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Alex
4 years ago
13

A company sold merchandise with a cost of $238 for $440 on account. the seller uses the perpetual inventory system. the entry to

record the cost of merchandise sold would include ________.
Business
1 answer:
V125BC [204]4 years ago
5 0
In the perpetual inventory system, inventory and cost of goods sold are updated for each sale/purchase and return transaction.

A transaction of sale is noted through two journal entries in perpetual inventory system. The first journal entry is the sale value of inventory and the second journal entry is the cost of goods sold and reduces the inventory balance. 

The first entry would be:
Accounts Receivable 440                                  
                             Sales 440

The second entry would be:

Cost of Goods Sold 238
                  Merchandise Inventory 238

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Assume that an investor owns 30% of an investee, and accounts for its investment using the equity method. At the beginning of th
Vladimir [108]

Assume that an investor owns 30% of an investee, and accounts for its investment using the equity method. At the beginning of the year, the Equity Investment was reported on the investor's balance sheet at $300,000. During the year, the investee reported net income of $114,000 and paid dividends of $20,000 to the investor. In addition, the investor sold inventory to the investee, realizing a gross profit of $48,000 on the sale. At the end of the year, 20% of the inventory remained unsold by the investee.

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2 years ago
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3 years ago
When dealing with group conflict, a manager should try to increase the ratio of relationship to substantive conflict?
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3 0
3 years ago
Laura is forecasting the time and cost of developing an intranet for a new customer. Her department has completed six such intra
Vedmedyk [2.9K]

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e. learning curve

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3 years ago
Accurate Tax Returns budgets two direct labor hours for every tax return that it​ prepares, at a standard cost of​ $34 an hour.
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Answer:

$14,500 unfavorable variance

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