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3 years ago

Which of the following costs are most likely to be classified as variable?

Business

1 answer:

Salsk061 [2.6K]3 years ago

6 0

Answer:

Correct answer is D. Direct materials

Explanation:

Among the given choices, direct materials is most likely to be classified as variable cost. Direct materials are the supplies used in manufacturing products which can be directly identified in the output production. It is a main component which is traceable to create or produce products. Basically, all manufacturing industries used direct materials as their variable cost in their production.

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At the beginning of the month, supplies were $ 6 comma 000. During the month, $ 7 comma 000 of supplies were purchased. At mo

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Answer:

Adjusting Entry

Cost of goods sold (Dr.) $11,000

Beginning Inventory (Cr.) $6,000

Purchases (Cr.) $5,000

Closing Entry

Ending Inventory (Dr.) $2,000

Income Summary (Cr.) $2,000

Explanation:

The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.

The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.

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erastova [34]

Answer:

JOURNAL ENTRIES

a) Debit investment $160,000 Credit Unrestricted Cash $160,000

b) Debit Permanent Restrictions cash $80,000 Credit Donations received $80,000

c) Debit Medicine Asset (on hand) $25,000 Credit $25,000 Restricted cash $25,000

d) Debit Accounts receivables $600,000 Credit N.G.O Revenues $600,000

e) Debit depreciation $38,000 Credit Accumulated depreciation $38,000

f) Debit Restricted Cash $15,000 Credit Interest income $15,000

g) NO entry ( estimate and future action)

h) Medicine expense $25000 Credit Medicine asset $25000

i) Debit Restricted Cash $172,000 Credit Investment $160,000, Credit Gain on sale of investment $12,000

Debit Equipment $187000 Credit Restricted cash $187000

j) no entry ( just promises)

UNRESTRICTED CASH

a) investment - 160000

RESTRICTED CASH (TEMPORAL)

c) Medicine -25000

f) Interest +15000

i) sold investment + 172000

= 162000

Restricted cash permanent

b) Donations +80000

Explanation:

EQUIPMENT = Temporal restricted cash = 162000+25000 = $187,000

The donation's money is restricted only to donations

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