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DiKsa [7]
3 years ago
6

Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased.............

...........$124,800 Direct materials used..........................74,300 Direct labor used..............................55,000 Total factory overhead.........................95,700 Work in process inventory, beginning of year........ 26,500 Cost of goods manufactured..................... 221,800
Business
1 answer:
labwork [276]3 years ago
3 0

Answer:

Ending work in progress is $29,700

Explanation:

The total manufacturing cost is computed as:

Total manufacturing cost = Direct material used + Direct Labor + Factory overhead

= $74,300 + $55,000 + $95,700

= $ 225,000

The total cost of work in progress is computed as:

Total cost of work in progress = total manufacturing cost + Opening work in process inventory

= $225,000 + $26,500

= $251,500

The ending work in progress is computed as:

Ending work in progress = Total cost of work in progress - Cost of goods manufactured

= $251,500 - $221,800

= $29,700

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The correct answer is choice D.

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Which of the following is NOT example of Capital used to produce goods?
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Answer:

Some examples of capital used to produce goods are machinery, human workers, equipment, basically anything that is used by a factory in the production process. You didnt list any options so I can't tell you which one isn't, but I hope this helps!

Explanation:

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B. legal and regulatory requirements

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Masja [62]

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1. Medicare tax.

2. Local income tax.

3. Federal income tax.

4. Social Security tax.

5. State income tax.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

The various type of tax with their correct description are;

1. Medicare tax: it is used to support healthcare costs for retired workers. An example is the Affordable Care Act (ACA) which became effective on the 23rd of March, 2010 and it's focused on making affordable health insurance available to qualified people or households through cost-sharing reductions and premium tax credits (subsidies).

2. Local income tax: it is collected by town, school district, counties and cities to fund city or community programs.

3. Federal income tax: it is collected from most workers, who pay up to 39.6 percent of their earnings. This type of tax is paid by employees with respect to the amount of money they receive as their wages or salary.

4. Social Security tax: it is used to provide financial support to retired and disabled workers. In the United States of America, the Social Security Administration (SSA) adopted the Old-Age, Survivors, and Disability Insurance (OASDI) program to support retired and disabled workers.

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9 0
3 years ago
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Nastasia [14]

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