Answer:
b) $54,500
Explanation:
Beginning balance of raw material = $27,500
Ending balance was = $51,000
Purchases = $78,000
Direct cost of raw material is the net of the addition of the opening balance of raw materials and purchases less the closing balance. The manufacturing overhead cost is a mix of all the indirect cost incurred during production.
As such, the manufacturing overhead cost of $118,500 consisting of $3,500 consisted of raw materials would not be considered in determining the direct raw material cost.
Direct cost of raw material = $27,500 + $78,000 - $51,000
= $54,500
Evaluate you results and set improvement goals.
you should first identify or go through what you think you did wrong , once you've done that look for solutions to those mistakes, set your improvement goals.
Answer:
June 30, repurchase of 100 shares:
Dr Treasury stock 4,000
Cr Cash 4,000
Explanation:
The other journal entries should be as follows
July 20, resale of 50 shares:
Dr Cash 2,300
Cr Treasury stock 2,000
Cr Additional paid in capital 300
August 1, resale of 20 shares:
Dr Cash 760
Dr Additional paid in capital 40
Cr Treasury stock 800
Answer: Debit Notes Receivable $10,400; credit Accounts Receivable $10,400.
Explanation:
Mifflin Company is receiving the note back from Payton Summers which means that Payton Summers intends to settle their account. The correct entry to record therefore is one that closes off the Notes Receivable account by debiting it as it was on a credit balance.
The other account would be the Accounts Receivable account which would need to be credited by the amount owed to close off the account as it was on a debit balance as Accounts Receivables are when customers are still owing.
Home loan amount = $165,000
Estimated closing costs = $6,187.50
% of estimated closing cost = ?
$165,000 * x% = $6,187.50
x% = $6,187.50 ÷ $165,000
x% = 0.0375
x = 0.0375 x 100 = 3.75
Therefore, estimated closing costs = 3.75% of loan amount = 3.75% of $165,000
Actual closing costs = 3.5% of loan amount = 3.5% of $165,000 = $5775
Difference in estimated and actual closing cost percent = 3.75% - 3.5% = 0.25%
The closing costs were lower than the estimate by 0.25%
