Use the Chart Provided Below to Determine the Impact If

question 76

Essay

Use the chart provided below to determine the impact if a company forgets to include $3,500 of inventory that was shipped FOB shipping point on December 25, 2020 but was still in transit at year end. The purchase invoice was processed in fiscal 2021.
$$\begin{array} { | l | l | l | } \hline \text { Goods included in inventory count } & \\\hline \text { Purchases recorded during the year } &\\\hline & 2020 & 2021 \\\hline \text { Beginning inventory } & & \\\hline + \text { Purchases } & & \\\hline \text { -Ending inventory } & & \\\hline \text { =Cost of goods sold } & & \\\hline & & \\\hline \text {Operating expense } & - &-\\\hline \text { Net income } & &\\\hline & & \\\hline \text { Assets } & & \\\hline \text { Liabilities } & & \\\hline \text { Equity } & &\\\hline\end{array}$$

Recognize the significance and allocation of learning and development expenditures.

Implement steps for conducting needs and organizational analyses.

Differentiate between pre-training, training, and post-training interventions.

Understand the principles of effective training content and feedback.

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Definitions:

Tolerance

The allowable deviation from a standard measurement in the manufacturing process, determining how much a part can vary from a specified dimension.

Locational Transition Fits

A type of fit specifying a range wherein there may be either a slight interference or clearance between parts, used for parts requiring precise alignment.

Clearance

The amount of space or distance allowed between two parts for proper fit, function, or movement.

Interference Fits

A type of fit in mechanical engineering where two parts are so tightly fit together that they deform each other to stay in place.