Answer:
Dr Retained earnings $14,000
Cr Inventory $14,000
Explanation:
There is a need to make adjustment to the inventory . Therefore,
Adjusted inventory
= New method of $171,000 - Old method of $185,000
= $14,000 decrease
It is to be noted that a lower inventory will have high costs associated with goods sold hence reduces profit/net income for the previous year by $14,000.
Also, the net income reports to retained earnings account hence decreases retained earnings.
Having made the above adjustment, we can assume that the average cost method was used for 2020 books.
Answer:
Option (A) the ability of the group to stick together
Explanation:
The team is defined as the group of individual who work together to get a specified task done.
Here,
The workers seems to have withdrawn from the work and team that means, the group of members are not behaving as a team.
Therefore, it is needed for the manager of the team to make them stick together as a team so as to get the production better.
Answer:
Corporate cultures can hinder individuals in making the "right" decisions.-c.
Answer:
the depreciation expense recorded is $680
Explanation:
The computation of the depreciation expense under the straight-line method is shown below:
= (Purchase cost - residual value) ÷ (estimated life)
= ($17,500 - $1,180) ÷ ( 4 years)
= $4,080
Now the 2 months depreciation is i.e. from November to December
= $4,080 × 2 months ÷ 12 months
= $680
Hence, the depreciation expense recorded is $680
Answer:
$1,960
Explanation:
Complete Questin:
Fosnight Enterprises prepared the following sales budget:
Month Budgeted Sales
March $6,000
April $13,000
May $12,000
June $14,000
The expected gross profit rate is 30% and the inventory at the end of February was $10,000. Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold. What is the desired beginning inventory on June 1?
Sales = 100% – 30%
Gross Profit = 70%
Cost of Goods Sold (CGS)
Therefore, June Sales= $14,000 × 70%
= 9,800 (CGS) × 20%
= $1,960