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3 years ago

8

The importance of having a positive attitude is overemphasized. Competence is the most important factor in determining work succ

ess.

1 answer:

nadya68 [22]3 years ago

4 0

True it helps ease my mind lol

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Terry company had january 1 inventory of $100,000 when it adopted dollar-value lifo. during the year, purchases were $600,000 an

inna [77]

Answer:

Terry's Closing Inventory is $131,360.

Terry's Gross profit is $431,360.

We follow these steps to arrive at the answers:

<u>1. Calculate the base value of closing inventory (CI):</u>

$CI_{base value} = \frac{CI*Index at base year}{current price index}$

$CI_{base value} = \frac{143360*100}{112} = 128,000$

<u>2. Calculate additions to inventory at base price</u>

$Additions to inventory = CI_{base value} - Beginning inventory$

$Additions to inventory = 128000 - 100000 = 28,000$

<u>3. Calculate the value of additions to inventory at current prices</u>

$Additions to inventory_{current Value} = Additions to inventory_{base Value} * \frac{current price index}{base price index}$

$Additions to inventory_{current Value} = 28,000 * \frac{112}{100} = 31,360$

<u>4. Calculate the value of Closing inventory</u>

$Closing inventory = Beginning Inventory + Additions to inventory_{current Value}$

$Closing inventory = 100,000 + 31,360 = 131,360$

<u>5. Compute Cost of Goods Sold (COGS):</u>

$COGS = Opening Inventory + Purchases - Closing Inventory$

$COGS = (100000 + 600000 - 131360) = 568640$

<u>6. Compute Gross profit</u>

$Gross profit = Sales - COGS$

$Gross profit = 1000000 - 568640 = 431360$

5 0

3 years ago

During December, LafertyLaferty designed a landscape plan and the client prepaid $ 8 comma 000$8,000. LafertyLaferty recorded t

liubo4ka [24]

Answer:

The answer is:

Dr Unearned Service Revenue 4,800

Cr Service Revenue 4,800

Explanation:

Since Laferty completed 60% of the landscape plan during this year, they should record $4,800 as earned revenue ($8,000 x 60%), while the remaining $3,200 should stay as unearned revenue. The journal entries should be as follows:

Dr Unearned Service Revenue 4,800

Cr Service Revenue 4,800

5 0

3 years ago

Select the correct answers.

telo118 [61]

Answer:

I think

hand-eye coordination and

customer service

8 0

3 years ago

Read 2 more answers

6) For which of the following should you save?

aleksandr82 [10.1K]

For my retirement and my family future

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2 years ago

Read 2 more answers

According to Feiler, what is the good news about families today? What is the bad news and the worst news? Have you witnessed any

Amanda [17]

Good news is when families are happy not arguing with each other. The bad news is when they fight and it messes up the family they separate.

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3 years ago