Answer:
Option A
Explanation:
Less elastic Demands means ,there will be less effect on the demand of a product if the price of product changes.
Answer:
$1,200
Explanation:
Calculation to determine what the amount of ending inventory appearing on the balance sheet will be:
First step is to determine the units in ending inventory
Units in ending inventory=500 units + 600 units – 800 units sold
Units in ending inventory= 300
Now let determine the Ending inventory
Ending inventory=300 units x $4.00
Ending inventory = $1,200
Therefore the amount of ending inventory appearing on the balance sheet will be:$1,200
Answer:
c) Inventory (beginning) and Purchases.
Explanation:
When you use perpetual inventory system, you must record cost of goods sold every time you make a sale. But when you use a periodic inventory system, you close cost of goods sold with merchandise inventory account at the end of the period.
beginning inventory + purchases - ending inventory = cost of goods sold
Answer: The correct answer is e) $32.
Explanation:
Petty cash fund. $300
Office supplies. (80)
Merchandise inventory. (160)
Miscellaneous expenses. (20)
Cash shortage. (8)
Balance in petty cash. $32
In terms of accounting entries,
Debit Office supplies. $80
Debit Merchandise inventory. $160
Debit Miscellaneous expenses. $20
Debit Cash shortage. $8
Credit Petty cash refund. $268
In the above entries, $268 would be refunded to petty cash fund to reinstate it to $300.
Answer: In January, when the products are delivered.
