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4 years ago

When the goods are sold, their costs are transferred from work in process to finished goods.

Business

1 answer:

lara31 [8.8K]4 years ago

5 0

The statement is false. When goods are sold, their cost are transferred from finished goods to sold items.

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Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams

KATRIN_1 [288]

Answer:

Explanation:

The journal entries are shown below:

1. Loss on Investment A/c Dr $1,800 (1,200 shares × $31 - $39,600)

To GE shares investment A/c $1,800

(Being the adjustment is recorded)

2. Retained earnings A/c Dr $37,200 (1,200 shares × $31)

To Property Dividends Payable $37,200

(Being the entry is made on declaration date)

3. Property Dividends Payable A/c $37,200

To GE shares investment A/c $37,200

(Being the entry is made on payment date)

4 0

3 years ago

Suppose that Italy and Sweden both produce beer and olives. Italy's opportunity cost of producing a crate of olives is 5 barrels

qaws [65]

B and C because blahblahblahblah

4 0

2 years ago

Normand Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the

QveST [7]

Answer:

total equivalent units for materials = 6,310

Explanation:

700 units in beginning work in process:

materials: 70% complete, $8,700, completed 490 equivalent units, not completed 210 units
conversion: 10% complete, $3,700

units started in to production 6,400

units transferred out 5,600

ending work in process 1,500

materials: 80% complete, completed 1,200 equivalent units for materials
conversion: 25% complete

materials added $92,200

conversion costs added $269,600

equivalent units for materials:

beginning WIP equivalent units to be completed = 210
units started and completed = 5,600 - 700 = 4,900
ending WIP = 1,200 equivalent units
total equivalent units for materials = 6,310

4 0

4 years ago

Tucker's Trucking is considering a project with a discounted payback period just equal to the project's life. The projections in

attashe74 [19]

Answer:

Total units will be 8845 units

So option (E) will be the correct option

Explanation:

We have given fixed cost = $81000

Operating cash flow = $16300

Let there are x units

We know that operating cash flow = Revenue - cost

So $$16300=27\times x-16\times x-81000$

$11x=97300$

x = 8845 units

So option (E) will be the correct option

6 0

3 years ago

The definition of a normal good suggests that the rev: 05_14_2018 Multiple Choice income elasticity of demand for the good is ne

galben [10]

Answer:

income elasticity of demand for the good is greater than 0.

Explanation:

A product (goods) can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.

The demand for goods is said to be elastic, when the quantity of goods demanded by consumers with respect to change in price is very large. Thus, the more easily a consumer can switch to a substitute product in relation to change in price, the greater the elasticity of demand.

Generally, consumers would like to be buy a product as its price falls or become inexpensive.

An income elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in the income of a consumer (consumer income), all things being equal.

Generally, when the income elasticity of demand for a product is greater than zero (0); this is a normal good or product.

Hence, the definition of a normal good suggests that the income elasticity of demand for the good is greater than 0.

This ultimately implies that, the demand for the good or product rises (increases) as the income of the consumer rises.

8 0

3 years ago