What amount of profit will the school earn

Assignment Help Financial Accounting
Reference no: EM131187066

Kate Connor, a teacher at Meadow Middle School, is in charge of ordering the T-shirts to be sold for the school's annual fund-raising project.

The T-shirts are printed with a special Meadow School logo. In some years, the supply of T-shirts has been insufficient to satisfy the number of sales orders.

In other years, T-shirts have been left over. Excess T-shirts are normally donated to some charitable organization. T-shirts cost the school $7 each and are normally sold for $14 each.

Ms. Connor has decided to order 860 shirts.

Required:

a. If the school receives actual sales orders for 780 shirts, what amount of profit will the school earn? What is the cost of waste due to excess inventory? Profit ? Waste due to excess inventory $560.

Reference no: EM131187066

Questions Cloud

What do you see as your strengths and weaknesses : Write a 700- to 1,050-word paper in which you address the following: Do you agree with the results of your assessment? Based on the results of your assessment, what do you see as your strengths and weaknesses
Research social media marketing strategies : Use the Internet to research social media marketing strategies. Next, imagine that you are a manager of a retail store in a major mall with decreasing sales. Suggest two (2) ways that you can use social media in order to increase sales and promote yo..
How do the same five forces affect your projections and idea : How do you see Porter's five forces affecting your company's financial strategy for being competitive in the marketplace? How do the same five forces affect your projections and ideas for future business opportunities?
How many gallons of coke remain : At a local Walmart store, a Coke dispenser held 18 1/3 gallons of soda. During working hours, 15 2/3 gallons were dispensed. How many gallons of Coke remain? (Reduce to lowest terms).
What amount of profit will the school earn : If the school receives actual sales orders for 780 shirts, what amount of profit will the school earn? What is the cost of waste due to excess inventory?
The importance of social media and web analytics : The Importance of Social Media and Web Analytics" Please respond to the following: prioritize the most significant components of a social media campaign according to the level of influence each could have on the new product launch.
Analyze your listening performance : Select a conversation in which the other person wanted to talk about something that was troubling him or her. Analyze your listening performance
What the wiifm is for the employees : After knowing what the WIIFM is for the employees what are your suggestions for Tim? Remember to use limitations of memory, cognitive overload and diminished learning when answering the "Why?" for the learner.
Computer or internet crime illustrating the computer : Research computer crime laws in your state. (If your state does not have computer crime laws specific to cyber-crimes, look at the laws in a neighboring state). Briefly describe the law(s) and the corresponding penalties/fines. Then, find a curr..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Complete work sheet using inventory of unuse office supplies

Enter Julio Theater's trial balance amounts in the Trial Balance columns of a work sheet and complete the work sheet using the  Inventory of unused office supplies, $488.

  Find the expected return on the market portfolio

The beta of SDA Corp. common stock is 1.25. Within the context of the capital asset pricing model - find the expected return on the market portfolio

  What is the pv of operating cash flows

What is the PV of operating cash flows over the competitive advantage period and what is the residual value of the firm after the period of competitive advantage?

  Construct a pro forma income statement and balance sheet

Using the company's financial statements, construct a pro forma income statement and balance sheet for the company using the percentage-of-sales method.

  Post to the ledger t accounts

Journalize the transactions, including explanations, Post to the ledger T accounts and prepare a trial balance on April 30, 2010

  What are the total equivalent units for conversion costs

The Filling Department of Savannah Lotion Company had 3,000 ounces in beginning work in process inventory (60% complete). During the period, 40,400 ounces were completed. The ending work in process inventory was 600 ounces (25% complete). What are th..

  Prepare trial balance for your closing entries

Prepare the closing entries at October 31 in the General Journal and Trial Balance for your closing entries

  Why is impact of increased production on fixed cost per unit

Prepare in good form a statement of cost of goods manufactured for the month ended April 30 th and determine whether the following exhibit variable, fixed or mixed cost behavior.

  What is the purpose of notes to financial statements

What is the purpose of notes to financial statements? If a firm does a good job presenting its financial statements, why are notes necessary?

  Cash and cash equivalent on balance sheet

The ABC Company reported $350,000in cash and cash equivalent on their 12/31/2014 balance sheet. Which of the following would not be included in the $350,000 balance? The ABC Company factored, without recourse, $40,000 of accounts receivable to the La..

  Appropriate journal entries to record each transaction

During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 milli..

  What are tax implications of the alternatives

They can choose to get monthly checks for $325,000 each, or $250,000 per month with the extra $900,000 placed in escrow and paid to the employee, with interest, upon retirement at some future date (more than one year). What are tax implications o..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd