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Yakvenalex [24]

3 years ago

7

If the allocation base in the pre-determined overhead rate does not drive overhead costs, it will nevertheless provide reasonabl

y accurate unit product costs because of the averaging process. A. True B. False

1 answer:

navik [9.2K]3 years ago

4 0

Answer:

B. False

Explanation:

The production costs are the cost that is involved in the formation of a product and they include the direct labor and material and the consumer production supplies and the factory overhead.

The production cost can also be also to be considered to be the cost of the labor that is delivered to a service to the consumer. The overhead cost includes the insurance, the interest, and the legal fees, and does not involve an averaging process.

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Question Content Area The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system wo

Tanya [424]

The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)

Jan. 1 Inventory 1,500

Cash 1,500

<h3>What are journal entries?</h3>

A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
An accounting journal, which shows a company's debit and credit balances, records transactions.
The journal entry can be made up of multiple records, each of which is either a debit or a credit.
Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.

Inventory purchase journal entry:

Say you purchase $1,000 worth of inventory on credit.
Debit your Inventory account $1,000 to increase it.
Then, credit your Accounts Payable account to show that you owe $1,000.
Because your Cash account is also an asset, the credit decreases the account.

Therefore, the journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)

Jan. 1 Inventory 1,500

Cash 1,500

Know more about journal entries here:

brainly.com/question/14279491

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The question you are looking for is here:

The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be

(A) Jan. 1 cash 1,500

Account receivables 1,500

(B) Jan. 1 Purchases 1,500

Account payable 1,500

(C) Jan. 1 Inventory 1,500

Office Supplies 1,500

(D) Jan. 1 Inventory 1,500

Cash 1,500

3 0

2 years ago

Assuming the Fashion line is discontinued, total fixed costs remain unchanged, and the space formerly used to produce the Fashio

horrorfan [7]

Answer:

A) Increase $137,500

Explanation:

Calculation for how will operating income be affected

CHANGE IN OPERATING INCOME

Sales Revenue (Additional) $850,000

(250 %* 340,000)

Less Variable expenses (Additional) ($587,500)

(250 % *$ 235,000)

Contribution Margin $ 262,500

($850,000-$587,500)

Less Fixed Expenses ($76,000)

($262,500-$76,000)

Operating Income $ 186,500

( $ 262,500-$76,000)

Less Previous Operating Income ($49,000)

Operating Income $137,500 Increase

($ 186,500-$49,000)

Therefore the operating income will increase by $137,500

7 0

3 years ago

Which of the following is an advantage of being an entrepreneur in the consumer service industry?

Masteriza [31]

The only initial investment is the hard goods. business basics can be learned along the way as well but the first one is most beneficial.

5 0

3 years ago

Read 2 more answers

Amounts owed to suppliers for supplies purchased on account are defined as

OlgaM077 [116]

The term being referred in the item above is called as "Accounts Payable". By the words being used in the term itself, it may be easily determined that this is a liability being owed to the supplier and should be payed in any terms, such as notes, check, or cash.

5 0

4 years ago

Read 2 more answers

Marcia, a single individual, has qualified trade or business income after all applicable deductions of $240,000. Her business pa

Goshia [24]

Answer:

Compute Marcia's QBI deduction, assuming her overall taxable income before QBI is $300,000.

$40,000

Compute Marcia's QBI deduction, assuming her overall taxable income before QBI is $180,000.

$36,000

Explanation:

Marcia's QBI deduction limits:

lower between 20% of QBI or taxable income

$240,000 x 20% = <u>$48,000</u>

$300,000 x 20% = $60,000

or

higher between 50% of wages or 25% of wages + 2.5% of business property

$80,000 x 50% = <u>$40,000</u>

($80,000 x 25%) + (2.5% x $50,000) = $21,250

Marcia's QBI deduction limits:

lower between 20% of QBI or taxable income

$180,000 x 20% = <u>$36,000</u>

$300,000 x 20% = $60,000

or

higher between 50% of wages or 25% of wages + 2.5% of business property

$80,000 x 50% = <u>$40,000</u>

($80,000 x 25%) + (2.5% x $50,000) = $21,250

7 0

3 years ago