Flash Company's Inventory at June 30,2014,was $75,000 Based on a Physical

question 37

Multiple Choice

Flash Company's inventory at June 30,2014,was $75,000 based on a physical count of goods priced at cost,and before any necessary year-end adjustment relating to the following:
•Included in the physical count were goods billed to a customer FOB shipping point on June 30,2014.These goods had a cost of $1,500 and were picked up by the carrier on July 10,2014.
•Goods shipped FOB destination on June 28,2014,from a vendor to Flash were received on July 3,2014.The invoice cost was $2,500.
What amount should Flash report as inventory on its June 30,2014,balance sheet?

• A)$73,500
• B)$74,000
• C)$75,000
• D)$76,500

Identify examples of companies employing cost leadership and differentiation strategies.

Describe the role of competition and cooperation within a business ecosystem.

Understand the significance of forecasting and innovation in business strategy.

Grasp different Internet business models and their basis of competitive advantage.

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Definitions:

Total Cost

The total expense incurred in the production of goods or services, including both fixed and variable costs.

Computer Software

Software and data that enable a computer to execute particular tasks.

Opportunity Cost

The sacrifice of possible benefits from other options when selecting a specific one.

Income Tax

A tax levied by governments on individuals' or entities' income and earnings.