With the <em>specific identification inventory method</em>, the Cost of Goods Sold equals the <em>exact costs of the items sold.</em>
The <em>specific identification inventory method</em> tracks each sold item to record its cost. The Cost of Goods Sold includes only the actual cost of the items sold and not an average or assumed cost.
The <em>specific identification inventory method</em> is not like the:
- FIFO (First-in, First-out) method that assumes that items sold are from the first inventories in the store
- LIFO (Last-in, First-out) method that assumes that items sold are from the last inventories in the store
- Weighted-average method that takes the average cost for all the items in store to determine the cost of goods sold.
Thus, the <em>specific identification method</em> ensures that the Cost of Goods Sold equals the actual cost of the goods.
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Answer:
6% = 4500
5% = 3500
Explanation:
wo equations can be derived from the question
x + y = $8,000 equation 1
0.05x + 0.06y = $445. equation 2
x = amount invested in 5%
y = amount invested in 6%
multiply equation 1 by 0.05
0.05x + 0.05y = 400 equation 3
subtract equation 3 from 2
0.01y = 45
y = $4500
substitute for y in equation 1
8500 - 4500 = 3500
Answer:
when the shareholders hire a manager to run their company.
Explanation:
An agency relationship in corporate finance is a situation whereby a party known as an agent is hired by another party which is the principal, to perform certain functions or services. Based on this question, the share holders are known as the principal while the manager act as the agent. The relationship is formed after the agent has agreed that he or she will represent the principal
Answer: Unit of account; Store of value; Medium of exchange.
Explanation:
Sam can easily know that the price of the computer system is more than the price of the vacation. This is a Unit of Account.
Unit of account is measuring of the value of a product against another in terms of a specific currency.
Sam has $1,537 in his checking account. This is a Store of value.
Store of value means an asset or money can be saved and retrieved at a later time, for future use.
Sam writes a check for $1,299 is a medium of exchange.
Medium of exchange is used to facilitate trade between parties. He exchanged money for the computer.
