Answer:
The correct answer is option b) $367,000
Explanation:
Here for calculating the correct amount of inventory that Horace should report can be calculated through, by adding the inventory worth $320,000 at 31 December, 2015 with consignment given to Herschel worth $47,000, SO
Correct amount of inventory =
Amount of inventory on 31 December
+
Consignment given to Herschel
= $320,000 + $47,000
= $367,000
Here we are taking Herschel consignment in to account and that too at the historical purchase cost because Horace company has give the Herschel to sell the goods on his behalf but the transfer of ownership has not taken place here , the right to ownership here remains with the Horace and the amount at which they should be recorded is at purchase cost not selling cost.
We will also not include goods worth $ 22,000 in to the calculation because the Horace company has not received the goods physically yet, we will include those goods in to inventory on January 3 not before that.
Answer:
See Explanation below for the detailed answer
Explanation:
The following are income statement summaries for prior years comparing the change in inventory valuation from LIFO to FIFO
2015 Lifo : $ 530000 Tax : $159000 Profit $ 371000
Fifo : $ 561000 Tax : $ 168300 Profit $ 392700 <em>Difference; $21700</em>
<em />
2016 Lifo : $ 625000 Tax : $187500 Profit $ 437500
Fifo : $ 675000 Tax : $ 202500 Profit $ 472500 <em>Difference; $35000</em>
<em></em>
2017 Fifo: $644000 Tax : $ 193200 Profit $ 450800
Answer: E. luxury; necessity
Explanation:
Income elasticity of demand is a measure of how the demand for a good or service change when people's income changes. It the ratio of the percentage change in quantity demanded to the percentage change in income.
The issue will undermine the following results: the use of a stratified random sample, the wording of questions, and the under-coverage of data.
<h3 /><h3>What do you mean by population data?</h3>
Population statistics is described as a fixed of individuals who share a feature or set of these. A populace is specially decided with the aid of using geographies, together with all people in California, or all people withinside the United States.
Demographers (those who observe human populations) categorize this as the natural populace.
Therefore, The issue will undermine the following results: use of a stratified random sample, the wording of questions, and under-coverage of the population data.
Learn more about population data:
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