Answer:
Debit 1,000 cost of goods sold.
Explanation:
Based on the information given what should the accounts do with the price change will be to DEBIT 1,000 COST OF GOODS SOLD.
Dr Costs of goods sold $1,000
Cr Inventory $1,000
[($50*$120)-($50*$100)]
(To record adjusting entry to reduce Inventory value under lower of cost or market value rule)
Answer:
Dr accounts payable $2,300
Cr cash $2300
Explanation:
Initially the cost of the purchases=$4600
Returning half of the disc means the left for the discs actually bought is half of the invoice price of $4600 i.e $2,300
By not paying within the discount period implies that the debt stands at $2,300
Without mincing words,payment of $2,300 to the supplier automatically translates to debiting account payable with $2,300 and crediting cash account with the same amount.
The correct answer would :
Dr accounts payable $2,300
Cr cash $2300
This is missing from the options provided.
... are called renewable resources
Answer:
Estimated manufacturing overhead rate= $1.53 per machine hour
Explanation:
Giving the following information:
The company allocates manufacturing overhead using a single plantwide rate with machine hours as the allocation base.
The estimated overhead costs for the year are $ 104,000.
Machine hours (MHr)= 27,000 + 41,000= 68,000 machine hours
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= 104,000/68,000= $1.53 per machine hour
