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
MrRissso [65]
3 years ago
10

Sheridan Company took a physical inventory on December 31 and determined that goods costing $225,000 were on hand. Not included

in the physical count were $24,200 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,200 of goods sold to Alvarez Company for $29,200, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
Business
1 answer:
Nat2105 [25]3 years ago
4 0

Answer:

$270,400

Explanation:

FOB shipping point: (transfer of risk and reward takes place when the goods are shipped for transfer.

The purchased inventory that was not included are under FOB shipping point, which means that the risks and rewards associated with the inventory has been transferred at the year end. Hence the ownership has been shifted. This means the purchase must be included in the inventory.

FOB destination: The transfer of ownership takes place once the other party receives the order.

As the sold inventory are under FOB destination, which means that the risks and rewards assoiciated with the inventory are not yet transferred. Hence the ownership has not been shifted. This means the sold inventory must be included in the inventory.

Calculation:

Goods on Hand                                             $225,000

Goods Purchased FOB Shipping Point         $24,200

Goods Sold on FOB Destination                 <u>  $21,200   </u>

Goods on Hand on December 31                 <u>$270,400</u>

You might be interested in
Marcos Industries uses the retail method of inventory costing. The retail value of the inventory is $478,000. If the ratio of co
dybincka [34]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

The retail value of the inventory is $478,000. The ratio of cost to retail price is 60%. What is the amount of inventory to be reported on the financial statements?

Inventory= 478,000*0.60= $286,800

7 0
3 years ago
When a firm operates under conditions of monopoly its price is:?
Amiraneli [1.4K]
Havent you played monoply?
4 0
3 years ago
Over the last two years, an american clothing company has partnered with a manufacturer in china to make clothes at a cheaper co
Trava [24]

The mutual benefit that the American Clothing Company derives by partnering with a Chinese Manufacturer comes because <u>E. It is</u> an example of counter-trading ...

<h3>What is Counter-trading?</h3>

Counter-trading occurs when goods or services are exchanged for other goods or services rather than for hard currency.  It is a reciprocal form of international trade in which, for example, the American Clothing Company brings in its technology while the Chinese Manufacturer provides cheap labor and other resources.

<h3>Answer Options:</h3>

A. It is a strategic alliance in which two countries share the risks and rewards of starting a new enterprise together in a foreign country.

B. It is a wholly owned subsidiary in which a foreign subsidiary is totally owned and controlled by an organization.

C. It is a greenfield venture in which owning the organization has been built from scratch.

D. It is an example of a franchise in which a company allows a foreign company to pay it a fee and a share of the profit in return for using the first company’s brand name and a package of materials and services.

E. It is an example of counter-trading in which the country is bartering for goods.

Thus, the counter-trade between these companies is mutually beneficial because of <u>Option E</u>.

Learn more about counter-trading at brainly.com/question/14659049

6 0
3 years ago
Individuals and businesses must choose between the different uses for their available resources. This is called ______ resources
ki77a [65]

The term by which individuals and businesses choose between the different use of available resources is called <u>allocating </u>and it is due to the concept of <u>scarcity</u>.

<h3>What is Scarcity?</h3>

According to economics, Scarcity signifies that the demand for a product or service exceeds the supply of that product or service.

It is the underlying truth of existence that there is only a finite number of human and nonhuman resources for each economic product.

Therefore, Individuals and business corporations must choose between several uses for the available resources they have from the idea of <u>allocating </u>resources and due to the concept of <u>scarcity.</u>

<u></u>

Learn more about scarcity here:

brainly.com/question/1088553

6 0
2 years ago
Market risk refers to the tendency of a stock to move with the general stock market. A stock with above average market risk will
Stolb23 [73]

Answer: True.  Market risk refers to the tendency of a stock to move with the general stock market. A stock with above average market risk will tend to be more volatile than an average stock, and its beta will be greater.

Explanation: If a stock has a beta that is greater than 1, there is a higher risk for the stock. High risk stocks have a higher potential for return, but are also easier to lose funds from.

4 0
3 years ago
Other questions:
  • Which of the following are included in this year’s GDP? Explain your answer in each case.
    6·1 answer
  • A law requiring nutritional information on the outside packaging of food products is what type of force in the external marketin
    9·1 answer
  • Telling part of the truth is an honest approach, especially when others are holding things back.
    9·1 answer
  • Suppose Sally Smith plans to invest $1,000. She can earn an effective annual rate of 5% on Security A, while Security B has an e
    12·1 answer
  • George enjoys being on the debating team, but he is taken off the team when he inadvertently utters an obscene word during a deb
    10·1 answer
  • You buy a stock for which you expect to receive an annual dividend of $2.10 for the fifteen years that you plan on holding it. a
    10·1 answer
  • Identify which of the following statements is correct as to why accounting is important. Multiple choice question. We live in an
    5·1 answer
  • I really need Brainliest please it will help me a lot
    8·1 answer
  • ikea offers the same products in every market. this indicates that ikea has followed a(n) strategy. multiple choice question. tr
    14·1 answer
  • A company normally sells its product for $20 per unit. however, the selling price has fallen to $15 per unit. this company's cur
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!