Answer:
The Journal entry are as follows:
(i) On May 31,
Miscellaneous Expense A/c Dr. $50
To cash A/c $50
(To record bank service charges)
(ii) On May 31,
Supplies A/c Dr. $18
To cash A/c $18
(To record difference in recording)
Workings:
Supplies = $97 - $79
= $18
In the United States, food manufacturers are required to enrich breads and cereals from milled, refined grains with the following vitamin B: THIAMIN, RIBOFLAVIN AND NIACIN.
Bran, which is the outer layer of grain is rich in B vitamins and some other nutrients and minerals, but these usually get lost during refining process. Due to this, the government requires grain food manufacturers to add some B vitamins to their products during production. The B vitamins are very essential in man's nutrient because of their many benefits.
Answer:
1. 30 hours.
2. $500 (dollars)
Explanation:
According to the Federal Trade Commission from the survey conducted based on the United States of American population age 18 and over, amongst other findings, it was concluded that; A person will likely spend 30 (THIRTY) hours to resolve the problems caused by identity theft and up to $500 (FIVE HUNDRED DOLLARS) on costs related to identity theft, not including attorney fees.
The inventory system whereby the merchandise inventory account balance is merely a record of the most recent physical inventory count is called the periodic system. The periodic inventory system is a<span> method of accounting for merchandise inventory in which the cost of the inventory sold is determined only at the end of an accounting period.</span>
<span>The updates in this system are made on a </span>periodic<span> basis. </span>
Answer:
A. The amount of fixed overhead deferred in inventories is $60,000
Explanation:
Unit product cost
Year 1 Year 2
Direct materials $12 $12
Direct labor $5 $5
Variable manufacturing
overhead $5 $5
Fixed overhead
$48 $36
($432,000 ÷ 9,000) ($432,000 ÷ 12,000)
unit product cost $70 $58
Fixed overhead deferred (1,000 × $48) $48,000
Fixed overhead released -$48000
Fixed overhead deferred (3000 × $36) $108,000
Net $48,000 $60,000
The amount of fixed overhead deferred in inventories is $60,000