Business, 21.11.2019 04:31 alex43079

On july 10, 2018, johnson corporation signed a purchase commitment to purchase inventory for $390,000 on or before february 15, 2019. the company's fiscal year-end is december 31. the contract was exercised on february 1, 2019, and the inventory was purchased for cash at the contract price. on the purchase date of february 1, the market price of the inventory was $398,000. the market price of the inventory on december 31, 2018, was $367,000. the company uses a perpetual inventory system. how much loss on purchase commitment will johnson recognize in 2018? a) $8,000b) $23,000c) $31,000d) none.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 16:00

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.

Answers: 1

Answer

Business, 22.06.2019 17:30

Aproject currently generates sales of $14 million, variable costs equal 50% of sales, and fixed costs are $2.8 million. the firm’s tax rate is 40%. assume all sales and expenses are cash items. (a). what are the effects on cash flow, if sales increase from $14 million to $15.4 million? (input the amount as positive value. enter your answer in dollars not in (b) what are the effects on cash flow, if variable costs increase to 60% of sales? (input the amount as positive value. enter your answers in dollars not in millions). cash flow (increase or decrease) by $

Answers: 2

Answer

Business, 22.06.2019 17:50

Bandar industries berhad of malaysia manufactures sporting equipment. one of the company’s products, a football helmet for the north american market, requires a special plastic. during the quarter ending june 30, the company manufactured 35,000 helmets, using 22,500 kilograms of plastic. the plastic cost the company $171,000. according to the standard cost card, each helmet should require 0.6 kilograms of plastic, at a cost of $8 per kilogram. 1. what is the standard quantity of kilograms of plastic (sq) that is allowed to make 35,000 helmets? 2. what is the standard materials cost allowed (sq x sp) to make 35,000 helmets? 3. what is the materials spending variance? 4. what is the materials price variance and the materials quantity variance?

Answers: 1

Answer

Business, 22.06.2019 20:50

Which of the following statements regarding the southern economy at the end of the nineteenth century is accurate? the south was producing as much cotton as it had before the civil war.

Answers: 3

Answer

You know the right answer?

On july 10, 2018, johnson corporation signed a purchase commitment to purchase inventory for $390,00...

Questions