Colonial Uses the Retail Method to Estimate Its Monthly Cost

question 46

Multiple Choice

Colonial uses the retail method to estimate its monthly cost of goods sold and month-end inventory.At August 31,the accounting records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $270,000.These goods had been priced for resale at $675,000.Sales in August totaled $450,000.The estimated inventory at August 31 is:

• A)$48,000.
• B)$90,000.
• C)$120,000.
• D)$270,000.

Appreciate the influence of conditioned stimuli in learning processes.

Understand the ecological and geographical distribution of foraging communities.

Comprehend economic practices and their cultural significance, including potlatch, prestige economies, and the use of money.

Grasp the domestication and cultural importance of commodities like chocolate.

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Definitions:

Management Levels

The different layers of management in an organization, typically including top-level (executives), middle, and front-line (supervisory) managers, each with specific responsibilities.

Technical Skills

The specialized knowledge and expertise required to perform specific tasks, particularly relating to operational and scientific fields.

Conceptual Skills

The ability to understand complex ideas and the interconnections between them, crucial for strategic planning and problem solving.

Management Levels

Distinct layers within an organization's hierarchy, each with specific responsibilities ranging from top-level executives to middle managers to front-line supervisors.