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Business Math 10th edition Cheryl Cleaves, Margie Hobbs, Jeffrey Noble - Solutions
Find the cost of goods available for sale using the following table:
At Best Buy Hardware, the nuts and bolts department had $1,500 in sales for the month, the electrical department had $4,000, and the paint department had $2,300. The total overhead was $3,800. Find each department's overhead based on sales.
A corner grocery store has a monthly overhead of $1,500. Find each department's monthly overhead based on sales if department sales were as follows: meats, $1,200; groceries, $2,400; dairy, $600; and house wares, $800.
Find the cost of ending inventory using the following table showing a breakdown of unit costs for ending inventory:ending inventory using the following table">
Use the weighted-average method to find the average unit cost using the following table: 4. Find the cost of goods sold using the tables in Exercises 1 and 2.
Use the First-in, first-out method to find the cost of goods sold and the cost of ending inventory using the following table and the fact that the ending inventory is 500 units:
8. Use the retail method of inventory to find the cost of goods sold and the cost of ending inventory using the table in Exercise 1, the following table, and the fact that sales are $987. Date of purchases Retail price per unit Beginning inventory .................. $32 June 8
Find the cost of goods available for sale using the following table:
Use the ending inventory information for Evanger's Canned Dog Food in the table to calculate the cost of goods available for sale using the specific identification method. Then determine the cost of goods sold.
Use the table in Exercise 10 to calculate the cost of ending inventory and the cost of goods sold using the weighted-average method.
A restaurant had a beginning inventory at retail of $13,900 and an ending inventory at retail of $10,000. If the net sales were $47,800, find the turnover rate at retail.
The office photocopy machine is on the blink again. You are responsible for replacing the photocopier with a more powerful model and equitably charging each department its share of the cost of the new copier. The new copier costs $7,580 and is expected to produce 500,000 copies in its lifetime. You
Department A uses 5,000 square feet of floor space, department B uses 2,500, department C uses 4,300, and department D uses 2,700. The total overhead is $8,200. Find each department's overhead based on floor space.
Find the cost of ending inventory using the specific identification method and the following table showing a breakdown of unit costs for ending inventory: Cost per unit Units $ 10 ...................... 17 $ 13 ....................... 12 $ 9 ....................... ..15 $ 12
Find the cost of ending inventory and the cost of goods sold using the weighted-average method and the tables in Exercises 1 and 2. In Exercise 2 Cost per unit Units $ 10 ...................... 17 $ 13 ....................... 12 $ 9 ....................... ..15 $ 12 ....................... 25
Find the cost of goods sold and the cost of ending inventory using the FIFO method, the table in Exercise 1, and the fact that the ending inventory is 32 units.In Exercise 1
Find the cost of goods sold and the cost of ending inventory using the LIFO method, the table in Exercise 1, and the fact that the ending inventory is 82 units.
AMX Department Store's overhead totaled $12,000 during one month. The sales by department for the month were as follows: cameras, $12,000; toys, 114,000; hardware, $13,500; garden supplies, $8,400; sporting goods, $9,500; and clothing, $28,600. Find the monthly overhead for all departments. Use the
Office Supply World assigns overhead to a department based on the square feet of office space it occupies. The overhead for a month totaled $9,000 and each department occupies the following number of square feet: furniture, 2,000; computer supplies, 1,600; consumable office supplies, 2,500; leather
Discuss the difference in finding the cost of goods sold using the specific inventory method and using the retail method.
Explain the difference in the assumptions made in using the FIFO inventory method versus the LIFO inventory method.
Combine and simplify the formulas in steps 1 and 2 in the How To box: Find the Turnover Rate at Cost to solve for turnover rate at cost.
The 7th Inning Memorabilia Shop has five departments and allocates its monthly overhead by floor space. The Gallery has 4,250 square feet. Engraving has 2,675 square feet, Framing has 3,500 square feet, Brubaker's Restaurant has 5,000 square feet, and Sports Cards and Memorabilia has 4,700 square
a. Find the annual premium paid by Sara Cushion, age 45, on a universal-life insurance policy for $500,000 if Sara smokes. b. Find the semiannual premium Sara would pay on the universal-life policy.
How much are the total quarterly payments paid by Erich Shultz, age 40, and his wife Demetria, age 35, if each has a 20-year level term insurance policy for $300,000 and both use tobacco?
Marguerite Jones is 40 years old, uses tobacco, and decides to convert her $500,000 whole-life insurance policy to extended term insurance. Use 20-year level term rates to estimate the number of years of extended term life insurance her cash value of $27,879 will buy.
Pam Murray has 100/250/100 vehicle insurance. She has a $0 deductible on comprehensive and a $1,000 deductible on collision. Pam had an at-fault crash into another vehicle (she was distracted while using her cell phone). Tom and Rodney, the driver and passenger in the other vehicle, were injured.
Linda Kodama owns a frame home in zone 2 valued at $95,000. The building is insured for $60,000 and the policy has an 80% coinsurance clause. How much will Linda receive from her policy if a fire causes $38,000 in damages?
Robyn Presley insures her masonry home located in zone 2 for $260,000 and adds an endorsement for $16,000 in antique collectibles. She has excellent credit and selects a deductible of $1,000. Find the total annual insurance premium?
Frank Hopkins's home is insured for 80% of the replacement value of $528,900. A storm causes $435,800 worth of damage to the structure. Find the compensation Frank will receive?
Parker Water's $200,000 whole-life insurance policy has a cash value of $11,288. Parker is 60 years old, smokes, and is converting to an extended term policy for the same face value. Use 10-year level term rates to estimate the number of years of extended term insurance she has.
Compare the premiums for a 10-year level term policy for $75,000 for a 40-year-old male to the same policy for a 40-year-old female. Use a non-tobacco rate.
Compare the premiums for a 20-year level term policy for $500,000 for a 60-year-old male to the same policy for a 60-year-old female. Both use tobacco.
Compare the annual life insurance premium of Jenny Davis who is 35 years old, and purchases a $250,000, 20-year level term policy using a non-tobacco rate to the premium paid by Chloe Levine, her friend who is the same age as Jenny and purchases exactly the same policy. Chloe is a smoker.
Compare the annual life insurance premium of Garrett Townse who is 30 years old, and purchases a $100,000, 10-year level term policy using a non-tobacco rate to the premium paid by Edward Collins, his business partner who is the same age as Garrett and purchases exactly the same policy and uses
Cindy Franklin started a whole-life insurance policy for $250,000 when she was 23 years old. At age 50, the policy has a cash value of $12,606 and Cindy converts the policy to extended term insurance for the same face value. Use 20-year level term rates to estimate the number of years of extended
The replacement cost of a home is $255,000. It has been insured for $204,000 in a homeowners insurance policy with an 80% coinsurance clause. What part of a loss due to fire will the insurance company pay?
A home valued at $295,000 is insured in a policy that contains an 80% coinsurance clause. The face value of the policy is $100,000. If the home is a total loss, what is the amount of compensation?
Margaret Davis has a renters insurance policy for $40,000 of household goods and has selected $500,000 liability with $1,000 deductible. Her credit is rated as occasional payments after 30 days. If Margaret also adds an endorsement of $18,500 to insure her collectible antiques and $5,000 to insure
Shay Manning rents an apartment in Chicago and carries $20,000 insurance on her personal belongings. She selects the minimum liability with a deductible of $1,000 for each claim and carries identity theft/fraud protection. Shay's credit is rated as bad as she has a recent bankruptcy on her record.
Nevelyn Smith is moving into a loft apartment and is required to have renters insurance to protect her personal property. She has an excellent credit rating and elects to purchase a policy that will cover $20,000 in personal property, cover $300,000 in liability, and have a deductible of $ 1,000.
If a 2% charge is added to the annual premium of $ 1,021.80 when payments are made semiannually, how much would semiannual payments be?
Chandler Burford owns a masonry home located in zone 2. What is the annual homeowners insurance premium if the home is insured for $350,000, the owner has an OCC credit rating and chooses a deductible of $ 1,000. The homeowner also has endorsements for a $2,000 watch and portable tools valued at
Alice Lee owns a masony home in zone 1. The home is insured for $200,000 and the computer equipment endorsement is added for $8,000. Alice has excellent credit and her deductible is $ 1,500. A 3% charge is added to the annual premium because she pays quarterly. Find her quarterly payment.
Jamie Loden has 100/500/100 vehicle insurance. He has a $250 deductible on comprehensive and a $1,000 deductible on collision. Jamie had an at-fault crash into another vehicle while texting. Carolyn, Larry, and Maria, the driver and passengers in the other vehicle, were injured. Carolyn's medical
Judy Atwood has 100/500/100 vehicle insurance. She has a $0 deductible on comprehensive and a $1,000 deductible on collision. Judy crashed into another vehicle while speeding and was at fault. Sheila, Kathy, and Bob, the driver and passengers in the other vehicle, were injured. Sheila's medical
Sam Molla has a 10-year level term life insurance policy with a value of $250,000. How much is his semiannual premium if he is 40 years old with a non-tobacco rate?
Find the monthly premium of a $450,000 universal-life insurance policy purchased by a 25-year-old female, who gets the preferred rate?
At 30 years old, Jaime Dawson finds the need to convert his whole-life insurance policy of $500,000 to extended term coverage with the same face value. Use 10-year level term rates to estimate the number of years of extended term coverage his cash value of $1,095 will provide using a non-tobacco
Tancia Brown is 55 years old, has a non-tobacco rate, and is converting her $450,000 whole-life insurance policy to extended term insurance with the same face value. Use 10-year level term rates to estimate the number of years of coverage her cash value of $ 13,826 will buy.
Cathy Worley has 100/300/100 vehicle insurance. She has a S deductible on comprehensive and a $1,000 deductible on collision. Cathy was at fault when she crashed into two bicyclists, injuring both (she was distracted by a deer in the right of way). One of the bicyclists had $83,000 in medical
What part of the damages will Hampton Insurance Company pay on a home with $ 18,000 damage by fire if the replacement COM is $86,000 and it is insured for $65,000? The policy contains an 80% coinsurance clause.
In zone 1, a frame dwelling is insured for $305,000 and the insured has good credit and selects a $1,500 deductible. If no extra charge is added for semiannual payments, find the premium paid every six months.
Find the annual premium on a $300, (XX) whole-life insurance policy for a 40-year-old male using a non-tobacco rate?
The replacement cost of a home is $72,500. It is insured for $50,000 with an 80% coinsurance clause. If a fire causes $62,000 in damages, how much of the damages will the policy cover?
Mary Lynne Winston is 55 years old, has a non-tobacco rate, and decides to convert her $100,000 whole-life insurance policy to extended term coverage with the same face value. How many years of 10-year level term insurance will she have if her cash value is $1,856?
Brett Smyly needs a $40,000 renters insurance policy and has selected the $500,000 liability with $1,000 deductible. The insurance company has determined his credit is excellent and has given him the "good" credit rate. If he adds an endorsement to ensure $6,500 of jewelry and the option of
Duke Schmidt has a renters insurance policy for $20,000 of household goods, has selected $300,000 liability with $1,000 deductible, and his credit is rated as occasional payments past 30 days. If Duke also adds an endorsement of $12,500 to insure his gun collection: $3,500 to insure the jewelry he
Laquita Marbut lives in a condo and is required to have renters insurance to protect her personal property. She has an excellent credit rating and elects to purchase a policy that will cover $20,000 in personal property and $300,000 in liability. She will have a deductible of $ 1,000. Laquita also
Laura Bains lives in an apartment in San Francisco and her landlord requires her to have renters insurance to protect her personal property. She has an OCC credit rating and elects to purchase a policy that will cover $40,000 in personal property and $500,000 in liability. She will have a
Tasville Fujikawa's property is insured for 80% of the replacement value of $315,500. A fire caused $257,000 damage to the property. How much compensation will Tasville receive from the insurance company?
Brandi Dulin has 500/1000/500 vehicle insurance. She has a $250 deductible on comprehensive and a $1,000 deductible on collision. Brandi had an at-fault crash into two motorcycles in a heavy downpour. Damion and Keisha, drivers of the motorcycles, were injured. Damion's medical expenses were
Find the annual premium for a homeowners policy on a masonry home insured at $287,500 in zone 2. The owner has excellent credit, chooses a $1,500 deductible, and insures $3,000 in jewelry?
A frame home is insured for $178,000. Find the total annual premium if the home is in zone 1 and the owner chooses $1,000 deductible and the optional identity theft protection. The owner also adds an endorsement to insure camera equipment valued at $3,700 and has an OCC credit rating.
Compare the cost per year of a whole-life insurance policy for $200,000 to a 20-year level term policy for a 60-year-old male using a non-tobacco rate?
The formula given for using Table 19 - 1 is Annual premium = face value/ $1,000 ( rate. Is the formula Annual premium = face value ( rate/$1,000 Equivalent? Way or way not?
Many Bober has a homeowner insurance policy with a value of $500,000. His masonry home is located in zone 2. Use the rates in Table 19 - 4 to compare the cost of this annual premium based on which deductible he selects if his credit rating is GOOD?
Complete the following table. (Express the tax on the given assessed valuation in cents or dollars and cents. Round up any remainder.)
Acworth expects an increase in expenses of $215,000 over the currently budgeted $1,996,801. The town must increase the tax rate or reassess property values. A reassessment would cost the town $27,500 and would increase the assessed value of property in the town to $28,500,000. The town council must
Bartlett has a property tax rate of $4.21 per $ 100 and expects an increase in expenses of $185,000 over the current commitment of $9,868,910. The town must increase the tax rate or reassess property values. A reassessment would cost the town $62,500 and would increase the assessed value of
Find the taxable income for the Zuckmans, a family of four (husband, wife, two children), if the adjusted gross income is $34,728, and the itemized deductions are $10,246?
Find the taxable income for Mario Gravez, a single person whose adjusted gross income is $37,486 and whose itemized deductions are $5,412?
Find the taxable income for Lorenda and James Atlas, a husband and wife with no children who have an adjusted gross income of $56,000 and are filing jointly. Their total itemized deductions are $13,589?
Find the tax on the following taxable income:$172,478 (married, filling separately)
Find the tax on the following taxable incomes:$172, 478 (Single)
Complete the following table. (Express the tax on the given assessed valuation in cents or dollars and cents. Round up any remainder.)
Complete the following table. (Express the tax on the given assessed valuation in cents or dollars and cents. Round up any remainder.)
Clarksdale has a property tax rate of $17.20 per $1,000 of assessed valuation and expects an increase in expenses of $197,500 over the current commitment of $6,985,000. The city must increase the tax rate or reassess property values. A reassessment would cost the city $45,000 and would increase the
Lancaster has a property tax rate of $0.0162 per $ 1 of assessed property valuation and expects an increase in expenses of $85,000 over the current budget of $ 1,206,000. The city must increase the tax rate or reassess property values. A reassessment would cost the city $28,500 and would increase
Find the taxable income for Sam and Delois Johns, a husband and wife without children, whose adjusted gross income is $48,378 and itemized deductions are $10,023?
Find the taxable income for the Shotwells, a family of three (husband, wife, one child), if their adjusted gross income is $72,376 and itemized deductions are $24,375?
Find the taxable income for the Thungs, a family of three (husband, wife, one child), if their adjusted gross income is $66,833 and itemized deductions are $12,583?
Find the tax on the following taxable incomes:$154,456 (married, filling jointly)
Find the tax on the following taxable incomes:$161,200 (head of household)
Find the tax on the following taxable incomes:$458,919 (Single)
Find the sales tax and total sale.Item marked pricesales tax rate$592.36......................5.125%
Find the marked price and sales tax.Total price Sales tax rate$1,382.56........................5.2%
Clifford Shropshire has a flea market booth and marks all his items so that the price includes state sales tax at a rate of 6.5%. He sold a set of china for $285. How much sales tax should he send to the state?
You have agreed to pay $850 for a used utility trailer. The price includes sales tax at a rate of 7.75%. What was the marked price of the trailer and how much tax was paid?
You have a receipt for a purchase that shows the total amount of the purchase to be $318.97. The sales tax rate is 8.25%. How much of the $318.97 is the cost of the item and how much is sales tax?
Find the sales tax total value. Item marked price Sales tax rate $38.56............................4.225%
Find the sales tax and total sale. Item marked price Sales tax rate $3,296...........................4.5%
Find the sales tax and total sale. Item marked price Sales tax rate $738.47...........................6%
Find the marked price and sales tax Total price Sales tax rate $681.42.......................... 4%
Find the marked price and sales tax. Total price Sale tax rate $48.97............................1.225%
Find the marked price and sales tax. Total price Sales tax rate $395.17............................6.5%
Find the federal income tax.Taxable IncomeFilling Status$198,846.........................Married, filling jointly
Donna Shroyer is single and has a taxable income of $29,897. If her W-2 form shows that she has already paid $5,647 in income taxes for the year, use Table 20-1 to determine if she is due a refund or if she must pay more taxes. How much is the refund or how much more must she pay?
Paul Smith is married and filing his tax jointly with his wife, Anna. Their combined taxable income is $167,983. Use the tax computation worksheet (Table 20-2) to calculate the tax they must pay?
Dr. Steven Katz is single and has a taxable income of $160,842. Use the tax computation worksheet (Table 20-2) to calculate his income tax liability?
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