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xxMikexx [17]
3 years ago
6

During January, its first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $5, 310

on account, factory labor $7, 010 of which $5, 673 relates to factory wages payable and $1, 337 relates to payroll taxes payable, and utilities payable $2, 130. During January, time tickets show that the factory labor of $7, 010 was used as follows: Job 1 $2, 314, Job 2 $1, 733, Job 3 $1, 529, and general factory use $1, 434. Prepare a summary journal entry to record factory labor used. In January, Knox Company requisitions raw materials for production as follows: Job 1 $926, Job 2 $1, 730, Job 3 $777, and general factory use $701.

Business
1 answer:
mariarad [96]3 years ago
7 0

Answer:

See the attached picture for detailed answer.

Explanation:

See the attached picture for explanation.

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FIFO reports higher gross profit and net income than the LIFO method when a.prices are increasing b.prices remain stable c.price
elena-14-01-66 [18.8K]

FIFO reports higher gross profit and net income than the LIFO method when (a)prices are increasing

Explanation:

<u>FIFO (First in, First Out) reports higher gross profit and net income than the LIFO (Last In, First Out) method when prices are increasing. </u>

<u />

The FIFO method refers to an inventory system wherein the first items purchased are thought to be sold first(i.e. First In First Out) while the most recent purchases make up the ending inventory.

On the other hand, the LIFO method is just the opposite. The recent purchase are sold first and the first item purchased makes up the ending inventory(last item that is in is sold first)

6 0
3 years ago
The Food and Drug Administration is targeting salt in processed foods as a health hazard, and some experts believe the agency wi
____ [38]

Answer:

<u>d) objective research</u>

<u>Explanation:</u>

We need to note that mention was made that the research was "<em>Carefully controlled." </em>Been carefully controlled shows that the research has an objective.

Furthermore, measuring the reactions of consumers at different salt levels makes the research factual and thus a decision could be made from the findings.

8 0
3 years ago
The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchases during
bulgar [2K]

Answer:

$9,3

Explanation:

                             COST    RETAIL    RATIO

Inventory, May 1 $10,440        $14,500 .72

Purchases           31,550            42,900

Freight-in          2,000

Purchase discounts

                          (250)

Net markups                                  3,400

Net markdowns                           (1,300)

Totals excluding beginning inventory

                        33,300                45,000   .74

Goods available $43,740          59,500

Sales                                          (46,500)

Inventory, May 31                         $13,000

Estimated inventory, May 31

($13,000 × .72) $ 9,360

3 0
3 years ago
What two skills are important to a phlebotomist<br>​
Lisa [10]

Answer:

5 Qualities of a Phlebotomist

Compassion. A Phlebotomist's primary duty is drawing blood. ...

Detail-oriented. Phlebotomists must draw the correct vials of blood for the tests ordered, track vials of blood, and enter data into a database. ...

Hand–eye coordination. ...

Ability to Multitask. ...

Team Player.

Explanation:

etc

4 0
2 years ago
Read 2 more answers
In 2021, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December
Elena-2011 [213]

Answer:

<u>Retained earnings under the Balance sheet</u>

Explanation:

Making comparisons between the two inventory value when using FIFO or Average cost method=

63.0M - 47.1M = $15.9M

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Thus, this increase in income has been unprecedented, and may not have been distributed to the shareholders of Adonis Industries. On the balance sheet journal entry this extra income would be indicted on the balance sheet on the retained earnings column for year 2021.

7 0
3 years ago
Read 2 more answers
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