The Following Items Were Included in a Corporation's Inventory Account

question 28

Multiple Choice

The following items were included in a corporation's inventory account at December 31, 2013: $\begin{array} { | l | l | } \hline \text { Including } 40 \text { percent mark-up on selling price } & \$ 14,000 \\\hline \text { Goods purchased, in transit, shipped FOB shipping point } & 12,000 \\\hline \text { Goods held on consignment by the corporation } & 9,000 \\\hline\end{array}$
Merchandise out on consignment, at sale price, The corporation's inventory account at December 31, 2013 should be reduced by:

• A) $14,600
• B) $17,400
• C) $23,000
• D) $35,000

Understand the research methods and findings that both support and challenge Piaget’s theory.

Recognize the significance of cognitive development in understanding self and environment.

Understand the role of trial and error in learning through circular reactions.

Understand the concept and developmental importance of the imitation reflex in newborns.

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Definitions:

Collect

Refers to the act of gathering or accumulating items or amounts, often used in the context of collecting payments or data.

Net Cash Flow

Net cash flow is the difference between a company's cash inflows and outflows over a specific period, providing insight into the company's liquidity and financial health.

Credit Sales

Sales for which payment is not received at the time of purchase but is instead deferred to a later date, often involving the use of credit terms.

Accounts Payable Period

The average amount of time it takes for a business to pay its invoices from suppliers and vendors, typically measured in days.