QUESTION FIVE The following information relates to PAT STORES with financial year end 28 February 2021:
Sales 400.000
Purchases 155.000
Inventory (01/03/2020) 8.000
Inventory (28/02/2021) 18.000
Carriage on sales 10.000
Rallage on purchases 5.000
Required: Calculate gross profit and gross profit percentage on sales for the year ended 28 February 2021.
Answers
The gross profit for PAT STORES for the year ended 28 February 2021 is $220,000, and the gross profit percentage on sales is 55%.
Gross profit is calculated by subtracting the cost of goods sold (purchases + carriage on sales - rallage on purchases) from the net sales. In this case, the net sales can be determined by subtracting the carriage on sales from the total sales, which gives us $390,000 ($400,000 - $10,000). The cost of goods sold is calculated by taking the purchases, adding the rallage on purchases, and subtracting the change in inventory. Therefore, the cost of goods sold is $152,000 ($155,000 + $5,000 - ($18,000 - $8,000)).
To calculate the gross profit, we subtract the cost of goods sold from the net sales: $390,000 - $152,000 = $238,000. The gross profit percentage is then calculated by dividing the gross profit by the net sales and multiplying by 100: ($238,000 / $390,000) * 100 = 61.03%. Therefore, the gross profit percentage on sales for the year ended 28 February 2021 is approximately 55%.
In summary, PAT STORES had a gross profit of $220,000 and a gross profit percentage on sales of 55% for the year ended 28 February 2021. This means that after accounting for the cost of goods sold, the company retained 55% of its net sales as gross profit.
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Related Questions
is it cool when you have friends at school
Answers
Answer:
Well yes I would suppose…unless you’re the loner type. I don’t have any friends so I wouldn’t really know—
._.
Answer:
yes, i guess you could say that its cool to have friends at school. but it is important to make sure that they dont get in the way of schoolwork or influence you to do anything bad
Explanation:
(10 marks) 1. Looking at Nigeria as a potential emerging market, mention and explain 4 factors you think are preventing Nigeria from becoming an excellent emerging market to invest in? 2. If you were given the chance, resources and power to change Nigeria, which one out of the 4 problems identified above would you try to solve and how would you do it?
Answers
Answer:
1. Political instability
2. High cost of taxation
3. Insecurity
4. Changes in law and policy
Explanation:
1A. Political instability. The uncertainty regarding political decisions is one of the major threat to foreign investment in Nigeria. Where there are daily crises in terms of political events, such will scare away potential investors. Moreover, if government changes regulations guiding businesses or do not enforce such changes, it may cut down the returns that should ordinary be made by the investors hence discourage them from making further investment.
1B. High cost of taxation. Emerging economies such as Nigeria imposes too many taxes on local and foreign investors who have their companies situated there. For instance, the federal government through Federal lnland Revenue services is saddled with the responsibility of collecting various types of taxes such as company income tax, withholding taxes etc. Moreover, state governments also levy taxes on these companies for situating and carrying out business transactions in their state.
1C. Insecurity. The prevalence insecurity in the North East discourages investors from investing in Nigeria. The country has to grapple with the daily threat posed by these terrorist. Again, the activities of these terrorist group including the dreaded bandits and local militants have claimed and destroyed lots of lives and properties over the years. Due to their constant and continuous activities, Nigeria has been included among terrorist nations hence scares investors away from coming to invest in the country because no one would want his or her investments to be destroyed.
1D. Changes in law and policy. Emerging countries such as Nigeria is used to changing laws regulating businesses constantly. Most of these changes come through variation of existing contracts such as using executive powers(circulars, administrative orders,directives etc). The continuous changes in law and policy is capable of discouraging investors from investing in the country.
2. If I have the resources to change any of the above, I would change political instability. The reason is that a country that is not stable politically cannot attract foreign investment. I would try as much possible to bring together all the political players in the country by asking them to ignore their political differences hence work towards common good of the country.
milton corporation has 10 percent coupon bonds making annual payments with a ytm of 9.4 percent. the current yield on these bonds is 9.75 percent. how many years do these bonds have left until they mature?
Answers
These bonds have approximately 11 years left until they mature.
To determine the number of years left until the bonds mature, we can use the formula for the present value of an annuity:
\(PV = C \times [(1 - 1 / (1 + r)^n) / r]\),
where PV is the present value of the bond, C is the annual coupon payment, r is the yield to maturity, and n is the number of years until maturity.
First, we can use the current yield to calculate the current market price of the bond:
C = 0.10 × 1000 = 100
Current market price = C / current yield = 100 / 0.0975 = $1,025.64
Next, we can use the yield to maturity of 9.4% to calculate the present value of the bond:
\(PV = 1000 \times [(1 - 1 / (1 + 0.094)^n) / 0.094] = $1,075.92\)
Now we can set these two present values equal to each other and solve for n:
$1,025.64 = $1,075.92 × [(1 − 1 / (1 + 0.094)^n) / 0.094]
After simplifying and solving for n, we get n ≈ 11.07.
Therefore, these bonds have approximately 11 years left until they mature.
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economic problem in corona globally ?
Answers
Business strategy, as a level of the company's strategy-making process, is Multiple choice question. the strategic initiatives and approaches for managing key operating units and specific operating activities. focused on improving the competitive strength of a single business unit or nondiversified business. concerned with the actions related to particular functions or processes within a business. the overall companywide game plan for managing a set of businesses.
Answers
Answer:
concerned with the actions related to particular functions or processes within a business. the overall companywide game plan for managing a set of businesses.
Explanation:
Business strategy, as a level of the company's strategy-making process, is Multiple choice question. the strategic initiatives and approaches for managing key operating units and specific operating activities. focused on improving the competitive strength of a single business unit or non diversified business. co
Why do consumer advocates advise against using alternative financial services?.
Answers
Consumer advocates advise against using alternative financial services because of the high cost that's associated with the loans and other services.
What is a financial service?It should be noted that a financial service simply means a wide range of activities such as banking, insurance and investing.
In this case, consumer advocates advise against using alternative financial services because of the high cost that's associated with the loans and other services.
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Which of these statements is true with respect to the appraisal of a one family home?
Capitalization of net income is the most accurate
You should appraise it by at least three methods, total the results and divide by three
The reproduction cost method is valid on new property
Capitalizing the average rent of the neighborhood properties is accurate
Answers
Out of the four options given, the most accurate statement with respect to the appraisal of a one family home is that you should appraise it by at least three methods, total the results, and divide by three. This is known as the comparative approach and involves analyzing comparable properties in the same area that have sold recently.
This method takes into account various factors like the size of the property, the number of bedrooms, bathrooms, and other amenities.
Capitalization of net income may not always be accurate as it depends on the rental market and the current market conditions. The reproduction cost method is only valid for new properties and does not consider the age of the property or depreciation. Capitalizing the average rent of the neighborhood properties may also not be accurate as the rental market may fluctuate and can be affected by various factors like supply and demand, location, and amenities. Therefore, the comparative approach is the most reliable and widely used method for appraising a one family home.
Hello! Among the provided statements regarding the appraisal of a one-family home, the true statement is: "The reproduction cost method is valid on new property."
The reproduction cost method is an appraisal technique that calculates the cost to reproduce a property with the same materials and construction standards as if it were new. This method is particularly useful for new properties, as it provides a more accurate estimate of their value.
Other methods, such as the capitalization of net income and capitalizing the average rent of the neighborhood properties, can be appropriate for certain situations, but are not universally accurate for all one-family homes. Additionally, using at least three methods and averaging the results might provide a more comprehensive valuation, but it is not a standard practice in the industry.
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What do you think was the reasons of Ms. Sagrado in coming up with a pot as business?
Answers
You must speculate as to Ms. Sagrado's motivations for starting a marijuana-related business because she didn't anticipate the success of her venture and appears to be overjoyed about it in the paragraph.
Business, finance, marketing, sales, and human resources entry-level positions can be attained with a bachelor's degree in entrepreneurship. They also offer the entrepreneurial abilities required to launch a business.
Your best work, service to others, and Conditions that are helpful include interesting work that allows you to experience "flow," encouraging coworkers, the absence of significant drawbacks like unjust compensation, and a job that suits your own schedule.
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T/F leaders play an important role in changing and developing organization culture. group startstrue or falsetrue, unselectedfalse, unselected
Answers
The statement "leaders play an important role in changing and developing organization culture. group startstrue or falsetrue, unselectedfalse, unselected" is True.
The leaders play a crucial role in changing and developing organizational culture. They are responsible for setting the tone, establishing values and norms, and ensuring that all members of the group are aligned with the desired culture. Without strong leadership, it can be difficult to create a culture that is conducive to success and growth.
The leaders play an important role in changing and developing organization culture. They set the tone for the work environment, influence employee behavior, and help shape the values and beliefs of the organization.
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Sales tax in your community is 7.5%. If you go to Becks and buy a polar pop for $0.99, slice of pizza for $2.25, and chips for $0.75, what amount will you pay once the sales tax is added to your purchase?
Answers
Answer:
$4.29
Explanation:
Sales tax is a type of consumption tax. It is levied by the government or an agency of the government on the sales. Taxes increase the prices of goods and services
Total amount paid = total price of items purchased + tax amount
total price of items purchased = $0.99 + $2.25 + $0.75 = $3.99
Tax amount = 0.075 x $3.99 = $0.299
Total amount paid = $4.29
5. Which type of negotiators are viewed as uncultured, ill-mannered and threatening? A. Blue negotiators B. Aggressive negotiators C. Red negotiators D. Purple negotiators 6. Which of the following factors, does not lead to negotiation breakdown? A. The negotiation parties B. Conflicting objectives C. Communication channels D. Role reversal 7. What is the reason for the importance of culture in global negotiations? A. Due to cultural diversity B. Culture is groupthink mentality C. The cultural control of the community D. Culture divides the society 8. Which of the following represents intergroup conflict? A. Disagreement between husband and wife B. Misunderstanding between subordinate and boss C. Feud between two families D. Clash between co-workers 9. The ultimate goal of the collective bargaining process is ________________. A. Agreement B. BATNA C. Strike D. Lockout 10. Which category of communication challenge occurs when negotiating parties speak different language and belong to different cultures? A. The problem of misunderstanding B. Absence of dialogue between negotiators C. The problem of hearing the speaker D. Hostility and suspicion of one another
Answers
5. Aggressive negotiators are viewed as uncultured, ill-mannered, and threatening negotiators. Aggressive negotiators use high-pressure tactics, ultimatums, and threats to gain an advantage in the negotiation process.
6. Communication channels do not lead to negotiation breakdown. Communication channels play an important role in the negotiation process as negotiators need to communicate clearly and effectively to achieve a mutually satisfactory outcome.
7. The reason for the importance of culture in global negotiations is due to cultural diversity. Different cultures have different values, beliefs, and behaviors, which can create misunderstandings and miscommunication in the negotiation process. Understanding and respecting cultural differences is important for building trust and achieving successful outcomes in global negotiations.
8. Feud between two families represents intergroup conflict. Intergroup conflict refers to a conflict that occurs between two or more groups, such as families, organizations, or nations.
9. The ultimate goal of the collective bargaining process is agreement. Collective bargaining is a negotiation process between an employer and a group of employees to determine the terms and conditions of employment. The goal of collective bargaining is to achieve a mutually acceptable agreement that benefits both parties.10. The category of communication challenge that occurs when negotiating parties speak different languages and belong to different cultures is the problem of misunderstanding.
Misunderstandings can occur when negotiating parties have different language skills, use different terminology, or have different cultural norms and values. Understanding and respecting cultural differences is important for avoiding misunderstandings and achieving successful outcomes in the negotiation process.
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What can a boosted post help an advertiser achieve?
Answers
A boosted post helps an adviser to connect with the audience and gain trust.
Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.
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Aspen Manufacturing Company sells its products for $33 each. The current production level is 50,000 units, although only 40,000 units are anticipated to be sold.
Unit manufacturing costs are:
Direct materials $6.00
Direct manufacturing labor $9.00
Variable manufacturing costs $4.50
Total fixed manufacturing costs $180,000
Marketing expenses $3.00 per unit, plus $100,000 per year
Required:
a. Prepare an income statement using absorption costing.
b. Prepare an income statement using variable costing.
Answers
Under absorption costing, the income statement shows a net income of $176,000 and under variable costing, the income statement shows net income as $176,000.
a. Income statement using absorption costing:
Sales (40,000 units x $33 per unit) $1,320,000
Cost of goods sold:
Direct materials (40,000 units x $6) 240,000
Direct manufacturing labor (40,000 units x $9) 360,000
Variable manufacturing overhead (40,000 units x $4.50) 180,000
Fixed manufacturing overhead 3.60 ($180,000 / 50,000 units) x 40,000 units 144,000
Gross profit 396,000
Selling and administrative expenses:
Marketing expenses (40,000 units x $3) 120,000
Fixed selling and administrative expenses 100,000
Total selling and administrative expenses 220,000
Net income $176,000
b. Income statement using variable costing:
Sales (40,000 units x $33 per unit) $1,320,000
Variable manufacturing costs:
Direct materials (40,000 units x $6) 240,000
Direct manufacturing labor (40,000 units x $9) 360,000
Variable manufacturing overhead (40,000 units x $4.50) 180,000
Total variable costs 780,000
Contribution margin 540,000
Fixed manufacturing overhead 3.60 ($180,000 / 50,000 units) x 40,000 units 144,000
Gross profit $396,000
Selling and administrative expenses:
Variable selling and administrative expenses (40,000 units x $3) 120,000
Fixed selling and administrative expenses 100,000
Total selling and administrative expenses 220,000
Net income $176,000
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2. Which type of account(s) give you the LOWEST rate of return on your money?
Answers
Answer:
Bank, savings account.
Explanation:
The average interest rate that you get if you put your money in Saving account is only between 0.06 - 0.35 % each year. For most people, this won't even cover the bank charges.
But, other form of accounts that provide you higher interest rates typically less liquid. It means that the amount of money that you put would be stuck in that account for a specific period of time. You wouldn't be able to take out the money that you put in such account until the period is over.
If Japan has a comparative advantage in the production of microchips,how would that affect their international trade?
Answers
Answer: countries would purchase microchips from japan because they are cheaper
Explanation:
Answer:
C countries with purchase microchips from Japan because they are cheaper.
Explanation: USATestprep
1. Kwan's annual premium is $1,284.00. He has the choice of paying semi-annually for a $1.00 fee or quarterly for a $2.00 fee. What is his quarterly payment? Is it twice the amount ?
Answers
Check my work cost-benefit principles can be applied to the decision of: a. Profit-maximizing firms. B. Majority-rule voting. C. Which project receives the most votes. D. Rational ignorance. E. All of these
Answers
Check my work cost-benefit principles can be applied to the decision of a. Profit-maximizing firms.
In the term of economic and business, The cost benefit principle generally can be defined as the cost of providing information via the financial statements should not exceed its utility to readers. The cost benefit principle has an essential point that some financial information is too expensive to produce. There are five major steps in the cost benefit principle, such as Build a framework, List and categorize costs and benefits, Estimate values, Analyze costs, and also Make recommendations.
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Describe factors that encourage conspicuous
consumption by the purchase of status sym-
bols.
Answers
Veblen's initial thesis said that better social standing and peer recognition were the two key factors influencing ostentatious consumption.
Conspicuous consumerism is the act of acquiring things or services specifically with the intention of flaunting one's affluence. When publicly exhibited products and services are too expensive for other people in a person's class, conspicuous spending is a way to demonstrate one's social position.
What is the conspicuous consumerism theory?
Conspicuous consumption is defined as. Displaying extravagant riches in order to improve one's standing and reputation in society is known as conspicuous spending.To Learn more about conspicuous consumption, click the links
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Terrance lives in an area that is expensive, but he does not want to move. When looking at a career, what should Terrance consider? He should choose a career cluster that will allow him to support himself. He should pick a career that speaks to his heart and worry about the finances later. He should ask his family to help support him. He should not worry because he can dictate how much money he will earn.
Answers
Answer:
He should choose a career cluster that will allow him to support himself.
Explanation:
Don is a quality control manager at Vittel Glass House. He shouts at his subordinates if they fail to meet his expectations. This has severely affected his relationship with his subordinates. Which of the following is a guideline for effective human relations that Don should follow in order to correct this?A. He should think before acting.B. He should create a win-lose situation in the company.C. He should be genuinely interested in himself.D. He should listen to other managers.
Answers
Answer:
A. He should think before acting.
Explanation:
In this scenario Don shouts at his subordinates if they fail to meet his expectations, severely affecting his relationship with his subordinates.
Don is obviously impulsive in his reaction to situations.
When he takes the time to think and weigh the benefit of shouting on his subordinates, he will realise this is an unproductive strategy.
Rather he should find out why employees did not meet his expectations and formulate ways to.make them more productive
HELP ASAP I NEED TO TURN IT IN RN (Econ) idk if the answer is A I accidentally clicked it
Answers
Answer:
C is S1.
Explanation:
How is Apple employing the concept of marketing in the creation of the iPhone?
Answers
Answer:
I think it would be that they want the world to change and evolve along with technology, it was me on the other question btw heyy
Explanation:
PLEASE HELP IT DUE TODAY
What are stakeholders from Monopolistic competition, oligopoly, and monopoly?
Answers
Explanation:
Monopolistic competition
Monopolistic competition, many seller that differentiated products - products that differ slightly but sever similar purpose. By making consumer aware of product difference, seller exert some control over price.
Oligopoly
In an oligopoly, a few sellers supply sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow .
Monopoly
In a monopoly, there is only one seller in the market. The market could be a geographical area, such as a city or a regional area, and does not necessarily have to be añ entire country. The single seller is able to control prices
Mark me as brilliant answer
Real Estate Question
A buyer is purchasing a property for $500,000. He has a down payment of $50,000 and is financing the rest. What's the amount of the loan origination fee if the lender charges one-and-a-half points? Please explain your work as well.
Answer Choices:
$5,000
$6,750
$750
$7,500
Answers
Answer:
Amount of the loan origination fee = $7,500
Explanation:
Given:
Purchase cost of house = $500,000
Down payment cost = $50,000
Lender charges point = 1.5 points[%]
Find:
Amount of the loan origination fee
Computation:
Amount of the loan origination fee = Purchase cost of house x Lender charges point
Amount of the loan origination fee = 500,000 x 1.5%
Amount of the loan origination fee = $7,500
kesterson corporation has provided the following information: cost per unit cost per period direct materials $ 6.60 direct labor $ 3.90 variable manufacturing overhead $ 1.55 fixed manufacturing overhead $ 27,900 sales commissions $ 1.90 variable administrative expense $ 0.60 fixed selling and administrative expense $ 7,200 if 10,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to
Answers
The total amount of indirect manufacturing cost incurred for 10,000 units produced by Kesterson Corporation is $43,450.
The total indirect manufacturing cost incurred can be calculated as follows:
Total indirect manufacturing cost = Total fixed manufacturing overhead + (Cost per unit × Number of units)
Total indirect manufacturing cost = \(\$27,900 + ((\$1.55 + \$3.90 + \$0.60) * 10,000)\)
Total indirect manufacturing cost = \(\$27,900 + (\$6.05 * 10,000)\)
Total indirect manufacturing cost = $84,900
Therefore, the closest answer is $84,900.
Assuming that the fixed manufacturing overhead and fixed selling and administrative expense are period costs, the total amount of indirect manufacturing cost incurred is $70,200, calculated as follows:
Variable manufacturing overhead: \(\$1.55 * 10,000 = \$15,500\)
Fixed manufacturing overhead: $27,900
Variable administrative expense: \(\$0.60 * 10,000 = \$6,000\)
Fixed selling and administrative expense: $7,200
Total indirect manufacturing cost = Variable manufacturing overhead + Fixed manufacturing overhead = \(\$15,500 + \$27,900 = \$43,400\)
Total period cost = Variable administrative expense + Fixed selling and administrative expense = \(\$6,000 + \$7,200 = \$13,200\)
Therefore, the total amount of indirect manufacturing cost incurred is $43,400, and when added to the period cost of $13,200, the total cost per period is $56,600.
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PLEASE HELP!! ASAP!!
Answers
Answer:
i can't drag them
Explanation:
In the broadest sense, a new product marketer must research ________ when developing a new product and a marketing program
a. attitudes of consumers toward packaging
b. various domestic promotional challenges
c. characteristics of international markets
d. characteristics influencing the rate of adoption
e. characteristics related to pricing acceptability
Answers
In the broadest sense, a new product marketer must research characteristics influencing the rate of adoption when developing a new product and a marketing program.
Option D is correct.
Before developing a marketing strategy for a new product, a marketer should investigate the factors that influence its adoption rate.
What is the adoption rate in marketing program ?Before developing a new product and marketing strategy, a new product marketer must conduct in-depth research to comprehend the factors that will influence the rate of adoption of the new product. This requires studying the product's unique features and benefits, the size of the potential market, and the specific needs and wants of the target audience. The marketer must also assess the product's positioning and the market's competitive environment.
The marketer must also take into consideration the various components of the marketing mix, such as product design, pricing strategies, promotional activities, and distribution channels, in order to develop a successful marketing strategy that will result in a significant increase in demand for the new product.
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explain the correlation between human capital education and income and how will this influence your career choice
Answers
3) Bill weighs 220 pounds and is losing 4 pounds each month. Phil weigh 250 pounds and is losing 10 pounds each month. How many months, m, will it take for Bill to weigh the same as Phil? How much will they weigh?
Answers
5 months and 200 pounds
4x5 = 20
220-20
200
10x5 = 50
250-50
200
There are a number of different ethical issues you could discuss with your employees. What topics would serve as a good basis for the beginning of the course?
Answers
I think you should claim there to be racism and blame someone for being racist to you and that WILL show them that you are responsible and want best for them .
Hope this helped
Jeff