Answer:
$1,625,000
Explanation:
For computing the purchase amount first we have to determine the cost of goods sold which is shown below;
As we know that
Cost of goods sold = Sales revenue - gross profit
= $2,100,000 - $2,100,000 × 25%
= $2,100,000 - $525,000
= $1,575,000
Now the purchase amount is
Cost of goods sold = Beginning inventory + purchase - ending inventory
$1,575,000 = $310,000 + purchase - $360,000
So, the purchase amount is $1,625,000
Answer:
D. Smith is incorrect, because Benson paid part of the purchase price and took possession.
Explanation:
Since in the question, there is a contract between the Smith and Benson for the sale of land but after paying the $400,000 the Benson takes the land possession. but according to the Smith it is an unenforceable contract under the statute of frauds.
So as Benson pay the amount of $400,000 and take the possession so in this case the Simon is incorrect
Hence, the option d is correct
Products that have revisions that take more than 1 year can not be revised until the following year. Thus, the statement is true.
<h3>What is a product?</h3>
A product is referred to as a finished item that is ready for sale in the market to serve the customers. These products are tangible in nature so that people can see, touch and use them.
Product revision has been referring to making any modifications or changes to the current product. These product revision has been done when customers are not satisfied with the quality or packaging of the product.
When the product is revised with a time duration of 3 months then this will be considered efficient whereas if takes time of more than a year, it will be considered a product failure.
The revision should not cause delay because there are many competitors available in the market to capture the target audience of your business.
Learn more about the Product, here:
brainly.com/question/22852400
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Policy makers can pinpoint the economic outcomes of their policies
