Answer:
Option (b) is correct.
Explanation:
Correct amount of inventory to be reported:
Amount of inventory as per physical verification = $320,000
Cost of goods under consignment to Herschel Corporation = $47,000
Value of inventory to be reported:
= Amount of inventory as per physical verification + Cost of goods under consignment to Herschel Corporation
= $320,000 + $47,000
= $367,000
In most case, the average amount of time between price changes for gasoline is <u>two to three weeks</u>.
<h3>What is a price changes?</h3>
Most time, a price changes often come about because of changes in the conditions of demand and supply. A gasoline prices tend to always increase when the available supply of gasoline decreases relative to real or expected gasoline demand or consumption.
Some factors that change the price of gasoline are:
- Crude oil prices
- Refining costs
- Taxes
- Distribution
- marketing costs.
Read more about price changes
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