Poppy co. uses a periodic inventory system. beginning inventory on january 1 was understated by $30,000, and its ending inventory on december 31 was understated by $17,000. in addition, a purchase of merchandise costing $20,000 was incorrectly recorded as a $2,000 purchase. none of these errors were discovered until the next year. as a result, poppy's cost of goods sold for this year was:

Answers

Answer 1

If  None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Understated by $31,000.

Cost of goods sold

Using this formula

Cost of goods sold=Beginning inventory + Incorrect entry for Merchandize Purchase - Ending inventory

Let plug in the formula

Cost of goods sold=$30,000+($20,000-$2,000)-$17,000

Cost of goods sold=$30,000+$18,000-$17,000

Cost of goods sold=$31,000 understated

Therefore Poppy's cost of goods sold for this year was: Understated by $31,000.

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Related Questions

PLEASE HELP SOON WILL GIVE BRAINLIEST

How does a consumer complaint benefit the manufacturer?
A. The complaint notifies the manufacturer of a possible issue.
B. The complaint is registered with the government.
C. The complaint tells the manufacturer they did something wrong.
D. The complaint leads to an investigation.

Answers

Answer:

A. The complaint notifies the manufacturer of a possible issue.

Explanation:

this lets the manufacturer become aware of any issues- this benefits them

A consumer complaint benefit the manufacturer by Option(A) The complaint notifies the manufacturer of a possible issue.

What is a consumer and a manufacturer ?

A consumer is a person or a group who intends to order uses purchased goods, products primarily for personal, social household and similar needs, not directly related to any of business activities.

A manufacturer is a person or company that produces finished goods from raw materials by using various tools, equipment, and processes, and then sells the goods to consumers distributors, retailers, or to other manufacturers for the production and make their profit out of it.

How does a consumer complaint benefit the manufacturer ?

A consumer make any complaint to the manufacturer if after taking the product or using it , the consumer founds any flaws or mistakes in it which might not be notified by the manufacturer.

Therefore, a consumer complaint benefit the manufacturer by Option(A) The complaint notifies the manufacturer of a possible issue.

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The mann company belongs to a risk class for which the appropriate discount rate is 12 percent. the company currently has 222,000 outstanding shares selling at $114 each. the firm is contemplating the declaration of a $4 dividend at the end of the fiscal year that just began. assume there are no taxes on dividends. answer the following questions based on the miller and modigliani model, which is discussed in the text. a. what will be the price of the stock on the ex-dividend date if the dividend is declared

Answers

What will be the price of the stock on the ex-dividend date if the dividend is declared is:$110.

Price of stock

Using this formula

Price of stock=Outstanding shares selling price-Dividend

Let plug in the formula

Price of stock=$114-$4

Price of stock=$110

Therefore what will be the price of the stock on the ex-dividend date if the dividend is declared is:$110.

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What advice or feedback would you offer your manager to improve their effectiveness as a manager?.

Answers

Communicate with your employees. ...
Listen to your employees. ...
Set goals. ...
Recognize your employees for their performance. ...
Lead by example. ...
Be transparent. ...
Know your employees. ...
Help your employees enjoy their work.

Which is the following is an example of a fee that escrow could be used for?

A)points

B)processing fee

C)appraisal

D)property taxes

Answers

There are different types of fee, escrow is an example of a fee that could be used for property taxes.

What is an escrow?

An escrow is a payment made by someone or an individual who lends money.

The payment is made in the name of the borrower for taxes on property and insurance on homes.

Therefore, Escrow is an example of a fee that could be used for property taxes

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Sales revenue $440,000 Advertising expense 60,000 Interest expense 10,000 Salaries expense 55,000 Utilities expense 25,000 Income tax expense 45,000 Cost of goods sold 180,000 What is the gross profit

Answers

Answer:

$65,000

Explanation:

The gross profit formula is: Gross Profit = Revenue – Cost of Goods Sold.

so we would say, 440000 - ( 60000 + 10000 + 55000 + 25000 + 45000 + 180000 ) = $ 65000

the ability to withdraw money at any time without penalty

Answers

liquidity is rhe right answer, i hope im not wrong.

It is shree's job to constantly monitor the information on the company website to make sure it is accurate, up-to-date, and relevant to their customers. which of the 7cs of the digital retailing framework is shree concerned with?

Answers

Shree is concerned with the connection because it is important to have a proper customer connection with the company in order to development.

What are 7cs?

The seven C's of communication are a list of principles for written and spoken communications to ensure that they are effective.

The seven C's are: clarity, correctness, conciseness, connection, concreteness, consideration and completeness.

Digital retailing can help dealers reach a wider set of consumers and create an experience that differentiates their dealership from others.

Thus, connection is the 7cs for which Shree should be concerned.

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Why is it necessary to include your family's income and tax information on
a fafsa application?

Answers

Answer Including your stepparent's information on the FAFSA form helps create an accurate picture of your family's total financial strength

Northern Trail Outfitters held an event for hikers to blaze the trail for the new year. Their marketing team collected over a million new lead records to upload into Salesforce. What is the recommended method for uploading this data

Answers

The recommended method for uploading this data is through the use of AppExchange app.

What is data?

It should be noted that data simply means the facts and statistics that are collected to perform a particular analysis.

Here, the recommended method for uploading this data is through the use of AppExchange app.

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Mateo’s instructor tells him that before he goes further in his job search, he needs to engage in some introspection. How would Mateo’s actions BEST demonstrate introspection?

A.
He is visiting with his friends more frequently.
B.
He is journaling about his strengths and weaknesses.
C.
He is asking his parents for a loan to buy professional clothes.
D.
He is cooking all of his meals at home instead of going out.

Answers

He is journaling about his strengths and weaknesses is Mateo’s actions BEST demonstrate introspection. Because then only he can understand the potential of himself for doing anything.

What is the strength and weakness?

Strengths are the potential traits and skills that a person poss of and with the help of the strength, the person build themselves in a job career.

Weakness is the skills and trait that is considered negative for any person that lags them down in the career, they always tried to overcome their weakness.

Thus, option B is correct.

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A college graduate has a Job with a monthly gross pay of 4000. He takes home less than 4000 because

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A college graduate has a job with a monthly gross pay of 4000. He takes home less than 4000 because his net pay is lower than gross pay.

What do you mean by gross pay?

Gross pay refers to the amount received by the employee without any tax deductions.

A college graduate has a job with a monthly gross pay of 4000. He takes home less than 4000 because his net pay is lower than the gross pay.

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how can i get financing for my self storage business how to start a self storage business

Answers

Answer:

there are a ton of programs that will fund small buisnesses but in the meantime while waiting for that to happen you could get a part time job and save all your money for the buisness or you can hussle i recomend looking into marketplace flipping it is a great way to make quick cash if your good at it  

Explanation:

Use what you have learned about managing credit to complete the statements. one reason people choose to file bankruptcy is because some of their debt will be . a major consequence of bankruptcy is that it can an individual’s chances of receiving additional credit for .

Answers

Filing for bankruptcy can eliminate debt. A major consequence of bankruptcy is that it can harm an individual's chances of receiving additional credit.

What is bankruptcy?

Bankruptcy can be defined as the inability of a person to pay debt.

One of the advantage of Filing for bankruptcy is that it can help to  eliminate the credit or loan amount a person borrowed and the disadvantage of bankruptcy is that  the borrower may be unable to borrow another credit.

Therefore the complete statement is : eliminate/ harm.

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eliminated

harm

seven to ten years

Which of the following statements is true?
A. The World Trade Organization tries to determine who to blame in
trade disputes.
B. The World Trade Organization is only concerned with trade among
industrialized countries.
C. The World Trade Organization tries to improve trading prospects
for developing countries.
D. The World Trade Organization eventually resolves all trade
disputes successfully
SUBMIT

Answers

Answer:

C. The World Trade Organization tries to improve trading prospects

The World Trade Organization tries to improve trading prospects out of the following statements is true. The correct option is C. When countries agree to open their markets for products or services in the WTO, their commitments are "bound."

What value does the WTO bring to developing countries?

The WTO accords contain various provisions that grant developing and least-developed countries unique rights or extra leniency – "special and differential treatment." Among these are provisions that allow developed countries to treat developing countries more favorably than other WTO members.

The World Trade Organization runs the global trade rules system and assists developing countries in increasing their trade capability. It also provides a venue for its members to negotiate trade agreements and resolve trade disputes with one another.

Thus, the ideal selection is option C.

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Roxanne is writing an email rejecting a customer’s refund claim for a faulty kitchen blender. Which statement makes a good buffer for Roxanne’s email?

A. We regret that we are not able to offer a replacement.
B. We are glad to hear from a loyal customer.
C. We have considered your request about the kitchen blender.
D. We see that you have used the blender for nine months.
E. We hope to continue serving you in the future with the best products.

Answers

The statement that makes a good buffer for Roxanne’s email is : We have considered your request about the kitchen blender.

What is an email?

This is an electronic device, used for exchange of messages between a sender and a receiver. This device connects people together.

Hence, the statement that makes a good buffer for Roxanne’s email is : We have considered your request about the kitchen blender.

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what are the qualifications for something to be used as money

Answers

Answer:

The requirements needed for something to be used as money.

1.That thing which must be useful in any purpose.

2.You have to find that person who must needed of that thing. Then he will buy from you. (Whether it's your own talent)

explain the relationship between occupation and education with example

Answers

Answer:

People who do not qualify for a particular job are given education through training in order to gain the needed knowledge for that particular job. As students, we go to school in order to be educated for future jobs. Good education on a job gives a better understanding and this brings out an excellent delivery of work.

Explanation:

More consistent and extended education leads to more job opportunities, increased income, and the ability to change one's economic status. Education has not only a connection to sanitation and hygiene elements in informal settlements but also to general career development.

A number calculated by an independent party which represents what he current market rate as calculated using various factors is called a

Answers

A number calculated by an independent party which represents the current market rate as calculated using various factors is called an Index.

What is an Index?

Index is an entity that helps to compare the returns yielded during any investments. This tool is used by financial managers and investors of the market to describe the market face.

It is also essentially a roadmap to the book, listing names, places, and things in alphabetical order and giving the page numbers associated with each topic.

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Answer:

index

Explanation:

I jus did it.

If you were a sole proprietor and had annual profits of $100,000, how would the profits be distributed
Pls help ASAP

Answers

The profits as a sole proprietor can be distributed as follows :

Investments savings and Capital

Who is a sole proprietor ?

A sole proprietor is an exclusive owner of a business who is entitled to keep or profits as well as take all the risks involved with the business.The profits from a business venture can be distributed into alternative investment opportunities, savings and part of the profit can be reinvested as capital into the business.

Hence we can conclude that The profits as a sole proprietor can be distributed as follows : Investments savings and Capital

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Most internet reference sites are free to use. t/f

please select the best answer from the choices provided

Answers

Answer:

It is true the person above is wrong I have proof

Explanation:

Answer:

The answer is TRUE.

Define consumption in your own words.​

Answers

When you eat something and the food fully digests

Economies of scale, being closer to customers to reduce distribution costs, or being nearer to resources, are reasons why companies may spend millions of dollars to move their

Answers

Economies of scale, being closer to customers to reduce distribution costs, or being nearer to resources, are reasons why companies may spend millions of dollars to move their facilities

What are Economies of Scale?

This refers to the saved costs that are gotten by the increased production of goods that are essentially cost advantages.

Hence, we can see that in order to reduce distribution costs, or to be nearer to resources, this is why companies may spend millions of dollars to move their facilities

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Discuss ways in which business can deal with change in the workplace​

Answers

Some of the ways in which businesses can deal with the change in the workplace are

Always be honest and assure your concerns Communicate with the officials Always ask questions and clear your doubtsMotivation from seniors

What is meant by a change?

A change is referring to something which is different from the previous and is to be accepted by the people.

Business change can be arises in the organization where it wants to modify or transform any operation or activity performed in the workplace. The seniors want to assure and motivate the working employees to accept and adapt to that change.

Therefore, the management officials have to implement some ways so that the employees can able to cope with that change.

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Megan and Martha own competing hair salons that are in the same neighborhood. They are both considering offering their clients discounts in order to increase business. The payoff matrix shows their yearly incomes in thousands of dollars if they offer and do not offer discounts to their customers. Martha Megan Discount No Discount Discount $50, $75 $75, $60 No Discount $35, $90 $70, $85 If both Megan and Martha did not discount, what would each earn in yearly income

Answers

Based on the given payoff matrix, if both Megan and Martha decide not to discount, Megan would earn $70,000 and Martha would earn $85,000.

What happens when Martha and Megan don't discount?

The payoff matrix shows that the figures at the intersection of when both Megan and Martha refuse to give a discount, is $70 for Megan and $85 for Martha.

Seeing as these figures are in thousands of dollars, this means that Megan gets $70,000 and Martha gets $85,000.

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3-Define "Pure Risk"
and provide and
provide an example

Answers

Pure risk is a risk in which there is only a possibility of loss or no loss—there is no possibility of gain. Pure risk can be categorized as personal, property, or legal risk.

Example:

→ A car accident.

If a person damages a car in a accident, there would obviously be no gain from it. The only outcome possible of this event would result in a loss, making this example a pure risk.

Determining correct exposure times when different cone (BID) lengths are utilized and minimizing operator exposure is determined by the

Answers

In order to determine correct exposure times when different cone (BID) lengths are utilized while minimizing operator exposure, you should use inverse square law.

What is inverse square law?

Inverse square law can be defined as a scientific law which states that the intensity of a physical quantity such as gravitational force or illumination, is inversely proportional to the square of the distance from the source.

In this context, we can logically infer and logically conclude that to determine the correct exposure times when different cone (BID) lengths are utilized while minimizing operator exposure, an inverse square law should be applied.

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In the long-run, a company that produces and sells popcorn incurs total costs of $1,150 when output is 70 canisters and $1,780 when output is 100 canisters. When this popcorn company increases production from 70 to 100 canisters, it exhibits

Answers

When this popcorn company increases production from 70 to 100 canisters, it exhibits : economies of scale because average total cost is rising as output decrease.

Economies of Scale

The popcorn company will tend to exhibits economies of scales based on the fact if their is decrease of output the average total costs will increase or rise from :

ATC1 = 1150/70

ATC1= $16.43

TO

ATC2 = 1780/100

ATC2= $17.8 per unit

Therefore it exhibits economies of scale because average total cost is rising as output decrease.

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Jerry is working on a research project about the effectiveness of social media marketing. he found some sources with information relevant to his project, and he’s trying to determine which ones are credible. which three sources should he select to use for his project? a journal article titled "marketing strategies: social media" by a university professor an article titled "tips for effective social media marketing" on a government agency website a social media post promoting a new product launched by a reputable business a business magazine article titled "why social media marketing works" by a journalist a blog post titled "my social media marketing success" by an unknown author

Answers

The three sources Jerry should select to use for his project are :

Journal article titled “Marketing Strategies: Social Media” by a university professor An article titled “Tips for Effective Social Media Marketing” on a government agency website A business magazine article titled “Why Social Media Marketing Works” by a journalist.

What is a research project?

This refers to a scientific approach to answering or finding solution to research questions.

Steps to research project are:

Get a good and right supervisorAsk questions alwaysThe right topic should be selectedPlan should be minimal and realistic

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What is a risk management strategy you could use to
protect your home?
Buying a home security system
Installing front porch cameras to monitor your
home
Purchasing reflective clothing to wear while biking
at night
A and B

Answers

While protecting a house, the risk management strategy that can be used by an individual is

to set up a security system the installation of cameras at the front door and porch of the house.

Options A and B is the correct answer.

What is risk management?

Risk management is a process where a person tries to mitigate the risks in every possible way.

The risk management strategy which can be utilized by an individual for protecting his/her house is to put a security system like handprint locks, alarms, etc. which will alert the individuals of the house if any criminal or thief tries to enter the house. Another way is to install the hidden cameras outside the house, especially at the entrance, which helped the individual to track the activities going outside the house.

Therefore, the individuals can protect their homes by installing the cameras on the front door and setting up a security system that could be used as a risk management strategy.

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The multi resource company manufactures two lines of washing machines, regular and deluxe. the contribution margin per unit of a regular model is $110 and for deluxe model is $175. the company has two departments, assembly and testing. the regular model requires 3 hours to assemble, while a deluxe model requires 4 hours. the total time available in assembly is 12,144 hours. in the testing department, it requires 2. 5 hours to test a regular model and 1. 5 hours to test a deluxe model. a total of 6,240 hours of testing time is available. based on this information, the optimum production plan for multi resource is:

Answers

Based on this information, the optimum production plan for multi-resource production is 3,036 Deluxe models.

What is the optimum production plan?

The optimum production plan is the production plan that yields the highest level of contribution margin per unit of the limited resource.

Data and Calculations:

                                                  Regular              Deluxe      Total

Contribution margin per unit      $110                  $175

Assembly hours                              3                     4              12,144

Testing hours                               2.5                     1.5           6,240

Limited resource = Assembly hours

Contribution margin per unit of limited

 resource =                          $36.67 ($110/3)   $43.75 ($175/4)

Thus, the optimum production plan is to maximize the contribution margin per unit of the limited resource by producing 3,036 units of the Deluxe Model (12,144/4).

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