Complete question:
amber is in charge of preparing an annual budget for her company. as part of the budgeting process, she must estimate COGS and ending inventory. which of the following statements is correct regarding the use of the gross profit method
amber must take a physical inventory to determine ending inventory and COGS
amber may utilize the gross profit method, but must also take a physical inventory
amber may utilize the gross profit method to estimate ending inventory and COGS
Answer:
Amber may utilize the gross profit method to estimate ending inventory and COGS
Explanation:
The gross profit method is a strategy used to measure the value at the end of the product. The method may be used with monthly accounting statements where a physical warehouse is not feasible.
(However, it is not a substitution for an actual physical inventory.) It is often used to measure the volume of lost products incurred by burglary, accident or other disasters.
For example, if a business buys products of $80 and sells them for $100, the gross profit is $20.
Answer:
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Explanation:
Personal values and work values cannot be related. FALSE.
Answer:
C) The central bank has been increasing the target interest rate at regular intervals and it is now at its highest level in eight years.
Explanation:
Since the central bank has been increasing the interest rates in Terbia, this means that it has been engaging in a contractionary monetary policy. In other words, the central bank has been decreasing the money supply in Terbia. If the money supply has been decreasing constantly during the last 8 years, then the high inflation rate cannot be caused by an increase in the money supply.
That statement is true.
Bringing a difference maker shows that you're a leader who is not afraid to take necessary risk to achieve your goals, which make you seem really dependable and increase your team's loyalty. On top of that, bringing an appropriate difference maker also show your advance problem solving ability
Answer:
Explanation:
a. The journal entries are shown below:
Accounts receivable A/c Dr $410,000
To Sales revenue A/c $370,000
To Unearned service revenue A/c $40,000
(Being the sale is recorded)
Cost of goods sold A/c Dr $300,000
To Merchandise inventory A/c $300,000
(Being inventory is sold at cost)
b. The recognized revenue would be
Sales revenue $370,000
Service revenue $20,000
Total revenue $390,000
The service revenue would be
= $40,000 × 3 months ÷ 6 months
= $20,000
And, the 3 months is computed from January 2 to March 31
