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DerKrebs [107]
2 years ago
12

he following information was taken from the records of Tinker Enterprises: 2019 2018 Beginning inventory $60,000 $50,000 Cost of

goods purchased 420,000 400,000 Cost of goods available for sale 480,000 450,000 Ending inventory 55,000 60,000 Cost of goods sold $425,000 $390,000 The following two errors were made in the physical inventory counts: 1. 2018 ending inventory was understated by $8,000. 2. 2019 ending inventory was overstated by $4,000. Compute the correct cost of goods sold for both 2018 and 2019.
Business
1 answer:
Pavlova-9 [17]2 years ago
5 0

Answer:

2019 -  $437,000; 2018 -  $382,000

Explanation:

The computation of the correct cost of goods sold for both 2018 and 2019 is shown below:

For 2019

= Beginning inventory + Cost of goods purchased - Ending inventory

= $68,000  + $420,000 - $51,000

= $437,000

For 2018

= Beginning inventory + Cost of goods purchased - Ending inventory

= $50,000  + $400,000 - $68,000

= $382,000

In 2019

Beginning inventory = $60,000 + $8,000 = $68,000

Ending inventory = $55,000 - $4,000 = $51,000

In 2018

Ending inventory = $60,000 + $8,000 = $68,000

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antoniya [11.8K]

Answer:

Industrial supply company scenario:

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  • The sales and product information are stored in both a divisional sales system running on a Unix server and a corporate sales system running on an IBM mainframe.
  • The desire is to create a single standard format that consolidates these data from both systems.

Business problems:

  • A business problem that can arise from not having these data in a single standard format is that employees will see the data as inconsistent.
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  • The product descriptions are formatted differently so managers and employees might get confused when it is entered into the system.
  • Also, the system identifies the sales by territory in the United States so it would be impossible to identify the sales or even around the world.
  • The corporate sales system also lacks a way to identify the identification of the customer.
  • Both sales system should be consistent with the information in order to prevent redundancies or inaccuracies.  

How easy it would be to create a database with a single standard format:

  • Creating a database with a single standard format would ideally be easy.
  • Data quality audits and data cleansing should be performed when constructing the new database.
  • Data quality audits and data cleansing would correct any redundancies and inaccuracies in the current systems.
  • By using data-cleansing software, the company can combine and integrate the data from all the systems into a single standard format that is uniform throughout the whole company.

Problems that should be addressed:

  • A problem that should be addressed is the product description and sales territory tags.
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  • The names would have to be changed so that they are the same format and are only entered once in the new single standard format database.
  • Another problem that would have to be addressed is keeping both the division and customer id tags in the new database.
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Database specialists:

  • Database specialists will help solve the problems by performing the data quality audits and data cleansing.
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  • This involves overseeing logical database design and data dictionary development, planning for data, and monitoring how information systems specialists and end-user groups use data.

General business managers:

  • General business managers would have the final say when managing data resources.
  • They would be responsible for defining and organizing the structure and content of the database and maintaining the database.

Who should have the authority?

  • The general business managers should have the authority because they are responsible for the data.
  • This would mean that even though they allow database specialists to establish an information policy and develop the new database, the managers are the ones who have to approve the final product in order for it to be implemented company-wide.
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6 0
2 years ago
A higher discount rate applied to a given flow of returns in the future (e.g., $5,000 at the end of 5 years, $10,000 at the end
zhannawk [14.2K]

Answer:

The correct option is B,decrease.

Explanation:

In calculating present value , the future value is divided by the discounting factor,hence, the higher the discounting rate, the higher the discounting factor.

Besides,since the relationship between future value and discounting factor is that of numerator-denominator relationship, it would be logical to say the higher the discounting factor , the lower the output of the mathematical operation,present value and vice versa.

From the foregoing, it is very clear a higher discount rate triggers a lower present value and vice versa

8 0
2 years ago
Juarez builders incurred $285,000 of labor costs for construction jobs completed during the month of august, of which $212,000 w
Feliz [49]
The answer is

debit work in process inventory $212,000; credit factory wages payable $212,000.
6 0
2 years ago
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Yates Co. uses the allowance method to account for bad debts. At the end of the period, Yate's unadjusted trial balance shows an
Zarrin [17]

Answer:

Debit to bad debts expense in the amount of $5,000

Explanation:

The computation of the bad debt expense is shown below:

= Credit sales × estimated percentage given

= $500,000 × 1%

= $5,000

The journal entries are  also shown below; for better understanding

Bad debt expense A/c Dr  $5,000

  To Allowance for doubtful debts  $5,000

(Being bad debt expense is recorded)

The other information which is given in the question is not relevant. Hence, ignored it

4 0
2 years ago
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NikAS [45]

Answer:

The dividend yield for Zack Corporation 8%,the first option

Explanation:

The dividend yield is a measure of business performance used by investors which compares the dividend paid by a stock to its market price(price paid by investors to acquire the stock)

dividend per share for Zack Corporation is $3.90

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dividend yield =$3.90/$48*100=8.13%

The correct option is the first option 8% since the figure above was simply rounded down to whole number

3 0
2 years ago
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