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grandymaker [24]
4 years ago
12

Taft Company had no beginning work in process inventory. Its total manufacturing costs for the year were $858,000. If cost of go

ods manufactured was $666,000 and cost of goods sold was $503,000, the amount of ending work in process inventory would have been:
Business
1 answer:
disa [49]4 years ago
4 0

Answer: $192,000

Explanation:

Given that,

Total manufacturing costs = $858,000

Cost of goods manufactured = $666,000

Cost of goods sold = $503,000

WIP - work in progress

Cost of goods manufactured = Beginning work in progress + Total manufacturing costs - Ending work in progress

$666,000 = 0 + $858,000 - Ending work in progress

Ending work in progress = $858,000 - $666,000

                                         = $192,000

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During 2010, Congress debated the advisability of retaining some or all of the tax cuts signed into law by former President Geor
Zolol [24]

Answer and explanation:

The law of Diminishing Marginal Utility states that the more you consume a good or use a service, the less satisfied you will be with each successive use or consumption. It is an important concept in determining consumer preferences. It assumes consumers are rational and will spend money in a way that maximizes contentment with each subsequent unit without negatively affecting their total enjoyment.

6 0
3 years ago
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted
Reptile [31]

Answer: a.$4,576

Explanation:

Sometimes the cash balance according to the books is not the same as the cash in the bank account and this is due to some transactions not being recorded by either the bank or the firm.

Adjusted cash balance per books = Unadjusted cash balance + Note receivable and interest collected by bank - Bank charge for check printing - NSF Check

= 4,022 + 746 - 28 - 164

= $4,576

3 0
3 years ago
Question 1 of 10
Levart [38]

Answer:

D. Dividends Payable

Explanation:

On the day dividends are declared, the amount declared is debited to the retained earnings accounts and credited to the dividend payable accounts. The dividends have not yet been paid, meaning the money is still with the company. For this reason, the cash account.

A dividend is not an expense, so there can never be a dividend expense account.

4 0
3 years ago
Selecting a sample of paid notes and tracing interest to the general ledger account is a test of the PCAOB assertion for
Sphinxa [80]

Answer:

C.completeness

Explanation:

Occurrence means transactions and events that have been recorded or disclosed have  occurred and relate to the entity.Existence means whether or not accounts balances and related disclosures related Assets, liabilities and equity interests exist in the financial statements.

Completeness means there are no unrecorded transactions, events and disclosures and all transactions that have occurred has been included in the general ledger/financial statements

Valuation or  allocation means that assets, liabilities and equity interests are included in  the financial statements at appropriate amounts and any resulting valuation or allocation  adjustments are appropriately recorded and related disclosures have been appropriately  measured and described.

In this question, interest on sample of paid notes have been traced to the general ledger account, to check that whether the interest on the selected sample has been included in the general ledger and financial statements.Thus the answer shall be C.completeness

3 0
3 years ago
Kyle places a $10 value on a glass of red wine, and Keith places an $8 value on it. If there is no tax on glasses of red wine, t
HACTEHA [7]

Answer:

D. Fallen by more than the tax revenue, the tax has a dead weight loss.

Explanation:

First, the Multiple options for the question:

A. Fallen by Exactly the amount of the tax revenue, the tax has no deadweight loss

B. Fallen by less than the tax revenue, the tax has no deadweight loss

C. Increased by less than the tax revenue, the tax has a deadweight loss

D. Fallen by more than the tax revenue, the tax has a dead weight loss.

Solution:

The first step is to determine Kyle and Keith's total consumer surplus before tax.

The consumer surplus is calculated as follows: The Amount each is willing to pay - The Market/Equilibrium Price

Kyle's consumer surplus= $10- $6 = $4

Keith's consumer surplus= $8-$6= $2

Total of their  Consumer surplus = $6

Step 2: Calculate the Consumer Surplus after the tax levied by the government is applied to the market price

Market price ($6) + Tax ($3) = $9

Kyle's consumer surplus= $10- $9= $1

However, Keith is only willing to pay $8 so there is no consumer surplus.

Based on this step 2: The consumer surplus total after tax is applied is actually lower than the tax revenue of $3, therefore there is a deadweight loss.

3 0
3 years ago
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