Explain why unrealised profits on inventory purchased from another member of the group is added to the
Question:
Explain why unrealised profits on inventory purchased from another member of the group is added to the cost of sales when it is not a cost.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
The reason that unrealized profits on inventory are added to the cost of sales is because inventory ...View the full answer
Answered By
Milbert Deomampo
I have been tutoring for over 3 years and have experience with a variety of students, from those who are struggling to keep up with their class to those who are looking to get ahead. I specialize in English and writing, but I am also proficient in math and science. I am patient and adaptable, and I work with each student to find the best methods for them to learn and retain the material.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting And Reporting
ISBN: 9781292255996
19th Edition
Authors: Barry Elliott, Jamie Elliott
Question Posted:
Students also viewed these Business questions
-
Water flows through a pipe. The diameter of the pipe at point A is larger than at point B. Where is the water pressure greatest? O varies randomly depending of the amount of water entering the...
-
Explain why optimal profits should occur when marginal cost equals marginal revenue.
-
Explain why depreciation is added to net income when using the indirect method.
-
A cost function is a mathematical expression of how cost drivers affect a particular cost. However, an intuitive understanding of cost functions is just as important as being able to write the...
-
Find the PSD of the process described in Exercise 8.1. For a Markov chain, prove or disprove the following statement: Pr (Xk = ik | Xk + 1 = ik + 1, Xk + 2 = ik + 2 Xk+ m = ik+ m) = Pr (Xk = ik | Xk...
-
For the following exercises, graph the equation relative to the x y system in which the equation has no x y term. 21x 2 + 23 xy + 19y 2 18 = 0
-
Respondents Varsity Brands, Inc., Varsity Spirit Corporation, and Varsity Spirit Fashions & Supplies, Inc., design, make, and sell cheerleading uniforms. Respondents have obtained or acquired more...
-
Zoom-o-licious makes candy bars for vending machines and sells them to vendors in cases of 30 bars. Although Zoom-o-licious makes a variety of candy, the cost differences are insignificant, and the...
-
What is the difference between a & b? Why? Compare inflation for 1970s and 1980s. Any improvement in the 1990s? What might be one reason for the improvement?
-
Consider a simple ideal Brayton cycle operating between the temperature limits of 300 and 1500 K. Using constant specific heats at room temperature, determine the pressure ratio for which the...
-
Explain why differences between the opening and closing statements of financial position are adjusted when preparing a consolidated statement of cash flows when a subsidiary is acquired.
-
Explain how the impairment of goodwill is dealt with on consolidation.
-
Consider the U.S. Electoral College System. For each of the 50 states, determine the number of delegates received. Create a frequency table with 8 classes. Is this distribution uniform, skewed, or...
-
The data shared below is extracted from Financial Times website on the betas of four companies listed in the FTSE 100 market index in the UK namely Vodafone, Tesco, British Petroleum, and British...
-
Gold Ltd is a publicly listed company and has to provide earnings per share information in accordance with IAS 33 Earnings per Share. The following information relates to the change in ordinary...
-
The following information pertains to First Corporation Ltd: (a) The number of ordinary shares outstanding at the beginning of 20x1 was 30,000,000. (b) On 1 April 20x0, 6,000,000 convertible...
-
Amal Manufacturing Corporation had the following transactions in January Purchased raw materials for $50,000 on account. Prepare the journal entries for Amal Manufacturing Company. Raw materials...
-
Hummingbird Design, Inc. is a Web site design and consulting firm. The firm uses a job order costing system in which each client is a different job. Hummingbird Design assigns direct labor, licensing...
-
Let X be a nonnegative r.v. Then: (i) Use the Fubini Theorem to show that (ii) Apply this result in case the d.f. of X is F(x) = 1 -e-(x for x ( 0 and 0 for x 0); or F(x) = 0 for x EX = P(X > t)dt.
-
Assume that a trial balance is prepared with an account balance of $21,360 listed as $21,630 and an account balance of $1,500 listed as $15,000. Identify the transposition and the slide.
-
The following extract is from Conceptual Framework for Financial Accounting and Reporting: Elements of Financial Statements and Their Measurement, FASB 3, December 1976. The benefits of achieving...
-
The following extract is from Comments of Leonard Spacek, in R.T. Sprouse and M. Moonitz, A Tentative Set of Broad Accounting Principles for Business Enterprises, Accounting Research Study No. 3,...
-
The following is an extract from Accountancy Age, 25 January 2001. A powerful and shadowy group of senior partners from the seven largest firms has emerged to move closer to edging control of...
-
Explain the cultural diversity issue that must be addressed when forming partnerships to prevent domestic violence.
-
Let (t) (In|t3|, t, 5) (a) Find the domain of the function. (b) Find the symmetric equation of the tangent line to the curve when t=2. (c) Find the coordinate at which the normal line to F(t) at t =...
-
What is the molecular machinery and regulatory networks underlying carbon fixation pathways in photosynthesis, particularly focusing on the Calvin cycle and alternative carbon fixation mechanisms,...
Study smarter with the SolutionInn App