<h2>"Social audit documents" will give Katelyn the information about how socially the company has involved to protect the planet and people.</h2>
Explanation:
Let us understand what a social audit is.
- It is an official evaluation about the involvement in social responsibility projects by the organization.
- It creates an impact on the governance.
- This prevents public relations crises associated with ethical or legal misconduct.
- Narrow gaps between vision and reality.
- It enters into action when there is no equal employment opportunity, when the environmental quality gets affected, etc.
The social activities that it includes are:
- volunteer events
- work environment
- employees wages
- utilization of energy
- charitable contributions
Answer:
Income under absorption costing = $1,100,000
Explanation:
Marginal and absorption costing are two different methods to deal with fixed production overheads and and decide whether or not they are included in valuation of inventory.
<u>Valuation of inventory</u>
Opening and closing inventory are valued at variable cost under variable costing. Whereas in absorption costing, opening and closing inventory are valued at full production cost (including fixed production overheads).
<u>Reconciling profits reported under two different methods</u>
When inventory levels increase or decrease during a period then profits will differ under absorption and marginal costing because of fixed production cost.
Net Income under absorption costing = Income under variable costing + fixed production cost in ending inventory – fixed production cost in beginning inventory
= $1,050,000 + $300,000 - $250,000
= $1,100,000
Answer:
Date Account titles and Explanation Debit Credit
Dec 31 Sales return and allowance $600
Sales refund payable $600
($900 - $300)
(To record the expected refund of sales)
