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shusha [124]
3 years ago
15

A fire destroyed some of Powell Company's records. Information from the documents found related to inventory is listed below. En

ding Inventory $76,000 Cost of Goods Sold 445,000 Consigned Goods 87,000 Beginning Inventory 43,000 What was the amount of inventory that was purchased during the year
Business
2 answers:
andrey2020 [161]3 years ago
6 0

Answer:

$478,000

Explanation:

Purchase inventory = cost of goods sold + ending inventory - beginning inventory

Purchase = (445,000 + 76,000) - 43,000 = $478,000

iren2701 [21]3 years ago
5 0

Answer:

The amount of inventory purchased during the year is $508,000.00 which is Closing Inventory + Cost of Goods Sold - Opening Inventory, i.e. $(76,000 + 445,000 - 43,000).  Alternatively, you can say it is the difference between Cost of goods available for sale minus Opening Inventory.

Explanation:

Cost of Goods Sold plus Closing Inventory equal Cost of goods available for sale.  Note that the consigned goods of $87,000 is already included in Cost of Goods Sold, so there is no need for adjusting our workings with the figure.  Remember that the P & L Accounts formula for Cost of Goods Sold is Opening Inventory + Purchases - Closing Inventory.  For this problem, we have to work backward from the Cost of Goods Sold in order to obtain the amount of inventory purchased during the year.

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Consumers will willingly make less-informed decisions: a. ​ if information costs are less than the perceived benefits of gatheri
ikadub [295]

Answer:

The correct answer is option d.

Explanation:

In a perfectly competitive market, it is assumed that the buyers and sellers have perfect information and take their economic decisions accordingly. But in reality, buyers and sellers do not have perfect information.

Information comes at a cost, which can sometimes be high. The rational decisions of the consumers without full information can lead to irrational outcomes.

If the cost of gathering information is less than or equal to the benefit earned from the information, the consumers will gather information and make fully informed decisions.  

But if the cost is higher than the benefits, the consumers will not gather information and make a less informed decision.

7 0
3 years ago
Discuss how firms can benefit from (1) related diversification and also can benefit from (2) unrelated diversification. Discuss
igor_vitrenko [27]

Answer:

Benefits from related & unrelated diversification.

Explanation:

Firms' benefit(s) from related diversification :

  • Building & developing market power - By sharing the  related diversification going on in entire industry.
  • Sharing activities & market linkages with other businesses - Associated diversification implies forward & backward linkages.

Firms' benefit(s) from unrelated diversification :

  • Leveraging & enhancing different core competencies, USP - By Focusing on self paced unique diversification
  • Creating a different ostentation brand - Creating a strong brand, capable of becoming a market leader, rather than market follower

Key concepts explaining firm success or failure from either diversification are implicit within above explanation.

6 0
2 years ago
True or false? West African coastal countries have borrowed money from the World Bank and the International Monetary Fund.
Phantasy [73]
True, West African countries borrowed money fro the World Bank and the International Monetary Fund. West African countries are developing economies which similar to other developing economies in Africa and the rest of the world have taken loans and development funds from the IMF and the World Bank. 
4 0
3 years ago
Read 2 more answers
Auditors-Are-Us LLC, audited the financial statements of LINKCO Industries, a private company, for the year ended December 31, 2
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4 0
3 years ago
The Assembly Department shows the following information: Beginning Work in Process Ending Work in Process Units Transferred Out
Margarita [4]

Answer:

a) 75600.

Explanation:

Given;

Beginning Work in Process =  19900  

Ending Work in Process = 65300

Units Transferred Out Units = 30200

Total units are to be accounted=  x

19900 - 30200 + x = 65300

x = 65300 - 19900 + 30200

x = 75,600

4 0
3 years ago
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