Answer:
Journal entry
31 December Debit Inventory write_down (loss) 1550, Credit inventory 1550
Explanation:
Inventory is accounted for at the lower of cost or net realizable value. inventory write_ down is impairment a loss to the organisation
there can never be a gain when revaluing inventory, either it remains at cost or goes down with NRV
cost market write down
closing inventory calculation
Alligator ( 70 units) 3220 2870 350
Bear (85 units) 6800 6800 0
Cougar ( 10 units) 900 920 0
Dingo ( 35 units) 1225 1225 0
Elephant ( 400 units ) 6000 4800 1200
<u> 18145</u> <u>16615</u> <u>1550</u>
COUGAR has a high market value so we value it at cost because it is the lower of the two.
Answer:
Have little loyalty to their vendors.
Explanation:
Middlemen are intermediaries that buy goods from the producers and sell directly to the consumers. They assist the producers to get different feedbacks about the products from the consumer. Middlemen include wholesalers, retailers, brokers.
In some situations, middlemen increase the prices of various products thereby making it difficult for consumers to purchase, they also have little loyalty to the producers of a particular product they tend to purchase the product when there is high productivity but reject it when productivity reduces.
D Saving bonds.
I just took the quiz and A is wrong. so listen please.