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r-ruslan [8.4K]
3 years ago
8

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.
Business
1 answer:
morpeh [17]3 years ago
8 0

Answer:

The answer is: B) purchase records are not maintained.

Explanation:

There are two methods for estimating inventory costs:

  1. 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.  
  2. 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.

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3 years ago
Carla Vista Company purchases Sandhill Company for $2470000 cash on January 1, 2021. The book value of Sandhill Company’s net as
Nady [450]

Answer: $214000

Explanation:

The amount of goodwill that should be recognized by Carla Vista Company when recording the purchase of Sandhill Company will go thus:

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Add: Excess fair value of intangible assets = $142500

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Therefore, Goodwill will be:

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= $2470000 - $2256000

= $214000

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<h3>How can the use of modeling  promote the BakerStone mission statement?</h3>

The use of modeling can promote the BakerStone mission statement as all their effort as well as input will be channeled towards achieving their mission statement.

Hence, The use of  continuous communication, can  promote the BakerStone mission statement because one can Communicate vital information to keep stakeholders always aware of BakerStone policies as well as actions.

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The answer is 1 to 1 1/4

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C is the correct answer because it really varies depending on the game.

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