The correct answer is "ending inventory of one period is the beginning inventory of the next period."
An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets, and equity, but also the next period's statements because ending inventory of one period is the beginning inventory of the next period.
That is why the manager has to be strict regarding the inventory of a company. Inventory has a cost that can be translated into money. So accountants have to be perfect regarding the inventory. So yes, ann error in keeping the inventory affects the company in that the ending inventory of one period is the beginning inventory of the next period. An internal audit can reveal the mistakes in accurately keeping the inventory. So it is better to put extra attention in the process so nothing wrong would be revealed after the audit.
Answer:
a. As per the situation sales exceed production absorption costing income from operations is lesser than variable costing income from operations.
b. $776,160
Explanation:
a. As per the situation sales exceed production absorption costing income from operations is lesser than variable costing income from operations
b. Given that
Beginning inventory = 52,800
Fixed manufacturing costs = $14.70 per unit
Total Beginning inventory = Beginning inventory × Fixed manufacturing costs
= 52,800 × $14.70 per unit
= $776,160
Answer:
Testing should be conducted on each piece of equipment every three months, as well as before first use or return to service after repair. In order to ensure a grounding wire is electrically continuous throughout the extension cord or power tool, a continuity test must be conducted.
Explanation:
Answer:
A. participative budgeting
Explanation:
Participative budgeting -
It refers to the type of method of budgeting , where the person implementing the budget as well as the person getting affected by the budget are involved in the process of creating the budget , is referred to as participative budgeting .
In this method the top - level managers are supposed to share the decision of budgeting with the bottom - level managers as well .
Hence , from the given information of the question ,
The correct answer is A. participative budgeting .
Answer:
$5,500 USD
Explanation:
Since traditional Roth IRA accounts cannot be owned jointly, then both individuals must have their own account. That being said they can still contribute to each other's Roth IRA accounts on behalf of their spouse. You can contribute a total of 100% of your earned income up to a limit of $5,500 USD. Pensions are not allowed as contributions. Individual's over the age of 50 have a limit of $6,500
