Which of the following are examples of limited resources on the part of consumers?

Cicchetti Corporation uses customers served as its measure of activity. The following report compares the planning budget to the

Marina86 [1]

Answer and Explanation:

The Preparation of the company's revenue and spending variances for December is prepared below:-

The report with respect to the company revenue and spending variance is presented in the attachment below

The revenue refers to the sales of the company

And, the spending variance refers to the difference between the actual amount of expenses incurred and the budgeted amount of expenses incurred. The same is shown in the below attachment.

8 0

3 years ago

1. A parent sells merchandise to its subsidiary at a markup of 20% on cost. In the current year, the subsidiary had $120,000 in

NARA [144]

Answer:

The subsidiary reports cost of goods sold at A. $660,000.

Explanation:

Cost of goods sold is the direct cost of producing or purchasing the goods sold by a business. The formula for cost of goods sold is as follows:

Cost of goods sold = Opening inventory + Purchases - Closing inventory

The subsidiary calculates its cost of goods sold as follows.

Opening inventory $120,000

Add: Purchases $720,000

Less: Closing inventory ($180,000)

Cost of goods sold $660,000

Therefore, the correct option is A. $660,000.

6 0

3 years ago

When the price of a good increases, the quantity demanded ______. when the price of a good decreases, the quantity demanded?

VLD [36.1K]

When the price of a good increases, the quantity demanded decreases. When the price of a good decreases, the quantity demanded increases.

4 0

3 years ago

ech Gadgets Co. distributes complex and relatively expensive goods, with customers typically requiring assistance before purchas

ch4aika [34]

Answer:

Intensive

Explanation:

Because the goods are expensive, and complex and requires pre-purchase assistance, the channels for this product has to be very intensive as there would be continuous purchasing as well as assistance request for the product. This simply means that service delivery and channels are to be manned intensively to meet the needs of the customers.

I hope this helps.

6 0

4 years ago

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credi

Karo-lina-s [1.5K]

Answer:

Halifax Manufacturing

a. Record the actual sales return of merchandise sold prior to 2021.

Debit Refund Liability $328,000

Credit Accounts Receivable $328,000

To record actual returns for sales prior to 2021.

1b. Record the cost of merchandise returned for goods sold prior to 2021.

Debit Inventory $229,600

Credit Estimated Inventory Returns $229,600

To record the cost of merchandise returned for goods sold prior to 2021.

1c. Record the actual sales return of merchandise sold during 2021.

Debit Sales Returns $266,000

Credit Accounts Receivable $266,000

To record actual returns for the current year.

1d. Record the cost of merchandise returned for goods sold during 2021.

Debit Inventory $186,200

Credit Cost of Goods sold $186,200

To record the cost of goods returned for sales during the year.

1e. Record the year-end adjusting entry for estimated returns.

Debit Sales Returns $591,700

Credit Refund Liability $591,700

To record sales returns adjusting entry for the current year.

1f. Record the adjusting entry for the estimated return of merchandise to inventory.

Debit Estimated Inventory Returns $414,190

Credit Cost of goods sold $414,190

To record the adjusting entry for the estimated inventory returns.

3. What is the amount of the year-end refund liability after the adjusting entry is recorded?

= $623,700

Explanation:

a) Data and Calculations:

Refund liability (beginning balance) = $360,000

Sales = $12,100,000

Cost of merchandise = $8,470,000 (70% * $12,100,000)

Actual returns during the year = $594,000

Returns for prior years = 328,000

Returns for current year = 266,000

Estimated sales returns allowance = 5% for year-end adjusting entry.

Refund liability (beginning balance) = $360,000

Actual return for prior years = (328,000)

Allowance for current year = 591,700

Refund liability (ending balance) = $623,700

6 0

3 years ago