Ace Bonding Company purchased merchandise inventory on account. The inventory costs $3,700 and is expected to sell for $6,400. How should Ace record the purchase? Inventory 3,700 Accounts payable 3,700 Cost of goods sold 3,700 Deferred sales revenue 2,700 Sales in advance 6,400 Cost of goods sold 3,700 Inventory payable 3,700 Cost of goods sold 3,700 Profit 2,700 Sales payable 6,400

Garfield corporation is considering building a new plant in canada. it predicts sales at the new plant to be 50,000 units at $5.00/unit. below is a listing of estimated expenses. category total annual expenses % of annual expense that are fixed materials $50,000 10% labor $90,000 20% overhead $40,000 30% marketing/admin $20,000 50% a canadian firm was contracted to sell the product and will receive a commission of 10% of the sales price. no u.s. home office expenses will be allocated to the new facility. the contribution margin ratio for garfield corporation is