Answer:
Rice Co.
Journal Entries:
April 5:
Debit Inventory $28,000
Credit Accounts Payable (Jax Company) $28,000
To record the purchase of goods, terms 2/10, n/30.
April 6:
Debit Freight-in Expense $700
Credit Cash Account $700
To record the payment of freight costs for goods purchased from Jax Company.
April 7:
Debit Equipment $30,000
Credit Accounts Payable $30,000
To record the purchase of equipment on account.
April 8:
Debit Accounts Payable (Jax Company) $3,600
Credit Inventory $3,600
To record the return of goods to Jax Company.
April 15:
Debit Accounts Payable (Jax Company) $24,400
Credit Cash Discount $488
Credit Cash Account 23,912
To record the full settlement on account.
Explanation:
Rice Co's journal entries are made on a daily basis as transactions occur. They show the accounts to be debited and the ones to be credited in the general ledger. Journal entries are the initial records of transactions made by the company in its accounting system.
Answer:
Total cost= $2467
Explanation:
Giving the following information:
The Assembly Department uses a departmental overhead rate of $ 60 per machine hour.
The Sanding Department uses a departmental overhead rate of $ 20 per direct labor hour
Direct labor hours used
Assembly Department - 8
Sanding Department - 5
Machine hours used
Assembly Department - 10
Sanding Department - 7
The cost for direct labor is $32 per direct labor hour and the cost of the direct materials used by Job 603 is $1351.
Total cost= direct material + direct labor + MOH
Total cost= 1351 + (13*32) + (60*10 + 20*5)= $2467
Purchase momentum.
Initial impulses to buy lead to higher likelihoods of purchasing more.
Answer:
The marginal cost of the 11th plane is <u>$60 million</u>.
Explanation:
Marginal cost refers to the cost of producing one more unit of output.
In this case, every unit of output is an airplane. It costs Boeing $500 million to produce 10 airplanes, and $560 million to produce 11 airplanes. SO the marginal cost of the eleventh airplane = cost of producing 11 airplanes - cost of producing 10 airplanes = $560 million - $500 million = $60 million
