Strods Company reported the following purchases and sales of its only product. Strods uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory150 units @ $10.00 5Purchase220 units @ $12.00 10Sales 140 units @ $20.0015Purchase100 units @ $13.00 24Sales 90 units @ $21.00
A. $5,440
B. $2,980
C. $2,850
D. $2,590
E. $2,460
Answer: E
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A company wants to decrease its $200 petty cash fund to $175. The entry to reduce the fund is:
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The Action Corporation and the Braker Corporation combine into the Action Corporation. This is a consolidation
Indicate whether the statement is true or false
Investors prefer $1 today versus $1 in the future due to
A) time value of money. B) response to incentives. C) the need for immediate gratification. D) A and B.
Which of the following is an example of an incentive that retailers use?
A. sick days B. salaries C. bonuses D. childcare E. vacation time