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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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PharmY, Inc., is a U.S. GAAP reporter that is in the pharmaceutical industry. In the current year, PharmY incurred expenditures
Whitepunk [10]

Answer with Explanation:

Tangible assets fall under the scope of International Accounting Standard IAS-36 Property, Plant and Equipment which says that assets that qualify following conditions, must be capitalized:

  • Assets that have life expectancy of more than a year.
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Now here, the life expectancy of laboratory equipment is unknown and also that we don't know if the asset can be resold in the market or not. This means, if the asset has life expectancy is no more than a year and that the future benefits will flow towards the company then it must be capitalized otherwise it must be expensed out as per the guidelines of International Accounting Standard IAS-38 Intangible Assets, which says that the research cost prior to the development expenditure must be expensed out.

The other two costs are revenue expenditure and must be expensed out under the name research and development cost as per the guidelines of IAS-38.

4 0
3 years ago
If the government increases taxes in response to an inflation, the government is engaging in what economists call?
olchik [2.2K]

Answer:

fiscal policy

Explanation:

Fiscal policy is the policy which is used by the government the tax rate and government spending economy to analyse the economy of the nation

It is a technique through which a national bank impacts a country's cash supply.

The instances of fiscal policy are tax reductions and expanded government spending. Both of these strategies are proposed to build total interest while adding to shortages or drawing down of spending plan surpluses.

4 0
3 years ago
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In 2010, Norbert Incorporated bought a new tooling machine for $45,000. Norbert estimated that the machine had a useful life of
Norma-Jean [14]

Answer:

Norbert should record at 2020 depreciation expense of $2,700 for the machine

Explanation:

The depreciable base can be calculated as follows;

depreciable base=acquisition cost-salvage value

where;

acquisition cost=$45,000

salvage value=$0

replacing;

depreciable base=45,000-0=$45,000

Annual depreciation expense=depreciable base/useful life

annual depreciation expense=45,000/15=$3,000

accumulated depreciation after 10 years=3,000×10=$30,000

New net book value=acquisition cost-accumulated depreciation+overhaul cost

New machine value=(45,000-30,000+12,000)=$27,000

New depreciation base=new machine value-salvage value

where;

new machine value=$27,000

salvage value=$0

replacing;

New depreciation base=27,000-0=$27,000

New Annual depreciation expense=new depreciation base/useful life

where;

new depreciation base=$27,000

useful life=5+5=10 years

replacing;

New Annual depreciation expense=27,000/10=$2,700

Norbert should record at 2020 depreciation expense of $2,700 for the machine

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3 years ago
Question 1 of 20
qaws [65]

Answer:

Historically, an initial public offering, or IPO, has referred to the first time a company

Explanation:

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2 years ago
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Fofino [41]

An organization that has a strong ethical environment usually has a core value of placing customers interests first.

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Environmental ethics can be regarded as as the are that focus on the conceptual foundations of environmental values and handling of issues in order to sustain biodiversity and ecological systems.

Therefore, option E is correct.

Learn more about Environmental ethics  at;

brainly.com/question/24519475

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