Match the accounting term with its correct definition. Question 1 options: 1. contains deductions from purchases for items returned to suppliers, as well as deductions allowed by suppliers for good that are not returned 2. means that the buyer takes delivery of goods being shipped to it by a supplier once the goods arrive at the buyer's receiving dock 3. gross profit divided by sales 4. the real time balances in merchandise inventory and cost of goods sold are not known until the physical inventory is counted at the end of the accounting period 5. the difference between sales revenue and cost of goods sold 6. means that the buyer takes delivery of goods being shipped to it by a supplier once the goods leave the supplier's shipping dock 7. an offer from the supplier to the purchaser, to reduce the payment amount if the payment is made within a certain period of time 8. the merchandise inventory account and cost of goods sold account are updated immediately when transactions occur a. gross profit (or gross margin) b.gross profit percentage c. perpetual inventory system d. periodic inventory system e. purchase returns and allowances f. purchase discount g. FOB shipping point h. FOB destination

When sales are made with a right of return, the company_ а. should recognize revenue for the full sales price b. should not recognize any revenue С. record the estimated returns in the Sales Returns account O d. records the returned asset in a separate inventory account

What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c. Purchase discount  d. MerchandiseInventory

In accounting what is meant by the term 'purchases'? Select one: A. All good purchased and paid for. OB. All items bought. OC. All good bought for re-sale. OD. All goods held in inventory.

Current Attempt in Progress You have the following information for Blossom Company Blossom uses the periodic method of accounting for its inventory transactions, Blossom only carries one brand and size of diamonds-all are identical Each hatch of diamonds purchased is carefully coded and marked with its purchase cost March 1 March 3 March 5 March 10 March 25 ✓ Your answer is correct Beginning inventory 140 diamonds at a cost of $300 perdiamond Purchased 190 diamonds at a cost of $340 each Sold 170 diamonds for $600 each. Purchased 320 diamonds at a cost of $365 each Sold 300 damonds for $650 each. Assume that Blossom uses the specific identification cost flow method. Demonstrate how Blossom could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25 (1) (2) To maximize gross profit, Blossom should sell the diamonds with the lowest cost Demonstrate how Blossom could minimize its gross profit for the month by selecting which…

llar unless stated otherwise. E5-18 Using accounting vocabulary Match the accounting terms with the corresponding definitions. Learn 1. Credit Terms a. The cost of the merchandise inventory that the business has sold to customers. 2. FOB Destination b. An amount granted to the purchaser as an incentive to keep goods that are not "as ordered." c. A type of merchandiser that buys merchandise either from a manufacturer or a wholesaler and then sells those goods to 3. Invoice 4. Cost of Goods Sold 5. Purchase Allowance consumers. d. A situation in which the buyer takes ownership (title) at the delivery destination point. e. A type of merchandiser that buys goods from manufacturers and then sells them to retailers. 6. FOB Shipping Point 7. Wholesaler 8. Purchase Discount f. A discount that businesses offer to purchasers as an incentive for early payment. 9. Retailer g. A situation in which the buyer takes title to the goods after the goods leave the seller's place of business. h. The terms…

Decreases in the seller's receivable from a customer's return of merchandise or from granting the customer an allowance from the amount owed to the seller. Select one: O a. Freight Out b. Purchases Discount and Allowances c. Freight In d. Sales Discount and Allowances

Sandra owns a small manufacturing company, Tamarisk Camping Stuff Co. The company has been working to perfect a lightweight plastic material to be used for a variety of camping products. Sandra plans to enter the marketplace with a durable, lightweight folding table. Similar tables regularly sell for $39-$44 for a 6-foot table, so Sandra realizes that she'll have to stay within that range. She believes her table could sell on the higher end of this range, however, so she is using a target selling price of $44 for planning purposes. Sandra needs to generate an ROI of at least 20% on her invested assets to make this worthwhile in the long term. Her invested assets are $800,000, and she expects to sell 5,000 tables in her first year of activity. (a) Calculate the target cost for one table. Target cost for one table $ (b1) eTextbook and Media Text 12 Attempts: 1 of 1 used If the SG&A portion of that unit cost is estimated to be $7, how much does that leave for the product cost per unit?…

Sales Revenue is a(n) Multiple Choice O account and asset; Sales Discounts revenue: Sales Returns and Allowances revenue; Cost of Goods Sold liability; Gross Profit is an expense account.

not use ai please