1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
IgorC [24]
3 years ago
7

A company started the year with "$185,000 of goods finished" and ready for sale. During the year, a total of $700,000 of goods w

ere started in production. Of the goods started, $550,000 were finished during the year. If total cost of goods sold for the year equals $625,000, the company's ending finished goods inventory equals ______.
Business
1 answer:
gulaghasi [49]3 years ago
6 0

Answer:

$110,000

Explanation:

The closing balance in the finished goods inventory account is a function of the opening balance and the net movement that occurred during the year.

As such, the closing balance

= opening balance + purchases/production - sales

Given;

opening balance = $185,000

purchases/production = $550,000

sales = $625,000

Therefore,

closing balance in the finished goods = $185,000 + $550,000 - $625,000

= $110,000

You might be interested in
Officials argue that the government needs to reduce the national debt. Which actions are most likely to accomplish this goal?
Lapatulllka [165]
The correct answer should be <span>Increase taxation and decrease spending

This would be the most efficient way to do this since you would get more money from taxes and they would lose less money because of lack of spending. People would probably be dissatisfied, but it would help the budget.  </span>
5 0
3 years ago
In a monopoly market, Select one: a. other firms have no incentive to enter the market. b. profits will always be positive becau
Ratling [72]

Answer: Option (c) is correct.

Explanation:

Correct option: The demand facing the firm is downward-sloping because it is the market demand.

In a monopoly market conditions, there is a single seller in the market and the monopolist firm is price setter. But the demand curve faced by the monopoly firm is downward sloping because monopolist is a single firm who is operating in the market and there is a need to reduce prices if he wants to sell an additional units.

4 0
3 years ago
Surfer sam company produced 4,000 units of product that required 2.5 standard hours per unit. the standard fixed overhead cost p
Svet_ta [14]

The fixed factory overhead volume variance is $400 (unfavorable)

solution

Fixed Overhead Volume Variance = Applied Fixed Overhead – Budgeted Fixed Overhead

Applied Fixed Overhead = 4,000 units ×2.5 hrs per unit×$0.80 = $8000

Applied Fixed Overhead= 4,000 units ×2.5 hrs per unit×$0.80 = $8000

and

Budgeted Fixed Overhead =10,500 hrs × $0.80 = $8400

Budgeted Fixed Overhead =10,500 hrs × $0.80 = $8400

Fixed Overhead Volume Variance = $8000- $8400 = $400 (unfavorable)

Fixed Overhead Volume Variance = 8000- 8400 = 400 (unfavorable)

3 0
3 years ago
Mr. Fitzgerald is selling his home to permanently move into a retirement facility near his daughter in a neighboring state befor
AysviL [449]

"Mr. Fitzgerald is selling his home to permanently move into a retirement" He must be automatically dropped from the plan because he is relocating outside of the service region. He will be able to choose a new plan during a special election term. This is further explained below.

<h3>What is prescription drug plan?</h3>

Generally, Prescription drug plans (PDPs) are another name for Medicare Part D. These policies are available on their own from private insurance providers.

In conclusion, He must be automatically dropped from the plan because he is relocating outside of the service region. He will be able to choose a new plan during a special election term.

Read more about prescription drug plan

brainly.com/question/14176332

#SPJ5

6 0
2 years ago
Joanna and her husband went to have dinner at their favorite restaurant- the Big Bite. They ordered the food, enjoyed the food,
In-s [12.5K]

Answer:

Debtor: Joanna and her husband; Creditor: Resturant

Explanation:

Hope this helps

6 0
2 years ago
Other questions:
  • You own some equipment that you purchased four years ago at a cost of $287,000. The equipment is five-year property for MACRS. T
    14·1 answer
  • Hitzu Co. sold a copier costing $7,500 with a two-year parts warranty to a customer on August 16, 2017, for $15,000 cash. Hitzu
    9·1 answer
  • Which of the following correctly defines money as a unit of account?
    7·1 answer
  • You are a manager of a soft drinks company that is planning to go head to head with Coca-Cola to increase market share. Your str
    10·1 answer
  • The regulation with the lowest authoritative weight is the____________.
    9·1 answer
  • Ace Industries has current assets equal to $3 million. The company's current ratio is 1.5, and its quick ratio is 1.1. What is t
    6·1 answer
  • 2. Buckeye Industries has a bond issue with a face value of $1000. The value of Buckeye’s asset is $1200. In one year they will
    15·1 answer
  • Please help!!!! I am struggling with this.
    7·1 answer
  • Sarah exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his busines
    11·1 answer
  • A pollution charge gives the trucking industry an incentive to reduce its emissions, as long as the of reducing the emissions is
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!