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Reptile [31]
4 years ago
8

View Policies Current Attempt in Progress Metlock, Inc. took a physical inventory on December 31 and determined that goods costi

ng $230,000 were on hand. Not included in the physical count were $32,000 of goods purchased from Whispering Winds Corp., FOB, shipping point, and $24,500 of goods sold to Coronado Industries for $32,000, FOB destination. Both the Whispering Winds purchase and the Coronado sale were in transit at year-end. What amount should Metlock report as its December 31 inventory? $ Ending Inventory eTextbook and Media Attempts: 0 of 4 used Save for Later Submit Answer
Business
1 answer:
monitta4 years ago
5 0

Answer:

The amount should Metlock report as its December 31 inventory is $286,500.

Explanation:

Ending inventory = Phusical count + goods purchased in transit FOB shipping + cost of goods sold in transit FOB destination

                              = 230000 + 32000+ 24500

                             = $286,500

Therefore, The amount should Metlock report as its December 31 inventory is $286,500.

You might be interested in
This is for my business class someone help please and thank you!
daser333 [38]

Answer:

Legal and environmental.

Explanation:

PEST is a short form for political, economic, social, and technological factors. These are external factors likely to impact business performance. Entrepreneurs should analyze, understand them, and include their effects in business plans.

Other external factors that may affect business performance are legal and environmental.

For the legal factors, an entrepreneur should analyze the impact of possible changes in laws and legal interpretations on their businesses.  In the environmental analysis, the entrepreneur should be aware of the industry's environmental regulations and restrictions. They should plan for possible changes in license limitations.

7 0
3 years ago
A company uses a process cost accounting system. Its Sewing Department's beginning inventory consisted of 50,000 units (1/4 comp
Vesnalui [34]

Answer:

E. 160,000; 167,500

Explanation:

started \: and \: completed \\  + unfinished \: beginning\\ + ending

Direct Materials

Started and complete 120,000

We also need to add the ending WIP which count entirely because the materials are added completely.

The beginning WIP has materials added completely already. It required no extra work.

120,000 +40,000 =160,000

Conversion

Started and complete 120,000

ending WIP 40,000 x 1/4 = 10,000

beginning WIP 50,000 X3/4 = 37,500

total 167,500

we add the ending WIP

and the unfinished beginning WIP

it has 1/4 completed so 3/4 are unfinished

4 0
3 years ago
A(n) ____ system involves a single firm setting up two or more marketing channels to reach one or more customer segments.
umka21 [38]

Answer:

multichannel distribution

Explanation:

Multichannel distribution -

It is the method when a single company establishes two or more marketing and sales channel in order to get to more customers , is referred to as multichannel distribution.

The method is used to increase the sale and promotion of the goods and services the company is producing , and more customers can have access to the goods and services .

Hence, from the given statement of the question,

The correct term is multichannel distribution .

7 0
4 years ago
Corporations report which of the following in a separate section of the income statement?A. cost of goods sold.B. income tax exp
Gemiola [76]

Answer:

B. Income Tax Expenses

Explanation:

The Purpose of the Income Statement in Financial Statement Preparation is to ascertain the profit or loss of a business entity for a particular year. Usually, the format is as follows:

1. Gross Profit= Sales- Cost of Goods sold(Opening Inventory + Purchases- Closing Inventory)

2. Net Profit/ Net Loss = Gross Profit + Other Revenues and Gains - Expenses for the period.

However, income tax expense is only calculated when the net profit has been ascertained. It is usally referred to as net income before tax. It is based on this figure, that the income tax expense is then calculated based on prevailing income tax percentage.

Every other part of the income statement covers a section, but all sections should be calculated and concluded before the income tax expense can be calculated and then subtracted to arrive at the final income tax.

5 0
3 years ago
If a firm has sales of $100, total expenses (including interest and taxes) of $50, has a stock that is selling at $50 per share
pochemuha

Answer: 10

Explanation:

P/E Ratio = Price per share/Earnings per share

Earnings per share:

= (Sales - expenses) / number of shares outstanding

= (100 - 50) / 10

= $5.00

P/E Ratio is therefore:

= 50 / 5

= 10

4 0
3 years ago
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