1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
fiasKO [112]
3 years ago
9

Poppy co. uses a periodic inventory system. beginning inventory on january 1 was understated by $30,000, and its ending inventor

y on december 31 was understated by $17,000. in addition, a purchase of merchandise costing $20,000 was incorrectly recorded as a $2,000 purchase. none of these errors were discovered until the next year. as a result, poppy's cost of goods sold for this year was:
Business
1 answer:
ICE Princess25 [194]3 years ago
3 0

Answer:

The answer is: Poppy's COGS were understated by $31,000

Explanation:

To find how the cost of goods sold were affected by the accounting errors we must add the errors in the inventory records plus the error in the purchasing records.

  • Errors in inventory records = $30,000 understated inventory (Jan 1) - $17,000 understated inventory (Dec 31) = $13,000 understated
  • Error in purchasing records = $20,000 real cost - $2,000 record = $18,000 understated  

How COGS were affected:

$13,000 understated + $18,000 understated = $31,000 understated

You might be interested in
Goods X and Y are perfect substitutes. When the market price of good X is​ $5/unit, firm F produces 500 units of X. When the pri
goldenfox [79]

Answer:

According to this situation, we assume that firm F is the only producer of product X.

Explanation:

A perfect replacement is a condition in which two items are considered equal. Great replacements are goods and you can't build a brand whereby consumers like the commodity.

Except for a market price, optimal substitution suppliers must have no impact on the quality.

  • Therefore, in this situation product Y's price rises, so people shift for product X.
  • In results, firm F had to increase his supply which shows that firm F is the only producer of product X in the industry.

3 0
3 years ago
He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end w
Mariulka [41]

Answer:

c) the incentive structure accompanying market prices.

Explanation:

The invisible hand explains the unintentional social advantages of ego-interested actions of people, a term first proposed by Adam Smith in The Theory of Moral Sentiments, published in 1759, referencing it with respect to the distribution of revenues.Administrators offer multiple incentives, that are bonuses or encouraging variables that push the person to function effectively and in the long term interest of the principal. The incentive structures contain price / referral fees, annual bonuses and compensation for performance

4 0
3 years ago
In which of the following market structures would X-inefficiency be most likely to exist?Perfect competition.Monopoly.Oligopoly.
Mademuasel [1]

Answer:

Monopoly

Explanation:

Monopoly is a market structure where only one firm controls the market share and earn abnormal profits. In a monopoly market, a producer or a supplier earn abnormal profits, which is why they don't try to control the cost of production because they can sell the good at any price. This situation where the cost of production increases, it creates X-inefficiency.

6 0
3 years ago
The primary difference between product markets and factor markets is that
Dennis_Churaev [7]

Answer:

The primary difference between product markets and factor markets is that:

Product markets are markets related to products, goods, tangible finished items.  This is where you'll get your product for sale and where people will buy it.

while

Factor markets are for the factors of production, mostly intangible, like labor, capital and entrepreneurial skills.  This is what you'll use (including raw materials) to make your product.

7 0
3 years ago
Which of the following statements is CORRECT? If Disney issues additional shares of common stock through an investment banker, t
nata0808 [166]

Answer:

The answer is: As they are generally defined, money market transactions involve debt securities with maturities of less than one year.

Explanation:

Money market transactions involve financial instruments with high liquidity and short-term maturities. Usually the securities have a one year or less maturity date.

A few examples of commonly traded securities are:

  • Banker’s Acceptance
  • Treasury Bills
  • Repurchase Agreements
  • Certificate of Deposits  
  • Commercial Papers
8 0
3 years ago
Other questions:
  • ​Bette's Breakfast, a perfectly competitive​ eatery, sells its​ "Breakfast Special"​ (the only item on the​ menu) for​ $5.00. Th
    13·1 answer
  • Assume that a one-year CD purchased for $1000 pays an APR of 10% that is compounded semi-annually. How much is in the account at
    10·1 answer
  • Which of the following refers to the acquisition of goods in one country and the selling of them to buyers in another country?
    15·1 answer
  • Exercise 5-17A Record notes receivable and interest revenue (LO5-7) On April 1, 2021, Shoemaker Corporation realizes that one of
    12·1 answer
  • Moon Flower Cosmetics Company's executives are aware that their Asian customer base is interested in advanced skin care treatmen
    9·1 answer
  • Vaughn Manufacturing has 11500 shares of 5%, $100 par value, non-cumulative preferred stock and 46000 shares of $1 par value com
    13·1 answer
  • The _____ adds up the market prices of final goods and services.
    5·1 answer
  • Cobe Company has already manufactured 21,000 units of Product A at a cost of $15 per unit. The 21,000 units can be sold at this
    12·1 answer
  • Explain the required steps to complete a work sheet by placing the following steps in the correct order. (Put the first step at
    12·1 answer
  • In marketing and sales communications, it is illegal to use bait-and-switch advertising
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!