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3 years ago

12

A seller or manufacturer has significant legal responsibility to buyers and users of goods and services, as well as to third par

ties.
A. True
B. False

1 answer:

Paladinen [302]3 years ago

3 0

A. True

it’s right i know

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A sporting equipment store expects to purchase $7,800 of ski boots in October. The store had $3,800 of ski boots in merchandise

Maksim231197 [3]

Answer:

Cost of goods sold = $8,800

Explanation:

<em>The cost of goods is represents amount incurred to make available what has been sold. It is computed as follows:</em>

<em>Cost of goods sold = opening stock + purchases - closing inventory</em>

It is useful to determine the cost of goods so as to calculate the gross profit margin. The gross profit is the sales revenue less cost of goods sold.

So we can compute same for the sporting equipment store as follows:

Cost of goods sold = 3,800 + 7,800 - 2,800

= $8,800

Cost of goods sold = $8,800

5 0

3 years ago

The Tragedy of the Commons will be evident when a growing number of sheep grazing on the town commons leads to the destruction o

alexdok [17]

Answer:

the answer is C. auction off a limited number of sheep-grazing permits.

Explanation:

7 0

3 years ago

Terry company had january 1 inventory of $100,000 when it adopted dollar-value lifo. during the year, purchases were $600,000 an

inna [77]

Answer:

Terry's Closing Inventory is $131,360.

Terry's Gross profit is $431,360.

We follow these steps to arrive at the answers:

<u>1. Calculate the base value of closing inventory (CI):</u>

$CI_{base value} = \frac{CI*Index at base year}{current price index}$

$CI_{base value} = \frac{143360*100}{112} = 128,000$

<u>2. Calculate additions to inventory at base price</u>

$Additions to inventory = CI_{base value} - Beginning inventory$

$Additions to inventory = 128000 - 100000 = 28,000$

<u>3. Calculate the value of additions to inventory at current prices</u>

$Additions to inventory_{current Value} = Additions to inventory_{base Value} * \frac{current price index}{base price index}$

$Additions to inventory_{current Value} = 28,000 * \frac{112}{100} = 31,360$

<u>4. Calculate the value of Closing inventory</u>

$Closing inventory = Beginning Inventory + Additions to inventory_{current Value}$

$Closing inventory = 100,000 + 31,360 = 131,360$

<u>5. Compute Cost of Goods Sold (COGS):</u>

$COGS = Opening Inventory + Purchases - Closing Inventory$

$COGS = (100000 + 600000 - 131360) = 568640$

<u>6. Compute Gross profit</u>

$Gross profit = Sales - COGS$

$Gross profit = 1000000 - 568640 = 431360$

5 0

3 years ago

Mr. Dealer bought a fleet of SUVs (sport utility vehicles) from General Motors (GM) on credit, GM agreeing not to assign the res

Temka [501]

Answer:

Yes, Dealer could collect damages from GM because basically GM breached the contract. Any time a contract is breached, the non-breaching party can sue. But the real question here is what amount could the court assign to Dealer as compensation for damages incurred. If you want to rephrase this question, it would be: What damages did Dealer suffer due to GM's breach.

If the damages are not significant, then the court will probably assign some amount for nominal damages. To be honest, the greatest expenses here are actually the legal costs of the lawsuit. Unless Dealer can prove that assigning the contract actually hurt them (which I doubt), then the court will assign a small amount. Sometimes nominal damages can be very small and mostly symbolic, e.g. $1.

3 0

3 years ago

Luis is an accountant whose company recently switched from process costing to job order costing. He is preparing to total manufa

Ann [662]

Answer:

The correct answer is Assign costs of work process.

Explanation:

Among the main changes to be able to allocate costs, Julio must take the costs of work in process in a single account, instead of directly to different department accounts. This will ensure better control of the information, avoiding mistakes in the planning process.

4 0

3 years ago