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3 years ago

Q 7.1: a _____ would be properly classified as cash.

1 answer:

8 0

A savings account would be properly classified as cash which is an interest bearing bond account held at a bank or alternative monetary organization that offers an uncertain interest rate. The banks or monetary organizations may have assured the number of withdrawals can create from savings account each month and burden fees if uphold a certain average monthly balance in the account.

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Assume that Beaver uses the periodic system, and the end of period ending inventory for January is 110 units. a. Prepare all nec

aleksandr82 [10.1K]

Answer:

Part 1 a

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Credit : Revenue $640

jan 11

Debit ; Purchases (150 x $6) $900

Credit : Accounts Payable $900

jan 13

Debit ; Accounts Receivable (120 x $8.75) $1,050

Credit : Revenue $1,050

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Credit : Revenue $900

jan 31

Debit ; Cost of Sales (100 x $5 + 150 x $6 + 160 x $7) $2,520

Credit : Inventory $2,520

Part 1 b

Gross Profit = Sales - Cost of Sales

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = (100 x $5 + 150 x $6 + 160 x $7) = $2,520

Therefore,

Gross Profit = $2,590 - $2,520

= $70

Part 2 a

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Debit : Cost of Sales (80 x $5.00) $400

Credit : Revenue (80 x $8.00) $640

Credit : Inventory (80 x $5.00) $400

jan 11

Debit ; Purchases (150 x $6) $900

Credit : Accounts Payable $900

jan 13

Debit ; Accounts Receivable (120 x $8.75) $1,050

Debit : Cost of Sales (20 x $5.00 + 100 x $6) $700

Credit : Revenue (120 x $8.75) $1,050

Credit : Inventory (20 x $5.00 + 100 x $6) $700

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Debit : Cost of Sales (50 x $6.00 + 50 x $7) $650

Credit : Revenue (100 x $9.00) $900

Credit : Inventory (50 x $6.00 + 50 x $7) $650

Part 2 b

Gross Profit = Sales - Cost of Sales

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = ($400 + $700 + $650) = $1,750

Therefore,

Gross Profit = $2,590 - $1,750

= $840

Explanation:

Hie, see the attached the full question as images below

Part 1

Note that the question in this part requires us to use the Periodic Inventory System. In Periodic Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the end of the Period, in this case at the end of the month of January.

Part 2

Again it is important to note that the question in this part requires us to use the Perpetual Inventory System. In Perpetual Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the after each and every transaction made.

Overall Comment

The Company use of FIFO should be considered in both the Periodic Inventory System in Part 1 and Perpetual Inventory System in Part 2. FIFO method assumes that the first goods received by the business will be the first ones to be delivered to the final customer.

That said, Cost of Sales for Part 1 are determined and recognized at the end of the period and Cost of Sales for Part 2 are determined and recognized after every sale transaction made

4 0

3 years ago

Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 an

Andrej [43]

Answer:

Foster Manufacturing 

Journal Entries

Sr. No Particulars Debit Credit

1 Work in Process Job No. 221 1200

Work in Process Job No. 222 1700

Work in Process Job No. 223 2400

Work in Process Job No. 224 2600

Factory Overhead Indirect Materials 600

Materials Inventory 8500

Materials Requisitioned to specific jobs work in process inventory.

2. Direct Labor Work in Process Job No. 221 1600

Direct Labor Work in Process Job No. 222 2200

Direct Labor Work in Process Job No. 223 2900

Direct Labor Work in Process Job No. 224 2800

Indirect Labor 400

Payroll 9500

Factory OverheadControl 400

Direct Labor used for specific jobs.

3. Work in Process Job No. 221 1120

Work in Process Job No. 222 1540

Work in Process Job No. 223 2030

Work in Process Job No. 224 1960

Manufacturing Overheads 6930

Manufacturing Overheads applied to specific jobs at the rate of 70%.

4. Finished Goods Inventory $ 7940

Opening Work in Process Job No. 221 3600

Work in Process Job No. 221 Materials 1200

Work in Process Job No. 221 Direct Labor 1600

Work in Process Job No. 221 MOH 1540

Job 221 completed and transferred to finished goods.

3 0

3 years ago

In terms of commonly traded organizational currencies, sharing tasks that increase someone's skills and abilities and letting ot

saveliy_v [14]

Answer:

Personal

Explanation:

Personal related currencies refers to the currencies that deals with the insipitration and the morality, vision, strength. It basically shows the needs of the person nd the value that actually what person could do

Since in the question it is mentioned that the if the tasks are shared that rise the skills and ablities of the person than this would represent the personal related currencies and hence the same is to be considered

3 0

3 years ago

Anna works for Federal Motors Corporation in the Human Factors Division. Her job is to identify ways in which engineers can de

Alborosie

Answer:

Industrial-organizational psychologist

Explanation:

According to my research on the different types of psychologists, I can say that based on the information provided within the question Anna is most likely an Industrial-organizational psychologist. This type of psychologist study workplace productivity and management in order to solve problems in the workplace and improve the quality of life. Which is what Anna is doing in this situation.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

5 0

3 years ago

Sandy Fiero works as the Chief Knowledge Officer for Bend Lumbar Company. She has been given the responsibility to create a prod

Umnica [9.8K]

Answer:

A.The primary value activity outbound logistics.

Explanation:

Outbound logistics is the process of delivering the products to customers. In this process companies need to have a good shipping and delivery system that ensure that the customers receive the product in a timely manner and in good conditions. So, in this case when Sandy Fiero decides to create a service that offers free next day shipping on any order over $50, she is adding value to the outbound logistics.

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3 years ago