Answer:
the Merchandise Inventory will be credited by $3200
Explanation:
given data
Retail inventory = 800 units
recorded cost = $13
replacement cost = $ 9 per unit
selling price charged = $15
to find out
the Merchandise Inventory will be
solution
we know here market is equal to current replacement cost that is $9
and here we can say
market is here less than cost
so inventory will be valued at Market
so we find
down in inventory is = 800 × ( 13 - 9 )
down in inventory is = 3200
so the Merchandise Inventory will be credited by $3200
Answer:
Darby Company
The amount of interest payable at December 31, Year 1 is:
$76.67
Explanation:
a) Data and Calculations:
Cash Revenue = $1,300
Bank Note Payable = $2,300
Interest rate on Bank Note = 10%
Issue date of bank note = September 1, Year 1
Term of bank note = 1 year
Amount of interest payable on December 31, Year 1:
= $2,300 * 10% * 4/12 = $76.67
b) The amount of interest payable on the loan totals $230 ($2,300 * 10%). However for Year 1, the interest payable is reduced to 4 months (September 1 to December 31, Year 1), amounting to $76.67. This implies that the remaining interest ($153.33) will be payable in the period between January 1 and August 31 in Year 2. In accordance with the accrual and matching principles of generally accepted accounting principles, interest expense must be accrued to the period when the expense is incurred and matched to the revenue it has generated.
Answer:
A. Holiday lights in mid-December: Scarce on occasion: Holiday lights are only scarce on holiday season when the demand increases.
B. Air regardless of quality: Not scarce
: Only high quality air (clean) is scare.
C. Land: Inherently scarce: No matter what we do, our planet is only one.
D. Patented goods: Artificially scarce: Patents are scarce because a law protects them.
E. Original Picasso paintings: Inherently scarce: Picasso is dead, so he cannot paint anymore.
Answer:
The Actual overhead in finished goods is $ 113,400
Explanation:
In order to calculate the ACTUAL OVERHEAD IN FINISHED GOODS we would have to use the following formula:
Actual overhead in finished goods= overheads allocated to job 18 and 19 + underapplied overheads allocated finished inventory
Actual overhead in finished goods=(($9,750+$13,650)/($11,700+$9,750+$13,650+$3,900)*$168,000) + ($23,400/$39,000* ($189,000 - ($39,000*$168,000/$35,000))
= $112,320 + $1,080
= $ 113,400
The Actual overhead in finished goods is $ 113,400
Answer:
C-chart is the best suited for this since it is widely used to determine if the defects or returns are within the control limits or not.
Mean = average = 8 per day
Z=3
UcL = mean + 3[square root of mean]= 8+ 3 (Sq root of 8) = 16.48
LcL= mean - 3[ square foot of mean] = - 0.485
So the returns are within the control limits.
