31/2021:
Inventory Value = Retail Value × Cost-to-Retail Percentage
= $25,000 × 0.82 = $20,500
12/31/2022:
Inventory Value = Retail Value × Cost-to-Retail Percentage
= $28,600 × 0.85 = $24,410
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Related Questions
Nominal interest rates were extremely high in the early 1980s because of A. high default premiums. B. high maturity premiums. C. high inflation. D. high real rates.
Answers
C. high inflation. In the early 1980s, nominal interest rates were extremely high primarily due to high inflation.
The United States experienced significant inflation during that time, reaching double-digit percentages. To combat inflation, central banks raised interest rates to reduce spending and curb inflationary pressures. These high nominal interest rates were meant to reflect the high inflation rates and incentivize individuals and businesses to save rather than spend, thus slowing down the economy and reducing inflationary pressures. The high inflation environment resulted in higher borrowing costs and reduced purchasing power for consumers and businesses alike.
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In which year the first school in the whole world was opened?
Answers
The fact that tim cook's career at apple took him through the positions of manager of operations and coo prior to his appointment to ceo suggests that apple has what in place for its top-level managers? a. succession plans b. mission statements
Answers
The fact that Tim Cook's career at Apple took him through several positions before being appointed CEO suggests that Apple has option a- succession plans in place for its top-level managers.
Succession planning is the process of identifying and developing employees within an organization who have the potential to fill key leadership positions in the future. This helps ensure that the organization has a pipeline of qualified and capable leaders who can step into critical roles as needed.
By promoting Tim Cook through various roles before making him CEO, Apple was likely able to assess his performance, skills, and leadership potential, and ensure that he was well-prepared to take on the top role. This suggests that Apple has a well-developed succession planning process in place to identify and groom talent within the organization..
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Kiran owns a T-shirt shop in a beach community. For many years, he owned the only T-shirt shop in the area. Recently, several other T-shirt shops have opened next to Kiran’s shop. What is likely to happen?
Answers
Answer:
most likely kiran is going to go out of business
Explanation:
so he has to step up his products and have something that makes his stuff look outstanding like ads and he might want to have someone with a lot of fame to represent his brand
If the government's budget deficit increases while the economy is producing substantially less then potential GDP and expansionary monetary policy is implemented, then any ________________ from government borrowing would be _____________________________ from that monetary policy.
Answers
If the government's budget deficit increases while the economy is producing substantially less than potential GDP and expansionary monetary policy is implemented, then any increase in government borrowing would be offset by the monetary policy. Expansionary monetary policy is a strategy implemented by central banks to stimulate economic growth and increase employment by increasing the money supply and lowering interest rates. This policy encourages businesses and individuals to invest and spend more, ultimately boosting economic activity.
However, an increase in government borrowing to finance a budget deficit could lead to higher interest rates, which could counteract the expansionary monetary policy. This is because higher interest rates would make borrowing more expensive, which could discourage spending and investment. In order for expansionary monetary policy to be effective, it is important that the government manages its budget deficit and borrowing in a responsible way. If the government continues to borrow excessively, it could lead to higher interest rates and inflation, which would ultimately harm the economy.
In summary, while expansionary monetary policy can help stimulate economic growth, it is important that the government also manages its budget deficit and borrowing in a responsible way to ensure that the benefits of the policy are not outweighed by the negative effects of excessive borrowing.
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In ________________, the market consists of many buyers and sellers trading in a uniform commodity, such as wheat or financial securities. Sellers in these markets do not spend much time on marketing strategy.
Answers
In pure competition, the market consists of many buyers and sellers trading in a uniform commodity, such as wheat or financial securities. Sellers in these markets do not spend much time on marketing strategy.
What do you mean by the pure competition?
All goods are comparable in a pure market competition. Despite not being exactly the same, products may all have packaging, colours, and shapes that seem to resemble one another.
Customers may not have product preferences because products are similar, and they frequently will buy all things equally.
Also known as Atomistic Competition and Perfect Competition.
A marketing scenario where many companies sell the same product and cannot differentiate themselves from one another; as a result, no firm has a substantial impact on price.
The ease with which new businesses can enter the market and great market knowledge are further existing factors.
Therefore, in pure competition, the market consists of many buyers and sellers trading in a uniform commodity, such as wheat or financial securities. Sellers in these markets do not spend much time on marketing strategy.
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PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST) PERSONAL & FAMILY FINANCE
Ivywood Country Club recently hired Spencer to find additional resources, make major decisions involving membership, and develop ideas for new swag to be sold in the pro shop. What unique skill did the club MOST likely need when they hired Spencer?
capital capacity
labor talent
entrepreneurial ability
Answers
Answer:
entrepreneurial ability
Explanation:
Entrepreneurial ability is the capacity to understand every aspect of a business. It entails combining a range of technical, management, and personal skills. Entrepreneurial ability incorporates creativity, ambition, determination, teamwork, risk management, and a sense of responsibility.
Spencer must have Entrepreneurial abilities; that's why the club hired him. The club believes that his creativity and determination will be useful in finding additional resources. Spencer can recognize, attract, and retain talent. Entrepreneurial abilities involve taking over a business that already exists and making it better.
what is the main purpose of alcohol when doing poly gel nails?
Answers
Answer:
Gel gloss are included stronger components that realize the nail tighter than traditional lacquers and also are solid sufficient to withstand day-to-day wear and tear without damaging, discusses Essie Global Lead Instructor Rita Comment. A few distinctions in between the formula and also your normal lacquer? Gel polishes are much more adaptable, so they withstand chips; Gels are treated under a UV or LED light and brightens treatment in oxygen. Gels have to be eliminated by soaking in acetone for at the very least 10 minutes, while polishes can be quickly wiped away with nail gloss cleaner.
Explanation:
Commercially reasonable means Multiple Choice observing industry standards and practices that are generally accepted throughout various industries as proper business practices. charging a fair price for goods and not taking advantage of others in the industry. getting the highest price possible for goods without violating the law. observing industry standards and practices that may be unique to the particular industry.
Answers
Answer:
observing industry standards and practices that may be unique to the particular industry.
Explanation:
Commercially reasonable activities are based on a standard of reasonableness. It gauges what a reasonable person or entity will do in a given situation.
For example a standard for operation is defined in an industry and used as a basis the determine if business practices of a company are reasonable or not.
It involves good faiths effort on the part of the actors to meet as much as possible a similar objective or activity under similar circumstances.
In this instance commercially reasonable is defined as observing industry standards and practices that may be unique to the particular industry.
What is the difference between a salary and an hourly wage? everfi
Answers
For jobs completed during the working day, salaries are hourly or regular payments. The key distinction between wages and hourly wages is that both the employer and the employee agree that wages are a fixed payment. On the other hand, salaries can vary based on hours worked and results.
hope that helps
Answer:
Hourly wage is the amount of currency the person is being paid each hour. Salary on the other hand is the amount of money a person is being paid yearly.
Explanation:
There are three reasons why people demand money: for use in transactions, for precautionary reasons (meaning in case of emergencies) and for speculative safety (meaning in case some investments drop in value). Give an example of a time when you demanded money for each of these reasons. Describe the specific circumstances of your demand for money
Answers
Example of each reason why people demand money:
1. Transactional Demand: I know a friend who demanded money when he went to a store to buy groceries. He needed cash to pay for his purchase, as the store didn't accept credit cards or any other forms of payment. In this case, the demand for money was purely for the purpose of conducting a transaction.
2. Precautionary Demand: I have heard of people demanding money for precautionary reasons, such as for unexpected medical expenses. For instance, a family member of mine demanded money for emergency dental work after suffering from an acute toothache. The money was needed to pay for the dental procedure, which was unexpected and not covered by insurance.
3. Speculative Demand: A colleague of mine once demanded money for speculative safety. He invested a significant amount of money in the stock market and saw a drop in the value of his investments. He demanded money to secure his investments, hoping that the value would eventually rise again. In this case, the demand for money was based on the expectation of future gains.
examples for each of these reasons based on a hypothetical scenario.
1. Transactions demand: Suppose someone needs to buy groceries to prepare meals for the week. In this case, they demand money to make the necessary purchases at the grocery store. Their demand for money is directly related to the cost of the groceries they need to buy.
2. Precautionary demand: Imagine that this person is aware that their car is old and might break down unexpectedly. To be prepared for such a situation, they set aside some money as a precautionary measure, allowing them to cover any repair costs that may arise. Their demand for money in this case is to have a safety net in case of emergencies.
3. Speculative demand: Lastly, consider that this person has some extra money saved and wants to invest in the stock market. However, they are unsure about market conditions and want to hold on to some cash in case better investment opportunities arise, or if their current investments lose value. Their demand for money in this instance is to have a financial cushion to respond to potential changes in the investment landscape.
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Complete the cost of goods manufactured schedule for Hobbit Company.
HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017
For the Month Ended December 31, 2017
December 31, 2017 Work in process (1/1) $214,690
Direct materials Raw materials inventory (1/1) $
Add: Raw materials purchases 164,500
Total raw materials available for use Less: Raw materials inventory (12/31) 30,580
Direct materials used $186,060
Direct labor Manufacturing overhead Indirect labor 19,810
Factory depreciation 37,840
Factory utilities 68,470
Total overhead 126,120
Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 90,080
Cost of goods manufactured $550,770
Cost of Goods Manufactured:
Answers
HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017
For the Month Ended December 31, 2017
December 31, 2017 Work in process (1/1): $214,690
Direct materials
Raw materials inventory (1/1): $
Add: Raw materials purchases: $164,500
Total raw materials available for use: $
Less: Raw materials inventory (12/31): $30,580
Direct materials used: $186,060
Direct labor: $
Manufacturing overhead:
Indirect labor: $19,810
Factory depreciation: $37,840
Factory utilities: $68,470
Total overhead: $126,120
Total manufacturing costs: $
Total cost of work in process: $
Less: Work in process (12/31): $90,080
Cost of goods manufactured: $550,770
The Cost of Goods Manufactured (COGM) for Hobbit Company for the year ended December 31, 2017, was $550,770. The COGM schedule provides a breakdown of the costs incurred in the manufacturing process.
To calculate the COGM, we start with the beginning work in process inventory (1/1) of $214,690. We then consider the direct materials, which include the raw materials inventory at the beginning of the month and the raw materials purchased during the month. The total raw materials available for use is determined by adding these two values. We subtract the ending raw materials inventory (12/31) to find the direct materials used.
Next, we consider the direct labor and manufacturing overhead costs. Direct labor refers to the cost of labor directly involved in the production process, while manufacturing overhead includes indirect labor, factory depreciation, and factory utilities. The total overhead is the sum of these costs.
The total manufacturing costs are calculated by adding the direct materials used, direct labor, and total overhead. The cost of work in process is found by subtracting the ending work in process inventory (12/31) from the total manufacturing costs. Finally, the COGM is determined by subtracting the cost of work in process from the total manufacturing costs, resulting in $550,770.
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17. An apple computer is a substitute for a PC computer. What happens to the demand for PC computers and the quantity demanded for PC computers as the price of an Apple falls? 18. Describe how each of
Answers
As the price of Apple computers falls, the demand for PC computers decreases due to their status as substitute goods. Price elasticity, income elasticity, and cross elasticity of demand determine the responsiveness of quantity demanded to price changes, income changes, and changes in the price of related goods, respectively.
1. As the price of an Apple computer falls, the demand for PC computers will decrease. This is because Apple computers and PC computers are considered substitute goods, meaning they can be used interchangeably for similar purposes. When the price of Apple computers decreases, consumers will find them more affordable and attractive compared to PC computers. As a result, some consumers who were initially considering purchasing a PC computer may switch their preference to Apple computers, leading to a decrease in the demand for PC computers.
2. Price elasticity of demand measures the responsiveness of quantity demanded to changes in price. If a good has elastic demand, it means that a small change in price leads to a relatively larger change in quantity demanded. On the other hand, if a good has inelastic demand, it means that changes in price have a relatively smaller effect on quantity demanded. The factors that determine price elasticity of demand include the availability of substitutes, the necessity of the good, the proportion of income spent on the good, and the time period considered.
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income. If a good has positive income elasticity, it means that as income increases, the demand for the good also increases. Conversely, if a good has negative income elasticity, it means that as income increases, the demand for the good decreases. The magnitude of income elasticity indicates the degree of responsiveness.
Cross elasticity of demand measures the responsiveness of quantity demanded of one good to changes in the price of another good. If two goods are substitutes, a decrease in the price of one good will lead to an increase in the demand for the other good. This indicates a positive cross elasticity of demand. On the other hand, if two goods are complements, a decrease in the price of one good will lead to a decrease in the demand for the other good, indicating a negative cross elasticity of demand.
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HELP IM BEGGiNG YALLL
At what point in the process can you choose whether you want the pasted text to inherit the formatting of its destination?
when you are editing paste items on the Clipboard
when you are pasting the text
when you have selected text with the Mini Toolbar
when you have the Font dialog box open
Answers
Answer: When you are pasting the text
Explanation: I don't know, but it says so when you search it :)
Answer: B. When you are pasting the text. Hope this helps!
Discuss any five items of government expenditure in Nigeria
Answers
Answer:
Government expenditure items, whether recurrent or capital, are usually classified into four major groups, namely: administration, economic services, social and community services and transfers.
Is this micro or macro economics the optimal interest rate for the Federal Reserve to target?
Answers
This is macroeconomics. The Federal Reserve's target interest rate is a macroeconomic concept as it affects the entire economy, rather than just one specific market or industry.
The Federal Reserve's target interest rate, also known as the federal funds rate, is the interest rate at which depository institutions lend reserve balances to other depository institutions overnight on an uncollateralized basis.
By setting a target interest rate, the Federal Reserve can influence the cost and availability of credit in the economy, which can impact overall economic growth, inflation, and employment levels. Therefore, determining the optimal interest rate for the Federal Reserve to target is a macroeconomic issue.
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what type of work are performed by jobzs
Answers
Answer:
find out the nouns from the picture below and write on the box
What is the marginal revenue and marginal cost for this diagram?
What type of market is this? Explain your answer
Answers
Marginal revenue :
2060120200300420560Marginal cost :
108210192640It is a Monopolistic market structure because marginal revenue is greater than the marginal cost.
Marginal Revenue is the increase in the revenue by selling one extra product in the market. It is calculated by the Change in revenue divided by the change in output.
Marginal cost is the change in cost by producing one extra unit of output. It is calculated by a change in cost divided by the change in units.
Monopolistic market structure is where there are multiple companies producing similar products in the market.Example for monopolistic structure can be a grocery store.
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what county is broccoli cheddar soup made in ?
Answers
explain the method of bookkeeping ?
Answers
Keiynan wants to start a restaurant that is environmentally friendly. It is important to him to use locally grown food to keep the impact on the environment low. How should he set up his business based on his goals?
Answers
Answer:
He should begin growing a garden of fresh fruit and vegetables to utilize for his cooking. He could also use sustainable utensils and tools.
Correction in the comments- I assume its the last one.
Keiynan should set his business goals by focusing on the good environmental practices, such as using sustainable utensils and tools and growing a garden of fresh fruit and vegetables.
What is Environment?Environment refers to the surrounding in which we live. It is very important part of the human life to keep the surrounding clean as it may impact the life of everyone, even the animals. It includes all type of living sand nonliving elements.
According to the above scenario, Keiynan open the restaurant while keeping in the mind the measures to be undertaken in order to protect the environment. The practices that he can incorporate are developing his own garden and growing the chemical and pesticides.
Therefore, it can be concluded that Keiynan should focus on excellent environmental practices while setting his company goals, such as employing sustainable utensils and tools and establishing a garden of fresh fruits and vegetables.
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Which best describes the types of indicators that the HDI measures?
O economic and industrial indicators
O infrastructure and social indicators
O social and economic indicators
O stability and social indicators
Answers
Answer:
O social and economic indicators
Explanation:
The Human Development Index (HDI) is a statistic used to measure a country's achievements in different aspects of its social and economic welfare. The united nations developed HDI to evaluate different dimensions of human development in a country. Dimensions of human development refer to people's health, educational level, and standards of living.
The HDI makes comparisons between countries by analyzing components such as average annual income and educational achievements.
Social and economic indicators is best describes the types of indicators that the HDI measures. The HDI analyzes factors such as average annual income and educational achievements to directly compare between countries.
What is HDI ?The Human Development Index is a metric that assesses a country's progress in various areas of social and economic development.
HDI was created by the United Nations to assess many aspects of a country's human development. Human development dimensions include people's health, educational attainment, and living conditions.
Thus, option C is correct.
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PLEASE HELP!!! What is the name for the highest amount a policyholder pays for deductibles, coinsurance, and co payments?
A. benefit maximum
B. coverage maximum
C. out-of-pocket maximum
D. premium maximum
Answers
Answer:
out of pocket
Explanation:
plato
which of porter's four competitive strategies involves keeping the costs, and therefore prices, of a product or service below those of competitors but targets only a narrow market?
Answers
The competitive strategy that involves keeping the costs and prices of a product or service below those of competitors but targets only a narrow market is known as the "cost focus" strategy according to Porter's Four Competitive Strategies.
This competitive strategy is effective when a company is able to identify a specific niche market with unique needs and preferences that can be met by offering products or services at lower costs than competitors. By focusing on cost savings and providing specialized offerings to a narrow target audience, companies can differentiate themselves from larger, more established competitors and create a profitable market position.
However, the downside of this strategy is that it is highly vulnerable to changes in the market and may be difficult to sustain in the long-term. Companies must continually monitor market trends, competitive offerings, and consumer demands to remain competitive and successful in this strategy.
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your broker recommends that you purchase xyz inc. at $60. the stock pays a $2.40 dividend which is expected to grow annually at 8 percent. if you want to earn 12 percent on your funds, is this a good buy? a. no, because the fair value is $54.80, which is less than the market price b. yes, because the fair value is $64.80, which is greater than the market price c. yes, because the fair value is $69.90, which is greater than the market price d. yes, because the fair value equals the market price
Answers
The correct option is D, The fair value of the stock is $60, which is the same as the market price. yes, because the fair value equals the market price.
Let's calculate the fair value:
Fair Value = Dividend / (Required Rate of Return - Dividend Growth Rate)
= $2.40 / (0.12 - 0.08)
= $2.40 / 0.04
= $60
Fair value refers to the estimated worth of an asset or liability based on objective and unbiased assessments. It represents the price at which an asset could be exchanged or a liability settled between knowledgeable and willing parties in a transparent market. Fair value is determined through various approaches, such as market prices, comparable transactions, or valuation models.
The concept of fair value is important in financial reporting, as it provides relevant and reliable information to users of financial statements. It promotes transparency, consistency, and comparability in financial reporting by reflecting the true economic value of assets and liabilities. Fair value measurements are often used for financial instruments, such as stocks, bonds, derivatives, and investment properties.
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why is market development necessary ?
Answers
NEHunt sells artifacts from small handicraft shops around the world. It provides a medium to sell various products with a secure payment system. It showcases products from the small handicraft stores and creates an attractive audience for new and innovative products. Which of the following statements is true of NEHunt in this scenario?
a. It sells differentiated products from a standardized platform.
b. It sells identical products in the same way all over the world.
c. All aspects of its operations including sales are centralized.
d. Integration is not limited to a particular value chain segment or a sales division.
Answers
Considering the situation described above, the statement that is true of NEHunt in this scenario is that "It sells differentiated products from a standardized platform."
This is because differentiated products are products that make a brand stands outs from the competition.
A standardized platform is a platform in which one vendor sells various products.
Therefore, given that NEHunt sells various products with a secure payment system, this is an example of a vendor selling differentiated products from a standardized platform.
Hence, in this case, it is concluded that the correct answer is option A.
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how have companies such as ebay (and the internet more generally) lowered transaction costs?
Answers
Companies like eBay and the internet have significantly lowered transaction costs by introducing online platforms that streamline buying and selling processes.
Online marketplaces like eBay provide a centralized platform where buyers and sellers can connect without the need for physical storefronts or intermediaries. These platforms offer several key advantages. First, they increase market efficiency by expanding the reach and accessibility of goods and services. Second, they enable easy comparison shopping, allowing buyers to quickly find the best deals. Third, they reduce transactional friction by facilitating secure payment methods and providing dispute resolution mechanisms. Additionally, the internet's widespread availability and accessibility have made it possible for businesses to reach a global audience, further lowering marketing and distribution costs. Overall, these advancements have revolutionized commerce, making it more efficient, convenient, and cost-effective for both businesses and consumers.
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Please help. Atleast the top 2
Answers
Answer:
Number 1 is Pure Market. Number two is socialist, I'm pretty sure.
Explanation:
Please mark me brainliest if someone else answers :>
The price elasticity of supply measures how Multiple Choice easily labor and capital can be substituted for one another in the production process. responsive the quantity supplied of X is to changes in the price of X. responsive the quantity supplied of Y is to changes in the price of X. responsive quantity supplied is to a change in incomes.
Answers
Answer:
Yes
Explanation:
Cause an increase in price causes increase in goods produced