This transaction is called account allowance. Account allowance
includes two kinds of transactions – to reduce in the folio balance
compensation for poor service and the other one is to correct posting mistakes
after the close of business. This kind of transaction is recognized by the usage
of an allowance voucher, allowance vouchers are typically necessitate
management endorsement.
Multitasking means doing two task at the same time without disturbing any of the two task.
Combining tasking means doing the task by combining means like...both of them are processing one after one for a little bit of time...
Answer:
Terry's Closing Inventory is $131,360.
Terry's Gross profit is $431,360.
We follow these steps to arrive at the answers:
<u>1. Calculate the base value of closing inventory (CI):</u>


<u>2. Calculate additions to inventory at base price</u>


<u>3. Calculate the value of additions to inventory at current prices</u>


<u>4. Calculate the value of Closing inventory</u>


<u>5. Compute Cost of Goods Sold (COGS):</u>


<u>6. Compute Gross profit</u>


Answer:
Year 1 = 35.23 days
Year 2 = 44.64 days
Explanation:
Days' Sales Uncollected = Accounts receivable / Net Sales * Days
Year 1 = $64,000 / $663,000 * 365 days = 35.23 days
Year 2= $91,000 / $744,000 * 365 days = 44.64 days
It is true that Costs, also called differential costs, are the additional costs from selecting a certain course of action.
<h3>What is
differential costs?</h3>
Differential cost serves as the difference between the cost of alternative decisions.
Therefore, It is true that Costs, also called differential costs, are the additional costs from selecting a certain course of action and the cost do take place when a business have several similar options,
Learn more about differential costs, at
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