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11 Dec 2019

Sold 90% of the shirts taken to sale. Sold was 77 shirts. How many shirts were taken to the sale?

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Elin Hessel
Elin HesselLv2
12 Dec 2019
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You are working in fashion design as an office assistant. The designer wants to know how the sale of the product has performed financially in the first quarter. The company's CEO defines a good investment as one that provides 10% profit.In the first quarter this year, the company sold 300 designer shirts. Each shirt cost $12.50 to produce. The full retail price of each shirt was $45.00, but there were some shirts that sold for reduced prices.Of the 300 shirts:100 shirts were sold at a 25% discount each, which equaled [45 - (0.25 x 45)] = $33.75 each.Seven shirts were returned and were re-sold at a 50% discount from the full retail price.

Kate Connor, a teacher at Meadow Middle School, is in chargeof ordering the T-shirts to be sold for the school�s annualfund-raising project. The T-shirts are printed with a specialMeadow School logo. In some years, the supply of T-shirts has beeninsufficient to satisfy the number of sales orders. In other years,T-shirts have been left over. Excess T-shirts are normally donatedto some charitable organization. T-shirts cost the school $7 eachand are normally sold for $14 each. Ms. Connor has decided to order770 shirts.
a.
If the school receives actual sales orders for 715 shirts,what amount of profit will the school earn? What is the cost ofwaste due to excess inventory?
b.
If the school receives actual sales orders for 800 shirts,what amount of profit will the school earn? What amount ofopportunity cost will the school incur?

TsIzzWe (Ts) is a company that purchases T shirts from themanufacturer, Frootyluums (Frooty) and sells them to collegestudents through the college bookstore, Rskoolstore (RSkool). Tshas hired you to be the accountant for the company.

Ts has decided to use the inventory flow method with itsperpetual inventory system. Using the data provided fortransactions that occurred during August, determine the GrossProfit at the end of the period.

8/6 Ts purchased 200 long sleeve blueshirts on account from Frooty for $3 each. Terms FOB-SP 2/10, n30 Shipping costs = $40

8/8 Ts purchased 500 short sleeveblue shirts on account from Frooty for $2.50 each. Terms FOB-D2/15, n30 Shipping costs = $50

8/10 Ts notified Frooty that 50 of the long sleeveshirts were purple. After negotiation, Frooty agreed to reduce theprice of those shirts to $2 each. Ts agreed to keep the shirts.

8/11 Ts purchased 400 long sleeve blue shirts onaccount from Frooty for $3.50 each. Terms FOB-D n/eom Shippingcosts = $40

8/12 Ts sold 290 long sleeve blue shirts to RSkoolon account for $8 each. Terms FOB-SP 1/10, n30Shipping costs = $30

8/14 Ts paid for the purchase on the6th.

8/16 Ts sold 20 long sleeve purple shirts to RSkool on accountfor $5 each. Terms FOB-D 2/10, n/eom Shipping costs = $5

8/18 Ts paid for the short sleeve shirts

8/20 Ts sold 380 short sleeve shirts to RSkool onaccount for $7 each. Terms FOB-SP n/eom Shipping costs= $38

8/21 Ts received payment from RSkool for the longsleeve blue shirts

8/22 RSkool returned 100 of the short sleeve shirtsbecause they were too small.

8/24 Ts sold 200 long sleeve blue shirts to RSkoolon account for $8 each. Terms FOB-D 3/5, n/30 Shippingcosts = $30

8/29 Ts received payment from RSkool for thepurchase on the 24th

8/30 Ts received payment from RSkool for the purpleshirts.

8/31 Ts received payment from RSkool for thepurchase on the 20th

8/31 Ts paid for the purchase on the11th.

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