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2 years ago

Meyers Corporation had the following inventory balances at the beginning and end of November:

Business

1 answer:

mestny [16]2 years ago

6 0

Answer:

Concepts and reason

The concept used in the problem is process costing.

Process costing: It is the method of tracing the direct costs and allocating the indirect costs of the manufacturing process. It is used to ascertain the product cost at each stage of production. In this method, the costs that are incurred are averaged over the total production.

Fundamentals

Work-in-progress inventory (WIP): It is the raw materials, overhead costs, and labor costs incurred for products at various stages of the process of production. It is the part of the inventory asset account of the balance sheet.

Manufacturing Overheads: These are the costs in the process of manufacturing which are neither direct labor costs nor direct materials costs. Its value helps in determination of the costs of the manufactured product.

Manufacturing overhead rate: It is a predetermined rate for overheads incurred during the manufacturing process. It is computed by dividing the total estimated amount of manufacturing overheads with estimated value of the allocation base.

Inventory: Inventory refers to the material or goods that are seized by the organizations with a motive of selling it after some processing. It includes various categories that are work in process, finished goods, and raw material.

Detailed solution is given below:

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Consider the demand for socks. What would cause a movement from one point on the demand curve to a point further down the curve?

NeTakaya

Answer:

(B) A big sale on socks

For a movement along the demand curve the reason has to be a price factor as all other factors shift the supply curve to the right or left. In this case the a big sale on socks would mean that the price of the socks is decreasing, which will move the point on the demand curve further down on the curve as the demand curve is downward sloping, and a decrease in price would move the point of quantity traded further down to the curve.

Explanation:

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2 years ago

When comparing the three broad types of economic systems, it can be said that for a pure market economy to function efficiently,

Alexeev081 [22]

Answer:

These statements are correct:

In a command economy, state-owned enterprises have little incentive to control costs and be efficient.

In a command economy, the absence of competition means that state-owned enterprises do not have incentive to be efficient. This is because In command economies, these companies are most of the time monopolies who have a safer market to sell their products, because consumers lack choice.

Mixed economies were once uncommon throughout much of the world, although they are becoming more popular now.

Most economies now are mixed: in part free market economies, in part command economies. For example, in most developed countries, most sectors are left for private companies to compete, but a few areas are still directly controlled by the government, either fully or partially (for example: the healthcare sector, and education).

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2 years ago

At December 31, 2019, Bramble Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,506

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Answer:

The earnings per share for Bramble in 2020 is $2.99

Explanation:

This was arrived at by preparing income statement for 2020,where in the results from continued operations and discontinued were shown.

The income from continued operations attracted tax at 35% while the losses from the discontinued operations got a tax benefit at the same 35% tax rate.

Note that the earnings used in calculating earnings per share is net of preferred dividends as only earnings attributable to ordinary shareholders are considered.

Find attached spreadsheet for the full blown income statement and the calculation of earnings per share.

Download xlsx

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2 years ago

Journalize the following transactions that occurred in November 2018 for May's Adventure Park. Assume May's uses the gross metho

gregori [183]

Answer:

May's Adventure Park

Journal Entries for November 2018:

Nov. 4: Debit Inventory $5,000

Credit Accounts Payable (Vera Company) $5,000

Nov. 6: Debit Freight-in $100

Credit Cash $100

Nov. 8: Debit Accounts Payable (Vera Company) $2,500

Credit Inventory Returns $2,500

Nov. 10: Debit Cash Account $1,100

Credit Sales $1,100

Nov. 10: Debit Cost of Goods Sold $400

Credit Inventory $400

Nov. 11: Debit Accounts Receivable (Geary Corporation) $11,100

Credit Sales $11,100

Nov. 11: Debit Cost of Goods Sold $6,105

Credit Inventory $6,105

Nov. 12: Debit Freight-out $20

Credit Cash Account $20

Nov. 13: Debit Accounts Receivable (Caldwell Company) $9,500

Credit Sales $9,500

Nov. 13: Debit Cost of Goods Sold $5,225

Credit Inventory $5,225

Nov. 14: Debit Accounts Payable (Vera Company) $2,500

Credit Cash Discount $75

Credit Cash Account $2,425

Nov. 17: Debit Sales Returns $500

Credit Accounts Receivable (Caldwell Company) $500

Nov. 17: Debit Inventory $500

Credit Cost of Goods Sold $500

Nov. 18: Debit Inventory $3,600

Credit Accounts Payable (Rainman Corporation) $3,600

Nov. 20: Debit Cash Account $10,878

Debit Cash Discount $222

Credit Accounts Receivable (Geary Corporation) $11,100

Nov. 26: Debit Accounts Payable (Rainman Corporation) $3,600

Credit Cash Discount $72

Credit Cash Account $3,528

Nov. 28: Debit Cash Account $9,000

Credit Accounts Receivable (Caldwell Company) $9,000

Nov. 29: Debit Inventory $12,300

Credit Accounts Payable (Sandra Corporation) $12,300

Nov. 29: Debit Freight-in $170

Credit Cash Account $170

Explanation:

Journal entries are made to debit and credit the accounts involved in each business transaction. They are the first accounting records made to capture transactions after they have been analyzed to know the accounts affected and which accounts in the ledger will be debited or credited. They are usually accompanied with short explanations, e.g. the trade terms.

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P7-47. Interpreting Debt Footnotes on Interest Rates and Interest Expense. Boston Scientific discloses the following as part of

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