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Svet_ta [14]
3 years ago
9

Which statement is true about the gross profit method of inventory valuation?

Business
1 answer:
Travka [436]3 years ago
6 0

Answer:

b. It may be used to estimate inventories for interim statements.

Explanation:

As we know that

Gross profit = Sales - the cost of goods sold

By doing the inventory valuation through the gross profit method, it estimated inventories for interim statements as these statements are covering the financial information that is less than a year so that the proper analysis could be made and in this, no auditing is required.  

Therefore, for interim statements, the gross profit method is required.  

 

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After Mario completes his monthly report, his boss reviews it to see if the standards were met. If there are errors, Mario is to
iren [92.7K]

Answer: Active management by exception

Explanation:

Active management-by-exception is an active transactional leadership behavior whereby the leader looks out for what has been done wrong by his or her subordinates.

Such leaders monitors the work performance and look out for the mistakes and then corrects the situation by taking a particular action.

Since Mario'd boss reviews his monthly reports to see if the standards were met and that if there are errors, Mario is told he has to work an extra hour each day for the next two weeks. It is an example of Active management by exception

5 0
2 years ago
On june 8, alton co. issued an $90,000, 6%, 120-day note payable to seller co. assuming a 360-day year for your calculations, wh
Firlakuza [10]
Maturity Value = Principal  x ( 1 + Rate x Time )
Here is:
Principal = $90,000
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Maturity value = $90,000 x ( 1 + .06 x 120/360 ) =
= $90,000 x ( 1 + .02 ) =
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3 years ago
What are business letters ​
vichka [17]
Professional letters for business
8 0
2 years ago
Bruce has a credit card that uses the average daily balance method. For the first 9 days of one of his billing cycles, his balan
Mice21 [21]

Answer:

$31.61

Explanation:

In order to determine the amount of interest charged you must first calculate the average daily balance:

average daily balance = [($2,030 x 9) + ($1,450 x 22)] / 31 = $1,618.39

Now we must calculate the daily interest rate:

daily interest rate = 23% / 365 = 0.063%

Finally we multiply the average daily balance times the daily interest rate times the number of days in the billing period:

interest charged = $1,618.39 x 0.063% x 31 days = $31.61

3 0
3 years ago
"Uterine family" is the phrase Margery Wolf uses to describe the family a woman makes by having children though they are not off
AlekseyPX

Answer:

a. True

Explanation:

The uterine family represents the individual mother and mother children. in other way, it is you, your mother, your siblings, etc

The Uterine family implies the family description that shows the women have the children but they are not officially recorded as a members of the similar lineage

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3 years ago
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