Precious, Inc. is a merchandiser of a single line of golden rings. At the beginning...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Precious, Inc. is a merchandiser of a single line of golden rings. At the beginning of the day, the shop had 10 rings in its inventory. During the day, 3 new rings were delivered to the shop. By close of business, only 7 rings remained in inventory.
The purchase price of each ring from the supplier is $254. In addition, the company pays $5 for shipping and delivery insurance on each ring that they purchase.
What is the companys Gross Profit for the day if it sells each ring for $637?
(assume the unit product cost is consistent between periods)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
