During January 2021, the following transactions occur:

January 2 Sold gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $161,000.
January 15 Firework sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800.
January 23 Receive $126,800 from customers on accounts receivable.
January 25 Pay $104,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $6,200.
January 30 Firework sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500.
January 31 Pay cash for monthly salaries, $53,400.
6. Record closing entries

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)

Contrast two economies that transitioned to capitalism and explain what factors affected the ease kf their transition as welas the “face” of capitalism that each has adopted

Milden company has an exclusive franchise to purchase a product from the manufacturer and distribute it on the retail level. as an aid in planning, the company has decided to start using a contribution format income statement. to have data to prepare such a statement, the company has analyzed its expenses and has developed the following cost formulas: cost cost formula cost of good sold $35 per unit sold advertising expense $210,000 per quarter sales commissions 6% of sales shipping expense ? administrative salaries $145,000 per quarter insurance expense $9,000 per quarter depreciation expense $76,000 per quarter management has concluded that shipping expense is a mixed cost, containing both variable and fixed cost elements. units sold and the related shipping expense over the last eight quarters follow: quarter units sold shipping expense year 1: first 10,000 $ 119,000 second 16,000 $ 175,000 third 18,000 $ 190,000 fourth 15,000 $ 164,000 year 2: first 11,000 $ 130,000 second 17,000 $ 185,000 third 20,000 $ 210,000 fourth 13,000 $ 147,000 milden company’s president would like a cost formula derived for shipping expense so that a budgeted contribution format income statement can be prepared for the next quarter. required: 1. using the high-low method, estimate a cost formula for shipping expe