Bill Pierson buys a 125-foot roll of latex tubing for 35 . Bill ...

[ereecah]

Bill Pierson buys a 125-foot roll of latex tubing for 35 . Bill cuts the tubing into shorter pieces and resells all of it for a total of 57.50 . Compute Bill's profit per foot. (Round to the nearest cent.)

Question 2

A hardware merchant using the FIFO method of valuing inventory has 300 hammers remaining in inventory. The merchant purchased hammers over a three month-period as follows: 120 purchased at 3.50 on April 1, 150 purchased at 3.62 on May 1, and 150 purchased at 3.72 on June 1 . Compute the value of the ending inventory of hammers at FIFO cost.

[aprice35067]

Answer to Question 1

57.50 - 35 = 22.50 total profit; 22.50  125 feet = 0.18 profit per foot
Or, 57.50  125 feet = 0.46 revenue per foot; 35  125 feet = 0.28 cost per foot;
0.46 - 0.28 = 0.18 profit per foot

Answer to Question 2

1,101

[ereecah]

YES! Correct, THANKS for helping me on my review

[tkempin]

Thanks for the timely response, appreciate it