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finance Nutritional Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended March 3 1, 2017, Nutritional's preliminary income statement, before the year-end adjustments, appears as follows: $$ \begin{array}{lcr} &\textbf{NUTRITIONAL FOODS}\\ &\text{Income Statement (Partial)}\\ &\text{Year Ended March 31, 2017}\\ \text{Merchandise Investory, ending}&& \$ 117,000 \\ \text{Cost of Goods Sold }& &\underline{ 70,000} \\ \text{Sales Revenue} &&\underline{\underline{\$72,000}} \\ \end{array} $$ Nutritional has determined that the current replacement cost of ending merchandise inventory is $17,000. Cost is$20,000. Requirements 1. Journalize the adjusting entry for merchandise inventory, if any is required. 2. Prepare a revised partial income statement to show how Nutritional Foods should report sales, cost of goods sold, and gross profit. Verified answer Recommended textbook solutions
Other Quizlet setsWhat is the activity slack for a process on the critical path of a project?Slack is the amount of time that an activity can be delayed past its earliest start or earliest finish without delaying the project. The critical path is the path through the project network in which none of the activities have slack, that is, the path for which ES=LS and EF=LF for all activities in the path.
Is slack 0 for critical path?All events that are involved in the critical path will have a slack time of 0 because there is no extra time available for that event.
Which of the following slack times indicates that an activity is on the critical path?In Project Plan 365, critical tasks are defined to have a total slack of 0 days (or less), whilst non-critical tasks are defined to be any task that has a total slack greater than 0 days or is complete. If a critical task is delayed, the project finish date is also delayed.
What is the slack of an activity?It denotes the amount of time each activity can be delayed without violating the entire project duration. The slack of an activity can be calculated as the difference between its latest start and earliest start time, or alternatively, as the difference between its latest and earliest finishing time.
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What is the activity slack for a process on the critical path of a project quizlet?
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