Answer:
C
Explanation:
Jones Manufacturing purchased $10,000 of merchandise inventory on account from a vendor and paid a $500 freight bill. The credit terms are 2/10 or n/30. Because some of the merchandise was not needed, Jones Manufacturing returned $2,000 the same day. Jones Manufacturing uses the perpetual inventory system and made payment for the merchandise, less the return, within the discount period. What is the final cost of the merchandise inventory for Jones Manufacturing from this purchase?
Answer:
$7,840
Explanation:
the journal entries to record the purchase are:
Dr Merchandise inventory 10,000
Cr Accounts payable 10,000
Dr Merchandise inventory 500
Cr cash 500
Dr Accounts payable 2,000
Cr Merchandise inventory
Dr Accounts payable 8,000
Cr Cash 7,840
Cr Purchase discounts 160
Which of the following statements is true about qualitative research?
A) it provides a marketer with responses that can be presented with precise estimations.
b) it is used to formulate and define a problem more clearly.
C) it usually involves asking respondents to select a response from a set of choices.
D) Data from qualitative research can be summarized in percentages, averages, or other statistics.
E) it is generally associated with survey research that involves yes/no questions.
Answer: b) it is used to formulate and define a problem more clearly.
Explanation:
Qualitative Research involves the use of qualitative data in research. Qualitative data refers to data that is non-numerical such as text, videos, and audio. When using this type of data, the source of the information is able to explain concepts more precisely as opposed to Quantitative data that limits sources to certain responses. With this more precise explaining comes the ability to formulate and define a problem much more clearly.
Qualitative research is used to formulate and define a problem more clearly.
The following information should be considered:
Qualitative Research includes the use of qualitative data in research.Qualitative data means the data that is non-numerical like as text, videos, and audio.Therefore we can conclude that Qualitative research is used to formulate and define a problem more clearly.
Learn more: brainly.com/question/17429689
Barnes' Brothers has the following data for the year ending 12/31/2015: Net income = $600; Net operating profit after taxes (NOPAT) = $700; Total assets = $2,500; Short-term investments = $200; Stockholders' equity = $1,800; Total debt = $700; and Total operating capital = $2,100. Barnes' weighted average cost of capital is 10%. What is its economic value added (EVA)?
Answer: $490
Explanation:
Economic value added is the estimate of the economic profit of a firm. The economic value added(EVA) is also gotten when the capital charge for the raise of the firm's capital is deducted from the net profit.
Based on the above information, the economic value added will be:
= Net profit - (Total Operating capital × Weighted average cost of capital)
= $700 - ($2,100×10%)
= $700 - $210
= $490
Carter Co. sells two products: Arks and Bins. Last year, Carter sold 14,000 units of Arks and 56,000 units of Bins. Related data are as follows: Product Unit Selling Price Unit Variable Cost Unit Contribution Margin Arks $120 $80 $40 Bins 80 60 20 Carter Co.'s sales mix last year was
Product Unit Selling Price Unit Variable Cost Unit Contribution Margin Arks $120 $80 $40 Bins 80 60 20 Carter Co.'s sales mix last year was 0.20 and 0.80.
What is selling price?Selling price is defined as the final cost of a product, or how much the customer ultimately pays. Steps to determine the selling price are Discover the price per item. Choose the gross profit margin you want. Fill in the formula using these values. Apply the outcome and interpret it.
20% Arks and 80% Bins made up the sales mix for Carter Co. last year.
To calculate the total units sold for Carter Co., we sum the two sold units. Seventy thousand units were sold altogether.
14 units plus 56 units equals 70 units.
We divide the number of units sold by Arks (14,000 units) by the total number of units sold by Carter Co. to get the sales mix of Arks (70,000 units). 20% of Arks' sales mix is in retail.
14,000 / 70,000 = 0.20 is the sales mix for Arks.
We divide the number of units of Bins (56,000 units) by the total number of units sold by Carter Co. to determine the sales mix of Bins (70,000 units). Bins' sales mix is 80% mixed.
56,000 / 70,000 = 0.80 is the sales mix of bins.
Thus, product Unit Selling Price Unit Variable Cost Unit Contribution Margin Arks $120 $80 $40 Bins 80 60 20 Carter Co.'s sales mix last year was 0.20 and 0.80.
To learn more about selling price, refer to the link below:
https://brainly.com/question/28017453
#SPJ2
An aging of a company's accounts receivables indicates that the estimate of uncollectible receivables totals $7,900. If the Allowance for Doubtful Accounts has a $700 credit balance, the adjustment to record the bad debt expense for the period will require a
Answer:
Debit to Bad Debt Expense Account for $7,200
Explanation:
Based on the information given we were told that the company accounts receivable shows the estimate of uncollectible receivables of the amount of $7,900 which means that if the Allowance for Doubtful Accounts has an amount of $700 as a credit balance, the adjustment to record the bad debt expense will be :
Debit to Bad Debt Expense account for the amount $7,200 calculate as :
Uncollectible receivables totals $7,900-Allowance for Doubtful Accounts $700 =$7,200
(7,900 - 700 )
Palmer goes to a truck dealership and asks for a truck capable of handling a 5000-pound load. He makes it clear that it is up to the salesman to select an appropriate truck. Without saying anything about the truck's load-carrying capacity, the salesman selects a certain truck for Palmer. Relying on the salesman's choice, Palmer buys the truck in question. However, the truck can only handle a 2500-pound load. Palmer wants to sue the dealership because he didn't get the truck he desired. Which of the following product liability theories gives Palmer his best chance of recovery?
A. Express warranty
B. Implied warranty of fitness
C. Implied warranty of merchantability
D. Section 402A
Answer:
B. Implied warranty of fitness
Explanation:
An implied warranty of fitness for an specific purpose refers to the fact that if the seller of a product knows that the product will be used for an specific purpose and that the buyer is purchasing that product for that using it that way, then an implied warranty of fitness is formed. In this case, the seller knew that Palmer was going to carry 5,000 pounds in the truck and therefore, by offering a certain truck to Palmer, an implied warranty of fitness was formed stating that the truck could carry that load.
Margot's team uses an online calendar that links everyone's schedule and helps the team efficiently plan meetings, track RSVPs, and share follow-up information with all attendees. This demonstrates the use of _______ to enhance communication. groupware information richness all-channel networking groupthink social networking
Answer:
groupware
Explanation:
Groupware refers to the application software that helps people to collaborate on common work and to achieve the targets. These applications help people working from distant places who join together to fulfill a common goal. Sharing calendars, emails, and electronic meetings are some of the services included in groupware.
In the above excerpt, the team of Margot is using the groupware to enhance communication among the team members by making the use of online calendar.
At December 31, 2017, before any year-end adjustments, Janus Company's Prepaid Insurance account had a balance of $2,800. It was determined that $1,200 of the Prepaid Insurance had expired. Which of the following is the correct adjusted balance for Prepaid Insurance at December 31, 2017?
a. $1,200.
b. $2,700.
c. $1,900.
d. $1,500.
Answer:
$1,600
Explanation:
Calculation for the adjusted balance for Prepaid Insurance at December 31, 2017
Based on the information given we were told that the company Prepaid Insurance account had a balance of the amount of $2,800 in which the of $1,200 of the Prepaid Insurance had expired this means that the correct adjusted balance for Prepaid Insurance at December 2017 will be calculated as:
Prepaid Insurance balance $2,800
Less Expired Prepaid insurance $1,200
Adjusted balance of prepaid insurance$1,600
Therefore the correct adjusted balance for Prepaid Insurance at December 2017 will be $1,600
Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts. During 2020, Pharoah Company wrote off accounts totaling $12,900. One of those accounts ($2,100) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700. Prepare journal entries to record the 2020 transactions of Pharoah Company Company
Answer:
Entries are given below
Explanation:
DATA:
Opening Balance in the allowance for doubtful debt = $18,100
During 2020 Pharoah company wrote off accounts totaling 12,900
Entry DEBIT CREDIT
Allowance for Doubtful Accounts $11,800
Accounts Receivable $11,800
At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700
Entry DEBIT CREDIT
Bad debt expense $17,400
Allowance for doubtful debt $17,400
Working
Balance before adjustment = $18,100 - $11,800
Balance before adjustment = $6,300
After Aging schedule indication
Adjustment = $23,700 - 6,300
Adjustment = $17,400
Standard costs are: Multiple Choice Actual costs incurred to produce a specific product or perform a service. Preset costs for delivering a product or service under normal conditions. Established by the IMA. Rarely achieved. Uniform among companies within an industry.
Agent Armstrong is employed by XYZ Agency, which is under contract with ABC Health Plan, a Medicare Advantage (MA) plan that offers plans in multiple states. XYZ Agency maintains a website marketing the MA plans with which it has contracts. Agent Armstrong follows up with individuals who request more information about ABC MA plans via the website and tries to persuade them to enroll in ABC plans. What statement best describes the marketing and compliance rules that apply to Agent Armstrong?
Answer:
Agent Armstrong needs to be licensed and appointed in every state in which beneficiaries to whom he markets ABC MA plans are located.
Explanation:
In the given scenario XYZ Agency maintains a website marketing the MA plans with which it has contracts. So they are not in one location.
Clients from multiple states can subscribe to their services via website.
Agent Armstrong follows up with individuals who request more information about ABC MA plans via the website and tries to persuade them to enroll in ABC plans.
Since clients enroll in different locations there is a need for Armstrong to be licensed and appointed in every state in which beneficiaries to whom he markets ABC MA plans are located.
This will satisfy the varying compliance rules that each state of operation may have. Thereby providing seamless service delivery to customers of XYZ agency.
Lytle River Company operates a public water supply system. Lytle must send to every household that is supplies with water an annual statement describing a. Lytle's financial situation and material facts that might affect it. b. other business in which Lytle is involved and to what extent. c. the source of the water, and any contaminants and health concerns. d. parties who might be held liable if pollution problems arise. e. C and D are both correct.
Answer:
Lytle River Company
c. the source of the water, and any contaminants and health concerns.
Explanation:
When Lytle River Company sends to every household that it supplies with water an annual statement, the statement should indicate the source of the water that Lytle River Company supplies. It should also contain information about possible contaminants and other health concerns to enable the households understand how the water they drink is treated and how they should use it. This information is important to safeguard households. It will also help them to know the parties to be held liable for pollution problems.
An investment-banking firm underwrites a new issue of stocks and bonds by Multiple Choice buying the entire bond or stock issue a company wants to sell at an agreed discount. guaranteeing a minimum price in the market for a stock or bond. selling the entire bond or stock issue for the issuing firm in global markets. putting up collateral for long-term loans, such as bonds.An investment-banking firm underwrites a new issue of stocks and bonds by Multiple Choice buying the entire bond or stock issue a company wants to sell at an agreed discount. guaranteeing a minimum price in the market for a stock or bond. selling the entire bond or stock issue for the issuing firm in global markets. putting up collateral for long-term loans, such as bonds.
Answer:
buying the entire bond or stock issue a company wants to sell at an agreed discount.
Explanation:
An investment-banking firm underwrites a new issue of stocks and bonds by buying the entire bond or stock issue a company wants to sell at an agreed discount.
Underwriting can be defined as the process through which an individual or organization assumes a financial risk at an appropriate and agreed fee.
In order to underwrite a new issue of securities such as bonds or stocks, the investment-banking firm buys the entire securities that the issuer is willing to sell at an agreed discount.
Carrie recently received the Employee of the Year award at the call center where she works as a customer service representative. She was chosen for the award because she is known to be highly courteous toward even the most difficult of callers and is efficient at handling their queries. A month after receiving the award, Carrie submits her resignation. According to her exit interview, she felt burnt out. Which of the following best explains this situation?
A) Carrie was overwhelmed by the award.
B) Carrie lacked the skills and motivation to perform her job in an effective manner.
C) Carrie felt the strain of having to constantly fake positive emotions towards her customers.
D) Carrie was demotivated by the lack of recognition and respect from her peers.
E) Carrie was unable to empathize with her callers and the problems that they faced.
Answer: C. Carrie felt the strain of having to constantly fake positive emotions towards her customers
Explanation: Burn outs describes conditions where an individual becomes tired due to overwork. Carrie feeling the strain of having to constantly fake positive emotions towards her customers (due to her highly courteous nature) turned in her resignation as this can be very draining and can be seen as overwork.
During the month of April, it is permissible for an institution's basketball coach to lecture at a non institutional, privately owned basketball camp that is operated under restrictions applicable to institutional camps. True or False
Answer:
False
Explanation:
Since in the question, it is given that in the month of April there is the permission of basketball coach for lecturing at non-institutional camp i.e private owned but it is operated under the restrictions i.e to be applied for only institutional camps
Since it is applicable for only institutional camps but he coached to non-institutional, privately owned
so the given statement is false
Suppose that Rihanna sells 1,000 tickets to a concerts at $480 each. If the equilibrium price is $600 per ticket for a fixed supply of 1,000 tickets, what is the value of the additional economic rent that Rihanna could earn if she charged the market clearing price?
Answer:
$120,000
Explanation:
Calculation of the value of the additional economic rent that Rihanna could earn if she charged the market clearing price
The first step to find the total amount of the tickets that Rihanna sold
Since we were told that she sells 1,000 tickets to a concert at $480, this means the total amount will be:
Total amount = 1,000 * $480
= $480,000.
Since the Supply is fixed for 1,000 tickets and equilibrium price per each ticket is $600 which means the total amount will be calculated as :
Total amount = 1,000 * $600
= $600,000.
The last step is to find the additional economic rent
Additional economic rent=$600,000 - $480,000
Additional economic rent=$120,000.
Therefore the value of the additional economic rent will be $120,000
In general, warehousing security can be enhanced by focusing on people, ____, and ____. Group of answer choices Buildings, cost Cost, processes Buildings, equipment Facilities, processes
Answer: equipment Facilities, processes
Explanation:
Warehousing is a job done by a company in a building, garage or basement known as a warehouse for storing and handling goods that will be sold or distributed later. Warehouse security is an important act to protect valuable goods or aspects to prevent financial loss.Warehousing security can be enhanced by focusing on people, equipment facilities and processes (it includes Security officers ,Surveillance system , Alarm systems , Access controls )Network security system).So, the correct answer is equipment Facilities, processes.
Ben Is Currently Managing A Campaign That Has A Total Investment Of $7,000, Generates 1,400 Conversions And Has A CPA (Cost Per Acquisition) Of $5. Ben Needs To Sell Excess Inventory. To Meet This Goal, He’s Willing To Increase His CPA And Campaign Investment. Which Of The Following Plans, Built In The Performance Planner, Will Assist Ben In Achieving His Marketing Goal Of Selling Excess Inventory?
February 7, 2020 - by odmt
Q. Ben Is Currently Managing A Campaign That Has A Total Investment Of $7,000, Generates 1,400 Conversions And Has A CPA (Cost Per Acquisition) Of $5. Ben Needs To Sell Excess Inventory. To Meet This Goal, He’s Willing To Increase His CPA And Campaign Investment. Which Of The Following Plans, Built In The Performance Planner, Will Assist Ben In Achieving His Marketing Goal Of Selling Excess Inventory?
A. An investment of $9,600 to generate 1,600 conversions with a CPA of $6
B. An investment of $9,800 to generate 1,400 conversions and a CPA of $7
C. An investment of $8,400 to generate 1,400 conversions and a CPA of $6
D. An investment of $9,100 to generate 1,300 conversions and a CPA of $7
Answer:
The answer is "Option A"
Explanation:
In the given question only choice "A" is correct because the amount of 9,600 dollars to produce 1600 CPA transformations of 6 dollars. In this, it only plans for having the highest conversions, which allows at the lowest CPA. In this plan, it helps the ben for accomplishment to his business target of surplus inventory sales.
Anne Teek works full time as the manager of her used furniture store in which she has invested $40,000. Last year, her total revenues were $90,000 and her costs were $60,000 for merchandise, gas, electricity, and other explicit-cost items. Ms. Teek pays herself a "competitive" salary of $30,000 per year. An economist would consider her profits for the year to be
Answer:
C. $0 minus the opportunity cost of the $40,000 of capital invested in the store.
Explanation:
Data provided in the question
Invested amount for furniture = $40,000
Total revenues = $90,000
Miscelleanous Cost = $60,000
Competitive salary = $30,000
Based on the above information, the profits for the year is $0 that should be less the opportunity cost i.e $40,000 that represents the capital invested in the store and the same is to be considered
Hence, the correct option is c.
Research into genetically modified crops has led to significant productivity gains for countries such as the United States that employ these techniques. Countries such as the European Union member nations, however, have imposed controls on the import of these products, citing concern for public health. Given the situation, the European Union's regulation of genetically modified crops is
Answer:
The answer is " If you have legitimate health issues, then it is the part of the share-the-earnings theory".
Explanation:
It also stands for EPS, which is the primary financial measure that demonstrates a firm ’s profitability. Its estimation consists of dividing the gross profit of the business with its number of shares. Its greater the company's profits for each share, the greater its productivity.
It is the management of efficiency, that indicates how often revenue the business generates for its stockholders buy not just because of increases in earnings, and because of the impact of new ordinary shares.
If actual output exceeds potential output, the economy: Multiple Choice is experiencing an inflationary gap. is in neither a short-run nor long-run equilibrium. is experiencing a recessionary gap.
Answer:
Is experiencing an inflationary gap.
Explanation:
An inflationary gap can be defined as a macroeconomic concept which measures the difference between the actual output (Real Domestic Products) and the potential output (Gross Domestic Products) when an economy is being operated at full employment.
Hence, if actual output exceeds potential output, the economy is experiencing an inflationary gap. This simply means that, the consumers are demanding more of the goods and services than the economy (business entities) can produce or provide at a specific period of time. Also, when an inflationary gap occurs in an economy, there would be an increase in the price of goods and services and thus, causing the economy to be out of equilibrium.
Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is correct?
A. Cathy should specialize in both pies and cakes.
B. There are no gains from specialization and trade.
C. Lewis should specialize in pies, and Cathy should specialize in cakes.
D. Cathy should specialize in pies, and Lewis should specialize in cakes
Answer:
D. Cathy should specialize in pies, and Lewis should specialize in cakes
Explanation:
For determining which statement is correct first we need to find out the
Cathy Opportunity cost for making a pie is
= 1 ÷ 1.5
= 0.66 cake
Now for making a cake is
= 1.5 ÷ 1
= 1.5 pies
Lewis opportunity cost for making a pie is
= 1.5 ÷ 2
= 0.75 cake
And for making a cake is
= 2 ÷ 1.5
= 1.33 pies
Therefore the option D is correct
When Panasonic considers how to price a new product, the company determines what price it thinks its customers will pay, and then identifies what profit the company needs. From there the company determines the features it can offer on this product. This method of determining price is known as
Answer:
b) target costing.
Explanation:
Target cost refers to the costing in which the firm is able to reduce its product price during the new development of product process
It could be estimated by
= Market price - expected profit margin
It always be customer focused
As in the given situation, it is mentioned how to determined the price, what actually customer would pay, and the needed profit
So this price determination refers to the target costing
What is asset allocation? Why is this used?
Answer:
Asset allocation is an investment portfolio technique that aims to balance risk by dividing assets among major categories such as cash, bonds, stocks, real estate, and derivatives. Each asset class has different levels of return and risk, so each will behave differently over time :)
Explanation:
your welcome! :D
Corporation has 10 comma 000 shares of 5%, $ 15 par cumulative preferred stock and 45 comma 000 shares of common stock outstanding. Diazlo declared no dividends in 2017 and had no dividends in arrears prior to 2017. In 2018, Diazlo declares a total dividend of $ 54 comma 000. How much of the dividends go to the common stockholders?
Answer:
$39,000
Explanation:
For determining of dividend available first we need to compute the preferred dividend which is shown below:-
Preferred dividend = Number of shares × Shares percentage × par value
= 10,000 × 5% × $15
= $7,500
Dividends available = Dividend + Preferred dividend in 2017 - Preferred dividend in 2018
= $54,000 - $7,500 - $7,500
= $39,000
A branding strategy in which a firm markets some products under its own name and other products under the name of a reseller because the segment attracted to the reseller is different from its own market is referred to as
Answer:
mixed branding
Explanation:
The branding refers to promoting the product and services of the company with the tagline, label, attractive design, etc
While on the other hand, the mixed strategy is the marketing strategy in which the company produced the goods with its name and other similar goods are labeled for a reseller which is to be marketed in a different way with the help of resellers
Therefore the given situation, represents the mixed branding
Divina Pharma Inc. and MF Electronics Inc. have together invested and created a new organization, FirstHealth Inc. to focus on developing diagnostic devices. Through this new firm, both companies are attempting to combine their core competencies to innovate and reduce their risks associated with transaction- -specific investments. However, the new organization operates independent of Divina Pharma and MF Electronics. Which of the following alternatives to integration does this scenario best illustrate?
A. a joint venture
C. a licensing contract
D. a corporate acquisition
Answer: A.) a joint venture
Explanation: A joint venture could be explained as a collaboration of resources involving to or more parties to fund or begin a new venture or business. This newly created venture does not have anything to do with previously owned business belonging to either of the collaborating parties. In the scenario above, Divina Pharma Inc and MF Electronics Inc. both pooled resources together to form a joint Venture named FirstHealth Inc. aimed at tackling a specific business problem. However, the collaboration does not mean both Divina and MF are now together as both are independent companies.
When Natalie and Chris analyze the results from the recently completed test market to determine if any changes in the marketing mix are needed, they are in the ____ phase of the new-product development process.
Answer:
commercialization
Explanation:
Based on this information it seems that Natalie and Chris are in the commercialization phase of the new-product development process. This phase is the process of introducing a new product or production into the market. Since Natalie and Chris finished testing the market and determined that the product no longer needs any changes they are now in the commercialization phase, which is also the last phase in the product development process.
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 7.80 pounds $ 2.30 per pounds $ 17.94 Direct labor 0.30 hours $ 8.00 per hour $ 2.40 During the most recent month, the following activity was recorded:
a. 25,900 pounds of material were purchased at a cost of $2.10 per pound.
b. All of the material purchased was used to produce 3,000 units of Zoom.
c. 700 hours of direct labor time were recorded at a total labor cost of $6,300.
Required: 1. Compute the materials price and quantity variances for the month.
2. Compute the labor rate and efficiency variances for the month.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Standard Cost Direct materials 7.80 pounds $ 2.30 per pounds $7.94
Direct labor 0.30 hours $ 8.00 per hour $ 2.40
Actual:
a. 25,900 pounds of material was purchased at a cost of $2.10 per pound.
b. All of the material purchased was used to produce 3,000 units of Zoom.
c. 700 hours of direct labor time were recorded at a total labor cost of $6,300.
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (2.3 - 2.1)*25,900
Direct material price variance= $5,180 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (7.8*3,000 - 25,900)*2.3
Direct material quantity variance= $5,750 unfavorable
To calculate the direct labor rate and efficiency variance, we need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (0.3*3,000 - 700)*8
Direct labor time (efficiency) variance= $1,600 favorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (8 - 6,300/700)*700
Direct labor rate variance= $700 unfavorable
Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. It transferred in $854,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is:]
Answer:
Dr Cost of goods sold 856,300
Cr Finished goods inventory 856,300
Explanation:
we must first determine the value of the total goods manufactured:
beginning inventory of finished goods + finished goods = $177,500 + $854,000 = $1,031,500
the cost of goods sold = total goods manufactured - ending finished goods = $1,031,500 - $175,200 = $856,300
Dr Cost of goods sold 856,300
Cr Finished goods inventory 856,300