All categories

4 years ago

When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is:

Business

1 answer:

8_murik_8 [283]4 years ago

4 0

Answer:

d. Finished Goods Inventory

Work In Process Inventory

Explanation:

In the production process when goods raw materials enter into the factory, they are considered as work in process.

On completion from the factory the raw materials that were in work in process are now converted to finished goods.

Inventory is an asset account, and assets is debited when it increases and credited when it reduces.

When all goods have been converted to finished goods there is increase in finished goods inventory, so

1. Debit finished goods inventory

Raw materials in work in process has been converted to finished goods, so the entry for WIP is

2. Credit work in process inventory

You might be interested in

Chapter 13 is often prefer to chapter 7 by debtors because

Neko [114]

We understand that bankruptcy is not always a result of poor money management; financial hardship can result all too easily from unforeseen circumstances such as a serious injury or illness, divorce, or job loss. Declaring bankruptcy is nothing to be ashamed about.

5 0

3 years ago

g Coronado Industries sold some of its plant assets during 2021. The original cost of the plant assets was $902000 and the accum

Elodia [21]

Answer and Explanation:

Since the following information is mentioned in the question

The purchase cost is $902,000

Accumulated depreciation is $842,000

The proceeds from the sale of plant asset is $89,800

So based on the above information, the sale of the plant asset would be shown in the investing activities of the cash flow statement in a positive amount

Hence it would be reported under the investing activities section

6 0

3 years ago

Based on this module's readings and your own independent research, develop a listing of what you believe are the most important

steposvetlana [31]

Answer:

The definition becomes defined in the clarification section below, as per the particular circumstance.

Explanation:

Meeting customer expectation:

This metric of success would reflect just how much the clients are represented. It will represent the quality of the service of the business and will provide them with crucial input. This metric would help the organization address the trouble areas. If the degree of customer loyalty rises, sales will also rise because more and more clients enjoy the company’s products or services.
This would also show the pattern of clients as well during the company's measures to handle the issue.

Productivity:

This is a significant parameter that indicates how much is expended on activities and whether the business gets in exchange. It extends from financial return with the introduction of new goods from marketing and distribution activities to return on invested capital. Productivity is closely linked to organizational financial efficiency.
When productivity rises, profits rise as well. In terms of their historical and present performance, data analytics can help to decide how and why the multiple fields work.

Cash flow:

It explains how well the cash flows within and without the organization. If the business later collects reimbursement from consumers but earlier pays its vendors, then it suggests significant operating inefficiency.
These efficiencies should be worked out by the organization to minimize operational expenses and preserve favorable cash flow to boost the company's financial well-being.

6 0

3 years ago

sales of new homes increased each month of the last year the economy is likely in. recession. expansion a trough or a plummet

olya-2409 [2.1K]

Expansion ..............

5 0

3 years ago

Gilbert, an HR manager at MaxNet Inc., hires 50 employees in five months. He used different sources of recruitment to recruit th

sergey [27]

Answer:

Cost per hire.

Explanation:

Gilbert, an HR manager at MaxNet Inc., hires 50 employees in five months. He used different sources of recruitment to recruit these employees. He wants to know which kind of source delivered the most new hires for the money. To answer that question, Herbert should determine the Cost per hire.

Cost per hire: It is a metric used by company to know the cost incurred in hiring per employee. It include all expense in recruiting employee, like travel cost, equipment cost, administrative expense, advertisement expense etc. Later comparing the cost per hire with the benefit per employee to the organization.

In the given case, If Herbert determine cost per hire of an organization help in knowing which kind of source of recruitment delivered the most new hires for the money.

4 0

3 years ago