Answer:
Adjusting Entry
Cost of goods sold (Dr.) $11,000
Beginning Inventory (Cr.) $6,000
Purchases (Cr.) $5,000
Closing Entry
Ending Inventory (Dr.) $2,000
Income Summary (Cr.) $2,000
Explanation:
The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.
The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.
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Answer:
A
Explanation:
In this question, we are to evaluate the validity of the options. We were told he used the acquisition method. When do we use the acquisition method?
The acquisition method is used when a company is taken in by another company by using a merger, acquisition or through a consolidation.
Now, out of all the options presented, we can see that the selling price less the acquisition value is recorded as a realized gain or loss.
Answer:
The correct answer is D.
Explanation:
Giving the following information:
Total Cost Production (units)
April $119,400 281,300
May 92,000 162,800
June 99,000 238,000
<u>To calculate the variable cost per unit and the total fixed cost, we need to use the following formula:</u>
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (119,400 - 92,000) / (281,300 - 162,800)
Variable cost per unit= $0.231
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 119,400 - (0.231*281,300)
Fixed costs= $54,701
Answer:
Correct option is B
more in supplier development for A items.
Explanation:
In materials management, the ABC analysis is an inventory categorization technique. ABC analysis divides an inventory into three categories—"A items" with very tight control and accurate records, "B items" with less tightly controlled and good records, and "C items" with the simplest controls possible and minimal records.
The ABC analysis provides a mechanism for identifying items that will have a significant impact on overall inventory cost, while also providing a mechanism for identifying different categories of stock that will require different management and controls.
