Answer:
Debit Credit
Property plant and equipment (Plant) $1,965,166
Cash $1,965,166
Being the cost of construction of plant building
Explanation:
<em>According to International Accounting Standards (IAS) 16, property plants and equipment, the cost of land includes all of the cost necessary to bring and make it ready for the intended use. </em>
The total cost of the plant = 451,000 + 31,900 + 47,156 + 1,349,900 + 85210
= $1,965,166
The journal entry
Debit Credit
Property plant and equipment (Plant) $1,965,166
Cash $1,965,166
<em>Being the cost of construction of plant building</em>
Answer:
Economic Dimension
Explanation:
Economic dimension implies that the effect of economic factors on a particular circumstance which a company faces are taking into consideration while making a decision.
In the question, the three economic factors mentioned to be considered by the company as part of the economic dimension are Consumer Price Index, manufacturing and retail inventory levels, and consumer confidence measures.
The Consumer Price Index (CPI) measures the weighted average of prices of a basket of commodities like cloth, food, transportation, etc. This is calculated as average of the changes in prices of the chosen basket of goods and services.
Manufacturing inventory are raw material or work-in-progress items kept in stock to produce goods, while retail inventory are the finished goods kept in stock to be sold.
Consumer confidence measure can also be referred to as the Consumer Confidence Index (CCI) and it is the level of assurance which consumers display about general economic condition in a country through the way they spend or save.
How a company monitor and prepare for each of the three factors will determine its success or failure.
Anton needs to identify the eight different scoring statistics for all the players on his school’s basketball team. Which graphic organizer would be best for this assignment?
Answer: A. Chart
Out of the options, A. a chart is the best option because it allows you to break down all of the scoring statisics for each player on the school's basketball team. Organizating the statistics by player and their ranges in a chart makes it easier to understand and utilize the information collected.
Answer:
Amount of underapplied or overapplied overhead cost for the year
$97000 - Underapplied
Schedule of cost of goods manufactured for the year
Direct Material 3885000
Direct Labor 60000
Overheads 376000
Total Manufacturing Costs 4321000
Add Opening Inventory WIP 400000
Less Closing Inventory WIP (700000)
Cost of Goods Manufactured 4021000
Explanation:
Amount of underapplied or overapplied overhead cost for the year
Underapplied or Overapplied overhead cost =Actual Overhead - Applied Overhead
$473000-$376000= $ 97000
Schedule of cost of goods manufactured for the year
<em>Direct Materials Calculation </em>
Opening 200000
Add Purchases 4000000
Available 4200000
Less Closing Material 300000
Materials Consumed 3900000
Less Indirect Materials 15000
Direct Materials Consumed 3885000
