Yes, it's 20c cheaper than your neighborhood store.
Answer:
Equivalent Units
Material cost = 26,560
Conversion Cost= 25,540
Explanation:
We would assume the company uses weighted average method of valuation.
Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked.
Equivalent units = Degree of completion (%) × Number of units
Material cost
Item Unit Equivalent unit
Completed 25,200 100% ×25200 = 25,200
Closing WIP 1,360 100%× 1,360 1360
Total equivalent units 26,560
Conversion Cost
Item Unit Equivalent unit
Completed 25,200 100% ×25200 = 25,200
Closing WIP 1,360 25%× 1,360 340
Total equivalent units
Answer and Explanation:
The journal entries are shown below:
On April 8
Cash $9,120
Credit card expense $380 ($9,500 × 0.04)
To Sales $9,500
(Being sale is recorded)
Costs of goods sold $7,021
To Merchandise inventory $7,021
(Being the cost of goods sold is recorded)
On April 12
Cash $7,215
Credit card expense $185 ($7,400 × 2.5%)
To Sales $7,400
(Being sale is recorded)
Costs of goods sold $4,795
To Merchandise inventory $4,795
(Being the cost of goods sold is recorded)
Answer:
Free-enterprise; government.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Basically, there are four (4) main types of economy and these are;
I. Mixed economy.
II. Command economy.
III. Traditional economy.
IV. Free-enterprise economy.
A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.
Hence, in a free-enterprise system, supply and demand forces affect the production and consumption decisions. There is little to no government control in such a system.
I think the correct answer from the choices listed above is the third option. It is the withholdings that result in a lower net income. <span>A </span>withholding<span> tax, also called a retention tax, is a government requirement for the payer of an item of income to </span>withhold<span> or deduct tax from the payment, and pay that tax to the government. </span>
