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malfutka [58]
3 years ago
10

At the beginning of the​ year, Swift,​ Inc.'s Work-in-Process Inventory account had a balance of $ 124 comma 000. During the​ ye

ar, $ 250 comma 000 of direct materials were used in​ production, and $ 74 comma 000 of direct labor costs were incurred. Manufacturing overhead amounted to $ 829 comma 000. The cost of goods manufactured was $ 670 comma 000. What is the balance in the​ Work-in-Process Inventory account on December​ 31?
Business
1 answer:
son4ous [18]3 years ago
6 0

Answer:

Ending WIP= 607,000

Explanation:

Giving the following information:

Inventory account had a balance of $124,000. During the​ year, $250,000 of direct materials were used in​ production, and $74,000 of direct labor costs were incurred. Manufacturing overhead amounted to $829,000. The cost of goods manufactured was $670,000.

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

670,000= 124,000 + 250,000 + 74,000 + 829,000 - Ending WIP

Ending WIP= 607,000

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3 0
3 years ago
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makkiz [27]

Answer:

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2. Mission statement: philosophy

3. Human services: social services

Explanation:

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3 years ago
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Vlada [557]

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>

The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.

Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.

In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.

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To know more about Time period principle refer here:

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3 0
1 year ago
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AleksandrR [38]

Answer:

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An increase in economic growth causes the production possibility curve to shift to the right. The faster the economic growth the more the economy will be able to produce. So the farther the production possibilities curve will shift out.

6 0
3 years ago
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Mars2501 [29]
Arts Direction
that is the answer
hope it works
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