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1 year ago

When merchandise sold is assumed to be in the order in which the purchases were made, the company is using.

1 answer:

4 0

The company is using the FIFO method. To ensure correct inventory records, one of the foremost common strategies is first in first out (first-in, first-out), which assumes the oldest inventory was sold 1st and therefore the worth is calculated consequently.

The first in first out methodology is employed for price flow assumption functions. In producing, as things achieve later development stages and as finished inventory things area unit sold, the associated prices therewith product should be recognized as an expense.

The batch process, first in first out in its strictest sense is tough to take care of in instruction execution. If you're moving or processing your elements in boxes or batches, then it'll be tough to take care of a first in first out among box.

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3 years ago

Why is accounting hard?

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3 years ago

In the past decade, the dollar value of world trade has ______.

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Options for this question include:

a. Tripled

b. Remained the same

c. Doubled

d. Declined

___________________________________________________________

World trade has been on the rise in the past decade and as a result, the dollar value of world trade has c. Doubled.

Thanks to more integration, less restrictive government policy, a rise in population and standards of living, world trade has increase over the past couple of decades such that:

Trade in goods has risen from $10 trillion in 2005 to $18.8 trillion in 2019
Trade in services has risen from $2.5 trillion in 2005 to $6 trillion in 2019

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3 years ago

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3 years ago

Read 2 more answers

Tancredi Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the be

olganol [36]

Answer:

Results are below.

Explanation:

First, we need to calculate the predetermined overhead rate:

Fixed overhead= 33,500

Total variable overhead= (1.8*5,000) + (3*5,000)= 24,000

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (33,500 + 24,000) / 10,000

Predetermined manufacturing overhead rate= $5.75

Now, we can determine the total cost for each Job:

Job E:

Direct material= $12,800

Direct labor= $17,600

Allocated overhead= (3,400 + 2,000)*5.75= $31,050

Total cost= $61,450

Job J:

Direct material= $7,000

Direct labor= $1,600

Allocated overhead= (1,600 + 3,000)*5.75= $26,450

Total cost= $35,050

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3 years ago