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3 years ago

Which of the following is a characteristic of a perpetual inventory system?

Business

1 answer:

Darina [25.2K]3 years ago

4 0

Answer:

c. Cost of goods sold is recorded with each sale.

Explanation:

In the perpetual inventory system, the inventory is recorded. It helps to keep the inventory records during the particular period.

The examples are purchase, purchase return, sales and sales return and sales discounts and purchase discounts

After each transaction, the inventory and the costs of goods sold are updated after each sale

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Manufacturing overhead for the month was underapplied by $6,000. The company allocates any underapplied or overapplied manufactu

nikitadnepr [17]

Answer:

b. debit to Work in Process of $660.

Explanation:

Particulars Work in Finished Cost of Goods Sold Total

Process Goods

Manufacturing

overhead

applied during

the month 9680 9680 68640 88000

Percentage of total 11.0% 11.0% 78.0% 100.0%

Allocation of under-applied

manufacturing overhead 660 660 4680 6000

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2 years ago

On March 1, the Mixing Department had 550 rolls of paper in process. During March, the Mixing Department completed the mixing pr

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For the Mixing Department, the following journal entries are prepared.

Journal Entries:

1. Debit Work in Process $13,095

Credit Direct materials $5,720

Credit Direct labor $4,125

Credit Manufacturing overhead $3,250

To record costs of materials, labor, and manufacturing overhead allocated.

2. Debit Transfer out $13,630

Credit Work in Process $13,630

To record the cost of units completed and transferred out.

Data and Calculations:

Direct Direct Mfg o/h Total

Materials Labor Allocated Costs

Beginning inventory $280 $365 $180 $825

Costs added in March 5,720 4,125 3,250 13,095

Total costs $6,000 $4,490 $3,430 $13,920

Physical Direct Conversion

Units Materials Costs

Units to account for:

Beginning Work in process 550

Started in March 4,650

Total units to account 5,200

Completed & transferred 4,700

Ending work in process 500

Units accounted for:

Ending work in process 500 100 (20%) 100 (20%)

Completed & transferred 4,700 4,700 (100%) 4,700 (100%)

Total equivalent units 4,800 4,800

Direct Conversion Total

Materials Costs Costs

Costs to account for:

Beginning inventory $280 $545 $825

Costs added in March 5,720 7,375 13,095

Total costs $6,000 $7,920 $13,920

Total equivalent units 4,800 4,800

Cost per equivalent unit $1.25 $1.65

($6,000/4,800) ($7,920/4,800)

Costs accounted for:

Completed & transferred $5,875 $7,755 $13,630

(4,700 x $1.25) (4,700 x $1.65)

Ending inventory $125 $165 $290

(100 x $1.25) (100 x $1.65)

Total costs accounted $6,000 $7,920 $13,920

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2 years ago

Select the correct answer.

aalyn [17]

Answer:

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3 years ago

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3 years ago

Two employers, A and B, pay the same wage but Employer A faces a more inelastic supply curve of labor than Employer B. Both firm

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Explanation:

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