1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
The dollars available from each unit of sales to cover fixe
lbvjy [14]

Answer:

False

Explanation:

Variable costs are part of direct expenses incurred in the production of goods meant for sales. Variable costs have a direct and proportionate relationship with the output level. An increase in output level increases variable costs. Examples of variable costs are packaging and raw materials.

The contribution margin is the dollar amount available from the sale of each unit to cater for fixed costs and profits. It is calculated by subtracting variable costs from the selling price. The contribution margin is used in determining the break-even point and the output level required to achieve desired profits.

5 0
3 years ago
What is a retail Growth potential?
mr Goodwill [35]

Answer:

decisions related to allocating available resources among different target markets and retail formats

Explanation:

7 0
1 year ago
When an organization expands into a totally new line of business, it is implementing a strategy of:?
Pachacha [2.7K]
<span>Unrelated diversification</span>
8 0
3 years ago
A nation's capital goods wear out over time, so a portion of its capital goods become unusable every year. last year, its reside
My name is Ann [436]
<span>In the current year, the nation's economic growth will be negative. This is an outcome produced by all factors involved. There have been no capital goods produced, and therefore, no income can be generated by capital goods. There has been no growth in population or in any productive resources that could yield come kind of economic growth for the nation.</span>
8 0
2 years ago
Kojin works for a social media website that caters to senior adults and allows them to engage with their families over the Inter
ladessa [460]

Answer:

the marketing manager or director

Explanation:

The marketing manager or director (depends on the organizational layout) is the individual responsible for leading the marketing department or unit of the company. He or she is the one in charge of overseeing and controlling new and existing marketing strategies and campaigns.

6 0
3 years ago
Other questions:
  • Seamus has to conduct market research on the viability of his​ company's new product. while planning his research he needs to de
    15·1 answer
  • Tyler owns a property within the city limits of a town that is on the mississippi river. who owns the land under this navigable
    11·1 answer
  • In July, one of the processing departments at Okamura Corporation had beginning work in process inventory of $26,000 and ending
    12·1 answer
  • g Two companies market new batteries targeted at owners of personal music players. Dura Tunes claims a mean battery life of 11 h
    12·1 answer
  • The owner’s equity section of the balance sheet for the Blue Top Taxi Company shows that
    14·1 answer
  • Major American car manufacturers are offering buying incentives to newly graduated college students who traditionally have littl
    12·1 answer
  • Superstores that are actually giant specialty stores and have seen tremendous growth recently are called​ _______.
    5·1 answer
  • Winston churchill's stamp collection was valued at $14 million when he died. at auction, it brought in only $4 million. what was
    12·1 answer
  • Suppose a monopolist is producing a level of output such that MR &gt; MC. What should the firm do to maximize its profits?
    6·1 answer
  • If the banking system has demand deposits of $100,000, total reserves equal to $15,000, and a required reserve ratio of 10 perce
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!