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4 years ago

Sheridan Company developed the following data for the current year:

Business

2 answers:

uysha [10]4 years ago

7 0

Answer:

$816,000

Explanation:

Work in process inventory can be described as the partially finished goods waiting to be completed and transferred to the trading department for eventual sale. Under manufacturing accounts, we normally have the following:

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

Substituting the relevant values in the question into the equation above, we have:

$780,000 + $300,000 - Ending work in process inventory = $264,000

We can solve for ending work in process inventory as follows:

Ending work in process inventory = $780,000 + $300,000 - $264,000 = $816,000

Therefore, Sheridan Company's ending work in process inventory is $816,000.

yulyashka [42]4 years ago

4 0

Answer:

Ending work-in-process inventory is $816,000

Explanation:

Work in process Inventory is the inventory which is in the production process.

Cost of Good Manufacture = Total Manufacturing costs + Beginning work-in-process inventory - Ending work-in-process inventory

$264,000 = $780,000 + $300,000 - Ending work-in-process inventory

$264,000 = $1,080,000 - Ending work-in-process inventory

Ending work-in-process inventory = $1,080,000 - $264,000

Ending work-in-process inventory = $816,000

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3 years ago

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4 years ago

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Answer:

1. $163,800

2. Dr Cash $ 89,000

Dr Notes receivable $ 671,000

Cr Deferred revenue $ 760,000

3. $ 607,120

Explanation:

1. Computation of the amount that Monitor would calculate as the stand-alone selling price

Total amount of franchise agreement $760,000

Less: stand-alone selling price of training $ (18,200)

Less: stand-alone selling price of building and equip $ (578,000)

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2. Preparation of journal entry that Monitor would record on July 1, 2016,

Dr Cash $ 89,000

Dr Notes receivable $ 671,000

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Total Revenue to be recognized $ 607,120

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6 0

3 years ago