Answer:
Ending inventory will be $108925
Explanation:
We have to find the estimated ending inventory
It is given by
Estimated ending inventory = Cost of Goods available for sale - Cost of Goods Sold
Cost of Goods available for sale = $155,000+$467,300 = $622,300
Cost of Goods Sold = Sales - Gross profit = 
So ending inventory = $622300 - $513375 = $108925
So ending inventory will be $108925
Answer:
Dr Construction 800000
Dr Cost of construction 1200000
Cr Revenue form long-term contracts 2,000,000
Explanation:
Based on the information given What would be the journal entry made in 2020 to record revenue is :
Dr Construction $800,000
Dr Cost of construction $1,200,000
Cr Revenue form long-term contracts $2,000,000
($800,000+$1,200,000)
(Being to record revenue)
Ideally;
Inventory = Cost of raw materials + Cost of finished goods + Cost of work-in-progress
Assuming this ideal case, Harlan's inventory would be;
Inventory = $14,000+$25,000+$18,600 = $57,600
However, if work-in-progress inventory was listed as $0;
Then, the new work-in-progress would be;
Inventory = 57,600-18,600 = $39,000
This would reduce the inventory for Harlan Enterprises which may affect other financial ratios such as inventory turn-over ratio. As a result, such ratios will not reflect the exact position of the company.
Answer:
b. an ethical duty beyond those duties mandated by law.
Explanation:
Business ethics involve policies and practices concerning duties that go beyond those mandated by law. Anyhow, the law sets the tone for business ethics as a guideline that a company can follow to foster and gain public approval.
