Answer:
a. Each purchase and sale of inventory is recorded in the inventory account
.
Explanation:
There are two main methods of recording inventory, periodic and perpetual.
Under periodic, inventory is recorded and updated after a certain defined period, for example, end of every week.
Under perpetual inventory system, the inventory is recorded as and when it is sold or purchased, it is updated each moment.
Therefore, statement a representing that under perpetual system the record of inventory is up to date, and represents the correct and accurate picture of inventory is correct.
Answer:
12%
Explanation:
Annual net income:
= Increase in annual revenue - Increase in annual costs
= $220,000 - $160,000
= $60,000
Average investment:
= (Initial investment + Salvage value at the end) ÷ 2
= (980,000 + 20,000) ÷ 2
= $500,000
Annual rate of return:
= (Annual net income ÷ Average investment) × 100
= ($60,000 ÷ $500,000) × 100
= 12%
Answer: Specialty product
Explanation: Specialty product are those product which carry a certain brand name or have some special quality in it that the customers in the market are willing to make some extra efforts to purchase it. In this case study Burberry makes rain coats and other items that carry high quality and strong brand name thus its products will be considered specialty products.
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Answer:
Explanation:
There are three ways to propagate a plant: dividing (separating an already growing plant into two), rooting a leaf (typically done with succulents), or rooting a cutting (a small stem with leaves).