Work in process inventory
Explanation:
The overall costs assigned to the department is shown in a costing system for "work in the process inventory"
Work in the process stock shows all costs of the product manufacture and the applicable overhead is also charged to the process stock account.
With goods at various stages of the production process, the WIP applies to the raw materials, the work and overhead costs involved. WIP is part of the balance sheet inventory asset account. These costs will then be converted to the finished product account and ultimately to sales costs.
Answer: $9025 §1231 loss
Explanation:
From the question, we are informed that Sumner sold equipment that it uses in its business for $30,800 and that the equipment was bought a few years ago for $79,600.00 and has claimed $39,775 of depreciation expense.
Assuming this is Sumner's only disposition for the year, the amount and type or character of Sumner's gain or loss goes thus:
The book value of the equipment will be:
= $79600 - $39775
= $39825
Since the equipment is sold for $30,800, the loss will be:
= $39825 - $30800
= $9025
It should be noted that there will be no depreciation recapture because the asset is sold for a loss.
Answer:
Instructios are listed below
Explanation:
Giving the following information:
Assume Pinkie started the year with 100 containers of ink (average cost of $ 9.10 each, FIFO cost of $ 8.60 each, LIFO cost of $ 8.00 each).
During the year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $21.75 each. Pinkie paid operating expenses throughout the year, a total of $ 5,000.
FIFO:
Sales= 600*21.75= 13,050
COGS= (100*8.60 + 500*10)= 5860
Gross profit= 7190
Operating expense= 5000
Net operating profit= $2,190
LIFO:
Sales= 13,050
COGS= (600*10)= 6000
Gross profit= 7,050
Operating expense= 5000
Net operating profit= $2,050
Average-cost
Sales= 13,050
COGS= [(9.10+10)/2]*600= 5730
Gross profit= 7,320
Operating expense= 5000
Net operating profit= $2,320
<h2 /><h2 />
Alexis and Damian are both taking a course on picking a career. They go to the same art club so they both know what they enjoy doing. Surprisingly, Alexis and Damian might find careers in the Architecture and Construction Career Cluster that allow them to express themselves through art. Create a list of possible jobs in this cluster that could use an artistic person and explain a task that each job does that the two students might particularly enjoy.
Answer:
$460,000
Explanation:
Given that,
Sales:
Jan. = $500,000
April = $490,000
Feb. = $740,000
May = $740,000
Mar. = $380,000
June = $610,000
Total cash receipts for April 2012:
= Cash receipts from February Sales + Cash receipts from March Sales + Cash receipts from April Sales
= (740,000 × 10%) + (380,000 × 50%) + (490,000 × 40%)
= $74,000 + $190,000 + $196,000
= $460,000
