Nah I don’t think the us really needs to trade with Canada
Answer:
the entry to report this accounting change is in the attachment.
Explanation:
By moving from LIFO to FIFO, there's is going to be an increase in the value of inventory from of 30,000. That is $380,000 - $350,000.
The answer to this question is to make a journal entry. I have done this in the attachment.
Answer:
B. 20,000
Explanation:
Standard Variable overhead rate = $6 per units / 2 direct labour hour
Standard Variable overhead rate = $3 per hour
Variable Overhead Spending Variance = Actual hours worked * (Actual overhead rate - Standard overhead rate)
Variable overhead spending variance = 160,000 * (3.125 -3)
Variable overhead spending variance = 160000*0.875
Variable overhead spending variance = 20,000
Answer:
Dr Cash$561,360
Dr Finance charge expense $8,640
Cr Finance arrangement $570,000
Explanation:
Preparation of the journal entry to record the borrowing on the books of High Five Surfboard.
Dr Cash$561,360
[$570,000-($720,000*1.2%)]
$570,000-$8,640
=$561,360
Dr Finance charge expense $8,640
($720,000*1.2%)
Cr Finance arrangement $570,000
(Being to record the borrowing on the books of High Five Surfboard )
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