Answer:
$110,000
Explanation:
The closing balance in the finished goods inventory account is a function of the opening balance and the net movement that occurred during the year.
As such, the closing balance
= opening balance + purchases/production - sales
Given;
opening balance = $185,000
purchases/production = $550,000
sales = $625,000
Therefore,
closing balance in the finished goods = $185,000 + $550,000 - $625,000
= $110,000
Explanation:
1a : the set of articles or physical resources serving to equip a person or thing: such as. (1) : the implements used in an operation or activity : apparatus sports equipment. (2) : all the fixed assets other than land and buildings of a business enterprise. (3) : the rolling stock of a railway.
Answer:
Debit Cash $2,058; credit Cash Over and Short $8; credit Sales $2,050
Explanation:
The journal entry is shown below:
Cash Dr $2,058
To cash over and short $8
To sales $2,050
(Being the cash sales is recorded)
Here the cash is debited as it increased the assets and sales is credited as it increased the revenue and the difference is credited to the cash over and short
Answer:
marginal product of labor = 5 widgets per hour
Explanation:
In order to maximize profits, the firm must produce the output quantity where marginal revenue = marginal cost. In this case, the marginal revenue is $2, so the marginal cost must also be $2.
If hiring the last widget maker costs $10 per hour, and the marginal cost per widget is $2, then the worker must be able to produce 5 widgets.
Based on the costs incurred by the company such as factory rent, factory utilities, and miscellaneous factory costs, the journal entry would be a debit to <u>Manufacturing Overhead. </u>
<h3>What are factory costs debited to?</h3>
When costs are incurred in a factory or production plant, their classification would depend on whether they were directly related to production or not.
Costs like factory rent, utilities and miscellaneous factory costs, are not directly related and so are classified as Manufacturing overhead which is the account they will be debited to.
Find out more on manufacturing overhead at brainly.com/question/13312583
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