Bellingham Inc

question 103

Multiple Choice

Bellingham Inc. took a physical inventory at the end of the year and calculated that £1,450,000 of goods were on hand. Bellingham determined that £25,000 of goods were in transit. The goods were shipped F.o.b. shipping point and were received by Bellingham two days after the inventory count. The company also had £275,000 of goods out on consignment. What amount should Bellingham report for inventory on its statement of financial position?

• A) £1,150,000.
• B) £1,450,000.
• C) £1,725,000.
• D) £1,750,000.

Understand the concept and legal implications of misrepresentation in contract law.

Identify the conditions under which a contract may be rescinded due to mistakes.

Distinguish between unilateral and bilateral mistakes and their effects on contracts.

Comprehend the legal definitions and requirements for proving fraud and fraudulent misrepresentation.

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Definitions:

360-Degree Feedback Process

A method of performance appraisal that gathers feedback on an individual from their supervisors, peers, subordinates, and sometimes clients to provide a comprehensive view of their performance.

Work-Related Behaviors

Actions and attitudes demonstrated by employees in a workplace setting, affecting performance and productivity.

Formal Communications

Official, structured communication that follows established channels and protocols within an organization.