Due to the error in the recording of correct amount of inventory the ,at the end of Madison river supply balance sheet , the inventory , current assets, total assets and shareholders equity would be understated by $10,400.
Now due to the error in recording correct amount of inventory , in the balance sheet it will be shown as understated by $10,400 ( $555,400 - $5454,000 ) , now because of this the current assets would become understated by the same amount as inventory comes under the current assets.
Since current assets are understated , the total assets of the company would also be understated and so do shareholders equity as the net income has decreased because of the increase in cost of goods sold.
The Japan-based multinational Sony engaged in a joint venture when it partnered with Shanghai Oriental Pearl Group.
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Explanation:</u></h3>
A strategic alliance in which two or more firms enters into partnership refers to a Joint Venture. These enter into partnership mainly to share markets, assets, knowledge, assets and profits. There will not be any transfer of ownership in JV.
In this JV the companies that partners with each other just shares the resources for the purpose of the accomplishment of any tasks. These partners are usually responsible for the profits, losses and all the costs associated with the JV. The Japan-based multinational Sony engaged in a joint venture when it partnered with Shanghai Oriental Pearl Group.
Answer:
The actual manufacturing cost per unit is 23.46
Explanation:
Step 1. Given information.
- Direct material $10.00
- Direct labor $8.00
- Variable overhead $3.00
- Fixed overhead $2.00
- Total standard cost per unit $23.00
- overhead 29.920
Step 2. Formulas needed to solve the exercise.
Actual manufacturing cost per unit
Direct materials = Fixed overhead * price direct material
Direct labor = direct labor * price per hour
cost per unit = Total cost / units sold
Step 3. Calculation.
(+) Direct materials = 12,200*4.80 = 58.560
(+) Direct labor = 5,950*8 = 47.600
(+) Overhead 29.920
Total 136.080
Cost per unit = 136,080/5,800
Cost per unit = 23.46
Step 4. Solution.
The actual manufacturing cost per unit is 23.46
Fearless.
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