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jek_recluse [69]
2 years ago
6

On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n)

Business
1 answer:
jok3333 [9.3K]2 years ago
7 0

When it comes to the cost of goods manufactured schedule, the raw materials inventory (ending) would appear as a subtraction from raw materials available for use.

<h3>How is ending raw materials treated?</h3>

The Cost of goods manufactured requires that the cost of raw materials that are used be calculated.

As the raw materials ending inventory is for raw materials that were not used, the it has to be subtracted from the raw materials available for use to find the materials used.

Find out more on the cost of goods manufactured schedule at brainly.com/question/22552308.

#SPJ12

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The journal entries to prepare would be as follows:

                                       Debit              Credit

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           Income tax payable                 $164,000

                               Debit              Credit

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Deferred tax asset    $5,000

Income tax expense $159,000

           Income tax payable                 $164,000

Deferred tax asset=($400,000*20%)-$75,000

Deferred tax asset=$5,000

Income tax payable=$820,000*20%=$164,000

Income tax expense=$164,000-$5,000=$159,000

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Income tax expense $25,000

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