Business, 29.12.2020 19:40 bullockarwen
Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.Salaries expense $13,700 Sales revenue $69,800Inventory (July 1, 2021) 2,300 Interest income 3,300Sales returns 1,100 Cost of goods sold 28,700Utilities expense 3,600 Rent expense 6,700Income tax expense 6,000 Interest expense 400 Inventory (July 31, 2021) 1,100Required:1. Prepare a multiple-step income statement for the month ended July 31, 2021.2. Calculate the inventory turnover ratio for the month of July. Would you expect this ratio to be higher or lower in December 2021? Explain.3. Calculate the gross profit ratio for the month of July.
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Wren pork company uses the value basis of allocating joint costs in its production of pork products. relevant information for the current period follows: product pounds price/lb. loin chops 3,000 $ 5.00 ground 10,000 2.00 ribs 4,000 4.75 bacon 6,000 3.50 the total joint cost for the current period was $43,000. how much of this cost should wren pork allocate to loin chops?
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Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of...
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