Answer:
$184,000
Explanation:
The computation of adjusted cost of goods sold is shown below:-
For computing the adjusted cost of goods sold first we need to find out the cost of goods sold which is here below:-
Cost of goods sold = Beginning inventory of finished goods + Cost of goods manufactured - Ending inventory of finished goods
= $39,000 + $188,000 - $47,000
= $180,000
Adjusted cost of goods sold = Cost of goods sold + Manufacturing overhead cost incurred - Manufacturing overhead cost applied
= $180,000 + $71,000 - $67,00
= $184,000
Answer: they got better land, and firtile soil
Explanation:
Answer: b. Accept low risk projects.
Explanation:
Answer:
Product costs do not flow from the balance sheet to the income statement.
The correct answer is A.
Explanation:
Product costs flow from the income statement to the balance sheet.
Unlike direct material and direct labour cost, overhead cost must be allocated to products using a suitable basis.
Product costs are expensed in the period incurred in the income statement.
Depreciation on manufacturing equipment is an indirect product cost because it is not directly traceable to a cost unit or cost center.
Answer:
C. Net income overstated by $14,200
Explanation:
Effect of errors on 2017 net income = Overstated ending inventory + Understated insurance expense - Understated income on sale of machinery
Effect of errors on 2017 net income = $15,000 + $10,000 - $10,800
Effect of errors on 2017 net income = $14,200 Overstated.
So, the total effect of the errors on 2017 net income is overstated by $14,200
