All of the following are reasons to use an estimated method of costing inventory except: A. perpetual inventory records are not
maintained. B. purchase records are not maintained. C. a disaster has destroyed the inventory records and the inventory. D. interim financial statements are required but physical inventory is only taken at the end of the financial accounting period.
The answer is: B) purchase records are not maintained.
Explanation:
There are two methods for estimating inventory costs:
Gross Profit Method
: uses the information from the income statement. If operating conditions remain similar, the proportion between total sales, profits and COGS should be similar (lets say profit is 30% and COGS is 70% of total sales). You can estimate your inventory costs by using the information on total sales.
Retail Method: It is used mostly by merchandising firms (retailers) that have consistent mark-ups. You have to determine the proportion between cost and retail price (lets say the COGS is 80% of the retail price). Then if you are given the retail inventory, you can determine the COGS using the proportion determined previously.
The reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.
Immersive multimedia is considered as a new way of looking at the information. It helps to create an environment where users can experience indirect and direct views which are created by computer software’s, graphics and sound. The experience of customers increases when immersive multimedia techniques are used and likewise, it helps to understand and experience complete features of e-commerce
The correct answer is B:They would receive only a partial benefit for as long as they collect Social Security. The age at which Americans are eligible to receive full Social Security benefits is 65. The earliest age, assuming one is not disabled, one can apply for Social Security is 62. However, if an individual claims Social Security early between the ages of 62-64, it will be at a reduced rate.
