Homework Answers
Answer is Option d
Because cost of each item is different if item in inventory is unique hence to identify cost of goods sold and inventory value at the specific identification is more appropriate.
Add Answer to:
Support 2 (pre-final formative) assumption method 7 The specific identification method is more appropriate than a...
bmail Blogs Support Assignment 2 (pre-tinal tomative Question 4 A company with a liquid inventory will...
bmail Blogs Support Assignment 2 (pre-tinal tomative Question 4 A company with a liquid inventory will have Not yet answered Select one Marked out of 1 a A high inventory turnover and a low average number of days to sell inventory O b. A low inventory tumover and a high average number of days to sell inventory O c. A low inventory turnover and a low average number of days to sell inventory O d. A high inventory turnover and...
1 In regard to the accounts receivable turnover rate: a. In some industries it is better...
1 In regard to the accounts receivable turnover rate: a. In some industries it is better higher and in some industries it is better to be lower. b. The auto industry prefers a lower rate. c. The higher the better. d. The lower the better. 2 The Allowance for Doubtful Accounts will appear on the: a. Owners' equity statement. b. Balance sheet. c. Cash flow statement. d. Income statement. 3 The specific identification method is more appropriate than a cost...
Exercise 6-6 Specific identification cost flow assumption LO2 eXcel CHECK FIGURE COGS - $4,529 50 Use...
Exercise 6-6 Specific identification cost flow assumption LO2 eXcel CHECK FIGURE COGS - $4,529 50 Use the information in Exercise 6-5. Assume that Car Armour specifically sold the following units Jant 1080 M 1510 120 Oct 200 470 Bombong som begungor and ore M ucha 0 chans rom October Calculate cost to be assigned to ending inventory and cost of goods sold Exercise 6-7 Income statement effects of alternative cost flow assumptions LOS Use the data in Exercises 6-5 and...
25. Match each of the following terms a through j with the appropriate definition (a) Specific...
25. Match each of the following terms a through j with the appropriate definition (a) Specific identification method (b) Days' sales in inventory (c) Conservatism principle (d) Inventory turnover (e) Retail inventory method (1) Interim statements (g) Net realizable value (h) LIFO method (1) Weighted average inventory method () FIFO method (1) The accounting principle that aims to select the less optimistic estimate when two or more estimates are about equally likely. _(2) The expected sales price of an item...
Answer T or F 1. Transportation-in is considered a cost of purchasing inventory 2. In many...
Answer T or F 1. Transportation-in is considered a cost of purchasing inventory 2. In many retail businesses, inventory is the largest current asset. 3. As inventory is sold in many retail businesses, the largest expense is created. 4. The cost of merchandise is inventory is limited to the purchase price less any purchase discounts. 5. A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory. 6. One of the...
True False Question 2 (3 points) Given a singly linked list with more than two nodes,...
True False Question 2 (3 points) Given a singly linked list with more than two nodes, to remove the second node from a linked list with only head reference, assume curr - head, next, you do Set curr.next to head.next Oset head. next to curr.next Set head, next to curr Oset head to curr.next TL th Question 3 (3 points) Given the following singly linked list (a list with four nodes), what will be the value stored at the last...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
please Help me!! Remaining Time: 3 hours, 11 minutes, 53 seconds. Question Completion Status: QUESTION 1...
please Help me!!
Remaining Time: 3 hours, 11 minutes, 53 seconds. Question Completion Status: QUESTION 1 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 40,000 80,000 100,000 140,000 180,000 250.000 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $200,000 Less Accumulated Depreciation (60.000 Trademark Total Assets $ 130,000 50,000 150.000 330,000 Common Sock Retained Earnings...
bmail Blogs Support Assignment 2 (pre-tinal tomative Question 4 A company with a liquid inventory will have Not yet answered Select one Marked out of 1 a A high inventory turnover and a low average number of days to sell inventory O b. A low inventory tumover and a high average number of days to sell inventory O c. A low inventory turnover and a low average number of days to sell inventory O d. A high inventory turnover and...
Exercise 6-6 Specific identification cost flow assumption LO2 eXcel CHECK FIGURE COGS - $4,529 50 Use the information in Exercise 6-5. Assume that Car Armour specifically sold the following units Jant 1080 M 1510 120 Oct 200 470 Bombong som begungor and ore M ucha 0 chans rom October Calculate cost to be assigned to ending inventory and cost of goods sold Exercise 6-7 Income statement effects of alternative cost flow assumptions LOS Use the data in Exercises 6-5 and...
25. Match each of the following terms a through j with the appropriate definition (a) Specific identification method (b) Days' sales in inventory (c) Conservatism principle (d) Inventory turnover (e) Retail inventory method (1) Interim statements (g) Net realizable value (h) LIFO method (1) Weighted average inventory method () FIFO method (1) The accounting principle that aims to select the less optimistic estimate when two or more estimates are about equally likely. _(2) The expected sales price of an item...
True False Question 2 (3 points) Given a singly linked list with more than two nodes, to remove the second node from a linked list with only head reference, assume curr - head, next, you do Set curr.next to head.next Oset head. next to curr.next Set head, next to curr Oset head to curr.next TL th Question 3 (3 points) Given the following singly linked list (a list with four nodes), what will be the value stored at the last...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
please Help me!!
Remaining Time: 3 hours, 11 minutes, 53 seconds. Question Completion Status: QUESTION 1 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 40,000 80,000 100,000 140,000 180,000 250.000 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $200,000 Less Accumulated Depreciation (60.000 Trademark Total Assets $ 130,000 50,000 150.000 330,000 Common Sock Retained Earnings...
Most questions answered within 3 hours.
-
A 8.15- g bullet from a 9-mm pistol has a velocity of 366.0 m/s.
It strikes...
asked 34 minutes ago -
The outstanding bonds of Alpha Extracts have a yield to maturity
of 7.4 percent and a...
asked 31 minutes ago -
The Problem: The Case of the Harmonizing Vacations
Your CEO is exploring partnering with a European...
asked 1 hour ago -
A chemical equation is balanced by adding coefficients in front
of some formulas so that the...
asked 1 hour ago -
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 2 hours ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 2 hours ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 2 hours ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 2 hours ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 3 hours ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 3 hours ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 3 hours ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 3 hours ago