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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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Which of the following customer-service strategies focuses on meeting industry standards in key operational areas like product q
AlladinOne [14]

Answer:

a. customer service strategy

Explanation:

Based on the information provided within the question it can be said that this is all part of the customer service strategy. This is a thought out plan that is implemented in order to handle all customer interactions and provide the best customer experience that is consistent and up to par with the expectations that the customers want. Thus creating a loyal customer base.

7 0
2 years ago
Employee involvement and participation (eip) management is a method of management where ________.
Grace [21]
It's a method where <span>subordinates share a significant degree of decision-making power with their immediate superiors
One positive benefit of the employee involvement and participation is that companies will prepare more employees to understand the company's operational method and make more potential leaders for the company if it choose to expand in the future</span>
6 0
2 years ago
____ is the process for motivating employee performance in which the manager and employee jointly set objectives for the employe
nika2105 [10]

Answer:

MBO

Explanation:

  • Management by objectives also known as management by results is a process which is proposed by the peter drunkard in 1954. By defining the specific objectives in an organization, and how to achieve these targets.
  • This process helps the business organization to accomplish its objectives, by goal setting. It has a five-set process of reviewing the  organizational goal , then setting the worker objective  and monitoring their progress  and evaluation  after giving the reward.
  • The word SMART is also associated with the objectives as Specific, Measurable, Assignable, Realistic and a Time-bound process.

8 0
2 years ago
1. Albacore Corporation purchased a new machine costing $27,600 on January 1, 2017. The machine is expected to have a $1,800 sal
docker41 [41]

Answer:

Annual depreciation= $4,300

Explanation:

Giving the following information:

Purchasing price= $27,600

Salvage value= $1,800

Useful life= 6 years

To calculate the depreciation expense using the straight-line method, we need the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (27,600 - 1,800) / 6= $4,300

7 0
3 years ago
During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but
Burka [1]

Answer:

Correct answer is D. Credit to Salaries Payable for $8,000

Explanation:

Based on the basic underlying guideliness in accounting, specifically matching principle. All income and expenses should be reported during the period it incurred. Thus, all expenses incurred during the period even though it wasn't paid yet shoud be recorded to the book and that's the moment that the year-end adjusting entry is necessary.

On the above given problem, the salaries paid of $24,000 is presumed to have been recorded in the book already. Because it incurred and paid within the calendar period. In addition, the salaries accrued by the year end needs year-end adjustment<em> to recognize the salaries expense applicable for the period</em>. Journal entry of it is to debit salaries expense and credit salaries payable in the amount of $8,000.

6 0
3 years ago
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