1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vlada-n [284]
2 years ago
8

The selected inventory costing method impacts:________

Business
1 answer:
Alisiya [41]2 years ago
4 0

Answer:

The correct option is a) Gross profit and ending inventory.

Explanation:

The inventory technique is a method of accounting for calculating the value of an inventory. The approach calculates the ending inventory balance by comparing the inventory cost to the merchandise price.

There are three methods for valuing inventory whic are FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost) (Weighted Average Cost). The gross profit and ending inventory are affected differently by each of these costing methods.

This implies that the selected inventory costing method impacts gross profit and ending inventory.

Therefore, the correct option is a) Gross profit and ending inventory.

You might be interested in
Clara is looking into investing a portion of her recent bonus into the stock market. While researching different companies, she
EastWind [94]

Answer:

Eye Remember Enterprises

Explanation:

In finance, standard deviation is the mostly used metric that is used to determine stability or variability and relative risk of investments.

Standard deviation in finance shows the the historical volatility of an investment when it is applied to that investment's annual rate of return.

When the standard deviation of securities is high, the variance between the mean price and price of each security will also be high. Likewise, when the standard deviation of securities is low, the variance between the mean and price of each security will also be low.

The standard deviation of volatile stock is usually high, while a stable stock usually has a low standard deviation.

Therefore, the stock of Eye Remember Enterprises would give Clara a stable long-term investment because the standard deviation of its prices of $1.05 is lower than $9.65 which is the standard deviation of stock prices of Masterful Pocket Watches.

6 0
3 years ago
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of t
solong [7]

Answer:

The Gorman Group

1. The Gorman Group

Income Statement

For the Year Ended October 31, 2019

Service Fees                                                     $421,010

Rent Revenue                                                        4,450

Total Revenue                                                $425,460

Salaries Expense                           $301,820

Depreciation Expense—Equipment 16,400

Rent Expense                                    13,700

Supplies Expense                               9,710

Utilities Expense                                8,780

Depreciation Expense—Buildings    5,850

Repairs Expense                               4,840

Insurance Expense                          2,650

Miscellaneous Expense                   4,520  $368,270

Net Income                                                      $57,190

The Gorman Group

Statement of Owner's Equity

For the Year Ended October 31, 2019

Nicole Gorman, Capital                   $378,780

Net Income                                           57,190

Nicole Gorman, Drawing                   (22,200)

Owner's Equity, October 31, 2019  $413,770

2. Closing Journal Entries at October 31, 2019:

Debit Income Summary $368,270

Credit:

Salaries Expense                           $301,820

Depreciation Expense—Equipment 16,400

Rent Expense                                    13,700

Supplies Expense                               9,710

Utilities Expense                                8,780

Depreciation Expense—Buildings    5,850

Repairs Expense                               4,840

Insurance Expense                          2,650

Miscellaneous Expense                   4,520

To close the expenses accounts to the income summary.

Debit:

Service Fees   $421,010

Rent Revenue    4,450

Credit Income Summary $425,460

To close the revenue accounts to the income summary.

3. The amount of net income would have been $137,200.

Explanation:

a) Data and Calculations:

The Gorman Group

End-of-Period Spreadsheet

For the Year Ended October 31, 2019

Adjusted Trial Balance

Account Title                                           Dr.               Cr.

Cash                                                    $13,880

Accounts Receivable                           30,210

Supplies                                                 4,720

Prepaid Insurance                               10,200

Land                                                    89,000

Buildings                                           319,000

Accumulated Depreciation-Buildings             $103,900

Equipment                                       230,000

Accumulated Depreciation-Equipment            135,300

Accounts Payable                                               29,520

Salaries Payable                                                    2,930

Unearned Rent                                                       1,330

Nicole Gorman, Capital                                     378,780

Nicole Gorman, Drawing                  22,200

Service Fees                                                      421,010

Rent Revenue                                                      4,450

Salaries Expense                             301,820

Depreciation Expense—Equipment 16,400

Rent Expense                                    13,700

Supplies Expense                               9,710

Utilities Expense                                8,780

Depreciation Expense—Buildings    5,850

Repairs Expense                               4,840

Insurance Expense                          2,650

Miscellaneous Expense                   4,520

Totals                                          1,077,220 1,077,220

Amount of Nicole Gorman's Capital increased by $115,000:

Net income would have been $137,200 instead of $57,190.

Closing Nicole Gorman, Capital = $515,980

Less Drawings               22,200

        Beginning capital 378,780    400,980

Increase in capital =                       $115,000

4 0
2 years ago
2.A pump has failed in a facility that will be replaced in three years. A brass pump costing $6,000 will last three years. A use
lapo4ka [179]

Answer:

-$1,500 more expensive

Explanation:

Calculation for How much cheaper or more expensive would it be to use the stainless-steel pump rather than a new brass pump

Using this formula

Cheaper or more expensive=Brass pump value-( Current pump value+Pump reconfigure extra amount spent)

Let plug in the formula

Cheaper or more expensive =$6,000-($7,000+$500)

Cheaper or more expensive =$6,000-$7,500

Cheaper or more expensive =-$1,500 more expensive

Therefore based on the information given the stainless steel pump will be $ 1500 more expensive than the brass pump.

4 0
2 years ago
Why is it important to look at external sources of information when exploring product and service information?
baherus [9]

They help you find unbiased information about the product’s actual performance.

6 0
3 years ago
Read 2 more answers
10. Which of the following scenarios would best exemplify Adam Smith's view of best serving the
nordsb [41]

E. Individuals in the country may pursue their own economic growth and self-interest by doing whatever is best for them

Explanation:

8 0
2 years ago
Other questions:
  • Stock r has a beta of 1.5, stock s has a beta of 0.75, the expected rate of return on an average stock is 13%, and the risk-free
    12·1 answer
  • A Broadway play company can only charge one price for tickets to a given performance of its play. The company manager notices th
    9·1 answer
  • Based on the position you are interested in, please describe your sales or retention style.
    14·1 answer
  • Retail managers can use ________ to determine which inventory items require the most attention.
    10·1 answer
  • What would be two things you may want to use installment credit for in the future?
    7·1 answer
  • A financial analyst is presented with information on the past records of 60 start-up companies and told that in fact only 3 of t
    15·1 answer
  • Alan tries to make life easy on his employees by telling them exactly what to do and how to do it. he believes that most of his
    6·1 answer
  • Marketers provide value to the consumer and other stakeholders by doing all of these with their offerings except which?
    11·1 answer
  • Question Mode Multiple Choice Question Preferred stockholders: Multiple choice question. have the right to receive dividends onl
    6·1 answer
  • Assume the following information for Windsor Corp. Accounts receivable (beginning balance) $140,000 Allowance for doubtful accou
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!