To use the retail inventory method, a company must maintain records of inventory and purchases at cost and at current selling price.
What is the Retail Inventory Method?
The retail inventory method is a method of accounting used to analyse the value of a store's merchandise. The retail method gives the ending inventory balance for a store by calculating the cost of inventory similar to the price of the merchandise.
What are benefits of the retail inventory method and how is it applied?
The main benefits of the retail inventory method lies in its simplicity. It's a quick calculation that can give you an probable of how much inventory you have. This can help you in taking decisions when it comes to purchasing and budgeting.
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Answer:
Relational message
Explanation:
As the name implies the way two persons are connected in terms of how they treat each other is termed their relationship.
Relational messages are usually expressed through gestures to show feelings during communication. Showing respect is a feeling that is usually expressed.
Respect was shown by Sara as she listened attentively, nodding, and taking notes during the communication with her boss.
Answer:
<u>Cost of goods manufactured schedule for the month ended June 30, 2017</u>
Raw Materials $46,720
Direct Labor $51,740
Manufacturing Overhead :
Indirect labor $6,510
Factory insurance $4,700
Machinery depreciation $4,380
Machinery repairs $1,990
Factory utilities $3,740
Miscellaneous factory costs $1,980
Add Opening Work in process Inventory $5,670
Less Closing Work in process Inventory ($7,610)
Cost of goods manufactured $119,820
Explanation:
Cost of goods manufactured schedule is a summary of manufacturing costs for the production period.
<u>Determination of Raw Materials In Production</u>
Raw Materials T - Account
<u>Debit :</u>
Opening Balance $9,180
Purchases $55,020
Totals $64,200
<u>Credit :</u>
Work In Process (Balancing figure) $46,720
Closing Balance $17,480
Totals $64,200
Answer:
A
Explanation:
More money, more demand
people wouldn’t want to work long hours short pay
and with more money the Money has less value
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