The
necessary adjusting entry to record inventory shortage would be:
“Cost of
Merchandise Sold debit $5,000; Merchandise Inventory credit $5,000.”
Cost of Merchandise
Sold is the cost of goods and services that correspond to sales made to
customers. In this case, we need to decrease ending inventory by the quantity
of these goods ($5,000) that either were shipped to customers or assigned as
being customer-owned under a certain agreement. Meanwhile, the merchandise inventory is the cost of goods on hand and is available for sale ($5,000).
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Answer:
The target selling price =$45
Explanation:
The target selling price is the sum of the total unit cost plus 25% of the the unit cost
The target selling price = Total per unit cost + (25% × total unit cost)
The total unit cost is the sum of all the costs involved making the product available to the consumer.
The sum of direct material cost , labour cost variable manufacturing, fixed manufacturing overhead, variable selling and administrative expenses and fixed selling and administrative expenses.
The target selling price would be determined using te steps below:
Step 1: Calculate the unit cost
Total unit cost = 10 + 4 + 3 + 10 + 1 + 8 = 36
Total unit cost = $36
Step 2: Calculate the target selling price
Target selling price = Unit cost + (25%× unit cost)
The target selling price = 36 + (25% × 36) = $45
The target selling price =$45
Answer:
$434,000
Explanation:
The total amount that should be included in the operating income as follows:
1. Cash sales $135,000
2. Credit sales $289,000
3. Gain from the sale of property and the equipment $10,000
Operating income $434,000
hence, the $434,000 should be included in the operating income
Credit card bill from ABC credit have listed a number of expenses made, these needs to be posted according to the relevant accounting heads.
<h3 /><h3>What is Accounting?</h3>
Accounting is the calculation of cash, in other terms it is the study of debit and credit. The accounting teaches the treatment of different transactions, the transactions are divided in different heads, asset, expense, income, liability and capital.
T Accounts should be made as follows.
Assets
DR $1500 Computers
DR $650 Furniture
DR $334 Van Payment
Expenses
DR $420 Office Supplies
DR $250 Electric Company
DR $100 Water
DR $250 Office Supplies
Petty Expenses
DR $150 Steak House
DR $100 Fuel Stop
The expenses are distributed among the heads that they are relevant to, petty expenses only contains the payment for expenses that are immaterial in nature and amount, Asset account have the payments made for assets.
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B. Work/life balance so he can spend time with his children
