The Menswear Department of Major's Department Store had sales of $188,000, cost of goods sold of $132,500, indirect expenses of $13,250, and direct expenses of $27,500 for the current period. The Menswear Department's contribution to overhead as a percent of sales is:

A. 14.9%.
B. 66.7%.
C. 7.8%.
D. 29.5%.
E. 85.4%.


Answer: A

Business

You might also like to view...

A state insurance commission requires an insurance company to prepare its financial statements in accordance with Statutory Accounting Principles. This situation may prevent an auditor from issuing a special report on the financial statements as the Statutory Accounting Principles are not a recognized alternative comprehensive basis

a. True b. False Indicate whether the statement is true or false

Business

Ethical issues may arise when management dips into LIFO layers

a. when some LIFO liquidations are unavoidable due to shortages of raw materials. b. due to improved inventory control systems that reduce the amount of inventory needed. c. in order to manage earnings in a particular year rather than replenish inventories. d. all of the above. e. none of the above.

Business

Which of the following statements regarding identification of goods under the UCC is false?

A) Unborn animals must come into existence before they can be identified. B) Identification can be made in any manner explicitly agreed to by the parties to the contract. C) Risk of loss may shift to the buyer before identification occurs. D) Purchased goods that are part of a larger mass are identified when designated as the goods sold to the buyer.

Business

Event attendees in general are looking to event organizers to take a more ………….

a. moral stance b. ethical stance c. truthful approach d. backseat approach

Business