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Explain what Tesla December gross profit means

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Q1. What section of the balance sheet is inventory reported? Refer to Tesla, Inc.'s 2019 Form 10K and specifically item 8, Financial Statements and Supplementary Data, which is included in the financial information section of course documents included in blackboard.

A. What is the total amount of inventory included in Tesla's December 31, 2019 balance sheet?

B. How did Tesla's state its December 31, 2019 inventory and what generally accepted inventory cost method(s) did Tesla use? [You will need to read Tesla's relevant financial statement footnote, Note 2 - Summary of Significant Accounting Policies.]

C. What are the individual inventory components and the amounts that consist of Tesla's December 31, 2019 inventory? [You will need to search for and read Tesla's inventory footnote to answer this question.]

D. When does Tesla "write-down" its inventory? How much inventory did Tesla write off for the year ended December 31, 2019 and what financial statement account did it go to? [You will need to search for and read Tesla's inventory footnote to answer this question.]

Q2. Based on our inventory lecture, describe what is inventory and explain what two balance sheet categories and what two regular income statement categories are affected when the inventory is sold and why. Assume the sale is 100% credit.

Q3. For December 31, 2019 compute Tesla's TOTAL gross profit showing each TOTAL component and its respective percentage.

Q4. Explain what Tesla's December 31, 2019 gross profit means, compute the related mark up on cost and explain what that means. [Refer to the entire semester information tab for markup - You must show your work for credit.]

Reference no: EM132880682

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