For Each of the Following, Calculate the Cost of Inventory

question 90

Short Answer

For each of the following, calculate the cost of inventory reported on the balance sheet.(a)The total inventory on hand at the end of the year as determined by taking a physical inventory is $62,000. Of the $62,000, $8,000 has been sold FOB destination and is awaiting pickup by the carrier.(b)The total inventory counted at the end of the year was $63,000. Excluded from the count were purchases of $6,000 in transit under FOB shipping point terms.(c)The total inventory counted at the end of the year was $75,000. Excluded from the count were purchases of $5,000 in transit under FOB destination terms.

Identify the major groups of seed plants and their general characteristics.

Explain the process of pollination and fertilization in plants.

Understand the adaptations seed plants have developed for survival in terrestrial environments, including desiccation resistance.

Recognize the historical shifts in plant dominance throughout geological time and the factors driving these changes.

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Definitions:

Price Elastic

Relating to the responsiveness of the demand or supply of a good or service to changes in its price.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level.

Inelastic

A description of a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.