Answer:
$90,139.00
Explanation:
ending Work in process inventory = Beginning WIP + Direct Materials + Direct labor + Material Overhead - Cost of goods manufactured
Beginning Work In Progress = 0
Direct Materials = 0.80*$96,300
= $77,040
Direct labor = $57,300
Material Overhead = indirect labor + other manufacturing head
= $14,900 + $108,300
= $123,200
ending Work-in-Process Inventory
= beginning inventories + direct material + direct labor + material overhead
= (0 + $77,040 + $57,300 + $123,200)*0.35
= 257,540*0.35
= $90,139
Therefore, The value of the ending Work-in-Process Inventory is $90,139.
Answer:
The inventory would be increased by $55,283 and the profit has been decreased by the same amount.
Explanation:
The reason is that the closing inventory has been increased by the difference of the correct and incorrect amount which is:
Closing inventory difference = $225,513 - $170,230 = $55,283
This will increase the closing inventory in the balance sheet and the increase in the closing inventory will decrease the cost of goods sold. The lower the cost of goods sold the greater is the profit.
Answer:
To demonstrate the usage of company products and train employees.
Explanation:
The main purpose of the presentations that Keith is providing to the employees of the software company is to impart complete knowledge of the products to the employees. It is of utmost importance that each employee has complete understanding of the products and services provided by the company and know how to use them.
If any employee fails to understand the usage of the product, he will automatically fail to bring progress to the company as a whole.
'Actual Tigers Company'
Total Assets
$100,000
Stockholder Equity: $30,000
$100,000 - $30,000 = $70,000
$70,000 + $30,000 = $100,000
Total Assets - Equity = $70,000 (total liabilities)
$70,000 + Equity = $100,000 (total assets)
In accounting if we minus the total assets ($100,000) with equity ($30,000) it will always give the "total liabilities" which is (70,000)
Then, adding the "total liabilities" ($70,000) with the equity ($30,000) equals $100,000 equal like as the "total assets"of $100,000
The total assets MUST match the total liabilities. If they don't match then either the calculation of the total assets are inaccurate or the numbers are estimated wrong to recalculate.
