Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $25,600. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $6,000 residual value. 1. What was the gain or loss on the sale

Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.

Fanning company is considering the addition of a new product to its cosmetics line. the company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. relevant information and budgeted annual income statements for each of the products follow. skin cream bath oil color gel budgeted sales in units (a) 110,000 190,000 70,000 expected sales price (b) $8 $4 $11 variable costs per unit (c) $2 $2 $7 income statements sales revenue (a × b) $880,000 $760,000 $770,000 variable costs (a × c) (220,000) (380,000) (490,000) contribution margin 660,000 380,000 280,000 fixed costs (432,000) (240,000) (76,000) net income $228,000 $140,000 $204,000 required: (a) determine the margin of safety as a percentage for each product. (b) prepare revised income statements for each product, assuming a 20 percent increase in the budgeted sales volume. (c) for each product, determine the percentage change in net income that results from the 20 percent increase in sales. (d) assuming that management is pessimistic and risk averse, which product should the company add to its cosmetics line? (e) assuming that management is optimistic and risk aggressive, which product should the company add to its cosmetics line?

James is an employee in the widget inspection department of xyz systems, a government contractor. james was part of a 3-person inspection team that found a particular batch of widgets did not meet the exacting requirements of the u. s. government. in order to meet the tight deadline and avoid penalties under the contract, james' boss demanded that the batch of widgets be sent in fulfillment of the government contract. when james found out, he went to the vice president of the company and reported the situation. james was demoted by his boss, and no longer works on government projects. james has a: