Please check my answers and let me know if I am correct thank you.
6. With beginning inventory at a cost of $9,000, ending inventory at a cost of $7,000, net sales of $51,000, and cost of goods sold of $46,00, the inventory turnover at a cost to the nearest hundredth is
A. 5.57.
B. 7.55.
C. 7.57.
D. 5.75. My answer
7. Becky bought a new Apple computer for $1,205. The purchase price included a 6% sales tax. What’s the actual selling price of the computer?
A. $1,136.79
B. $1,32.08
C. $1,200.00 My answer
D. $1,277.30
8. Judy Ring purchased a watch with a retail price of $8,000. She still has to pay a sales tax of 6% and an excise tax of 10%. Since the jeweler is shipping the watch, there’s an additional $20 shipping change. The total purchase price of this watch for Judy is
A. $9,300. My answer
B. $9,516.
C. $8,800.
D. $8,496.
Let's check your answers:
6. To calculate the inventory turnover, we need to divide the cost of goods sold by the average inventory. The average inventory can be calculated by adding the beginning inventory and ending inventory and then dividing by 2.
Cost of goods sold = $46,000
Beginning inventory = $9,000
Ending inventory = $7,000
Average inventory = (Beginning inventory + Ending inventory) / 2
= ($9,000 + $7,000) / 2
= $16,000 / 2
= $8,000
Inventory turnover = Cost of goods sold / Average inventory
= $46,000 / $8,000
= 5.75
So, the inventory turnover at a cost is 5.75. The correct answer is D (5.75).
7. To calculate the actual selling price of the computer, we need to subtract the sales tax from the purchase price.
Purchase price = $1,205
Sales tax = 6% of $1,205
Sales tax = 0.06 * $1,205
= $72.30
Actual selling price = Purchase price - Sales tax
= $1,205 - $72.30
= $1,132.70
The correct answer is not among the options you provided. The actual selling price of the computer is $1,132.70.
8. To calculate the total purchase price of the watch for Judy, we need to add the retail price, sales tax, excise tax, and shipping charge.
Retail price = $8,000
Sales tax = 6% of $8,000
Excise tax = 10% of $8,000
Shipping charge = $20
Sales tax = 0.06 * $8,000
= $480
Excise tax = 0.10 * $8,000
= $800
Total purchase price = Retail price + Sales tax + Excise tax + Shipping charge
= $8,000 + $480 + $800 + $20
= $9,300
So, the total purchase price of the watch for Judy is $9,300. The correct answer is A ($9,300).