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yawa3891 [41]
3 years ago
13

A company uses the periodic inventory method. If beginning inventory is understated by $10,000 because the prior’s year’s ending

inventory was understated by $10,000. The company’s ending inventory for this period is correct. The effect of this error in the current period is that (i) cost of goods sold is ___________ and (ii) net income is __________.a. (i) Overstated and (ii) Overstatedb. (i) Understated and (ii) Understatedc. (i) Overstated and (ii) Understatedd. None of thesee. (i) Understated and (ii) Overstated
Business
1 answer:
Ratling [72]3 years ago
3 0

Answer: Understated and Overstated

Explanation:

Cost of good sold is the addition of Opening stock to the purchases and subtracting closing stock, the omission of $10,000 will reduce it. Invariably a reduction in cost of sales will overstate income.

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5 0
3 years ago
If Hazel decides to sell the best ice cream on earth, and intends to establish a strong ethical climate in her organization, dur
statuscvo [17]

Answer: Planning

 

Explanation: Planning refers to the process of setting goals and procedures and determining the need of resources to accomplish those goals.

In the given case, Hazel has already set her goal of providing the best ice cream in the market. Now she needs to set the procedures of how she can do so in an ethical manner. She has to determine the processes and rules she need to make to achieve the objective of ethical culture in her organisation.

Hence from the above we can conclude that in the planning phase.

8 0
3 years ago
Watson, Inc. applies overhead cost based on direct labor hours. In completing the 200 units in job #120, the company incurred $1
andriy [413]

Answer:

Total cost= $24,000

Explanation:

Giving the following information:

Watson, Inc. applies overhead costs based on direct labor hours. In completing the 200 units in job #120, the company incurred $12,000 in direct materials and 500 direct labor hours at $18 per hour. The predetermined overhead rate is $6 per direct labor hour.

Total cost= direct material + direct labor + manufacturing overhead

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3 0
3 years ago
The shoe company TOMS gives a pair of shoes to a needy child for every pair that it sells. This is an example of a company which
slega [8]

Answer: Corporate Social Responsibility

Explanation:

 The corporate social responsibility is one of the type business model that supporting the various types applications which is ethically oriented and it also manage all the functions in an organization.

The main objective of the corporate social responsibility is that it helps in boost the morale of an employee and also helps in increase productivity of the company.

According to the given question, the shoes firm TOMS denote the shoes to the needy children and this is one of the example of the corporate social responsibility in an organization.

Therefore, Corporate Social Responsibility is the correct answer.        

7 0
3 years ago
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Vaselesa [24]

Answer: The control the company has over Ike's job details.

Explanation:

The Home-baked bread company and Ike share something in common which is the fact that Ike is an employee of the company and also he is to be paid by the company.

As an employee of the bread company, they still control Ike's job role and can decide to vary or maintain his current job role depending on what the company desires to achieve. Also if he doesn't meet up to some target he can still be laid off, due to the fact that he is still on his trial period.

3 0
3 years ago
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