Robyn's Retail had 500 units of inventory on hand at the end of the year. These were recorded at a cost of $19 each using the last-in, first-out (LIFO) method. The current replacement cost is $17 per unit. The selling price charged by Robyn's Retail for each finished product is $27. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Merchandise Inventory will be ________. Group of answer choices debited by $8,500 credited by $8,500 debited by $1,000 credited by $1,000
Answers
Answer:
Credit inventory 1000 and debit COGS 1000
Explanation:
19*500=9500 <price it is recorded at currently
The rule requires lower cost - market vs. price. Since market cost is lower, you have to find out how much the ending inventory balance should be
17*500=8500
9500-8500=1000
The inventory booked should be lowered, thus requiring credit entry of 1000. Since it is a merchandise loss, it is counted towards cost of goods sold expense, thus debit
Related Questions
A decline in real gross domestic product, or GDP, over time suggests economic ______.
A: inflation
B: recession
C: stagnation
D: growth
Answers
Answer:
Explanation:
B
2-5) Convert the Purchase Orders database to an Excel table. Use the techniques to find: a). the total cost of all orders. b). the total quantity of airframe fasteners purchased. c). the total cost of all orders placed with Manley Value.
Answers
According to the database on excel is the total cost of all orders. Go to column cost per order that is column 7th or column G write the formula =sum(G4:G97)
In computing, information is AN organized assortment of information kept and accessed electronically. tiny databases are stored on a file system, whereas massive databases are hosted on laptop clusters or cloud storage. A database is an organized collection of structured information, or data, typically stored electronically in a very computer system. A database is typically controlled by a management system (DBMS).
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Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:
Acquired $32,000 cash from the issue of common stock.
Borrowed $38,000 cash from National Bank.
Earned cash revenues of $50,000 for performing services.
Paid cash expenses of $46,000.
Paid a $1,200 cash dividend to the stockholders.
Acquired an additional $22,000 cash from the issue of common stock.
Paid $10,000 cash to reduce the principal balance of the bank note.
Paid $55,000 cash to purchase land.
Determined that the market value of the land is $77,000.
Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet.
Answers
The percentage of assets that were provided by investors, creditors, and earnings is $84,800.
What is investors?An investor is any individual or other entity such as a business or mutual fund who invests money with the hope of making a profit.
A technique for company improvement called the Investors in People Standard aims to boost an organization's performance through its workforce. The management and growth of an organization's workforce aids in performance improvement and the achievement of goals.
Calculation-
Balance sheet
assets = liability + stockholder's earning,
Cash+land = notable payable+common stock+retained earning
$29800+$55000=$28000+$54000+$2800.
$84800=$84800
Income statement
Revenue-expenses =net income
$50000-$46000=$4000
Thus, it is $84,800.
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The working note and solution is attached-
You have been working on an important assignment and are behind schedule. Your manager made it clear that it must be done on time. You cannot meet the assignment deadline and complete the other small tasks you have. What would you be MOST likely to do
Answers
When you are working on an important task and you are late, ideally, you would focus on the most important tasks to be delivered on time and not worry so much at the moment about the other small tasks you have.
Establishing a priority list can help you meet deadlines for essential tasks that require greater urgency and more effort to complete.
Time management
It is essential that the employee manages his time in order to establish schedules and goals for completing tasks. Through time management, there is greater motivation and objectivity about the most important tasks.
Therefore, there needs to be focus, concentration and prioritization on the main project that needs to be delivered on time. It is also essential that there is effective communication with your leader, so that you can be authorized for extra benefits or help to help you complete the project on time.
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When third-party ownership is involved, applicants who also happen to be the stated primary
beneficiary are required to have:
all statements be warranties
insurable interest in the proposed insured
the agent complete a third-party application
all those involved be family related
Answers
Answer:
insurable interest in the proposed insured
Explanation:
In the case when third-party ownership is included so the applicants are treated as the beneficiary and then needed to have an insurable interest.
The information regarding the third-party ownership should involve the following things:
It refers to the situation where the third party should invest in the economic rights for receiving the share of any type of future transfer.And at the time when the third party is treated as the beneficiary so it should have an insurable interest in the upcoming insured.So, the other options are incorrect.
Therefore we can conclude that In the case when third-party ownership is included so the applicants are treated as the beneficiary and then needed to have an insurable interest.
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Which of the following best describes the "invisible hand" concept? Group of answer choices Ample regulation of business by the government will maximize the public's best interests. The market system works best when resources are free to move from one use to another. The problem of scarcity can best be overcome in a system of mixed capitalism. Self-interest in a market system will automatically promote the public interest as well
Answers
Answer:
Self-interest in a market system will automatically promote the public interest as well.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.
A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.
The "invisible hand" concept asserts that the self-interest by producers and suppliers of resources in a market system will automatically promote the public interest as well.
This ultimately implies that, public and private interest will always coincide assuming there exist competition in a free market system.
In conclusion, the invincible hand concept is a metaphorical description of the unforeseen forces that typically moves a free market system or economy.
The best description of the "invisible hand" concept is: "Self-interest in a market system will automatically promote the public interest as well."
What is the concept of "invisible hand"?The concept of the "invisible hand" is often associated with Adam Smith, a renowned economist and philosopher. According to Smith's theory, individuals pursuing their own self-interest in a competitive market will unintentionally benefit society as a whole.
Through the pursuit of profit and self-gain, individuals are motivated to produce goods and services that meet the needs and desires of others in the market. As a result, the market system, when left to its own devices, is believed to allocate resources efficiently and maximize overall societal welfare.
This concept implies that government intervention and regulation may not be necessary for the market to function optimally. Instead, the "invisible hand" suggests that individual self-interest, guided by market forces such as supply and demand, will naturally lead to desirable outcomes for society.
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Apply the principals you learned about the 5 Cs to this situation. How did this improve McDonald's business. Is there a way for you to apply this in your own business or job?
Click on the link below:
McDonald's Gets It Right Links to an external site.
Main, K.(n.d.) A customer found a short note with their McDonald's delivery. It's a master class in marketing: The simple thing the fast-food giant got right that most get wrong. INC,
Answers
The 5 Cs in the business stand for Customers, Company, Collaborators, Competitors, and Context. The application of the 5 Cs is to offer a structure that can be employed to analyze the primary factors that impact an organization. In the context of McDonald's, the principles of the 5 Cs were applied to improve their business.
The first C is Customers: McDonald's gave the customers a reason to come back for more. McDonald's was the first restaurant to use the drive-thru service to save time, and this served to boost the company's revenues. The use of the drive-thru service provided consumers with a means to avoid queues and access fast food quicker, hence serving to attract more clients.
McDonald's also made efforts to enhance their services and provide healthier food options, which kept clients coming back for more
The second C is Company: McDonald's optimized its resources to boost the company's operations. The firm started using an IT system to manage its services, which provided an excellent platform to access information from different locations. This aided the company in implementing a consistent pricing strategy throughout all its branches and helped streamline its supply chain management processes.
Third C is Collaborators: McDonald's partnered with different organizations to enhance the quality of their products. McDonald's partnered with different firms such as Coca-Cola to supply the beverage products, which saved on cost and provided consumers with high-quality drinks.
The company also started partnering with different charitable organizations to engage in Corporate Social Responsibility (CSR) activities, which created a positive impact on society and helped promote the company's brand image.
Fourth C is Competitors: McDonald's conducted a competitive analysis to understand their market position. The company identified different competitors in the fast-food industry and came up with strategies to keep up with the competition.
For instance, McDonald's focused on enhancing their products and services, which kept clients coming back for more and also increased the company's revenues. Fifth C is Context: McDonald's also took into account the broader context in which the company operated.
The company considered the different laws and regulations that affected the fast-food industry and took steps to comply with them. The firm also took into account environmental factors such as climate change and came up with strategies to minimize its carbon footprint.
In conclusion, the application of the 5 Cs principles helped McDonald's improve its business by enhancing customer satisfaction, optimizing its resources, partnering with different firms, conducting a competitive analysis, and considering the broader context in which it operates.
This can be applied to other businesses or jobs to enhance their operations by considering the primary factors that impact their organization.
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TRUE/FALSE. risks, assumptions and constraints are included in the project charter so that key participants will be aware of what could prevent them from successfully completing the project.
Answers
risks, assumptions and constraints are included in the project charter so that key participants will be aware of what could prevent them from successfully completing the project: true, given statement is true.
A project charter, project definition, or project statement is a description of a project's scope, goals, and participants in project management. It specifies the authority of the project manager, identifies the important stakeholders, explains the project's primary aims, and gives a preliminary demarcation of roles and duties.
The project charter is the name of this document in Initiative for Policy Dialogue (IPD). The project definition report is what it is known as in customer relationship management (CRM). This document is necessary as part of the project management procedure according to both IPD and CRM.
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By comparing prices at different stores, consumers will:
Answers
By comparing prices at different stores, consumers will save money and make informed purchasing decisions.
How can comparing prices at different stores benefit consumers?Comparing prices at different stores allows consumers to make informed purchasing decisions and save money. By taking the time to research and compare prices, consumers can identify the best deals and discounts available for the products they intend to buy.
This practice helps them ensure that they are getting the most value for their money. It can also help consumers uncover any price discrepancies or inflated prices allowing them to avoid overpaying for goods and services.
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Match the components of a will to their descriptions.
Tiles
Executor
Purpose
Codicil
Consideration
Pairs
Jeff writes "this is my last will and testament"
Jeff wants his home given to his wife and daughter.
He wants his money split between his wife and
daughter. He wants his sister and brother to get
his personal possessions. He gives his daughter
his automobile
Jeff names his sister the person responsible
for making sure his wishes are followed
after the birth of his son, Jeff adds an amendment
establishing a trust account for him when he turns 18
Answers
Answer:
purpose, consideration, executor, codicil
Explanation:
i got them all right
Answer:
Jeff write -- Purpose
Jeff wants -- Consideration
Jeff names -- Executor
after the birth -- Codicil
Explanation:
got it right on edmentum
A buyer is interested in buying a home in an older neighborhood where new sidewalks have just been installed. The buyer contacts his real estate agent who shows him the property, which is listed with a different company. The only taxes mentioned in the MLS information are the general real estate taxes. When asked, the sellers says she knows of no other taxes against the property. The agent should
Answers
What this agent has to do should be to advise the buyer that there may be special assessments levied against property.
Who is a house agent?This is a person that acts as a third party to a person that wants to buy or rent a house and the person that is giving out the property.
The agent here has to tell the buyer that the reason for these taxes is the fact that there are other levies on the property.
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Making money is always on the agenda of the media.
True
False
Answers
FILL IN THE BLANK a_______ plan includes the main goals the offender will work on during probation/parole, how the offender must pursue those goals, the strengths the offender has to draw upon, and how the officer can help the offender meet those goals.
Answers
A case plan includes the main goals the offender will work on during probation/parole, how the offender must pursue those goals, the strengths the offender has to draw upon, and how the officer can help the offender meet those goals. This type of plan is designed to help the offender stay on track and achieve their goals while on probation or parole.
It is also a way for the officer to monitor the offender's progress and provide support as needed. By setting clear goals and outlining a plan to achieve them, the offender can work towards a successful reintegration into society. A case plan is an important tool used in the criminal justice system to help offenders successfully complete their probation or parole and avoid recidivism. It outlines the steps that the offender must take in order to achieve their goals and provides guidance and support from the officer.
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Why should an effective tax be efficient?
so the cost of collection are as low
Answers
Raggs, Ltd. a clothing firm, determines that in order to sell x suits, the price per suit must be pequals160 minus 0.75 x. It also determines that the total cost of producing x suits is given by Upper C (x )equals4000 plus 0.5 x squared. a) Find the total revenue, Upper R (x ). b) Find the total profit, Upper P (x ). c) How many suits must the company produce and sell in order to maximize profit? d) What is the maximum profit? e) What price per suit must be charged in order to maximize profit?
Answers
Answer:
a) R(x) = 160x - 0.5x^2
b) P(x) = 160x - x^2 - 4000
c) The company must produce and sell 107 suits in order to maximize profit.
d) The maximum profit is $1,671.
e) The price per suit that must be charged in order to maximize profit is $106.50.
Explanation:
Given;
Price = p = 160 - 0.5x .....................,............. (1)
Total cost = C(x) = 4000 + 0.5x^2 ............. (2)
We can solve as follows:
a) Find the total revenue
Total revenue = R(x) = p * x ........................(3)
Since from equation (1) p = 160 - 0.75x, we therefore substitute into equation (3) solve to have:
R(x) = (160 - 0.5x)x
R(x) = 160x - 0.5x^2 ................................... (4) <---------- Total revenue
b) Find the total profit, Upper P(x).
P(x) = R(x) - C(x) ........................................... (5)
Substituting equations (2) and (4) into equation (5) and solve, we have:
P(x) = 160x - 0.5x^2 - (4000 + 0.5x^2)
P(x) = 160x - 0.5x^2 - 4000 - 0.5x^2
P(x) = 160x - x^2 - 4000 ........................... (6) <------------------ Total profit
c) How many suits must the company produce and sell in order to maximize profit?
Profit is maximized where Marginal Revenue (MR) is equal to Marginal Cost (MC). That is where;
MR = MC ................................................ (7)
Where MR = price = p = 160 - 0.5x
MC is obtained buy differentiating equation (2) with respect to x as follows:
MC = C'(x) = x
Substituting for MR and MC in equation (7) and solve for x, we have:
160 - 0.5x = x
160 = x + 0.5X
160 = 1.5x
x = 160 / 1.5
x = 107
Therefore, the company must produce and sell 107 suits in order to maximize profit.
d) What is the maximum profit?
To obtain this, we substitute x = 107 into equation (6) and solve as follows:
P(x) = 160(107) - 107^2 - 4000
P(x) = (160 * 107) - 107^2 - 4000
P(x) = 17,120 - 11,449 - 4000
P(x) = 1,671
Therefore, the maximum profit is $1,671.
e) What price per suit must be charged in order to maximize profit?
To obtain this, we substitute x = 107 into equation (1) and solve as follows:
p = 160 - 0.5(107)
p = 160 - (0.5 * 107)
p = 160 - 53.50
p = 106.50
Therefore, price per suit that must be charged in order to maximize profit is $106.50.
Roles and responsibility of central management(business policy)
Answers
Answer:
The Four Functions of Management: What Managers Need to Know
Planning. One main role of a manager is creating a plan to meet company goals and objectives. ...
Organizing. ...
Leading. ...
Controlling. ...
How to Develop Key Management Skills. ...
Work to Develop Your Management Skills With an MBA.
Farrugia Corporation produces two intermediate products, A and B, from a common input. Intermediate product A can be further processed into Product X. Intermediate product B can be further processed into Product Y. The common input is purchased in batches that cost $89 each and the cost of processing a batch to produce intermediate products A and B is $36. Intermediate product A can be sold as is for $53 or processed further for $33 to make Product X that is sold for $79. Intermediate product B can be sold as is for $113 or processed further for $66 to make Product Y that is sold for $158.
Required:
A. Assuming that no other costs are involved in processing potatoes or in selling products, how much money does the company make from processing one batch of the common input into the end products X and Y?
B. Should each of the intermediate products, A and B, be sold as is or processed further into an end product?
Answers
Answer:
Explanation:
Product A Product B Total
Incremental rev. 79 158 237
Incremental cost 33 66 99
Contribution 46 92 138
common cost (89)
Cost of Processing (36)
Net income 13
B
Financial advantage - Incremental revenue- Incremental cost -Initial revenue
Product A
79-33-53 = - 7
Product B
158-66-113 = -21.
The two products are better sold at it is without further processing.
As no other cost is involved in the processing or selling and the initial selling price is greater than the incremental contribution , it is advisable that they are sold as they are
If a corporate building has nine office suites that rents for $14,800 per month each, but suffers from a 14% vacancy rate and annual expenses of $21,100, what is the NOI of the building
Answers
Answer:
=$1,353, 524
Explanation:
NOI stands for net operating income
In this case, NOI will be calculated as follows
Rent per suit = $14,800
Number of suits 9
The monthly rent will be
=$14,800 x 9
=$133,200
Annual rent will be monthly rent x 12
= $133,200 x 12
=$1,598,400
Considering a 14 % vacancy rate, expected annual rent collection
=$1, 598,400 minus 14% of $1, 598,400 or 86% of $1, 598,400
= 86/100 x $1, 598,400
=$1,374,624
Adjusting for annual expenses
= $1,374,624 - $21,100
=$1,353, 524
During year 1 meriwerher construction company started a construction job with a contract price 3,000,000 the job was completed in year 2
Answers
Answer Correct Answer = Option ‘C’ $ 350,000= Gross Profit for Year 2 Working for above answer Working Year 1 end Year 2 End A Contract Price $ 3,000,000
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Type the correct answer in the box. Spell all words correcty.
George has to present the goals of information management to his team member. What is a goal of Information management?
The goal of Information management is to identify information requirements for various what levels
Answers
Answer and Explanation:
The information management refers to manage the information in effecetive and efficient manner. It could be in terms of storing, organizing, developing, using, distributing the information so that it became useful for the organization
Here, the goal of information management is to identify the requirement of the information for various management levels so that it can be used in appropriate manner.
Answer:
The answer is: management
What is The way in which economic activities are managed in a country
Answers
The distribution of wealth, residents' access to resources, and general quality of life can all be significantly impacted by a nation's economic structure.
How economic activities are managed in a country
The way in which economic activities are managed in a country is known as its economic system. An economic system is a set of institutions and rules that govern how goods and services are produced, distributed, and consumed within a society.
There are different types of economic systems, each with its own way of managing economic activities. The most common types are:
Market economy: In a market economy, economic activities are managed through the interactions of buyers and sellers in the marketplace. Prices are determined by supply and demand, and businesses are motivated by profit.
Command economy: In a command economy, economic activities are managed by a central authority, usually the government. Prices and production quotas are set by the government, and businesses are owned and operated by the state.
Mixed economy: In a mixed economy, economic activities are managed by a combination of market forces and government intervention. The government regulates certain industries and provides public goods and services, while the private sector operates in a market-based system.
The type of economic system in a country can have a significant impact on the distribution of wealth, access to resources, and overall quality of life for its citizens.
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concept of the value in marketing
Answers
In marketing, value is defined as the difference between a prospective customer's appraisal of the benefits and costs of one product versus others.
What is the market value?Market value is the price that purchasers are willing to pay for an asset in the marketplace. In the case of publicly traded assets or entities, it is also known as market capitalization and is computed by multiplying the current price by the number of outstanding units.
There are a number of components that go into establishing the market value of various assets, such as corporations, and real estate, it involves a lot more than knowing share prices.
The value of intangibles and the future worth of linked assets can also be considered in determining corporate market value. Market value is more than a price; it reflects the genuine underlying value, not just the perceived value.
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A company incurs $4,050,000 of overhead each year in three departments: Ordering and Receiving, Mixing, and Testing. The company prepares 2,000 purchase orders, works 50,000 mixing hours, and performs 1,500 tests per year in producing 200,000 drums of Goo and 600,000 drums of Slime. The following data are available: Production information for Slime is as follows: Compute the amount of overhead assigned to Slime.
a) $3,037,500
b) $2,025,000
c) $2,760,000
d) $2,467,851
Answers
Answer:
c) $2,760,000
Explanation:
Computation of the amount of overhead assigned to Slime.
First step
Ordering and Receiving=Cost/Expected use of Driver×Additional Expected use of Driver
$1,200,000/2,000×1,600
=600×1,600
=$960,000
Mixing= Cost/Expected use of Driver×Additional Expected use of Driver
=1,500,000/50,000×30,000
=30×30,000
=$900,000
Testing=Cost/Expected use of Driver×Additional Expected use of Driver
= 1,350,000/1,500×1,000
=900×1,000
=$900,000
Second step
Addition of the total of :
Ordering and Receiving $960,000
Mixing $900,000
Testing $900,000
=$2,760,000
Therefore the amount of overhead assigned to Slime will be $2,760,000
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Which sentence demonstrates the use of secondary market research technique?
Answers
Answer:
Sentence 3
Explanation:
Answer:sentence three
Explanation:
why is the GDP become the important factors in decision making in the economic policy?
Answers
Answer:
see below
Explanation:
GDP is the value of all commodities and services produced within a country's border, in a particular period. Only finished consumer products and services are considered in calculating GDP.
The GDP value is important because
1. GDP reports the state of a country's economy
An increase in GDP indicates growth in the economy. Growth in real GDP value signifies a health economy that creates adequate job opportunities, increasing incomes, and a wealthier nation. A decline in GDP communicates a recession that requires government
intervention.
2. For investment decisions
Investors use GDP as a reference point when making investment decisions. Declining GDP value indicates bad economic conditions, which will result in lower earnings and reduced stock prices. Increasing GDP value is associated with good returns and higher stock prices.
The BEST way to __________________ a customer is right then and there at that moment!
Answers
Answer:
serve
Explanation:
hope that helps
(-)
the graph at right shows the situation after the u.s. removes a tariff on imports of canned tuna.
A. C.
B. A+B+C+D.
C. A.
D. B+C+D.
Which area shows the loss in producer surplus?
A. B+C+D.
B. A+B.
C. A.
D. A+B+C+D.
Which area shows the loss in government tariff revenue?
A. A.
B. C.
C. A+B+C+D.
D. B+C+D.
Which areas show the reduction in deadweight loss?
A. B+C+D.
Answers
The graph that shows the situation when the U.S. removes a tariff on imports of canned tuna shows that the gain in consumer surplus is B. A+B+C+D.
The area which shows the loss of producer surplus is C. A.
The area which shows the loss in government tariff revenue is B. C.
The area showing a reduction in deadweight loss is B+D.
What happens when a tariffs are lifted ?When a tariff is lifted, the price of the good or service usually decreases, which increases consumer surplus. Consumers are able to purchase the same goods and services for a lower price, which results in a larger consumer surplus.
The price of the good or service usually decreases, which decreases producer surplus. Producers receive a lower price for the same goods and services, which results in a smaller producer surplus.
The government no longer receives revenue from that tax. Therefore, government revenue decreases when a tariff is lifted. The market becomes more efficient as the price of the good or service decreases, this leads to a decrease in deadweight loss.
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True or False. You should use your net income, or income after taxes have been taken out, to create a more accurate budget.
Answers
Answer:
The answer is true Goodluck
Select the correct answer.
Jackson bought a commercial vehicle for his business, Cleaners Inc., and paid by check. How will he journal this financial transaction?
O A.
Cleaners Inc. Account (debit)
Bank Account (credit)
О в.
Jackson Account (debit)
Bank Account (credit)
O c. Vehicle Account (debit)
Bank Account (credit)
O D. Vehicle Account (debit)
Cleaners Inc. Account (credit)
Answers
Answer:
D. Vehicle Account (debit)
Bank Account (credit)
What misconceptions should Juanita correct during her meeting with Bill?
Answers
Misconceptions should Juanita correct during her meeting with Bill are - The misconception that a low stock price indicates a bad investment, The misconception that diversification is unnecessary, The misconception that investing in individual stocks is the only way to invest.
1. The misconception that a low stock price indicates a bad investment: Bill seems to believe that because the company's stock price is low, it must be a bad investment. However, stock price alone does not indicate the quality of an investment. There could be many factors affecting the stock price, such as market conditions or industry trends. Juanita should explain to Bill that it is important to look beyond the stock price and evaluate the company's financials and fundamentals before making an investment decision.
2. The misconception that diversification is unnecessary: Bill seems to believe that investing in only a few companies is sufficient and diversification is unnecessary. However, investing in only a few companies can expose an investor to significant unsystematic risk, which can be mitigated by diversification. Juanita should explain to Bill the benefits of diversification, including reducing risk and potentially increasing returns.
3. The misconception that investing in individual stocks is the only way to invest: Bill seems to believe that investing in individual stocks is the only way to invest. However, there are many other investment options available, such as mutual funds, exchange-traded funds (ETFs), and index funds. Juanita should explain to Bill the different investment options available and help him identify which option is best suited to his investment goals and risk tolerance.
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