Required information [The following information applies to the questions displayed below] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy Items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. when sold separately, the spa service part of the bundle sells for $448 and the nerchandise basket normally sells for $192. Together, the bundle was sold to Val Amy for cash at a selling price of $510 (total). Val booked a spa treatment for August 1e, and she took the basket of goods with her. The goods had cost NOS $115. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $570 (total); terns n/30. The goods cost NOS $470. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer. Aug. 10 Val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug. 20 Sold two at-home spa kits to Heghan Mitzel for $370 cash. The goods cost Nas $131. Aug. 22 Cosmetics R Us paid its remaining account balance in full.

This is about accounting in merchandising business. Thanks! 1. How much is the cost of goods sold? 2. How much is the gross profit? 3. How much is the net income?

You and two friends have identified a gap in the market in your hometown for work-from-home business clothing. This clothing is functional, comfortable and looks smart in online conferences and meetings. You decide to start a new business designing and manufacturing the clothing.  Identify and explain the legal form of ownership you believe would be best for your business. Justify your choice.

Good evening , please assist with the following . The question and format is attached .

Need answers for all three quest in Question 3 When attempting the question, I would like to you pay attention to the following: how purchases returns, sales returns and shortage/excess  inventory are treated under the perpetual inventory record the adjustment to COGS when there are returns

Problem Solving: In a Worksheet, Answer the Following: Your grouping as per the Entrepreneurship need to be utilized to clear out all the problems stated here. Only 1 member will submit the Performance Task in Paper, however, any feedback on any member not performing their part, will have to be submitted too. 1 Martin is retailer, engaged in selling sumptuous deserts. Martin sells four products as of the moment, Toasted Pastillas, yema Balls, Red Velvet Crinkles and Sylvanas. Martin wants to prepare a sales budget for the fourth quarter of 2014 in order to properly anticipate his inflows of revenue Sales Forecast in per pack of each product is as follows: October November December Toasted Pastillas 15000 24000 42000 Yema Balls Martin sells the products under the following prices: Toasted Pastillas - P120/pack Yema Balls-P 100/pack 18000 18500 20000 Red Velvet Crinkles 12000 14000 18000 Sylvanas Red Velvet Crinkles - P180/pack Sylvanas-P 200/pack Prepare Martin's Sales Budget for the…

Please create an example of an Income Statement for a merchandising business.

[The following information applies to the questions displayed below.] Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget Number 1 Purchase Date Direct Cost Other Costs Total Cost August 15 $ 2,200 Number 2 October 30 2,350 Number 3 November 10 2,400 Widget Purchase Date Number 4 Early spring Summer Fall In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Number 5 Number 6 $ 2,100 2,200 2,300 David's §481 adjustment amount Number of year(s) Estimated Cost $ 2,600 2,260 2,400 $ 100 150 100 d. Suppose that David initially adopted the LIFO method, but wants to apply for a change to FIFO next year. What would be his §481 adjustment for this change, and over how many year(s) would he make the adjustment? + FIFO

MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X

Apply mathematical skills around cost structures and appropriate equations to answer the following, inclusive of all associated workings to maximise marks:Opening Inventory + Purchases – Closing Inventory = Cost of Sales (CoS). Bev Smithey makes hand-braided mats, at a cost of $40 per mat, to sell at local craft shows. She has 30 mats on hand for the next show, and expects to sell them all for a total of $1,800.What is Bev’s markup per mat in dollar and percentage terms?