Answer:
b. Cost of Goods Sold, Work-in-Process Inventory, and Finished-Goods Inventory.
Explanation:
Whenever manufacturing overheads are prorated and under-applied or over-applied, then they are charged to inventory or cost which includes overheads as part of it.
As for instance, raw material inventory do not include any overheads, it is just the purchase price of inventory, as no work is performed on it.
Cost of goods sold, includes all the cost incurred to sale the good, from acquiring raw material to converting finished goods, and then adding the sales expense the goods are sold.
Finished goods include every material and overhead to convert the item into finished state and usable state.
Work in process is half way completed, or the percentage prescribed and includes raw material, includes overheads, but the product is somewhere more than raw inventory and less than finished good.
Therefore, correct option is:
b.
Answer:
(A) I, II, and IV only
Explanation:
The Material Requirements Planning MRP is used to calculate tha materials needed for production. It may be done by software but it can be done without any technological tool.
The most important information for MRP is about the available inventory for future production, in this way the company will know what materials are needed for future production. To provide the materials on time it is necessary to know the master schedules of production, making sure that the supplies will be ready on time for manufacturing process. Finally, the accurate Bills of materials are used as a check list to verify that there is not any pending component for the production process. Even when the MRP may include costs, it is not a vital component for the system and some companies can have MRP without including costs.
Answer:
Form W-2, also known as the Wage and Tax Statement, is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. A W-2 reports the employee's annual wages and the amount of taxes withheld from their paychecks. A W-2 employee is someone whose employer deducts taxes from their paychecks and submits this information to the government.
Explanation:
Answer: The correct answer is "a. You may have to tell your accountant to conduct reconciliations to ensure that the rates in the system make sense when compared to actual rates.".
Explanation: Paul should surely recommend that your accountant verify the rates applied in the accounting system have reliability and are correctly related to the actual rates and if not, perform the necessary reconciliations.
Decrease assets, decrease liabilities. Accounts payable are what the business owes (liabilities). By paying off accounts payable, the liabilities are decreasing (they owe less) and the assets are also decreasing (because they use assets/cash to pay off the liabilities, so they have less now).
Hope that helps
