You have been asked to analyze the bids for 200 polished disks used in solar panels. These bids have been submitted by three suppliers: Thailand Polishing, India Shine, and Sacramento Glow. Thailand Polishing has submitted a bid of 3,000 baht. India Shine has submitted a bid of 3,000 rupee. Sacramento Glow has submitted a bid of $3,000. You check with your local bank and find that $1=10 baht , and $1=8 rupee. The final destination for the disks is New Delhi, India and there is a 35% import tax. Thailand Polishing and Sacramento Glow are based outside of India and India Shine is based in India.A .What is the price per unit in dollars, including import tax for Thailand polishing?B. What is the price per unit for India Shine?C. What is the price per unit for Sacramento Glow?

Answer:

12.44%

Explanation:

The computation of the return on assets is shown below:

As we know that

Return on asset = Net income ÷ Average of total asset

= ($26,000) ÷ ($184,000 + $234,000) ÷ 2

= ($26,000) ÷ ($209,000)

= 12.44%

We simply applied the above formula so that the return on assets could be determined

Therefore we considered all the information given in the question

Answer:

12.44

Explanation:

Answer:

Check Explanation.

Explanation:

The concept of " Reference Theory of meaning " and the "Idea Theory of meaning " are very important in the aspect that concerns the use of language for expression and language semantics.

The SIMILARITIES BETWEEN " Reference Theory of meaning " and the "Idea Theory of meaning ";

=> They are both used in the Explanation of meaning that is to say in semantics.

=> They are both defined through "action''

The DIFFERENCE BETWEEN " Reference Theory of meaning " and the "Idea Theory of meaning " :

(1). The term "Reference Theory of meaning" simply means that every word has a particular reference or label.

For instance now;

=> Ebola Virus is deadly.

=> Stomach ache is deadly.

The Ebola Virus is the label for the micro-organism, deadly denotes how the virus kills and the " Ebola Virus is deadly" denotes the sentence.

The first sentence "Ebola Virus is deadly" is right as this sentence makes reference to Ebola virus that is being used in the determination of how true a sentence is.

SUMMARY: ALL WORDS SYMBOLIZES SOMETHING IN REAL LIFE AND THEY ARE USED IN THE DETERMINATION OF WHAT IS TRUE AND WHAT IS WRONG OR WHAT HAS VALUE.

The disadvantage is that it can not be used in the expression for that are abstract.

(2). Idea Theory of meaning simply refers to meaning BASED ON IDEAS and not what it actually means in REAL LIFE SCENARIO.

Its disadvantage is that mental images or ideas differ from one individual to the other.

Answer:

Break-even sales  =$800,000

Explanation:

The break-even sales is the amount of revenue that a business must generate that would equate its total costs to total revenue. At the break even sales, the contribution is exactly to total iced cost, and the business makes no profit or loss

Break-even (units) = Total general fixed cost /(selling price- variable cost)

Break-even sales = Break-even (in units) × Selling price

Break-even sales = 20,000 × $40 =$800,000

Break-even sales=$800,000

Answer:

3. Proof of insurability is not required

Explanation:

Proof of insurability is not required because if a children's term rider is attached to a life insurance policy, then children are protected or covered by this insurance till they reach a particular age, which happens to be the maximum age stated in the policy. From that age they can convert their insurance coverage to a permanent

life insurance policy without having to issue proof of insurability as it would not be required because a child rider locks in future insurability. The can child rider can be purchased with an individual life insurance policy.

Answer:

E. None of the above

Explanation:

First we need to calculate the holding period return

Holding period return is the rate of return which an assets earns during the period in which it holds the assets.

Holding Period Return = (Selling Price - Initial Price + Dividend ) / Initial Price

Holding Period Return = ($24 - $21 + $2.04 ) / $21 = 0.24 = 24%

Now we need to calculate the expected return on the stock using CAPM formula as follow

Expected return = Risk free rate + Beta ( Market Risk Premium )

Expected return = rf + beta ( E(rm) )

Placing values in the formula

Expected return = 8% + 1.2 ( 16% )

Expected return = 27.2%

Abnormal return is the difference of Holding period return and expected return

Abnormal return = 27.2% - 24% = 3.2%

Answer:

The answer is: the price elasticity of supply will increase if the slope of the supply curve is greater than one and the lowest price needed to induce firms to supply anything is positive

Explanation:

The law of supply is the higher the price the higher the quantity supplied and vice-versa. An increase in supply shifts the supply curve to the right and a decrease shifts the supply curve to the left.

Price elasticity of supply is the ratio of percentage change in quantity supplied of a good to percentage change in price of the good.

The upward shift of supply curve tells us that supply often decreases when the costs of production increase, so producers need to set a higher price inorder to cover the higher cost of inputs(cost of production) and vice-versa for the downward shift.

So considering a linear, upward sloping supply curve. If the supply curve shifts upward, then the price elasticity of supply will increase if the slope in greater than one(supply is elastic) indicating a high responsiveness to changes in price. And also, the lowest price for the goods must be encouraging (positive) so as to serve as motivation to produce.

Note: A high price tells producers that a good is in demand and they should make more and vice-versa

The law of supply is the higher the price the higher the quantity supplied and vice-versa. An increase in supply shifts the supply curve to the right and a decrease shifts the supply curve to the left.

Correct option is C.

"the price elasticity of supply will increase if the slope of the supply curve is greater than one and the lowest price needed to induce firms to supply anything is positive."  

So, considering a linear, upward sloping supply curve. If the supply curve shifts upward, then the price elasticity of supply will increase if the slope in greater than one(supply is elastic) indicating a high responsiveness to changes in price. And also, the lowest price for the goods must be encouraging (positive) so as to serve as motivation to produce.

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Answer:

$59,280

Explanation:

This can be calculated as follows:

Bond issue price = $1,650,000 * 0.96 = $1,584,000

Discount on bonds payable = $1,650,000 - $1,584,000 = $66,000

Annual amortization of discount on bonds payable = $66,000 / 10 = 6,600

Bond carrying value on January 2, 2017 = Bond issue price + (Annual discount on bonds payable * Number of years) = $1,584,000 + ($6,600 * 2) =  $1,597,200  

Value of $1,140,000 of bonds = ($1,597,200 / $1,650,000) * $1,140,000 = $1,103,520

Loss on recognized on redemption = ($1,140,000 * 102%) - $1,103,520 = $59,280

Answer: The answer is given below

Explanation:

Here is the complete question:

Preston, Leidner, and Chen in 2008 discuss four CIO leadership profiles: Orchestrator, Advisor, Laggard, and Mechanic. What advice would you offer an Advisor, Laggard, or Mechanic in their quest to become an orchestrator?

Are there any other dimensions you would choose to classify CIOs by other than "Leadership Capability" and "Decision-Making Authority"? Why?

IT Advisor:

This is a high leadership making authority. In every team, there is division of labor and as an Advisor, one may be called upon to lead the time or give opinions on certain issues. Therefore, IT Advisor should learn how to convince people to accept his or her opinion. Gaining more trust will help in increasing the decision making of the person and more people will believe in his judgement.

IT Laggard:

This is a low leadership capability and a high decision making authority. Also, they need to get the much needed trust from their team members and also within the organization. It should be noted that they are capable and professional people. In order to enhance the more practical aspects of the integration, they should discuss more on the specific implementation methods to their teams and also convince the members and gain their trust.

IT Mechanic:

This is a low leadership capability and low decision making authority. I believe the most vital step for IT mechanic is for the person to strengthen their professional ability. When the person has the required professional capacity, then the person can lead the team to achieve its goal and also make better decision. This will make the IT Mechanics respected, increase his expertise and also gain team members trust.

I believe that apart from "leadership capability" and the "decision-making authority," a company can also use professional capabilities to classify CIOs. The possession of professional ability by the CIOs, can help them in making better decisions which will be of immense benefit to the company.

Answer:

The response to dissatisfaction is Exit

Explanation:

Since He has revised his​ resume, updated his LinkedIn​ profile, and accepted an invitation to interview with a competitor firm, this symbolizes Exit

Exit has to do with leaving an organization, transferring to another work unit, or at least trying to get away from the unsatisfactory situation. Jeremy is already searching for better work opportunities elsewhere

The response to dissatisfaction is Jeremy engaging​ in is Exit

Since He has revised his​ resume, updated his LinkedIn​ profile, and accepted an invitation to interview with a competitor firm, this represents Exit. Here Exit means leaving an organization, transferring to another work unit. Also,  Jeremy is already searching for better work opportunities elsewhere

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Answer:

a.

Wages Expense $72,000 (debit)

Wages Payable $72,000 (credit)

b.

Work In Process : Direct Labor $60,480 (debit)

Work In Process : Direct Labor $11,520 (debit)

Wages Payable $72,000 (credit)

Explanation:

The factory labor cost is a manufacturing cost and is included in product valuation.

(a)Record the factory labor costs

Here we have to recognize the expense incurred during the period and the liability since settlement of amount owing to workers has not yet been made

Wages Expense $72,000 (debit)

Wages Payable $72,000 (credit)

(b)Assign factory labor to production

Here we accumulate the cost to the Work In Process of manufacture taking not of cost classification.

Work In Process : Direct Labor $60,480 (debit)

Work In Process : Direct Labor $11,520 (debit)

Wages Payable $72,000 (credit)

Answer:

d. the company a person works for.

Explanation:

In contemporary Japanese society, a group is associated with the company a person works for.

A group typically comprises of two or more people who share some things in common such as identity, aims, interest and are willing to work in an accord.

Hence, the company or organization an individual works for, is usually considered to be a group in the contemporary Japanese society.

This is so because employees are blinded by a common goal, aim, interest to allow them work effortlessly, effectively and efficiently together.

In contemporary Japanese society, a group is associated with the company a person works for.

Japanese culture is known for its principle of working together as a group. Japan is known to be collectivistic nation as they focus on what is good for the group instead of the individual.

In Japanese society, there is self-employment in agriculture and business as well as low-income and unpaid family workers who work together in afamily like manner.

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Answer: The answer is provided below

Explanation:

Adjusting entries are the entries that are passed at the end of the year. They are passed to adjust the account so as to make them follow the matching principle.

In the calculation attached, it should be noted that the salary expenses was calculated as the amount earned per day by the number of days. This is:

= $800 × 5

= $4000.

The necessary journal has been attached

Answer:

Nexium & Associates Journal entries

March 1

Dr Accounts Receivable800

Cr Service Revenue 800

March 9

Dr Office Furniture1,060

Cr Office Supplies 160

Cr Accounts Payable1,220

March 15

Dr Accounts Payable1,220

Cr Cash1,220

March 23

Dr Electricity Expense430

Cr Accounts Payable430

March 31

Dr Salaries Expense850

Cr Cash850

Explanation:

The details given about Nexium & Associates are straight forward and required no further

adjustment.

Answer:

Explanation:

Journal to record the five transactions for Nexium and Associates, Inc.

Account Particulars            Debit                     Credit

March 1  

 Accounts Receivable             $800  

 Services Revenue                                                    $ 800  

March 9

Office Furniture                  $1,060  

 Office Supplies                        160  

Accounts Payable                                                       1,220  

March 15.  

Accounts Payable               1,220  

Cash                                                                                 1,220  

March  23.  

 Electricity Expense             $430  

 Accounts Payable                                                      $430  

March 31

Salaries Expense                $850  

 Cash                                                                           $850

Answer:

A,C,D

Explanation:

Remember, we are told the issue concerns "support agents" working for a company–Universal Containers. Thus, they will be using Salesforce inorder to document their findings.

i. Case feed is one useful feature that quickly allows the support agents to edit, store and change the status of cases where necessary.

Ii. Case group is another useful feature to group cases that the support agents consider as been interrelated.

iii. Case comments feature allows them to read through case by case comment from the participants in the research, allowing proper insight into minds of the customers.

Answer: $13,200,000

Explanation:

Nickolas Import recorded a restructuring charge of $21.6 million.

Of this amount, $16.8 million were for employee separation fees.

When calculating the cash flow effect of the restructuring on Nickolas Imports, the $16.8 million is the relevant account. This is because the Asset write downs that make up the rest of the $21.6 million are not cash items neither can they be accrued like normal expenses or Liabilities so they will not be recorded as an Accrual Liability.

The Net Cashflow effect of Nickolas Imports for the year therefore is,

= 16.8 - 3.6

= $13.2 million.

What this means is that with a restructuring accrual liability of $3,600,000 at the end of the year from an initial Balance of $16.8 million, it means that Nickolas Imports must have settled $13,200,000 during the year to be left with that balance of $3,600,000.

Answer:

Te correct answer is the first option: The cost of producing sports beverages along with its current products under the Nike brand name is less than the cost of producing sports beverages under a new brand name plus the cost of producing Nike's current products under the Nike brand name

Explanation:

To begin with, the fact that the managers are looking forward to expand the business and to aggregate sports beverages indicates that the company is doing good in the sales and therefore they have margin to invest in a plan like that. Secondly, the fact that they do it under Nike's name will cost them less than doing it otherwise due the fact that they will not have to pay for a new name and all the registrations and patents that the strategy involves. They will only need to register the new product and even more they would have all the marketing campaign focus on the same audience and will find strength in using the brand and name of Nike for that, in terms of publicity.

Answer:

a.

Cash                                     16500 Dr

       Common Stock                  16500 Cr

b.

Cash                                    13500 Dr

    Notes Payable                     13500 Cr

c.

Equipment account                   1450 Dr

        Accounts Payable                 1450 Cr

d.

Land                            25000 Dr

     Cash                               2300 Cr

     Notes Payable               22700 Cr

e.

Equipment account                       9500 Dr

     Cash                                              2300 Cr

     Accounts Payable                        7200 Cr    

Explanation:

a.

The issuance of common stock against cash will increase the cash and the capital. So cash will be debited and capital (common stock) will be credited.

b.

The issuance of notes payable against cash increases liability and asset. The asset increase in cash will be debited and liability increase in notes payable will be credited.

c.

The purchase of equipment on account will increase liability and asset. The asset increase in form of equipment will be debited and the liability increase in form of accounts payable will be credited.

d.

The purchase of land will increase land and result in a debit to the land account. It is purchased for cash and a liability of notes payable. So both cash and the notes payable account will be credited as cash decreases (asset decrease in credited) and liability increases (liability increase is credited).

e.

The purchase of equipment will increase equipment account and result in  a debit to the equipment account. It is purchased for cash and a liability of accounts payable. So both cash and the accounts payable account will be credited as cash decreases (asset decrease in credited) and liability increases (liability increase is credited).

Answer: Please refer to Explanation

Explanation:

When there are no or relatively low control procedures in a company, there is a threat of financial mismanagement and misdemeanors. This is why control procedures are needed, to address this and stop the leakage of company resources.

1. Failing to take available purchase discounts for prompt payment.

d. File invoices by due date.

e. Maintain a cash budget.

Here two things can be done to control the threat. Firstly, by paying invoices during the discount period, the company can be able to take discounts on goods and services provided to it. Also by maintaining a cash budget, a company can put when a payment is due to be able to claim a discount and act accordingly.

2. Recording and posting errors in accounts payable.

Conduct an automated comparison of total change in cash to total changes in accounts payable.

Using a program to check whether the amounts in the cash account corresponds to the payments on the Accounts payable account will tell you if the amounts tally and will therefore reduce errors.

3. Paying for items not received.

Issue checks only for complete voucher packages (receiving report, supplier invoice, and purchase order).

When issuing checks, make sure that all the above mentioned reports are in order. That way you can check if the goods were delivered as well as if they were even ordered properly in the first place.

4. Kickbacks.

Require purchasing agents to disclose financial or personal interests in suppliers.

Train employees in how to properly respond to gifts or incentives offered by suppliers.

By requiring that purchase agents disclose their relationships with suppliers, you can monitor to check and see if there is a possibility of kickbacks occuring.

Also, by training employees on acceptable methods of receiving gifts, they can know when it is no longer a gift but rather a kickback.

5. Theft of inventory.

b. Document all transfers of inventory. c. Restrict physical access to inventory.

By documenting all transfers going in and out of inventory, the true inventory figure can be known from the records and then used to match with the actual inventory to see if they truly tally.

Restricting the amount of people who have access to the inventory to a few trusted people also limits the amount of people who can steal the inventory as well as making it easier to find out who did when it is done because the focus can be on a few people.

Answer and Explanation:

1a. The computation of the payback period is shown below:

Payback period = Initial investment ÷ Cash inflow

where,

Initial investment is $592,000

And, the cash flow is

= Depreciation expense + net operating income

= $35,520 + $38,480

= $74,000

So, the payback period is

= $592,000 ÷ $74,000

= 8 years

1b. As we can see that the payback period is of 8 years but the given payback period is 5 years so the company should not purchased the new games

2a. The computation of the simple rate of return is shown below:

Payback period =  Net operating income ÷ Initial investment

                           = $38,480 ÷  $592,000

                           = 6.5%

2b. As we can see that the simple rate of return is 6.5% but the given simple rate of return is minimum 8% so the company should not purchased the new games

1a. The computation of the payback period is given below:

Payback period = Initial investment ÷ Cash inflow

Here,

Initial investment is $592,000

And, the cash flow is

= Depreciation expense + net operating income

= $35,520 + $38,480

= $74,000

Thus , the payback period is

= $592,000 ÷ $74,000

= 8 years

1b. Since the payback period is of 8 years but the given payback period is 5 years due to this the company should not purchased the new games.

2a. The calculation of the simple rate of return is given below:  

Payback period =  Net operating income ÷ Initial investment  

                          = $38,480 ÷  $592,000  

                          = 6.5%

2b. Since the simple rate of return is 6.5% but the given simple rate of return is minimum 8% due to this the company should not purchased the new games.

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Answer: February

Explanation:

Overtime is the amount of time that a person works beyond the normal working hours. From the question, we realise that a furniture factory's workers work overtime in February in order to finish an order that was sold on February 28.

Based on this scenario, the overtime wages should be expensed in February. This is because expenses are recognised when incurred while incomes are recognised when earned. Since the expenses are incurred in February, the overtime salaries should be expensed in February.

Answer:

b. activity-based costing method

c. departmental overhead rate method

d. plantwide overhead rate method

Explanation:

B. Activity based costing method allocates different cost pools or drivers to each overhead based on its level of activity or usage etc. For example if we want to find the cost of telephone calls we would find the number of total calls not number of days. Similarly if we want to calculate the wages we will find the number of hours not days etc.

C. Department overhead rate method allocates different rates to each department. For example the rates of the lubricating department may be different from the finishing department or polishing department etc.

D. Platwide Overhead rate method allocates a single rate to all  the products. It is based on direct labor hours . And number of hours are used to allocate it to different products. For example the rate may be $1.5 per hour and it can be calculated for different products as product A requires 6 hours and product B requires 9 hours so the rate for Product A would be $ 9.0  and $ 12 for product B.

A.division overhead rate method. Theres no such overhead rate as division overhead rate method.

The plantwide overhead rate method. Thus the option D is correct.

The overhead allocation refers to the rate of the cost allocations . The core components of the cost allocations is track the organization products and services.  The business can identify the services that helps in managing the company's financial resources. It helps to allocate the cost to the business units.

Find out more information about the allocation method.

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Answer:

lLIFO-option B is correct ,$750

FIFO-option A is correct,$800

Explanation:

In using LIFO, each item sold is from the last inventory received while the FIFO is of the opinion that item sold is the oldest stock of inventory.

Under LIFO, cost of ending merchandise is as follows:

10 units (20-10) at      $20=$200

10 units (30-20) at     $25=$250

10 units at  $30                =$300

Total value of inventory  =$750

The correct option is B,$750

Under FIFO, cost of ending inventory is as follows:

20 units at  $25                 =$500

10 units at $30                   = $300

total value of inventory      =$800

The correct option is A,$800

Answer:

1. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system.

2. Determine the amount Tipton would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system.

3. Determine the amount Tipton would report for its LIFO reserve at the end of the year.

4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $8,000.

Dr Cost of goods sold 14,000

    Cr LIFO reserve 14,000

Explanation:

1)

Jan. 1 Inventory on hand—80,000 units; cost $4.25 each.

Feb. 14 Purchased 120,000 units for $4.50 each.

Mar. 5 Sold 150,000 units for $14.00 each.

COGS = {[(80,000 x $4.25) + (120,000 x $4.50)] / 200,000} x 150,000 = $660,000

remaining inventory 50,000 units at $4.40 = $220,000

Aug. 27 Purchased 50,000 units for $4.80 each.

Sep. 12 Sold 60,000 units for $14.00 each.

COGS = {[(50,000 x $4.40) + (50,000 x $4.80)] / 100,000} x 60,000 = $276,000

Dec. 31 Inventory on hand—40,000 units at $4.60 = $184,000

2)

Jan. 1 Inventory on hand—80,000 units; cost $4.25 each.

Feb. 14 Purchased 120,000 units for $4.50 each.

Mar. 5 Sold 150,000 units for $14.00 each.

Aug. 27 Purchased 50,000 units for $4.80 each.

Sep. 12 Sold 60,000 units for $14.00 each.

Dec. 31 Inventory on hand—40,000 units at $4.60 = $184,000

total units sold = 210,000

COGS using LIFO = (50,000 x $4.80) + (120,000 x $4.50) + (40,000 x $4.25) = $240,000 + $540,000 + $170,000 = $950,000

Ending inventory = 40,000 x $4.25 = $170,000

3) LIFO reserve = FIFO inventory - LIFO inventory

FIFO inventory = $192,000 - $170,000 = $22,000

4) $22,000 - $8,000 = $14,000

Answer:

a. What is the value of the CD when it matures?

b. If their agreement allowed the friend to earn a 10% annual simple interest return on his loan to Bill, how much did Bill receive from his friend?

Explanation:

interests earned by the CD = $2,000 x 8% x 9/12 = $120

the value of the CD at maturity = $2,000 (principal) + $120 (interests) = $2,120

if the friend wanted to earn 10% on the loan, that is equivalent to 10% x 3/12 = 2.5% for the 3 months

the amount of money received by Bill from his friend = CD's maturity value / (1 + expected interest) = $2,120 / (1 + 2.5%) = $2,120 / 1.025 = $2,068.29

Answer:

Hie, the price schedule is missing from your question however the important principles are explained below.

a. The optimal order quantity

Optimum order quantity is the order level that results in minimum ordering costs and holding costs.

Optimum order quantity  = √ (2 × Annual Demand × Cost per order) / holding cost per unit

b. The number of orders per year.

orders per year = Annual Demand / optimal order quantity

This calculates the number of orders to be placed during the year at the optimum order quantity.

Answer:

e. All of these choices are correct.

Explanation:

The payback period is the time that takes an investment to reach the break-even point. In other words, it is the amount of time that it takes an investor to pay back for the investment, hence the name.

The payback period results from dividing the amount of investment by the estimated cash flow from the investment.

During this period, the manager of an investment can carry out all of the activities listed in the question.

Answer:

cost of goods sold = $36,285

ending inventory = $1,742

Explanation:

when you use the weighted average cost method you have to calculate the COGS using the total number of units and the total amount paid for them.

beginning inventory = 71 units for $5,325

purchase 1 = 262 units for $18,864

purchase 2 = 187 units for $13,838

total 524 units for $38,027

cost per unit = $38,027 / 524 units = $72.57

cost of goods sold = 500 units x $72.57 = $36,285

ending inventory = 24 units x $72.57 = $1,741.68 ≈ $1,742

Answer:

d. leakage in spending in the economy.

Explanation:

In the economy firms spend money on labour, input, and business expansion. While in the personal household there is spending on food, rent, and other expenses.

When money is taken out of this cycle and not used for a particular purpose then it is considered to be a leakage.

Leakages include taxes savings and imports.

Savings occurs when an individual has excess income and decides to reserve some for a future use. This fund does not have a particular use in the economy so it is considered to be a leakage.

Answer:

D. Leakage in spending in the economy.

Explanation:

It is observed that if consumers have a rise in their wages, they tend to benefit and this helps the economic situation of the said country or nation as seen in some economies of the world lately. Also alteration in interest rates can have different consumer effects which ranges from spending habits depending on a number of factors to other habits that may end up boosting the economy also current rate levels, expected future rate changes, confidence of the consumer, and the overall health of the economy.

Answer:

$1,087.27  

Explanation:

The new value of the bond is the new price of the bond calculated using yield to maturity of 7.75% instead of the original yield of 7.9% using excel pv formula provided thus:

=-pv(rate,nper,pmt,fv)

Before that we need to determine the pmt which is the annual coupon on the bond.

=pmt(rate,nper,-pv,fv)

rate is the original yield ot 7.9%

nper is the duration of 7 years

pv is the initial market price of $1,079

fv is the face value of $1000

=pmt(7.9%,7,-1079,1000)=$ 94.12  

The new price is computed thus:

=-pv(7.75%,7,94.12,1000)=$1,087.27  

Answer:

$51,500

Explanation:

The computation of the cost of goods sold for the year is shown below:

As we know that

Cost of Goods Sold = Beginning balance of Finished Goods Inventory + Cost of Goods Manufactured – Ending balance of Finished Goods Inventory

= $2,000 + $55,000 - $5,500

= $51,500

We simply applied the cost of goods sold formula by taking the three items into the computation part