Answer:
B) Cost of goods sold 1,370
Merchandise inventory 1,370
Explanation:
As the physical count revealed that $1,370 of inventory was missing, it is called inventory shrinkage. Inventory shrinkage can occur when there is a damaged or expired product in the inventory. When the company experience shrinkage, the following journal entries will be required.
Cost of goods sold 1,370
Merchandise inventory 1,370
In that case, inventory decreases and expense (cost of goods sold) increases.
Answer
Quantity of solar panels increase , Price of solar panels decrease
Quantity of tires increase, Price of tires increase
Quantity of oil decrease, Price of oil decrease
Explanation:
Supply is directly related to technological upgradation.
So, technical upgrade will increase ie rightwards shift the supply curve. Hence, <u>quantity of solar panels</u> will increase.
Increase in supply will create competition among sellers, so the <u>price of solar panels </u>will decrease
Tires are complementary goods to car solar panels. Price & quantity of complements are inversely related. Lower priced solar panels imply higher demand<u> quantity of tires</u>. Increase & rightwards shift in demand implies competition among buyers & <u>tires' price </u>increase.
Oil is a substitute good to solar panels. Price & quantity of substitutes is directly related. Lower priced solar panels imply lower <u>oil demand</u> quantity. Decrease & leftwards shift in demand curve implies excess supply & competition among sellers, so <u>price of tires</u> decrease.
Answer:
Cost of Goods sold is $29
Explanation:
Under the perpetual LIFO or Last In First Out method of inventory valuation, we value the Cost of Goods Sold based on the price of the most recently purchased inventory before sale. Thus the units of closing inventory contains the inventory that was purchased first.
The cost of goods sold under LIFO will be,
Beginning Inventory (9* 3) = 27
Feb purchases (4 * 5) = 20
Oct sales (4 * 5 + 3 * 3) = (29)
Dec purchases (5 * 6) = 30
Ending Inventory = 48
So, the cost of goods sold under perpetual LIFO will comprise of the most recently purchased inventory before sale. The most recently purchased inventory before October sale was of February purchases. Thus, out of the 7 units sold, 4 will comprise of the February purchases and the remaining, 3 units, will be from the beginning inventory.
The cost of goods sold is,
COGS = 4 * 5 + 3 * 3
COGS = 29
According to the classical economists, in regards to the times of unemployment, it is best that the government will do do nothing or will not associate with the problems such as having unemployment as this is the most appropriate thing to do when associated with the countercyclical policy.<span />
Answer:
44,980
Explanation:
20 % of $224,900 = (20/100) × $224,900 = $44,980