A lightbulb manufacturer prepares their books under US GAAP. An inventory count on the last day of the corporate financial year, June 30, 2020, showed that the entity had 2,000 bulbs in the warehouse. Each bulb had been purchased at a delivered cost of $2, has a selling price of $2.20, and an average cost of delivery of $0.30.
What is the value of inventory for the year ending on June 30, 2020?
SELECT ONLY ONE
$3,800
$4,000
$4,200
$4,400
Answers
Answer:
A lightbulb manufacturer prepares their books under US GAAP. An inventory count on the last day of the corporate financial year, June 30, 2020, showed that the entity had 2,000 bulbs in the warehouse. Each bulb had been purchased at a delivered cost of $2, has a selling price of $2.20, and an average cost of delivery of $0.30.
$3,800
Explanation:
Assets may be defined as the process of analyzing, classifying, recording,
summarizing, and interpreting business transactions. One of the key aspects of the
process is keeping “running totals” of “things.” Examples of items a business might
keep track of include the amount of cash the business currently has, what a company
has paid for utilities for the month, the amount of money it owes, its income for
the entire year, and the total cost of all the equipment it has purchased. You want
to always have these running totals up to date so they are readily available to you
when you need the information. It is similar to checking what your cash balance
in the bank is when deciding if you have enough money to make a purchase with
your debit card
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