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Free_Kalibri [48]
3 years ago
12

Lawrence has worked in his career field for 20 years. one benefit of his experience over younger employees lies in

Business
1 answer:
Ad libitum [116K]3 years ago
3 0
<span>Experience teaches the things which a book can not teach. Thus, having extra work experience gives an edge to the person with higher experience with person with lesser experience. Lawrence's experience is more than his younger employees hence he knows various aspects of his work profile than the youngsters.</span>
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Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during January,
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Answer:

Missing word <em>"b. Determine the inventory balances at the end of the first month of operations."</em>

a) Income statement  

Sales                                                             $1,200,000

Cost of goods sold                                      <u>$675,000</u>

Gross profit                                                   $525,000

<u>Selling and administrative expense</u>

Selling expense                     $215,000

Administrative expense        <u>$125,000</u>

Total Selling and administrative expense  <u>$340,000</u>

Operating income                                        <u>$185,000</u>

b) Inventory balance

Raw material inventory ($250,000 - $180,000) = $70,000

Work in process ($180,000+$450,000+$180,000-$760,000) = $50,000

Finished goods ($760,000-$675,000) = $85,000

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