Answer:
Option (d) is correct.
Explanation:
Given that,
June 1 Beginning inventory 20 units at $19 = $ 380
June 7 Purchases 70 units at $20 = 1,400
June 22 Purchases 10 units at $23 = $230
Cost of goods available for sale = $2,010
On June 30, units on hand = 30 units
Cost of Ending inventory:
= (20 units × $20) + (10 units × $23)
= $400 + $230
= $630
Total cost of goods sold:
= Cost of goods available for sale - Cost of Ending inventory
= $2,010 - $630
= $1,380
Answer:
The complete answers are below.
Explanation:
a) The main difference between Financial Accounting and Managerail Accounting is its purposes and the stakeholders who make use of the information that each one provides.
While financial accounting refers to the aggregation of accounting information in the financial statements, management accounting refers to the internal processes used to account for business transactions.
For instance: Financial accounting reports on the results of an entire business, Managerial accounting reports at a more detailed level. Financial accounting must comply with various accounting standards, whereas managerial accounting does not have to comply with any standards when information is compiled for internal consumption.
b) The financial statements most frequently provide are: Balance Sheet or Financial Position, Income Statement, Statement of cash flows and Statement of Changes in Equity.
c) In general, financial reports and financial statements differ in the formal status of financial statements in business and accounting, and these respond to standards such as GAAP and IFRS. While the financial reports have a format or presentation rules given by management, the financial statements, in the other hand, are prepared on regular basis as specific entities are required to do so according to applicable laws. It can be said that financial accounting provides financial statements and managerial accounting is responsible for financial reports.
Answer:
In a static storage area each product is assigned a specific area, whereas in dynamic storage, product locations and fluid and as such are subject to change.
Answer:
Interest rates would rise.
Explanation:
There would be a decrease in the amount of loanable funds borrowed.
if the government were to increase the tax on interest income, a reduction in the amount of funds borrowed would happen because the cost of borrowing would then become higher and people would have to pay more than they would have paid for every amount borrowed
Answer:
113,000.
Explanation:
Let go through all the items to see whether we need to include them in the initial outlay or not.
(1) $100,000 worth of equipment => Yes
(2) Shipping will cost $5,000 and installation will cost $8,000 => Yes (Add to purchase price of equipment)
(3) Paid a management consultant $4,000 to analyze this project => No =>This is sunk cost (already incurred regardless of accept or reject the prject)
(4) Increase sales by $20,000 per year => No => under operating cashflow.
(5) $3,500 to train the employees to use the new equipment => No => under operating cashflow.
So, total initial outlay = 100,000 + 5,000 + 8,000 = 113,000.