Answer:
The only person liable for the goods purchased is Alex because he was the person that made the purchases.
Explanation:
Alex is to be held liable because he was authorized to make the purchase. A single member of an unincorporated association is liable for the debts of the organization if they are given authorization to execute a specific act which is seen in this case here.
Answer:
Cost of good manufactured= $50000
Explanation:
Total manufacturing cost is the aggregate amount of cost incurred by a business to produce goods in a reporting period.
Generally accepted accounting principles require that the cost of goods sold shall consist of:
the cost of direct materials
the cost of direct labor
the cost of manufacturing overhead
<u>Expenses that are outside of the manufacturing facilities, such as selling, general and administrative expenses, are not product costs. </u>They are reported as expenses on the income statement in the accounting period in which they occur.
In this exercise:
<u>Cost of goods manufactured:</u>
Direct materials= $15000
Direct Labor=$30000
Factory overhead=$5000
Total= $50000
Answer:
91 days
Explanation:
Here, we are to calculate the average number of days it will take to sell its inventory in 2019.
We proceed mathematically as follows;
Inventory turnover=COGS/Average inventory
Average inventory=(192,000 + 202,000)/2=$197,000
hence inventory turnover=(790,000/197,000)= 4.01
hence average days to sell=365/4.01 =91 days (approx)
Answer: d. $240,400
Explanation:
To calculate the Cost of Goods sold for the year we simply add the Opening Balance of Finished goods to the Cost of Goods for the year and then subtract the Finished goods balance at year end (ending).
That would be,
= 233,000 + 31,600 - 24,200
= $240,400
$240,400 is the Cost of Goods sold for the year so Option D is correct.
I think your answer should be c. Hope this helps. :)
