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3 years ago

Given equal circumstances, which inventory method would probably be the most time consuming?

Business

1 answer:

erik [133]3 years ago

3 0

Answer: D. Specific identification

Explanation: The specific identification method of inventory taking is probably the most time consuming. This is because it is based on principles which are: being able to track each item in an inventory; being able to track the cost of each item individually; being able to relieve inventory for the specific cost associated with an inventory item when it is sold. It is quite clear then that despite its high degree of accuracy to the cost of inventory, it is very time-consuming as it tracks inventory items on individual unit basis restricting its use to smaller inventory volumes and smaller firms.

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The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of ope

vitfil [10]

Answer:

Note: See attached excel file for the record of the effect of the given transactions in a horizontal statements model.

In the attached excel file, we have:

Assets = Liabilities + Stockholders' Equity = $152,155

Explanation:

In the attached excel file, we have:

Sales tax payable on sales for November Year 1 = $65,500 * 9% = $5,895

Sales tax payable on sales for December Year 1 = $79,500 * 9% = $7,155

Assets = $152,155

Liabilities + Stockholders' Equity = $7,155 + $145,000 = $152,155

Therefore, the accounting equation is proved as follows:

Assets = Liabilities + Stockholders' Equity = $152,155

Download xlsx

6 0

3 years ago

hen entry barriers into a market are low, firms will tend to earn zero economic profit in the long run because a. profit-seeking

tamaranim1 [39]

Answer:

The correct answer is B

Explanation:

Economic profit is the difference among the revenue received from the sale of the output and the cost of all inputs used and opportunity cost.

Zero economic profit, it is the situation where the firm is earning the same if its resources were employed in the next alternative which is best.

When the entry barriers in the market are low, then the firm will have the tendency of having a zero economic profit in the period of long run, as the profit which is short run will attract the extra suppliers which will result in down in the market price of the product.

3 0

3 years ago

opulation 500 Population over age 16 400 Persons employed full-or part-time 200 Persons unemployed and actively seeking work 20

Reika [66]

Answer:

The number of people employed = 200

The number of people unemployed = 20

The number of people in the labor force = 220

Explanation:

a) Data and Calculations:

Population = 500

Population over age 16 = 400

Persons employed full-or part-time 200

Persons unemployed and actively seeking work 20

Persons who have quit seeking work due to lack of success 10

Part-time workers seeking full-time jobs 30

The number of people employed = 200 (full-or part-time)

The number of people unemployed = 200 (400 - 200)

The number of people in the labor force = employed and unemployed seeking work (200 + 20) = 220

b) A country's labor force is made up of employed persons (full-time or part-time) and persons actively looking for work. Some of the population who are not actively seeking employment may be kept of the labor force because of education or family responsibilities. These persons may return to the labor market later.

3 0

3 years ago

Tobin Supplies Company expects sales next year to be $520,000. Inventory and accounts receivable will increase $90,000 to accomm

elena-s [515]

Answer:

$17,200

Explanation:

Calculation to determine How much external financing will Tobin Supplies Company have to seek

Net Income=[$520,000 x 20%]

Net Income = $104,000

Dividend Pay-out= [$104,000 x 30%]

Dividend Pay-out = $31,200

Additions to Retained Earnings = [$104,00 - $31,200]

Additions to Retained Earnings=$72,800

Now let determine the The External Financing Needed using this formula

The External Financing Needed = Increase in Assets – Additions to retained earnings

Let plug in the formula

The External Financing Needed= $90,000 - $72,800

The External Financing Needed= $17,200

Therefore The External Financing Needed is $17,200

7 0

3 years ago

The measure of how long a company holds inventory before selling it is called the

Valentin [98]

Inventory turnover !

5 0

3 years ago