Complete question:
amber is in charge of preparing an annual budget for her company. as part of the budgeting process, she must estimate COGS and ending inventory. which of the following statements is correct regarding the use of the gross profit method
amber must take a physical inventory to determine ending inventory and COGS
amber may utilize the gross profit method, but must also take a physical inventory
amber may utilize the gross profit method to estimate ending inventory and COGS
Answer:
Amber may utilize the gross profit method to estimate ending inventory and COGS
Explanation:
The gross profit method is a strategy used to measure the value at the end of the product. The method may be used with monthly accounting statements where a physical warehouse is not feasible.
(However, it is not a substitution for an actual physical inventory.) It is often used to measure the volume of lost products incurred by burglary, accident or other disasters.
For example, if a business buys products of $80 and sells them for $100, the gross profit is $20.
Equal Employment laws protect employees from facing discrimination in the hiring process.
Explanation:
Equal Employment Laws are there to protect the right of a candidate to have equal opportunities compared to their peers and not to be discriminated against in terms of caste, creed, race or gender when in the recruiting activities.
This law exists to provide equal opportunities to the candidates to be able to be selected on merit for the jobs and not to be left behind because of their disadvantages in the social strata from employment as long as they are capable for the jobs.
Answer:
A
Explanation:
Management activities include Decision making
The accounting entries for Rippen Corporation is recorded as follows:
December 3,
DR Accounts Receivable (Burnen Corp.) $480,000
CR Sales $480,000
DR Cost of Goods Sold $320,000
CR Inventory $320,000
December 8,
DR Sales Return $30,000
CR Accounts Receivable $30,000
DR Inventory $20,000
CR Cost of Goods Sold $20,000
December 12,
DR Cash $441,000
DR Credit Discount $9,000
CR Accounts Receivable $450,000
<h3>What is Journal Entry?</h3>
A journal entry is recorded for the transactions of a company in the relevant period, the entry that is recorded is also known as the double entry. These journal entries are then used to prepare T-Accounts, an then trial balance is made and ultimately income statement and balance sheet are made.
The transaction includes a discount of 2% as credit discount for the payment being made within 10 days.
Learn more about Journal Entries at brainly.com/question/27076717
#SPJ1
<span>One from each credit bureau per year, so in total three per year.</span>
