Answer:
The correct answer is C
Explanation:
Finished goods are those goods which have been finished or completed through the process of the manufacturing or purchased or bought in the completed form, but not sold yet to the customers.
The finished goods cost or expense is considered to be a asset which is short term in nature, which is expected to be sold in less than a year or period.
So, when the company sold the goods that worth $54,000 to the manufacture for $150,000, this will lead to decrease in the finished goods of the company which worth $54,000.
Answer:
Cost of goods sold = $8,800
Explanation:
<em>The cost of goods is represents amount incurred to make available what has been sold. It is computed as follows:</em>
<em>Cost of goods sold = opening stock + purchases - closing inventory</em>
It is useful to determine the cost of goods so as to calculate the gross profit margin. The gross profit is the sales revenue less cost of goods sold.
So we can compute same for the sporting equipment store as follows:
Cost of goods sold = 3,800 + 7,800 - 2,800
= $8,800
Cost of goods sold = $8,800
Noland's problem was most likely due to PROACTIVE INTERFERENCE.
Proactive interference refers to the tendency of previously learned material to hinder subsequent learning. Proactive interference mostly occur when two information that are similar in format are involved.<span />
Answer:
Journal 1
Direct Materials $49750 (Debit), Indirect Materials $3700,(Debit) Direct labor $ 51000 (Debit), Indirect labor $ 2500 ( Debit), Manufacturing Overhead Account $106960 (Credit)
Journal 2
Manufacturing Overhead Account $106960 (Debit), Accounts Payable $106960
Explanation:
Journal 1
Materials and Labor (both direct and indirect) resource acquired shows an accumulation of resources needed for manufacturing process.
Therefore these resources are being recorded in their respective accounts and transferred to manufacturing overhead account.
Journal 2
Both materials and Labor acquired for manufacturing process are still owing.The journal represent a present obligations in settlement of the Manufacturing overhead (Both for Materials and Labor)
