Barr Company should include the $12,500 of merchandise in transit as part of its year-end inventory. The consignor is Parris company and the consignee is Harlow Company.
1. Barr company which is the seller should include the $12,500 of merchandise in transit as part of its year-end inventory because the goods are yet to be delivered to the buyer which is Lee Company as the goods are still in transit.
2. Parris company is the consignor because they are seller while Harlow company is the consignee because they are the buyer.
Inconclusion Barr Company should include the $12,500 of merchandise in transit as part of its year-end inventory. The consignor is Parris company and the consignee is Harlow Company.
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Answer:
Under IFRS, the building should be recorded at its historical cost minus its accumulated depreciation which is $450,000.
Explanation:
Under IFRS, IAS 16 Property, Plant and Equipment states that asset should be subsequently recorded following one the the following two models:
+ Cost model: The asset is carried at cost less accumulated depreciation and impairment;
+ Revaluation model: The asset is carried at a revalued amount, being its fair value at the date of revaluation less subsequent depreciation and impairment, provided that fair value can be measured reliably.
With information given in the question, there is lack of information about fair value of the building; that is whether the appraisal is done by the professional, independent appraiser or whether the price offer by potential buyer is the fair price in the market.
So, with given information, Cost model should be applied and the building should be recorded at its historical cost minus its accumulated depreciation which is $450,000.
Answer:
the budgeted revenue for the third quarter is $940,800
Explanation:
The computation of the budgeted revenue for the third quarter is shown below:
= Number of unit sold in the first quarter × increase in sales percentage × increase in sales percentage × selling value
= 5,000 × 1.12 × 1.12 × $150
= $940,800
Hence, the budgeted revenue for the third quarter is $940,800
Answer:
$25,000 will be an ordinary income(FMV)
Explanation:
Kate received an offer of unrestricted partnership capital interest for the expertise services. so, Kate recognizes it's an "ordinary income"which should be booked at the fair market value of the partnership interest so offered.
i.e $25,000 is ordinary income (FMV)
Answer:
A. Compute labor productivity under each system. Use carts per worker per hour as the measure of labor productivity.
- old system = 70 carts / 6 workers = 11.67 carts per worker
- new system = 76 carts / 5 workers = 15.2 carts per worker
B. Compute the multifactor productivity under each system. Use carts per dollar cost (labor plus equipment) as the measure.
- old system = 70 carts / ($108 + $30) = 0.51 carts per dollar
- new system = 76 carts / ($90 + $41) = 0.58 carts per dollar
C. Comment on the changes in productivity according to the two measures.
- The new system is more productive and efficient since it uses less workers to produce a higher output. The additional costs of implementing the new system are lower than the cost of employing more workers.
Explanation:
Multi factor productivity = total output / (cost of wages + material cost + overhead cost)