The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age (years) Selling Price ($000) 1 9 8.1 2 7 6.0 3 11 3.6 4 12 4.0 5 8 5.0 6 7 10.0 7 8 7.6 11 8.0 9 10 8.0 10 12 6.0 11 6 8.6 12 6 8.0 Click here for the Excel Data File a. Determine the standard error of estimate. (Round your answer to 3 decimal places.) Standard error of estimate
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- Pretty Feet Inc. developed a new sales gimmick to help sell its inventory of new automobiles.Because of many new car buyers need financing, Pretty Feet offered a low downpayment andlow car payments for the first year of purchase. It believes that this promotion will bring insome new buyers.On January 1, 2017, a customer purchased a new P25,000 automobile, making a downpaymentof P1,000. The customer signed a note indicating that the annual interest rate of interest wouldbe 8% and that quarterly payments would be made over 3 years. For the first year, Pretty Feetrequired a P300 quarterly payment to be made on April 1, July 1, October 1, and January 1,2018. After this one-year period, the customer was required to make regular quarterlypayments that would pay off the loan as of January 1, 2019.Required:(a) Prepare a note amortization schedule for the first year.(b) Indicate the amount the customer owes on the contract at the end of the first year.(c) Compute the amount of the new quarterly…9. Now assume the same information: The Beach Bum Surf Co. is evaluating the inventory of its most popular boogie board as the summer season ends. They had beginning inventory of 20 boards at a cost of $25. Then purchases of 130 boards at $27 each, 140 boards at $28 each, and 135 boards at $30 each. If ending inventory is 15 boards and Beach Bum uses FIFO, what would be the dollar amount assigned to cost of goods sold?10. Now assume the same information: The Beach Bum Surf Co. is evaluating the inventory of its most popular boogie board as the summer season ends. They had beginning inventory of 20 boards at a cost of $25. Then purchases of 130 boards at $27 each, 140 boards at $28 each, and 135 boards at $30 each. If ending inventory is 15 boards and Beach Bum uses the average cost method, what would be the dollar amount assigned to cost of goods sold?
- Pharoah Inc. developed a new sales gimmick to help sell its inventory of new cars. Because many new car buyers need financing. Pharoah offered a low down payment at the time of purchase and low car payments for the first year after purchase. It believes that this promotion will bring in some new buyers. On January 1, 2023, a customer purchased a new $34,900 automobile, making a down payment of $1,500. The customer signed a note indicating that the annual rate of interest would be 8% and that quarterly payments would be made over 3 years. For the first year, Pharoah required a $490 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2024. After this one-year period. the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2026. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare a note amortization schedule for the first year. (Round…Good-Deal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Good-Deal offered a low downpayment and low car payments for the first year after purchase. It believes that this promotion will bring in some new buyers. On January 1, 2020, a customer purchased a new $33,000 automobile, making a downpayment of $1,000. The customer signed a note indicating that the annual rate of interest would be 8% and that quarterly payments would be made over 3 years. For the first year, Good-Deal required a $400 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2021. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2023. Instructions a. Prepare a note amortization schedule for the first year. b. Indicate the amount the customer owes on the contract at the end of the first year. c. Compute the amount of the new…1) An ice cream store vendor wants to find out if there is a difference in the sales of the store during the different months of the year. Listed below is the sales (in thousands) of the store during 2021: No. of sales Jan. Feb. 22 30 Satisfactory Rating Sales 4.3 Mar. Apr. May 44 50 48 154 2) A store owner wants to find out if the customer satisfactory rating (1 being the lowest and 5 being the highest) affects the selling power of the store. Listed below is the customer satisfactory rating of the year and its corresponding sale (in thousands): 3.33 Jun. 23 133 4.21 Jul. Aug. 21 20 180 3.89 Sept. Oct. Nov. Dec. 30 31 29 33 190 4.0 200
- Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use FIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use LIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.Presented below are five different situations. Provide an answer to each of these questions. 1. The Kawaski Jeep dealership sells both new and used Jeeps. Some of the Jeeps are used for demonstration purposes; after 6 months, these Jeeps are then sold as used vehicles. Should Kawaski Jeep record these sales of used Jeeps as revenue or as a gain? 2. One of the main indicators of whether control has passed to the customer is whether revenue has been earned. Is this statement correct? 3. One of the five steps in determining whether revenue should be recognized is whether the sale has been realized. Do you agree? 4. One of the criteria that contracts must meet to apply the revenue standard is that collectibility of the sales price must be reasonably possible. Is this correct? 5. Many believe the distinction between revenue and gains is important in the financial statements. Given that both revenues and gains increase net income, why is the distinction important?
- Q. #6. Michelle bought belts for her boutique at a cost of $27.00 each. The belts were marked up so that operating expenses were 30% of the cost and profit was 25% of the cost. During her annual spring sale, eleven belts remained unsold, and Michelle reduced the price to $29.99 each. What was the rate of markdown for the belts during the spring sale? What is the profit or loss on the sale of the belts during the spring sale? I Q. #7. What rate of interest is earned on a non-redeemable term deposit that grows from $5000.00 to $5403.75 in 3 months?Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying the solar system. At December 31 last year, the company’s inventory amounted to $250,000. Dur-ing the first week of January this year, the company made only one purchase and one sale. These transactions were as follows:Jan. 2 Sold one telescope costing $90,000 to Central State University for cash, $117,000.Jan. 5 Purchased merchandise on account from Lunar Optics, $50,000. Terms, net 30 days.a. Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetualinventory system. Use separate entries to record the sales revenue and the cost of goods soldfor the sale on January 2.b. Compute the balance of the Inventory account on January 7. c. Prepare journal entries to record the two transactions, assuming that Sky Probe uses the peri-odic inventory system. d. Compute the cost of goods sold for the first week of January assuming use of a periodic inven-tory…