You buy a house for $299,000.

Which of the following types of accounts do NOT require an adjusting entry?

trasher [3.6K]

I think it is d. none are correct

6 0

4 years ago

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $165 $6,600 Aug. 13 Purcha

Volgvan

Answer:

a. FIFO - Inventory Used: $39900 Remaining Inventory: $14700

b. LIFO - Inventory Used: $41700 Remaining Inventory: $12900

c. Weighted Average Cost - Inventory Used: $40950 Remaining Inventory: $13650

Explanation:

Jan 01. Beginning inventory = 40 x $165 = $6600

Aug 13. Purchases 200 x $180 = $36000

Nov 30. Purchases 60 x $200 = $12000

Ending inventory = 75 units

Inventory Used = 300 – 75 = 225

(a) First-In-First-Out (FIFO)

This is the method where the inventory first received is the one that is used first. Common method when the inventory is perishable and would be wasted if left too long.

Inventory Used:

40 x $165 = $6600

185 x $180 = $33300

Total = $39900

Remaining Inventory:

15 x $180 = $2700

60 x $200 = $12000

Total = $14700

(b) Last-In-First-Out

Method whereby the inventory received latest is used first. Common in goods that are bulky. the inventory on top (latest purchased) is used first.

Inventory Used:

60 x $200 = $12000

165 x $180 = $29700

Total = $41700

Remaining Inventory:

40 x $165 = $6600

35 x $180 = $6300

Total = $12900

(c) Weighted Average Cost

This is whereby you divide the cost of goods sold by the number of units available for sale.

54,600 / 300 = $182

Inventory Used: 225 x $182 = $40950

Remaining inventory = 75 x $182 = $13650

3 0

4 years ago

Estrada Corporation produced 300,000 watches that it sold for $35 each. The company determined that fixed manufacturing cost per

Advocard [28]

Answer:

Variable cost per unit = $12

The total variable cost = $3,600,000

The total contribution margin = $6,900,000

Explanation:

Number of units produced = 300,000

Selling cost = $35

Revenue = 300,000 × $35

= $10,500,000

Fixed cost = $14 per unit

Total fixed cost = 300,000 × $14

= $4,200,000

Gross margin = $2,700,000

Gross margin is the difference between the Revenue earned and the total cost.

Total cost = $10,500,000 - $2,700,000

= $7,800,000

Total cost = Total Fixed cost + Total variable cost

Total variable cost = $7,800,000 - $4,200,000

= $3,600,000

Variable cost per unit is the ratio of the total variable cost to the number of units produced.

Variable cost per unit = $3,600,000/300000

= $12

Total contribution margin is the difference between the total revenue and the total variable cost.

Total contribution margin = Total revenue - Total variable cost

= $10,500,000 - $3,600,000

= $6,900,000

4 0

3 years ago

How much do voice actors get paid per episode?

katovenus [111]

It really depends as to what they do and how long they do it for I would say it ranges person to person

4 0

4 years ago

Computing and analyzing acid-test and current ratios

uysha [10]

Answer:

Current ratio- 2.03 2.33 1.73 and Acid-test ratio- 0.98 0.43 0.60

Explanation:

Attach is the table of given cases

Acid test ratio= $\frac{cash+Short\ term\ investments+ Current\ receivables }{Current\ liabilities}$

Now, solving for acid test ratio.

Case x

⇒ Acid test ratio= $\frac{1800+0+150}{2000}$

⇒ Acid test ratio= $\frac{1950}{2000}$

∴ Acid test ratio= $0.975 \approx 0.98$

Case y

⇒ Acid test ratio= $\frac{120+0+400}{1210}$

⇒ Acid test ratio= $\frac{520}{1210}$

∴ Acid test ratio= $0.429 \approx 0.43$

Case Z

⇒ Acid test ratio= $\frac{1000+400+400}{3000}$

⇒ Acid test ratio= $\frac{1800}{3000}$

∴ Acid test ratio= $0.60$

Next solving for current ratio.

We know, current ratio= $\frac{Current\ assets}{Current\ liability}$

Case x

⇒ current ratio= $\frac{4050}{2000}$

∴ current ratio= $2.025 \approx 2.03$

Case y

⇒ current ratio= $\frac{2820}{1210}$

∴ current ratio= $2.33$

Case Z

⇒ current ratio= $\frac{5200}{3000}$

∴ current ratio= $1.73$

Hence, Current ratio- 2.03 2.33 1.73 and Acid-test ratio- 0.98 0.43 0.60

7 0

3 years ago