Crane, Inc. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of markup on cost is 25%. The following account balances are available: Inventory, March 1 $538000 Purchases 418000 Purchase returns 8000 Sales during March 714000 The estimate of the cost of inventory at March 31 would be

The estimated Inventory is $376,000.00, which is equal to the difference between cost of goods available for sale and cost of goods sold.

Explanation:

The cost of goods available for sale is made of Beginning Inventory $538,000 and Net Purchases $410,000 (418,000 Purchase - 8,000 Purchase Returns).

The cost of goods sold is 100% of Sales of $714,000, using a markup on cost of 25%.  This implies that Sales represent 100+25%, = 125%.

Cost of goods sold is therefore $714,000/125 x 100, which is equal to $571,200.

A summary of Trading Account is attached to illustrate the above workings.

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

if kj of heat is transferred o 1200 g liquid water at 36'c, what would the new temperature of the water be? (he specific heat capacity of liquid water is 4.186 j/g''c)

a. 15'c

b.100'c

c.51'c

d.36'c