Answer:
Option C, It is an estimate of tuition fees, room and board, books, supplies and other expenses.
Explanation:
Cost of attendance attendance is the total cos incurred on an individual during an entire academic year by the institute. An institute take into account cost incurred on the following for determining COA-
a) tuition and fees
b) books and supplies
c) College infrastructure cost inclusive of room and board
d) transportation
e) scholarship etc.
Hence, option C is correct
Answer:
d. 829
Explanation:
The computation of the ending inventory using the LIFO method is shown below:
Since there are 300 units in hand which reflects the ending inventory units so
= 150 units ×$2.60 + 150 units $2.925
= $390 + $438.75
= $828.75
i.e d. 829
So 150 units is taken from June and the remaining units i.e 150 units are taken from June 10
Answer: Option B
Explanation: In simple words, convenience goods refers to the commodities that are widely available in the market and can be purchased frequently with minimal efforts. Newspapers and candy bars are some of the many examples of convenience goods.
These goods are consumed or loose their values after one or few uses.
Answer:
Journal Entry to record the transaction
Dr. Work in Process Department I $280,000
Dr. Work in Process Department II $300,000
Dr. Manufacturing Overhead $8,000
Cr. Material Inventory $588,000
Explanation:
The direct material is charged to the work in process account, because it is an direct expense and all the direct expenses are charged to the work in process account like indirect material, indirect labor etc.
The indirect material is charged to manufacturing overhead account because all the indirect expenses are charged to the manufacturing overhead account like indirect material, indirect labor etc.
These inventories are issued from the material inventory, so to deduct the issued value from the material inventory account, the total value of direct and indirect issuance is credited to record the effect.