Nix’it company’s ledger on july 31, its fiscal year-end, includes the following selected accounts that have normal balances (nix’it uses the perpetual inventory system). merchandise inventory $ 37,800 sales returns and allowances $ 6,500 retained earnings 115,300 cost of goods sold (excluding shrinkage) 105,000 dividends 7,000 depreciation expense 10,300 sales 160,200 salaries expense 32,500 sales discounts 4,700 miscellaneous expenses 5,000 a physical count of its july 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. prepare journal entries to close the balances in temporary revenue and expense accounts. remember to consider the entry for shrinkage.

Which of the following best explains why a large company can undersell small retailers? a. large companies can offer workers lower wages because they provide more jobs. b. large companies can pay their employees less because they do unskilled jobs. c. large companies can negotiate better prices with wholesalers. d. large companies have fewer expenses associated with overhead.

Ardmore farm and seed has an inventory dilemma. they have been selling a brand of very popular insect spray for the past year. they have never really analyzed the costs incurred from ordering and holding the inventory and currently fave a large stock of the insecticide in the warehouse. they estimate that it costs $25 to place an order, and it costs $0.25 per gallon to hold the spray. the annual requirements total 80,000 gallons for a 365 day year.a. assuming that 10,000 gallons are ordered each time an order is placed, estimate the annual inventory costs.b. calculate the eoq.c. given the eoq calculated in part b., how many orders should be placed and what is the average inventory balance? d. if it takes seven days to receive an order from suppliers, at what inventory level should ardmore place another order?

This exercise illustrates that poor quality can affect schedules and costs. a manufacturing process has 130 customer orders to fill. each order requires one component part that is purchased from a supplier. however, typically, 3% of the components are identified as defective, and the components can be assumed to be independent. (a) if the manufacturer stocks 130 components, what is the probability that the 130 orders can be filled without reordering components? (b) if the manufacturer stocks 132 components, what is the probability that the 130 orders can be filled without reordering components? (c) if the manufacturer stocks 135 components, what is the probability that the 130 orders can be filled without reordering components?