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galina1969 [7]
4 years ago
5

Eaton Electronics uses a periodic inventory system. On March 31, Eaton has two plasma TVs on hand at a cost of $1,500 each (seri

al numbers 11534892 and 11534894). In April, the company purchases four more identical TVs from Toshiba for $1,450 each (serial numbers 11542631 through 11542634). In May, the company purchases five more identical TVs for $1,600 each (serial numbers 11550964 through 11550968). In June, Eaton sells two of these TVs (serial numbers 11534894 and 11542631). There were no additional purchases or sales during the remainder of the year. Use the information above to answer the following question. Eaton Electronics uses the specific identification method. What is its cost of goods sold
Business
1 answer:
nikdorinn [45]4 years ago
5 0

Answer:

The cost of goods sold is $2950

Explanation:

The specific identification method requires the cost of inventory to be calculated using the actual cost at which the inventory is bought and recorded.

The cost of goods sold will be the cost of tv's that are sold during June. One tv that was sold with serial no 11534894 belonged to the TVs having cost of $1500. The other that was sold belonged to the cost group of $1450 per TV (serial no 11542631).

Thus cost of goods sold will be = 1500 + 1450 = $2950

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Answer: B. Backordering is not a strategy to manage service capacity.

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7 0
3 years ago
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Eugene Co. has inventory it purchased for $6,000. It sells the inventory to a customer for $10,000, including installation. Inst
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Answer:

The necessary entries would be:

Dr Accounts receivable             $11,000

Cr Sales revenue                                     $10,000

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Explanation:

Revenue should be recognized in the books of account where the selling party has performed its obligation of delivering goods or rendering services as contained in the sales contract.

This contract contains provision of goods -inventory that have been delivered and rendering of services-installation that is in progress, as a result the revenue relating to the former is due to be recognized now while the  later would be recognized when is installation is concluded.

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4 years ago
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You are reviewing your checking account balance of $800 after you've just sent in your rent check of $500. How much money is ava
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You are reviewing your checking account balance of $800 after you've just sent in your rent check of $500. The money that is available for you is $1300.

<h3>What we can do if we don't have sufficent balance?</h3>

If you had a check that you don't have sufficient funds for that has been run through the bank the bank will usually charge you an overdraft fee.

This means that you have arranged an overdraft loan/agreement with the bank. The bank will go ahead and pay the fund to the person or company you wrote the check to.

You will have a certain amount of time to put the money back into your account and pay the overdraft fee.

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2 years ago
True or False: This fact violates the efficient markets hypothesis because the efficient markets hypothesis argues that it is im
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True

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Hence since it is impossible to beat the market, it is impossible to earn above-market returns.

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3 years ago
Should companies be held accountable for actions of decades past, then legal but since made illegal, as their harmful effects be
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In the case of GE that did experiments on prisoners to test effects of irradiation however, even if criminal charges are not brought against them, they can face charges. What they did was wrong even if it was legal then.

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