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2 years ago

12

The lifo cost flow assumption assumes that the cost of items purchased ______ are the costs that will be transferred first to co

st of goods sold on the ______ ______.

1 answer:

kkurt [141]2 years ago

3 0

Answer:
-Latest
-Income Statement

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Adams Company has employed a bookkeeper who is inexperienced. On December 28, after reviewing the records for the year, you disc

adell [148]

Answer:

Debit Credit

Trade payable $300

Cash $300

Explanation:

First we have to reverse the wrong journal entry which has been made by the inexperienced bookkeeper in the Adams Company accounts:

Debit Credit

Trade payable $300

Cash $300

Now we have to record the correct journal entry in the accounts of Adam Company in respect of account settlement with supplier which is given as follow:

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3 years ago

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Answer:

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2 years ago

On May 3, 2020, Cheyenne Company consigned 90 freezers, costing $480 each, to Remmers Company. The cost of shipping the freezers

Viktor [21]

Answer and Explanation:

The computation is shown below;

a.

Inventory Unsold in Hand (90-45) 45

Unit cost Unsold (45 × 480) $21,600.00

Shipping cost on Unit Unsold (850 ÷ 90 × 45) $425.00

Value of Inventory (21600 + 425) $22,025.00

b.

Sale value (45 × 780) $35,100.00

Less: Cost

Unit cost Sold (21600+425) -$22,025.00

Comission of Consignee (35,100 × 6%) -$2,106.00

Advertising cost -$210.00

Installation cost -$330.00

Net Profit $10,429.00

c.

Sale value (45 × 780) $35,100.00

Less: deduction made by consignee

Comission of Consignee (35100 × 6%) -$2,106.00

Advertising cost -$210.00

Installation cost -$330.00

Net Remittance made by consignee $32,454.00

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A. The Civil court would be the right answer because the court would be open to the people to attend

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2 years ago

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Which of the following is an example of money as a unit of account?

Savatey [412]

The answer is lending your bestfriend 25 dollars to buy a guitar.
Unit of costs is the amount incurred by a particular company to be able to produce, store and sell the number of the same products. In the given example. 25 dollars is the cost of the guitar or the unit of costs.

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