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3 years ago

Lower-of-cost-or-market as it applies to inventory is best described as the:

Business

1 answer:

Verdich [7]3 years ago

4 0

Answer:

The correct answer is A

Explanation:

Lower of market or cost rule is the one which states or describe that a business or firm need to record the inventory cost at lower, that means whichever cost or the current market price is lower.

It is the term which is best illustrated as the drop or decrease of future utility below the original or the actual cost of the inventory.

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Product or Service Costing influences: Group of answer choices production managers making manufacturing decisions. all of the ot

OLEGan [10]

Answer: marketing managers making pricing decisions.

Explanation:

Management's product and service choices and decisions can influence the cost behavior. The product design, location of plant, technology used in developing a product, product quality, features of product, distribution of product, profit margins, incentives, labor daily wages, and other factors all can influence the cost and pricing decisions of the product.

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3 years ago

Partner A has a smaller capital balance than Partner L. Partner A, however, has a higher profit-and-loss-sharing percentage than

mixer [17]

Answer:

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3 years ago

perations management is part of a production system that can be described in the following manner: Organization: inputs→processe

Tomtit [17]

Answer:furniture manufacturer: wood→sanding→chair---C

Explanation:

Operations management is the part of a production system that administers best business practices to create the highest net operating profit within an organization. It involves the management of converting raw materials and labor into finished goods and services by passing through efficient processes so as to maximize profit of an organization.

In Operations management, efficient productivity , coordination and formulation of new improved process is important because to maximize profit requires constant innovation to reevaluate current practices. An operations management is involved in inputs, process and outputs as can be seen illustrated below.

furniture manufacturer: wood→sanding→chair

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3 years ago

Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are

worty [1.4K]

Answer:

Retained Earnings Balance at end of Year 1 = $360

Explanation:

First we need to determine the profit/loss for the year as part of the retained earnings calculation.

Lexington Company

Income Statement for the year ended - Year 1

Revenue Earned $3,200

Less Expenses ($2,420)

Net Income / (Loss) $780

Then we calculate the Retained Earnings Balance

Retained Earnings Statement

Beginning Retained Earnings Balance $ 0

Add Profit earned during the year $780

Less Dividends ($420)

Ending Retained Earnings Balance $360

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3 years ago

Roland Richard, a baker, purchased 200 ounces off of an expensive spice for $400 on 3/1/09. The journal entry to record the purc

kirill [66]

Answer:

The correct adjusting journal entry for 12/31/09:

D. debit Spice Expense and credit Spice Inventory 240

Explanation:

Roland Richard purchased 200 ounces off of an expensive spice for $400.

Cost per ounce = $400/200 = $2

By December, 12/31/09, there were 80 ounces on hand. Roland Richard used 120 ounces of expensive spice with the amount of expense: $2 x 120 = $240

The adjusting journal entry for 12/31/09:

Debit Spice Expense $240

Credit Spice Inventory $240

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3 years ago