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Elanso [62]
3 years ago
5

Exercise 6-5 (Algo) Performance obligations [LO6-2, 6-4, 6-5] On March 1, 2021, Gold Examiner receives $156,000 from a local ban

k and promises to deliver 106 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink’s, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,410 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $90 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. Required: 1. How many performance obligations are in this contract? 2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1.
Business
1 answer:
kirill [66]3 years ago
5 0

Answer:

stisgksgksgkdkhclhlfjfpj

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Breaking rules at a factory could mean all of the following except demotion.
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Which of the following best describes what a manager does?
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Many economists propose finding ways to include the harmful environmental and health costs of producing and using goods and serv
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correct answer is full cost pricing

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this practice called as full cost pricing

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Which type of business plan is used primarily for the owner and other employees to organize the structure, finances, and plans f
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4 0
2 years ago
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an
STatiana [176]

Answer:

Quebec, Inc.

Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

= $2,220.

Explanation:

a) Data and Calculations:

                                  Units   Unit Cost   Total Cost    Units Sold

Beginning Inventory   32         $54            $1,728

Sale No. 1                                                                              10

Purchase No. 1           28           60               1,680

Sale No. 2                                                                            32

Purchase No. 2          20          57                 1,140

Totals                         80                            $4,548             42

Ending Inventory using FIFO periodic inventory system:

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Units are from:       Units   Unit Cost   Total Cost

Purchase No. 1           18           60       $1,080

Purchase No. 2          20          57          1,140

Ending Inventory       38                    $2,220

7 0
2 years ago
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