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gtnhenbr [62]
3 years ago
15

Costs of goods sold of a manufacturing represents the costs related to building a product that are expensed when it is sold. to

determine costs of goods​ sold, three formulas where used representing the three different categories of inventory. which schedule is based on work in process​ inventory?
Business
1 answer:
Anastasy [175]3 years ago
3 0

There are 3 types of Inventory as below:

1) Raw Material Inventory

2)Work in Process Inventory

3)Finished Goods Inventory

Schedule for Work in Process Inventory is as below:

Beginning Balance of Work in Process...................................................................XXX

Direct Materials

Beginning Balance of Direct Materials................................XXX

Add: Purchase of Raw Materials...........................................XXX

Total Raw Materials Available...............................................XXX

Less: Ending Balance of Raw Materials..............................(XXX)

Raw Materials Consumed.....................................................................XXX

Direct Labour...........................................................................................XXX

Manufacturing Costs

Indirect Labour....................................XXX

Factory Repairs...................................XXX

Factory Utility......................................XXX

Total Manufacturing Overhead............................................................XXX

Total Manufacturing Costs....................................................................................XXX

Total Cost of Work in Process..............................................................................XXX

Less: Ending Balance of WIP................................................................................(XXX)

Cost of Goods Manufactured................................................................................XXX

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. In the context of sourcing, multiple suppliers: a. often provide the ability to form close partnerships. b. often provide econ
Galina-37 [17]

Answer:

c. lower the risk of supply disruption

Explanation:

Having multiple suppliers is always a good sourcing strategy, as it <u>minimizes the risk of supply disruption</u>. If one of the suppliers fails to maintain the contract due to various reasons (bad business operating), the risk is dispersed among a few suppliers, so there is the contingency principle applied.

This way, the supply chain never gets disrupted.

6 0
3 years ago
Suppose there is an increase in the number of buyers of cars and an increase in the cost of manufacturing cars. The basic graphi
xenn [34]

Option C. Suppose there is an increase in the number of buyers of cars and an increase in the cost of manufacturing cars. The basic graphing model of supply and demand predicts:  the equilibrium price of cars will increase, but the impact on the equilibrium quantity of cars cannot be determined without additional information

<h3>What is demand?</h3>

This is the term that is used to refer to the number of people that are willing to buy a product at a given wage rate.

When there is a rise in the demand of cars, there would be a rise in rhe equilibrium price of the cars.

Complete question

Suppose there is an increase in the number of buyers of cars and an increase in the cost of manufacturing cars. The basic graphing model of supply and demand predicts:

A. The equilibrium, quantity of cars will decrease, but the impact on the equilibrium price of cars cannot be determined without additional information

B. The equilibrium quantity of cars will increase, but the impact on the equilibrium price of cars cannot be determined without additional information.

C. the equilibrium price of cars will increase, but the impact on the equilibrium quantity of cars cannot be determined without additional information

D. the equilibrium price of cars will decrease, but the impact on the equilibrium quantity of cars cannot be determined without additional information

Read more on demand here:

brainly.com/question/516635

#SPJ1

5 0
2 years ago
Equilibrium is defined as:
Mamont248 [21]
<span>The answer is d. quantity demanded equals quantity supplied</span>
5 0
3 years ago
Read 2 more answers
When each person specializes in producing the good in which he or she has a comparative advantage, total production in the econo
OLga [1]

Answer:

The correct answer is c) rises.

Explanation:

Each country in question will specialize in what is most efficient. At the same time, it will import the rest of the products in which they are most ineffective in terms of production. Although a country does not have an absolute advantage in producing any good, it may specialize in those goods in which it finds a greater comparative advantage and finally participate in the international market. In this sense, it can boost its foreign trade.

It is then the basic idea that countries choose to specialize in order to trade in activities where they have a certain advantage. That is, instead of producing what they do best in an absolute way, they produce what they do best in a relative way. Therefore, the difference with the theory of absolute advantage is that it does not produce what the country costs less, but the one with lower comparative costs.

7 0
3 years ago
Internal controls are designed to accomplish five objectives that include compliance with legal​ requirements, promote operation
Ira Lisetskai [31]

Answer:

<u>Ensure accurate reliable accounting records</u>

Explanation:

Internal controls refer to those processes and procedures employed by the management of an entity so as to ensure efficient operations and to keep a check on frauds and compliance with better reporting requirements.

For example, biometric system of recording employee attendance which keeps a check as in who is actually on payroll and elimination of any dummy entries from the records.

The purpose of internal control is to safeguard assets, ensure that employees adhere by company policies, compliance with the law, promote operational efficiency and ensure reliable financial reporting without misrepresentation of facts.

3 0
3 years ago
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