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kari74 [83]
3 years ago
10

Larned Corporation recorded the following transactions for the just completed month.

Business
1 answer:
Yanka [14]3 years ago
8 0

Answer with its Explanation:

Part 1: $89,000 in raw materials were purchased on account.

The purchase of raw material inventory on account is treated as increase in raw material inventory and accounts payables. The journal entry would be as under:

Dr Raw Material Inventory $89,000

Cr Accounts Payables              $89,000

Part 2: $87,000 in raw materials were used in production. Of this amount, $76,000 was for direct materials and the remainder was for indirect materials.

The entry would be increase in work in progress by $76,000 & Manufacturing overhead by $11,000 and would decrease the raw material inventory with $87,000.

The journal entry would be as under:

Dr Work In Progress                 $76,000

Dr Manufacturing Overhead    $11,000

Cr Raw Material  Inventory               $87,000

Part 3: Total labor wages of $128,500 were paid in cash. Of this amount, $103,000 was for direct labor and the remainder was for indirect labor.

The direct cost are allocated to the work in progress and indirect costs are allocated to manufacturing overheads.

The journal entry would be as under:

Dr Work In Progress                 $128,500

Dr Manufacturing Overhead    $103,000

Cr Cash Account                                 $231,500

Part 4: Depreciation of $190,000 was incurred on factory equipment.

The depreciation of the factory equipment is an indirect cost and all the indirect costs are charged to manufacturing overhead.

The journal entry would be as under:

Dr Manufacturing Overhead    $190,000

Cr Cash Account                          $190,000

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Enterprise car rental agency differentiates itself from other similar agencies by providing a delivery service. This delivery se
adoni [48]

Answer:

Possession utility

Explanation:

Form utility involves changing raw materials or putting parts together to make them more useful. It deals with marketing or producing things.

Types of utility:

-Place utility. Having a product where customers can buy it.

-Time utility. Having a product available at a certain time.

-Possession utility involves making it easier for a customer to own a product by offering credit terms, loans, etc.

It is created by transfer of physical possession and ownership of a product to a customer.

-Information utility. Is the communication with the consumer.

8 0
3 years ago
[The following information applies to the questions displayed below.]
blsea [12.9K]

Answer:

<em><u>Widmer Watercraft</u></em>

<em><u>Journal Entries</u></em>

Sr No                      Particulars                 Debit                   Credit

a.                      Materials                    $200,000

                     Accounts Payable                                         $ 200,000

Purchased raw materials on credit, $200,000.

b.             Work in Process Job 136        $ 48,000

              Work in Process Job 137            32,000

               Work in Process Job 138           19,200

              Work in Process Job 139           22,400

                Work in Process Job 140           6,400

                                       Materials                                      $  128,000  

Total direct materials 128,000 issued.

           Factory Overhead Control Account  19,500

                                    Materials                                      $  19,500  

Indirect materials 19,500 issued.

c.                  Factory Overhead- Equip       15,000

                                     Cash                                          15000    

Paid $15,000 cash to a computer consultant to reprogram factory equipment.

d.              Work in Process Job 136      $12,000

                Work in Process  Job 137      10,500

                 Work in Process Job 138      37,500

                 Work in Process Job 139      39,000

                Work in Process  Job 140       3,000      

       Factory Overhead Control Account  24,000

                    Wages Control Account                                $ 126,000

Total direct labor 102,000 charged to production, Indirect labor 24,000  Charged to  Factory Overhead.

e.                Work In Process Job 136      $24,000

                  Work in Process Job 138      75,000

                 Work in Process Job 139      78,000

                Applied Overhead                                           255,000

Applied overhead to Jobs 136, 138, and 139 at 200% of Direct Labor Cost.

         Applied Overhead Control Account  $ 255,000

               Factory Overhead Control Account                   $ 255,000

Applied Overhead Closed To Actual Overhead Account.

f.          Finished Goods Control  Account       $ 355,100

                                   Work in Process Job 136                  84000

                                   Work in Process Job 138                 131,700

                                     Work in Process Job 139              139,400

Transferred Jobs 136, 138, and 139 to Finished Goods.

g.                    Cost of Goods Sold          215,700

                      Finished Goods                                      215,700

Sold Jobs 136 and 138 on credit at a total price of $525,000.

                   Accounts Receivable          $525,000                

                                      Sales                                   $525,000

h.       Factory Overhead Control Account $ 149,500

               Provision For Depreciation Account            $68,000

               Prepaid Insurance Expense                           $ 10,000

    Accumulated Depreciation Factory Equip.             36,500

           Property Taxes Payable Account                      35,000

The company incurred the above overhead costs during the month.

i.          Work in Process  Job 136       21,000    

              Work in Process  Job 140       6,000    

               Factory Overhead Control Account              27,000

Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% .        

                 

                     

4 0
3 years ago
What is the concept that people may decide what and when they want to buy and sell called?
Dmitrij [34]

C. Voluntary Exchange

Voluntary exchange means buyers and sellers freely and willingly participating in marketplace transactions.

8 0
3 years ago
Read 2 more answers
Selections, a general partnership, operates a gift shop. Selections has five partners. Tony has a one-third interest in the part
deff fn [24]

With respect to management decisions a majority of the partners must agree, irrespective of the size of each partner's interest in the partnership.

<h3>What is partnership?</h3>

A partnership is an agreement in which two or more parties, known as business partners, agree to work together to advance their mutual interests. Individuals, businesses, interest-based organizations, schools, governments, or combinations can form partnerships.

A partnership is a single business owned by two or more people. Each partner contributes to every aspect of the business, whether it's money, property, labor, or skill. In exchange, each partner shares in the company's profits and losses.

The goal of a partnership agreement (or partnership contract) is to create a legally binding contract between two or more individuals or other legal entities in order to establish a business enterprise. This partnership agreement specifies each partner's or entity's rights and responsibilities.

To know more about partnership follow the link:

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3 0
1 year ago
A study of college graduates involves three variables: income level, job satisfaction, and one-way commute times to work. List s
pickupchik [31]

Answer:

One-way commute times may be long because affordable housing is distant from the job.

A working spouse could affect all three variables.

People might be very satisfied with their career as long as the income is high.

People may have a career following their passion, but have a low income or a long commute.

Explanation:

As we know that the study in college for graduation generally includes the three types of variables i.e. level of the income, job satisfaction and the one way commute

Now there are some ways that may be cofounded such as the one way commute could belong as if the house is far from the job, for the working spouse the above three variables could be impacted, when the income of the people are high they feel very satisfied and they follow their passion but they have the low income or long commute travelled at the same time

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