Business, 18.04.2020 03:53 darkremnant14
The Constance Corporation’s inventory at December 31, 2021, was $127,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $17,500, shipped f. o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $47,500 was shipped to a customer f. o.b. shipping point on December 28, 2021, arrived at the customer’s location on January 6, 2022. Merchandise costing $23,500 was being held on hand for Jess Company on consignment. Estimated sales returns are 20% of annual sales. Sales revenue was $555,000 with a gross profit ratio of 30%.
What amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet?
Multiple Choice
a. $160,250
b. $145,250
c. $187,250
d. $190,250
Answers: 2
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Business, 22.06.2019 10:00
Suppose an economy has only two sectors: goods and services. each year, goods sells 80% of its outputs to services and keeps the rest, while services sells 62% of its output to goods and retains the rest. find equilibrium prices for the annual outputs of the goods and services sectors that make each sector's income match its expenditures.
Answers: 2
Business, 22.06.2019 15:20
On january 2, 2018, bering co. disposes of a machine costing $34,100 with accumulated depreciation of $18,369. prepare the entries to record the disposal under each of the following separate assumptions. exercise 8-24a part 2 2. the machine is traded in for a newer machine having a $50,600 cash price. a $16,238 trade-in allowance is received, and the balance is paid in cash. assume the asset exchange has commercial substance.
Answers: 2
Business, 22.06.2019 16:30
Summarize the specific methods used by interest groups in order to influence governmental decisions making in all three branches of government. provide at least two examples from each branch.
Answers: 3
The Constance Corporation’s inventory at December 31, 2021, was $127,500 (at cost) based on a physic...
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