The journal entry for the inventory purchased will be to record the sale and another one to record the cost of the sale.
<h3>What is a journal entry?</h3>
It should be noted that a journal entry is used to record the financial activities of a company.
In this case, the journal entry for the purchase of inventory on account using the perpetual inventory system is to record the sale and another one to record the cost of the good.
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Answer:
The ending balance of the Work in Process Inventory account for the Fabricating Department is: $11,200
Explanation:
To determine Ending Balance of Work in Process Inventory, <em>Prepare a Manufacturing Cost Statement</em>.
Opening Work in Process Inventory $11,200
<em>Add </em>Cost Added During the Period :
Direct materials $77,200
Direct labor $25,200
Factory overhead ( $25,200 × 50%) $12,600
Total Manufacturing Costs $126,200
<em>Less </em>Transfer to Next Department ($115,000)
Closing Work in Process Inventory $11,200
Conclusion :
Therefore, the ending balance of the Work in Process Inventory account for the Fabricating Department is: $11,200
Answer:
A clause that says Timothy (A construction worker) cannot work as a construction worker within the city for fifteen years once he leaves the company is Legal because the employer can add any constraint to the agreement.
Explanation:
The provisions of employment contracts usually include an explanation of compensation, penalties and in peculiar cases post-employment clause.
Post-employment clause usually comes with additional benefits like payment of severance.
Enforcing an employment contract varies according to state laws. For this reason, before entering into a written employment contract, clean employee has to be clear on the terms and provisions of the contract because once you append your signature to any provision stipulated by the employer in the contract, it is binding.
Post-employment restrictive covenants are only useful to the employer if they can be enforced. Continued payment of severance often provides the employer with leverage when trying to enforce restrictive covenants in an employer's contract.
Generally, the employer and employee must be in compliance with the employment contract.
Answer:
join a professional association
Explanation:
Answer:
$18,594.10
Explanation:
Insurance company has to pay $10,000 for two year with rate of 5% since market rate remain same in both the bond.
X = PV (PMT, N, I/Y)
X = PV(10000, 2, 5)
X = 18594.1043
X = $18,594.10
