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-Dominant- [34]
3 years ago
14

The Fabricating Department started the current month with a beginning Work in Process inventory of $10,000. During the month, it

was assigned the following costs: direct materials, $76,000; direct labor, $24,000; and factory overhead, 50% of direct labor cost. Also, inventory with a cost of $109,000 was transferred out of the department to the next phase in the process.
The ending balance of the Work in Process Inventory account for the Fabricating Department is:

A. $13,000.B. $56,000.C. $59,000.D. $110,000.E. $165,000.
Business
1 answer:
san4es73 [151]3 years ago
5 0

Answer:

A.$13,000

Explanation:

The computation of ending balance is shown below:-

Factory overhead = $24,000 × 50%

= $12,000

Total cost = Direct material + Direct labor + Factory overhead + Current period cost + Opening work in progress

= $76,000 + $24,000 + $12,000 + $10,000

= $122,000

Ending work in progress = Total cost - Cost of units transferred

= $122,000 - $109,000

= $13,000

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nikitadnepr [17]

Answer:

3. Software

Explanation:

7 0
3 years ago
Bindy Crawford created a corporation providing legal services, Skysong, Inc., on July 1, 2022. On July 31 the balance sheet show
ad-work [718]

Answer:

Bindy Crawford

1. Tabular Analysis of the August Transactions:

       Cash   Accounts  Supplies  Equipment  Accounts  Common  Retained

                  Receivable                                      Payable                    Earnings

7/31   $4,600  $7,400      $730        $9,900      $9,100    $11,700       $1,830

8/1      +1,200   -1,200

8/4     -2,770                                                        -2,770

8/9     +3,510  +2,540                                                                           +6,050

8/15       -510                                       +4,180     +3,670

8/19   -2,480                                                                                          -2,480

8/23     -670                                                                                             -670

8/26 +5,700                                                      +5,700

8/31      -370                                                                                             -370

8/31  $8,210  $8,740       $730       $14,080  $15,700     $11,700     $4,360

2. Income Statement for the month of August

Service revenue                $6,050

Salaries expense    $1,390

Rent expense              760

Advertising expenses 330

Utility expenses          370   2,850

Net income                        $3,200

3. Retained Earnings Statement for the month of August

Retained earnings, July 31    $1,830

Net income                             3,200

Dividends                                  (670)

Retained earnings, Aug. 31 $4,360

4. Classified Balance Sheet as of August 31

Assets

Current Assets:

Cash                        $8,210

Accounts receivable 8,740

Supplies                       730     $17,680

Long-term Assets:

Equipment                              $14,080

Total assets                            $31,760

Liabilities and Equity

Current liabilities:

Accounts Payable 10,000

Notes Payable        5,700      $15,700

Equity:

Common stock      11,700

Retained earnings 4,360     $16,060

Total liabilities and equity    $31,760

Explanation:

a) Data and Analysis:

8/1 Cash $1,200 Accounts receivable $1,200

8/4 Accounts payable $2,770 Cash $2,770

8/9 Accounts receivable $2,540, Cash $3,510 Service revenue $6,050

8/15 Equipment $4,180 Cash $510 Accounts payable $3,670

8/19 Salaries expense $1,390, Rent expense $760, Advertising expenses $330 Cash $6,150

8/23 Cash dividend $670 Cash $670

8/26 Cash $5,700 Note payable (American Federal Bank) $5,700

8/31 Utility expenses $370 Cash $370

Tabular Analysis of the August Transactions:

       Cash   Accounts  Supplies  Equipment  Accounts  Common  Retained

                  Receivable                                      Payable                    Earnings

7/31   $4,600  $7,400      $730        $9,900      $9,100    $11,700       $1,830

8/1      +1,200   -1,200

8/4     -2,770                                                        -2,770

8/9     +3,510  +2,540                                                                           +6,050

8/15       -510                                       +4,180     +3,670

8/19   -2,480                                                                                          -2,480

8/23     -670                                                                                             -670

8/26 +5,700                                                      +5,700

8/31      -370                                                                                             -370

8/31  $8,210  $8,740       $730       $14,080  $15,700     $11,700     $4,360

7 0
3 years ago
Which statement best describes how the International Ethics Standards Board for Accountants' (IESBA) Code impacts the U.S. accou
Vladimir79 [104]

The AICPA is required to adopt ethics standards that are at least as restrictive as the IESBA rules.

Answer: Option D

<u>Explanation:</u>

IESBA stands for the international ethics standards board for the accountants. As clear from the full form, this board performs the activities of setting up the ethics which the accountants need to follow while they are performing their work of making the accounts.

This body is not a national level but established at an international level. The other body which is the AICPA also needs to adopt the rules which are as restrive as the ethics of the IESBA.

5 0
3 years ago
Buxmont Manufacturing reported the following year-end balances: Beginning work in process inventory, $40,000; beginning finished
Sever21 [200]

Answer: <em>Cost of Goods Manufactured = $ 660,000</em>

Explanation:

Direct Material Used                                                $ 240,000

Direct labor                                                               $ 250,000

Manufacturing overheads applied                          $ 150,000

Total manufacturing Cost                                        $ 640,000

Add: Work in process                                            $ 40,000

Total Manufacturing cost                                         $ 680,000

Less: Work in process                                            $ 20,000

Cost of Goods Manufactured                                  $ 660,000

7 0
3 years ago
Kana is a single wage earner with no dependents and taxable income of $205,000 in 2018. Her 2017 taxable income was $155,000 and
garri49 [273]

Answer:

$47439.50

Explanation:

For a single tax payer if your taxable income range is $200,000 - $500,000 then your income tax is $45,689.50 + 35% of amount over $200,000 of taxable income.

Income tax liability = $45689.50+{ 205000-200000)×35%}

$45689.50+(5000×35/100)

$45689.50+(5000×0.35)

$45689.50+1750

= $47439.50

The income tax liability will be $47439.50

5 0
3 years ago
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