Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory. To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

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Answer 1

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Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

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Harry Company sells 30,000 units at $25 per unit. Variable costs are $20.50 per unit, and fixed costs are $52,000. Determine the following: a. The contribution margin ratio b. The unit contribution margin c. The income from operations

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Answer 2

Question

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

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Answer 3

Question

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

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Answer 4

Question

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

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Answer 5

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

Answer 6

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

Answer 7

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Explain: The impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

Answer 8

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Answer 11

Ch. 6 - The key to successful business operations is...Ch. 6 - Prob. 2Q Ch. 6 - What is just-in-time inventory management? What...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Prob. 6Q Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - What is the major advantage and major disadvantage...Ch. 6 - The selection of an inventory cost flow method is...

Solution Summary: The author explains the impracticality and inappropriateness of allocating cost of goods available for sale based on the actual physical flow of the goods.

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