Answer:
The answer is: Poppy's COGS were understated by $31,000
Explanation:
To find how the cost of goods sold were affected by the accounting errors we must add the errors in the inventory records plus the error in the purchasing records.
- Errors in inventory records = $30,000 understated inventory (Jan 1) - $17,000 understated inventory (Dec 31) = $13,000 understated
- Error in purchasing records = $20,000 real cost - $2,000 record = $18,000 understated
How COGS were affected:
$13,000 understated + $18,000 understated = $31,000 understated
Answer:
The average cost per unit is: $15.00
Explanation:
Inventory is one of the most important assets to track in terms of valuation. Not only does it contribute to current assets on the balance sheet, but the cost of inventory sold is included in the cost of goods sold on the income statement. In other words, failure to understand the value of inventory can impact values on the income statement, balance sheet and cash flow statement so it's important to get it right.
Grasping, strategies for problem-solving, driving a car, and balancing a budget are all examples of Schemas.
<h3>What is Schemas?</h3>
A schema is defined as a pattern of contented or behavior that handles informational categories and the relations between them, according to psychology and cognitive science.
Schemas can be seen in the act of grasping, problem-solving techniques, operating a vehicle, and budgeting.
Therefore, the given events are the examples of Schemas.
To learn more about the Schemas, refer to;
brainly.com/question/18959128
#SPJ1
Answer:
Option (b) is correct.
Explanation:
At selling price = $1 and No. of units sold = 75 cookies,
Total revenue = selling price × No. of units sold
= $1 × 75 cookies
= $75
At selling price = $0.50 and No. of units sold = 200 cookies,
Total revenue = selling price × No. of units sold
= $0.50 × 200 cookies
= $100
Therefore, there is a rise in the total revenue from $75 to $100 and hence, price elasticity of demand for sugar cookies is elastic.
