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2 years ago

Sunset Products manufactures skateboards. The following transactions occurred in March:

Business

1 answer:

taurus [48]2 years ago

4 0

Sunset products

Journal entry

1. Dr Material 20500

Cr Account payable 20500

(Material purchased on account)

2. Dr work in process 1050

Cr Material 1050

(material issued)

3. Dr Material 25100

Cr Accounts payable 25100

( Material purchased on account )

4. Dr Accounts payable 20500

Cr Cash 20500

(Paid for material purchased on account)

5. Dr Work in process 30100

Cr Material 30100

( Direct material issued to production department)

6. Dr Work in process 25500

Cr Wages payable 25500

( Direct labor cost incurred)

7. Dr Factory overhead 21600

Cr Cash 21600

( Paid cash for utilities)

8. Dr Work in process (25500*110%) 28050

Cr Applied overhead 28050

(Applied overhead)

9. Dr Factory overhead 5100

Cr Accumulated depreciation 5100

(To record depreciation)

T-account

Work in process Material

Dr___________Cr____ DR ___________CR

16600------ 9150 -----

1050 ----- 20500 ---- 1050

30100 ----- 25100--- 30100

25500---

28050---

Accounts payable Cash

Dr____________Cr_ DR ___________Cr

--- 20500 ---- 20500

----- 25100 ----21600

20500-----

Factory overhead Wages payable

Dr ____________Cr Dr _____________Cr

21600---

-----25500

5100---

Applied factory overhead Accumulated depreciation

Dr_____________Cr Dr ___________Cr_

----28050 ---5100

Cost of goods sold Finished goods

Dr_____________Cr Dr ______________Cr

( open) 65100 ---

101300 --- 36600 (end)

Dr Finished goods 101300

Cr Work in process 101300

(move work in process to finished goods)

Dr Cost of goods sold 129800

Finishd goods 129800

(move finished goods to cost of goods sold)

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Utilities. Since you don't own the property, you are not responsible for paying property taxes. Your landlord should be responsible for any maintenance. PMI is insurance paid on a mortgage - which you wouldn't have as a renter.

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2 years ago

If you sold 17 units this week out of 153 units in inventory what percent of your inventory did you sell?

storchak [24]

Answer:

26%

Explanation:

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2 years ago

Speed World Cycles sells high-performance motorcycles and motocross racers. One of Speed World’s most popular models is the Kazo

Verdich [7]

Answer:

Speed World Cycles

a. Average Cost FIFO LIFO

Cost of goods sold $20,100 $19,900 $20,300

Ending inventory $20,100 $20,300 $19,900

b-1. FIFO will result in Speed World Cycles reporting the highest net income for the current year, because of the reduced cost of goods sold.

b-2. LIFO minimizes the income taxes owed by Speed World Cycles for the year, because it reduces the income before taxes.

b-3. Yes. However, the cost flow assumptions self-correct in later years, by which time it is not allowed to be jumping from one cost flow assumption to another.

Explanation:

a) Data and Calculations:

Purchase Date Units Purchased Unit Cost Total Cost

July 1 2 $ 4,950 $ 9,900

July 22 3 5,000 15,000

Aug. 3 3 5,100 15,300

Total 8 $ 40,200

July 28 Sold 4

September 30 4 (8 - 4)

Average cost = $40,200/8 = $5,025

a-1. Cost of goods sold = $20,100 (4 * $5,025)

Ending inventory = $20,100 (4 * $5,025)

a-2. FIFO:

Ending inventory = $20,300 (3 * $5,100 + 1 * $5,000)

Cost of goods sold = Cost of goods available minus cost of ending inventory

= $40,200 - $20,300

= $19,900

a-3 LIFO:

Cost of goods sold = $20,300 (3 * $5,100 + 1 * $5,000)

Ending inventory = Cost of goods available minus cost of goods sold

= = $40,200 - $20,300

= $19,900

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2 years ago

At the end of July, the first month of the current fiscal year, the factory overhead account had a debit balance. Which of the f

Kruka [31]

Under applied, deferred debit describes the nature of this balance

Explanation:

A deferred debit is a non-consuming expense, and is therefore marked as an expenditure temporarily. The costs are paid to the bill once the expenditures have been expended. Deferred loans usually occur in the balance sheet as a taxable asset in the accrued spending account.

The overhead is under-applied where a cost accounting system includes overhead costs allocated to an employment-in-progress commodity which do not exceed the actual overall cost. The prices of the products sold are the real costs of the manufacture of the goods sold by an undertaking.

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2 years ago

A day care program frequently has a few parents picking up their children late. In an attempt to curb this, the daycare decides

alexandr1967 [171]

Answer:

4) All of the above

Explanation:

The day care program should have rewardedbeing on time to encourage this attitude.

Instead they put a price on being late. As parent considers this price cheap they arrive later to have some extra time beofre picking their childrens

Either the day care program reconsiders the fine policy and moves into a better program to estimulate being on time or it increases the "price" so is more expensive for the parents to come in time rather than paiying their fines.

5 0

2 years ago

Read 2 more answers