Business, 18.04.2020 03:53 darkremnant14
The Constance Corporation’s inventory at December 31, 2021, was $127,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $17,500, shipped f. o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $47,500 was shipped to a customer f. o.b. shipping point on December 28, 2021, arrived at the customer’s location on January 6, 2022. Merchandise costing $23,500 was being held on hand for Jess Company on consignment. Estimated sales returns are 20% of annual sales. Sales revenue was $555,000 with a gross profit ratio of 30%.
What amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet?
Multiple Choice
a. $160,250
b. $145,250
c. $187,250
d. $190,250
Answers: 2
Business, 22.06.2019 10:10
conquest, inc. produces a special kind of light-weight, recreational vehicle that has a unique design. it allows the company to follow a cost-plus pricing strategy. it has $9,000,000 of average assets, and the desired profit is a 10% return on assets. assume all products produced are sold. additional data are as follows: sales volume 1000 units per year; variable costs $1000 per unit; fixed costs $4,000,000 per year; using the cost-plus pricing approach, what should be the sales price per unit?
Answers: 2
Business, 22.06.2019 11:50
The following are the current month's balances for abc financial services, inc. before preparing the trial balance. accounts payable $ 10,000 revenue 6,000 cash 3,000 expenses 17,500 furniture 10,000 accounts receivable 14,000 common stock ? notes payable 6,500 what amount should be shown for common stock on the trial balance? a. $48.000b. $12.500c. $27.000d. $28.000
Answers: 3
Business, 22.06.2019 17:40
Within the relevant range, if there is a change in the level of the cost driver, then a. total fixed costs will remain the same and total variable costs will change b. total fixed costs will change and total variable costs will remain the same c. total fixed costs and total variable costs will change d. total fixed costs and total variable costs will remain the same
Answers: 3
The Constance Corporation’s inventory at December 31, 2021, was $127,500 (at cost) based on a physic...
Mathematics, 26.03.2020 01:33
Mathematics, 26.03.2020 01:33
French, 26.03.2020 01:33
Social Studies, 26.03.2020 01:33
English, 26.03.2020 01:33
World Languages, 26.03.2020 01:34
History, 26.03.2020 01:34
Social Studies, 26.03.2020 01:34
Mathematics, 26.03.2020 01:34