3 years ago

True/False

Business

1 answer:

alisha [4.7K]3 years ago

5 0

Answer:

The statement is: False.

Explanation:

There are four (4) types of economic utility: <em>form, time, place, </em>and <em>possession</em>. Form refers to how well a product accomplishes the satisfaction of a customer's needs which is not necessarily Pete's case. As he has access to the vending machine in his office building it will be fulfilling the place utility because it implies making products available where potential consumers might be.

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At the year-end, Encore Company has a product for inventory that was purchased at a cost of $23. The product's expected selling

allsm [11]

Answer:

$21

Explanation:

As we know that

The inventory should be recorded in the books of accounts by applying the lower value of cost or net realizable value

In the given case

The cost is $23

And, the net realizable value is

= Expected selling price - selling cost

= $36 - $15

= $21

So by comparing the cost and net realizable value, the net realizable value contains the lower value i.e $21 and the same is recorded on the balance sheet for inventory

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3 years ago

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Requirement 1: [Find attachment 1]

Requirement 2: [ Find attachment 2]