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dybincka [34]
3 years ago
12

Cost of Goods Sold Pine Creek Company completed 200,000 units during the year at a cost of $3,000,000. The beginning finished go

ods inventory was 25,000 units at $310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow. $
Business
1 answer:
Tatiana [17]3 years ago
3 0

Answer:

$3,085,000

Explanation:

FIFO means first in first out. It means it is the first purchased inventory that is the first to be sold.

The costs of goods sold would first be allocated to the beginning inventory = $310,000

The remaining cost of goods sold Je allocated to the inventory made during the year = 210,000 - 25,000 = 185,000

185,000 × ( $3,000,000 / $200,000) = $2,775,000

Total cost of goods sold = $2,775,000 + $310,000 = $3,085,000

I hope my answer helps you

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Wilmington, Inc. brands touch the lives of people around the world in 180 countries and territories. The P&G community consi
Contact [7]

Answer:

The Journal entries are as follows:

(i) On October 1, 2014

Retained Earnings A/c  Dr. $7,350,000,000

To Dividend Payable                                        $7,350,000,000

(To record declaration of dividend on outstanding shares)

Workings:

Dividend Payable = Outstanding shares × Dividend per share

                              = 3 billion × $2.45

                              = $7.35 billion

(ii) On October 15, 2014

No Entry

(iii) On October 20, 2014

Dividend Payable A/c  Dr. $7,350,000,000

To cash                                                             $7,350,000,000

(To record payment of dividend)

6 0
3 years ago
Kong Inc. reported net income of $298,000 during 2018 and paid dividends of $26,000 on common stock. It also has 10,000 shares o
julsineya [31]

Answer:

17%

Explanation:

The actual return which stockholder receives on the average common equity is return on common stockholder's equity.

Return on Common Stockholder Equity = (Net Income - Preferred dividend) / Average common stockholders equity

Return on Common Stockholder Equity = ($298,000 - (10,000 x $100 x 6%) / ( ( $1,200,000 + $1,600,000 ) / 2 )

Return on Common Stockholder Equity = ($298,000 - $60,000) / $1,400,000

Return on Common Stockholder Equity = 0.17 = 17%

3 0
3 years ago
Wood Incorporated factored $165,600 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram assesses
ruslelena [56]

Answer:

The journal entries are shown below:

Explanation:

Cash $149,040

Due from factor $11,592   ($165,600 × 3%)

Loss on sale of receivables $4,968    ($165,600 × 3%)

        To Account receivable    $165,600

(Being the factoring of account receivable is recorded)

Account receivable    $165,600

       To Due from factor $11,592   ($165,600 × 3%)

        To Cash $149,040

       To Gain on sale of receivables $4,968    ($165,600 × 3%)

(Being the factoring of account receivable is recorded)

Only these entries are passed

5 0
3 years ago
__________ is the manufacturing strategy that has the shortest / fastest lead time (i.e., the manufacturing strategy that will p
borishaifa [10]

Answer:

The answer that you need is: MTS

5 0
3 years ago
A company purchases 12,000 pounds of materials. The materials price variance is $6,000 favorable. What is the difference between
Sonbull [250]

Answer:

The difference between the standard and actual price paid for the materials is $0.5.

Explanation:

Given Data:

Actual Quantity = 12,000 Pounds

Material Price Variance = $6,000

We know the formula for Material Price Variance is:

Materials Price Variance = <em>(Actual quantity × Actual price)</em> – <em>(Actual quantity × Standard price) ----- (1)</em>

For convenience, suppose:

Actual  Price = AP    &  Standard Price = SP

Rearranging the equation (1) and substituting the Actual and standard price with AP and SP we get,

Material Price Variance = (Actual Quantity x AP) – (Actual Quantity x SP)

Taking Actual Quantity as common on the left hand side of equation we get:

Material Price Variance= Actual Quantity (AP – SP) ---- (2)

Putting the values of Material Variance and Actual Quantity in equation (2), we get:

$6000=12,000 (AP – SP)

Rearranging the equation we get,

AP – SP = $6000/12,000

Finally, AP – SP = $0.5

Conclusion:

The difference between the standard and actual price paid for the materials is $0.5.

7 0
3 years ago
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