What is the last step in planning your budget?
2 answers:
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Answer:
The final amount in Cash is $9,034
Explanation:
1.
As cash is received, the cash balance is increased by $10, and account receivables are decreased by $10.
2.
As cash is paid for the purchase the cash balance is decreased by $16 and inventory value will increase by $16.
3.
As the sale is made for cash, the cash balance is increased by $40, and the inventory balance is decreased by the same value.
Cash balance = $9,000 + $10 - $16 + $40 = $9,034
The working is attached with this answer please find it.
Answer:
WIP 5,040
Factory Overhead 5,040
Explanation:
280,000/25,000 = 11.2 per labour hor
Job labour hors x rate = overhead applied
450 x 11.2 = 5,040
We will increase the work in process, because there is no information about the job being complete.
And we will use the factory overhead account to post the applied overhead