Answer:
A. Debiting Cost of Goods Sold $7,000
Explanation:
The LIFO is a method used to account value for inventory. Under the method, the last item of inventory purchased is the first one sold.
At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, but a physical inventory taken at year-end indicates only 50 units of this product actually are on hand. So 10 units of the product was shrinkage.
The company should debit Cost of Goods Sold to record this inventory shrinkage.
Anderson Co. use LIFO method, the amount shrinkage product:
10 x $700 = $7,000
Answer:
Market
Explanation:
A market is an arrangement that allows buyers and sellers to exchange goods or services . In market arrangement ,a group of buyers and sellers of a good or service ant the institution or arrangement by which they come together to trade
Answer:
b) The $355,000 manufacturing cost of the tables already incurred.
Explanation:
The Business has already incurred this expense in making the coffee tables, this can not be done. Therefore, it does not make sense to consider this when considering whether to complete the
Tables, or sell them as they now are
All other points contribute either directly or indirectly to the decision that the company is about to take in this regard.
So, the correct answer is b
The quantity of the product delivered will decrease if the curve shifts to the left, but it will grow if it shifts to the right.
<h3>
What is a supply curve?</h3>
The supply curve illustrates the relationship between the price of an item or service and the volume delivered over a specific time period. In a typical scenario, the amount supplied will be shown on the horizontal axis and the price will be shown on the left vertical axis.
The shift in the supply curve:
Variations in the cost of production and related factors can cause a whole supply curve to move to the right or left. Ceteris paribus: Supply curves connect prices and output under the supposition that nothing else changes.
As a result, moving the supply curve to the right will increase supply while adjusting it to the left would decrease it.
Learn more about the supply curve:
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