ponts) Ponchard, a chain of candy stores, purchases it's candy in bulk. In a recent shipment, Ponchardreceived 149,240 candies for $13,500. The candy is broken into two groups. One group of 44,550 piecesthat will sell for $0.15 each and the rest that will sell for $0.41 each. Using this information, how much profitwill Ponchard record for each candy they sell from the first group? Please round your calculations to thenearest penny!O $0.06O $0.11O $0.30O $0.04

Profit per unit is the amount of earnings made by an entity after deducting the relevant expenses…

Answered: pots) Ponchard, a chain of candy…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Zorro Company buys from wholesalers and resells a single product that costs $10 each unit. All purchases are paid in cash. There is a sales commission paid of 20% on each unit sold. Sales commissions and sales proceeds are also all in cash. Each unit sells for $30. In year 1 the firm purchased 20,000 units and sold 15,000 units. In year 2 it purchased 20,000 units and sold 16,100 units. The firm uses FIFO inventory method for inventory costing. Required 1: Assuming no other transaction happened, the amount of gross Sales Revenue in year 2 is: $ Required 2: Assuming no other transaction happened, the amount of gross margin on sales in year 2 is: $ Required 3: Assuming no other transaction happened, what was the profit on sales for year 2? $
JYP Store purchases shirts printed with GOT7 name and logo from a vendor. The vendor sells the shirts to the store for RM40 each. The cost to the store for placing an order is RM110, and the annual carrying cost is 20% of the cost of the shirt. Jackson, the store manager, estimates that 1,600 shirts will be sold during the year. The vendor has offered the store the following volume discount in Table 3. [Kedai JYP membeli baju yang di cetak dengan nama dan logo GOT7 dari pembekal. Pembekal menjual baju kepada kedai dengan harga RM40 sehelai. Kos untuk membuat tempahan ialah RM110, dan kos memegang tahunan ialah 20% dari harga kos sehelai baju. Jackson, pengurus kedai, menjangkakan sebanyak 1,600 baju akan dijual setahun. Pembekal menawarkan kepada kedai berdasarkan Jadual 3.] Table 3: Discount schedule [Jadual 3: Jadual diskaun] ORDER SIZE DISCOUNT 1 – 299 0% 300 – 500 2% 501 and more 4% Determine the best order size of shirts.
A chain of appliance stores, APP Corporation, purchases inventory with a net price of $350,000 each day. The company purchases the inventory under the credit terms of 1/15, net 30. APP always takes the discount but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar.
Charlotte sells widgets that cost $50 each to purchase and prepare for sale. Annual sales are 10,000 widgets, carrying costs are 15% of inventory costs, and Charlotte incurs a cost of $25 each time an order is placed. (a) What is the EOQ? (b) What will be the total inventory costs if the EOQ amount is ordered? (c) Suppose that Charlotte's supplier decides to offer a 3% cash discount if products are ordered in increments of 1250. How many widgest should Charlotte order each time an order is placed to minimize total inventory costs?
: A newsvendor purchases units for $10 and sells each one for $18. Inventoryis salvaged for $6. He orders 45,000 units and expected sales are 35,000. What is hisexpected profit?
Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. For a recent shipment, the company paid $2600 and received 7600 pieces of candy that are allocated among three groups. Group 1 consists of 2260 pieces that are expected to sell for $0.15 each. Group 2 consists of 5020 pieces that are expected to sell for $0.30 each. Group 3 consists of 320 pieces that are expected to sell for $0.66 each. Using the relative sales value method, what is the cost per item in Group 2? O $0.38. O $0.19. O $0.83. O $0.34.
Blossom Company sells 320 units of its products for $20 each to Wildhorse inc. for cash. Blossom allows Wildhorse to return any unused product within 30 days and receive a full refund. The cost of each product is $11. To determine the transaction price, Blossom decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the probability weighted amount. Using the probability-weighted amount. Blossom estimates that (1) 7 products will be returned, and (2) the returned products are expected to be resold at a profit. Prepare the journal entries for Blossom at the time of the sale to Wildhorse including any expected returns. The company follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Cash (To record…
ssence of Skunk Fragrances, Ltd., sells 6,900 units of its perfume collection each year at a price per unit of $399. All sales are on credit with terms of 2/30, net 50. The discount is taken by 50 percent of the customers. a.What is the amount of the company’s accounts receivable? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)b.In reaction to sales by its main competitor, Sewage Spray, Essence of Skunk is considering a change in its credit policy to terms of 4/30, net 50 to preserve its market share. Will this change in policy increase or decrease accounts receivable?
Fresh Paper Delivery has decided to analyze the profitability of five new customers. It buys recycled paper at $ 11 per case and sells to retail customers at a list price of $14.70 per case. Data pertaining to the five customers are: Customer 1 2 3 4 5 Cases sold 2,050 8,840 61,800 34,100 2,700 List selling price $14.70 $14.70 $14.70 $14.70 $14.70 Actual selling price $14.70 $14.50 $12.80 $14.18 $13.20 Number of purchase orders 16 22 39 31 34 Number of customer visits 3 2 7 4 4 Number of deliveries 18 32 69 40 34 Miles traveled per delivery 17 7 10 11 44 Number of expedited deliveries 0 0 0 0 3 pop-up content ends ctivity Cost Driver Rate Order taking $200 per purchase order Customer visits $50 per customer visit Deliveries $2 per delivery mile traveled Product handling $0.50 per case sold Expedited deliveries $310 per expedited…
DOLLAR BILL'S, a retail store in New York City, buys its inventory on credit. Upon purchase, it is given 30 days in which to pay its suppliers. It sells all of its merchandise on credit. It extends 60 days of credit to its customers. Its inventory turnover rate is 60 days.Situation 1Using the Cash Conversion Model, measure DOLLAR BILL'S financing cycle in both days and money ($US) using the following assumptions: Sales of $730,000 Gross Margin of 30% Financing Rate 6.5%
A confectioner , a chain of candy stores , purchases its candy in bulk from its suppliers For a recent shipment , the company paid P4,000 and received 10, 500 pieces of candy that are allocated among three groups. Group 1 consists of 2,500 pieces that are expected to sell for PO.40 each. Group 2 consists of 6,000 pieces that are expected to sell. For P0.60 each . Group 3 consists of 2,000 pieces that are expected to sell is the cost for P0.70 each . Using the relative sales value method , what is the cost per item in group 3?
Legend Company sold $87,000 worth of goods on account to Destiny Inc. on June 20. It cost Legend $60,900 to make these goods. Destiny has 30 days to return the goods for any reason. On July 1, Destiny returns $8,000 worth of goods that had cost Legend $5,600. Legend expects to be able to resell these goods for a profit. Prepare the following entries on the books of Legend Company: Journal entries to record the initial sales on June 20 if a perpetual inventory system is used

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS