Answer:
The correct option is A:
cost of goods sold 10,750
merchandise inventory 10,750
Explanation:
When goods are bought for resale,the total cost of the goods bought is usually the invoice price paid as well as the cost of bringing in the goods i.e freight,hence the cost of the goods sold here is the invoice price of $10,000 plus the freight of $750,giving total cost of $10,750
When the goods are sold,merchandise inventory would be credited with $10,750 while cost of goods sold is debited with same amount.
The correct option is first one with cost of goods sold debited with $10.750 and merchandise inventory credited for $10,750
Answer:
LIFO Periodic method
Explanation:
The LIFO means Last In First Out this means that item that have been stocked today would be sold first although there’s still some inventory from previous periods.
Using LIFO would result in lower ending inventory because closing inventory would be valued at low price which they had been bought assuming that there’s now a hick in price and goods in the warehouse were stocked when prices were low.
LIFO is used for the manipulation of profit.
Answer:
I don't know
Explanation:
can you help me with my question Enter the coordinates of the point on the unit circle at the given angle. 270° ([?], [ ] Enter
It's D. Increasing the reserve requirement on banks
Answer:
the perpetuity will pay the student 166.36 dollar per years
Explanation:
First, we solve for the amount of the original investment after 5 years:
Principal 1,642.00
time 5.00
rate 0.06200
Amount 2,218.17
<u>Then, this goes into a perpetual annuity at 7.5%</u>
2,218.17 x 0.075 = 166.3630983 = 166.36
the perpetuity will pay the student 166.36 dollar per years
