Answer:
The correct option is A:
cost of goods sold 10,750
merchandise inventory 10,750
Explanation:
When goods are bought for resale,the total cost of the goods bought is usually the invoice price paid as well as the cost of bringing in the goods i.e freight,hence the cost of the goods sold here is the invoice price of $10,000 plus the freight of $750,giving total cost of $10,750
When the goods are sold,merchandise inventory would be credited with $10,750 while cost of goods sold is debited with same amount.
The correct option is first one with cost of goods sold debited with $10.750 and merchandise inventory credited for $10,750
Answer: You are trying to find out if the statement is true or false? It is FALSE.
Explanation: Analysts should be concerned with the material movements in the company's financial statements. Although as stated in the question, small changes could amount to material movement but that applies in situations where there is a huge outflow but at the same time, there is similar inflow, so the net effect is negligible on a particular financial statements line item. This instance is not relevant to financial analysts but only the concern of internal control and or internal audit.
Financial analysts are interested in what the key drivers of the financial statements are. These drivers in most cases are an avenue to explain what has transpired in the financials between the current period and the preceding one by way of writing a commentary and providing a succinct and holistic explanation of the financial statements.
It would be time consuming and too operational if analysts are concerned with every percentage movement in the financial statements.
Answer: The correct answer is a). The sum of the debits will equal the sum of the credits.
Explanation: When a journal entry is posted as same amount to both the debit and credit it balances up in the trial balance.
In the same vein, irrespective of the error in the ledger raised and posted in the trial balance, the sum will be equal on both the debit side and the credit side.
Answer:
Interactive
Explanation:
Interactive marketing is the kind or form of marketing which is defined as the one to one practice of marketing that centres the individual person or consumer and then prospects the actions.
In this kind of marketing practice, it comprise of the initiatives of marketing that are triggered through behaviors as well as preferences of the customer. And for this reason, it is major shift from the campaign grounded efforts of marketing.
So, in this case, the actions through the account representative are a kind of interactive marketing.
Answer:
$18,650
Explanation:
FIFO means first in, first out. It means its the oldest inventory that are sold first .
If the company sold 800 inventory, the 800 would be taken from the beginning inventory which is a total of 450 and the remaining 350 would be taken from the inventory produced in January.
Cost of goods sold
450×$22 = $9,900
350 ×$25= $8,750
$9,900 + $8,750 = $18,650
I hope my answer helps you
