Cinnamon Buns Co

question 104

Multiple Choice

Cinnamon Buns Co. (CBC) started 2018 with $52,000 of merchandise on hand. During 2018, $280,000 in merchandise was purchased on account with credit terms of 2/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,000. Merchandise with an invoice amount of $4,000 was returned for credit. Cost of goods sold for the year was $316,000. CBC uses a perpetual inventory system. Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the merchandise on hand at the beginning of 2018 was determined by a physical count that failed to realize that $10,000 of merchandise was being held on consignment for Frosting R Us Inc.
-What is cost of goods available for sale, assuming CBC uses the gross method to record purchase discounts?

• A) $318,000.
• B) $327,000.
• C) $321,480.
• D) $337,000.

Distinguish between race and ethnicity, and their distinct impacts on identity.

Comprehend the factors that intensify ethnic identification, especially in response to prejudice or hostility.

Grasp the objectives and characteristics of affirmative action programs.

Understand the concept of racialization and its process.

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Definitions:

Immigration

The movement of individuals from one country to another with the intent to reside or work there, either temporarily or permanently.

Implicit Costs

The opportunity costs of using resources that are not directly paid for or billed, but represent potential income lost.

Future Earnings

Projected income or profit that an individual, company, or asset is expected to generate in the future.

Migration

The movement of people from one place to another, often from one country to another, for reasons such as employment, education, or escape from conflict.