Question
In: Accounting
A grocery store buys Italian gelato from different suppliers and sells the desserts to its customers...
A grocery store buys Italian gelato from different suppliers and sells the desserts to its customers for $5 per pint. In September, the following purchases and sales occurred. You are to find the COGS, ending inventory and Gross Margin using FIFO and LIFO.
- September 2, purchase 30 pints at $2.50 each
- September 6, purchase 20 pints at $3 each
- September 20, purchase 25 pints at $4 each
- September 5-8, sell 10 pints to customers
- September 9-19, sell 20 pints
- September 21- 30, sell 35 pints
Solutions
ekkarill92 answered 1 year agoRelated Solutions
1. A U.S. company sells to customers in Canada and buys from suppliers in Singapore. At...
1. A U.S. company sells to customers in Canada and buys from
suppliers in Singapore. At December 31, 2019, the company’s
year-end, the following items are reported on its balance
sheet:
Accounts receivable (C$2,500,000)..…………………… $2,125,000
Accounts payable(S$1,400,000)………………………….. 1,061,200
On January 22, 2020, when the spot rate is $0.845/C$, the
company collects C$1,000,000 from customers. It collects the
remaining C$1,500,000 on February 16, 2020, when the spot rate is
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Gotohell buys and sells regularly with customers worldwide. Its home currency is the dollar. The firm...
Gotohell buys and sells regularly with customers worldwide. Its
home currency is the dollar. The firm expects to receive €1.2
million in 6 months’ time from a customer abroad.
Current exchange rates in the home country of Gotohell are:
Exchange rate : Euros Per dollar
Spot : 4.1780-4.2080
6-month forward : 4.2302- 4.2606
12-month forward : 4.2825-4.3132
Required: a) Calculate the rate of forward discount of the euro
on the 6-month forward exchange rate both for buying and selling
rate....
Gotohell buys and sells regularly with customers worldwide. Its home currency is the dollar. The firm...
Gotohell buys and sells regularly with customers worldwide. Its
home currency is the dollar. The firm expects to receive €1.2
million in 6 months’ time from a customer abroad.
Current exchange rates in the home country of Gotohell are:
Exchange rate : Euros Per dollar
Spot : 4.1780-4.2080
6-month forward : 4.2302- 4.2606
12-month forward : 4.2825-4.3132
Required:
a) Calculate the rate of forward discount of the euro on the
6-month forward exchange rate both for buying and selling rate....
A customer comes into a grocery store and buys 8 items. Write a PYTHON program that...
A customer comes into a grocery store and buys 8 items. Write a
PYTHON program that asks for the name of the item and the price of
each item, and then displays these on the screen. Refer to the
print() and input() statements covered in the module. Do NOT use
loops as it will be covered in later modules. Apples 2.10 Hamburger
3.25 Milk 3.49 Sugar 1.99 Bread 1.76 Deli Turkey 7.99 Pickles 3.42
Butter 2.79
Customers arrive at a grocery store at an average of 2.2 per minute. Assume that the...
Customers arrive at a grocery store at an average of 2.2 per
minute. Assume that the number of arrivals in a minute follows the
Poisson distribution. Provide answers to the following to 3 decimal
places.
Part a)
What is the probability that exactly two customers arrive in a
minute?
Part b)
Find the probability that more than three customers arrive in a
two-minute period.
Part c)
What is the probability that at least seven customers arrive in
three minutes, given...
1. A sample of customers in a grocery store were asked the amount they spent at...
1.
A sample of customers in a grocery store were asked the amount
they spent at the grocery store and the number of household members
for whom they currently shopped. The results are summarized in the
table below:
Number of Household Members (x)
Dollar Amount Spent on Groceries (y)
5
135
2
49
2
50
1
37
4
91
3
68
5
133
3
60
Find the correlation coefficient for the number of household
members versus the dollar amount spent...
Customers arrive at a grocery store at an average of 2.1 per minute. Assume that the...
Customers arrive at a grocery store at an average of 2.1 per
minute. Assume that the number of arrivals in a minute follows the
Poisson distribution. Provide answers to the following to 3 decimal
places.
Part a)
What is the probability that exactly two customers arrive in a
minute?
Part b)
Find the probability that more than three customers arrive in a
two-minute period.
Part c)
What is the probability that at least seven customers arrive in
three minutes, given...
A store has issued two different coupons for its customers to use. One coupon gives customers...
A store has issued two different coupons for its customers to
use. One coupon gives customers $25 off their purchase price, and
the other coupon gives customers 35% off of their purchase. The
store allows customers to use both coupons and choose which coupon
to apply first. For this context, ignore sales tax. Let f be the
function that inputs a cost (in dollars) and outputs the cost after
applying the "$25 off" coupon, and let g be the function...
The Reynolds Corporation buys from its suppliers on terms of 2/17, net 65. Reynolds has not...
The Reynolds Corporation buys from its suppliers on terms of
2/17, net 65. Reynolds has not been utilizing the discounts offered
and has been taking 65 days to pay its bills.
Ms. Duke, Reynolds Corporation's vice president, has suggested that
the company begin to take the discounts offered. Duke proposes that
the company borrow from its bank at a stated rate of 15 percent.
The bank requires a 10 percent compensating balance on these loans.
Current account balances would not...
The Reynolds Company buys from its suppliers on terms of 2/10, net 58. Reynolds has not...
The Reynolds Company buys from its suppliers on terms of 2/10,
net 58. Reynolds has not been utilizing the discount offered and
has been taking 70 days to pay its bills. The suppliers seem to
accept this payment pattern, and Reynold’s credit rating has not
been hurt. Mr. Duke, Reynolds Company’s vice-president, has
suggested that the company begin to take the discount offered. Mr.
Duke proposes the company borrow from its bank at a stated rate of
11 percent. The...
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