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During the first month of operations, ABC Company incurred the following costs in ordering and receiving merchandise for resale. No inventory was sold.
List price, $100, 200 units purchasedVolume discount, 10% off list pricePaid freight costs, $56Insurance cost while goods were in transit, $32Long-distance phone charge to place orders, $4.35Purchasing department salary, $1,000Supplies used to label goods at retail price, $9.75Interest paid to supplier, $46
Required
What amount do you recommend the company record as merchandise inventory on its balance sheet? Explain your answer. For any items not to be included in inventory, indicate their appropriate treatment in the financial statements.
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in 1967 russell ackoff presented a classical analysis of misinformation in management ackoffs management misinformation
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Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.
What is the breakeven point in sales units and sales dollars and how many units must Write Company sell to earn a profit of $240,000 per year?
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