I would say false, the sheet that reports the revenues and the costs is known as the income statement. the balance sheet is the sheet that would report all of the assets (such as the cash, accounts receivable, or others). The balance sheet will also report all the liabilities (including the accounts payable, notes payable and others). Lastly, the balance sheet will also report the equity or the capital account of the business. So in a nutshell, the balance sheet reports the assets, liabilities, and owner's equity.
Answer:
<u>Job cost sheet</u>
Beginning /Materials / Labor / *overhead / Total
>J/58 0 9200 14400 3840 27440
>J/59 0 8900 10800 2880 22580
>J/60 0 6400 7200 1920 15520
24500 32400 8640 65540
<em><u>Journal entries:</u></em>
raw materials 29670
accounts payable 29670
WIP 24500
raw materials 24500
WIP 32400
wages payables 32400
factory overhead 17880
accounts payable 17880
WIP 8640
factory overhead 8640
Finished Goods 50,020**
WIP inventory 50,020
***COGS 53,040
Finished Goods 53,040
Accounts receivables 74256
*4 Sales revenue 74256
Explanation:
* the overhead is calcualte as the direct labor per job (800 ; 600; 400 respectively) times the overhead rate of 4.80
** the finished goods are Job 58 for a cost of 27,440 and 59 which cost is 22,580 we add the mand get 50,020 for the amount transferred int ofinished goods
***the cost of good sold will be J/57 of 25,600 plus J/58
*4 the sales revenue will be COGS times 1.4 as is the manufacturing cost plus a 405 markup.
<span>product mix
Product mix, also known as product assortment, is the total number of product lines that a company offers to its customers. The product lines may range from one to many, and the company may have many products under the same product line as well.</span>
Getting rid of old stuff to people who want it instead of throwing it away.
