Sarabjit Inc.produced the Following Information for December,2016

question 77

Essay

Sarabjit Inc.produced the following information for December,2016:

Required:
NOTE THAT EACH REQUIREMENT IS INDEPENDENT OF THE OTHERS.
a)Determine if any of the transactions near year-end should be included in the December 31,2016 inventory balance.
b)Determine if there is any impairment of inventory at December 31,2016.
c)Determine the cost of goods sold for December 2016.
d)The company has a historical gross margin of 25%.If sales were $400,000,what should ending inventory be at December 31,2016?

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Definitions:

Sexual Behavior

Actions that are related to seeking sexual pleasure or fulfilling sexual desires.

Genitals

The external and internal organs of reproduction and urination in both males and females, including the penis, vagina, ovaries, and testicles.

Gender Expression

The external manifestation of an individual's gender identity, usually expressed through behavior, clothing, haircut, voice, and body characteristics.

Gender Identity

Refers to a person's deeply felt internal experience of gender, which may or may not correspond to the sex assigned at birth.