The January 1 inventory of supplies in an Internal Service Fund is $9,000. The fund purchases $23,000 of supplies during the year. The December 31 inventory of supplies is $6,000. If the pricing objective of the fund is to be achieved, what dollar amount of supplies will be included in the Fund's cost of goods sold for the year?
Answer to relevant QuestionsAlthough the net method is theoretically more sound, most companies use the gross method of accounting for cash discounts related to sales on account. Explain this statement.Miracle Inc. acquired a machine that cost $50,000 early in 1999. The machine is expected to last for 10 years, and its estimated salvage value at the end of its life is $5,000(6 points).1. Using straight-line depreciation, ...Cincinnati Flow Technology (CFT) has purchased 10,000 pumps annually from Kobec. Inc. Because the price keeps increasing and reached $ 102.00 per unit last year, CF'T's management has asked for an estimate of the cost of ...A proactive parent wants to know why the cost of your preschool center is so much more than the one down the street. Give at least three well-developed explanationsIn the early part of 2013, the partners of Page, Childers, and Smith sought assistance from a local accountant. They had begun a new business in 2012 but had never used an accountant’s services. Page and Childers began the ...
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