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
xxMikexx [17]
3 years ago
6

g On November 1, 2020, 5M Corporation entered into a purchase contract (not subject to revision or cancellation) to purchase 750

units of inventory for $50 per unit before January 1, 2021. The company uses the LIFO inventory method. a. If the inventory has a market price of $45 per unit on November 30, 2020, what entry (if any) does 5M Corporation record
Business
1 answer:
enot [183]3 years ago
5 0

Answer and Explanation:

The journal entry is shown below;

Estimated loss on purchase commitment (750 units ×  ($50 - $45)  $3,750

       To Estimated liability on purchase commitment $3,750

(Being estimated loss is recorded)

Here the estimated loss is debited as it increased the loss and estimated liability is credited as it also increased the liability

You might be interested in
What are three ways you can learn more about a company, organization, potential employer, and/or the open position you are apply
xeze [42]

Answer:

- research about it

- Ask questions

- study for it

6 0
3 years ago
State as either a positive or normative statement. An op-ed piece in a newspaper urging the adoption of a particular economic po
Veronika [31]

Answer:

The correct answers are: Normative; Positive.  

Explanation:

The positive economy is based on specifying and demonstrating what is happening in the economy, responds to economic issues from reason and with an objective point by which things happen, focuses on determining everything that could affect it and the results that will be obtained by final.

No advice is given to remedy economic problems, rather, it describes the problems that affect the economy without mentioning whether the results will be positive or negative.

7 0
4 years ago
Because of large reserves that center around the Persian Gulf, the Middle East often produces as much as two-thirds of the world
gregori [183]
Your answer is D - petroleum.

the area around the Persian Gulf is desert so can't be the water, coal or cattle. But here it can be found large underground reserves  of Petroleum. 
8 0
3 years ago
If AD increases, which of the following will result? a. an increase in output and an increase in the price level.b. an increase
Bess [88]

Answer:

a. an increase in output and an increase in the price level.

Explanation:

If Aggregate Demand increases, this will result in an increase in output and an increase in the price because short run <u>aggregate demand measures total output for a single nominal price level</u>

<u>In the long-run, increases in aggregate demand cause the price of a good or service to increase. When the demand increases the aggregate demand curve shifts to the right. </u>

<u>Also, increased demand for a product in the long run will lead to increased output being supplied.</u>

The aggregate supply determines <u>the extent to which the aggregate demand increases the output and prices of a good or service. </u>

<u />

3 0
4 years ago
Which of the following allows for response tracking most easily?
Lesechka [4]

Answer: internet advertising

Explanation: ape

8 0
3 years ago
Read 2 more answers
Other questions:
  • "what is south korea's opportunity cost of producing one digital camera"
    7·1 answer
  • What kinds of varied resources and industries are found in oceania? discuss major industries in each of the three major regions
    7·1 answer
  • Meric Mining Inc. recently reported $15,000 of sales, $7,500 of operating costs other than depreciation, and $1,200 of depreciat
    10·1 answer
  • Cost Behavior Prepare income statement in two formats Farnsworth Drycleaners has capacity to clean up to 7,500 garments per mont
    8·1 answer
  • In its first year of operations, Grace Company reports the following: Earned revenues of $60,000 ($52,000 cash received from cus
    6·1 answer
  • Which is an example of a long-term goal? Group of answer choices I will pay my cell phone bill on time this month. I will train
    12·1 answer
  • How does a tariff impact a business exporting goods
    15·2 answers
  • If the government regulates a natural monopolist to produce the allocatively efficient level of output, it will require the mono
    8·1 answer
  • Which of the following decisions is part of the HR function of compensation?
    13·1 answer
  • Question #6
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!