At the End of Its Accounting Year, Guild Corp

question 63

Multiple Choice

At the end of its accounting year, Guild Corp.'s physical inventory count indicated that 540,000 units of inventory, costing $1.50 each, were on hand.The company's perpetual inventory system reported a balance of $817,200.The year-end adjusting entry is

• A)debit Inventory and credit Loss on Inventory Due to Count, $7,200.
• B)debit Loss on Inventory Due to Count and credit Inventory, $7,200.
• C)debit Inventory and credit Loss on Inventory Due to Count, $277,200.
• D)debit Loss on Inventory Due to Count and credit Inventory, $277,200.

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Definitions:

Two-way Factor ANOVA

A statistical test used to determine the effect of two independent variables on a dependent variable, considering interactions between the two independent variables.

Replications

Repeating experiments or studies to ensure the results are consistent and reliable.

Null Hypothesis

A hypothesis that there is no significant difference or effect.

Alternative Hypothesis

In hypothesis testing, the hypothesis that proposes a difference or effect, contrasting the null hypothesis.