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Veseljchak [2.6K]
3 years ago
9

During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. The

se raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a: a. debit to Raw Materials of $74,000. b. debit to Work in Process of $68,000. c. credit to Manufacturing Overhead of $6,000. d. debit to Work in Process of $74,000.
Business
1 answer:
Alexandra [31]3 years ago
8 0

Answer:

b. debit to Work in Process of $68,000

Explanation:

The journal entry is as follows:

Work in process A/c Dr $68,000

Factory overhead A/c Dr $6,000

     To Raw material A/c $74,000

(Being the requisition from the storeroom is recorded)

Since it is already given that raw material i.e $74,000 requisitioned from the storeroom and the indirect material totaled is $6,000 so the remaining balance transferred to the work in process account i.e $68,000

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On March 1, 2018, Mandy Services issued a 9% long-term notes payable for $15,000. It is payable over a 3 - year term in $5,000 p
babymother [125]

Answer:

Correct option is (B)

Explanation:

Given:

Principal amount = $15,000

Interest rate = 9% or 0.09

Maturity = 3 years

Every year Mandy Services make payment of $5,000 of principal amount and interest accrued in the previous year. In 2019, Interest accrued for 2018 would be:

Interest = Principal × rate × time

             = 15,000 × 0.09 × 1

             = $1,350

Total payment made by Mandy in 2019 = 5,000 + 1,350

                                                                     = $6,350

7 0
3 years ago
The given statements are about monopolistic competition. Indicate whether each statement is true or false. A monopolistically co
Nuetrik [128]

Answer:

1. A monopolistically competitive firm may be able to distinguish itself from other firms by adjusting the physical attributes of its product, by offering a distinctive level of service, or by selecting a convenient location.- True

2.Product differentiation enables a monopolistically competitive firm to have some control over the price of its product- True

3.In the long run each monopolistically competitive firm produces a level of output that results in allocative efficiency.- False

4. In the long run each monopolistically competitive firm produces a level of output that results in productive efficiency- False

5.To maintain a competitive edge and earn economic profits, a monopolistically competitive firm has an incentive to improve its product. -True

6. Compared with purely competitive markets, under monoplistic competition consumers with a diversity of tastes can benefit from the opportunity to choose from a greater range of products and services. -True

7.In order to maximize its profits, each monopolistically competitive firm must determine the price of its product, how to differentiate its product, and how much it will spend on advertising.True

Explanation:

3 0
3 years ago
Internal-operational communication is defined as:
yawa3891 [41]

Answer:

The correct answer is B

Explanation:

Internal operational communication is the one which occurs or happen for carrying out the operations of the firm or the company. Internal members of the company like the members of trade union, workers, the Board of directors and managers.

This form of the communication in the company, is written and the oral form.

Therefore, it is defined as the communication which helps in sustaining or making the relationship upon which the business or the company grounded and it is more vital than ever.

8 0
3 years ago
A worker gets a raise of $120 per month and quickly decides to spend $90 of the money on necessities and the occasional luxury,
mote1985 [20]

Answer:

The marginal propensity to consume (MPC) is 0,75.

Explanation:

This value is gotten by dividing the $90 of consumption by total raise ($120). MPC is a ratio that calculates the tendency of people to consume per every unit of money (in this case, dollars). In aggregate levels, it is important to understand the effects of investment and consumption in the whole economy

8 0
4 years ago
Consider the following information for three stocks, A, B, and C that can be put into portfolios with the following allocations.
astraxan [27]

Answer:

Therefore, the Beta of Portfolio AC is 1.10

Explanation:

In order to calculate the Beta of Portfolio AC we would have to make the following calculation of the following formula according to the given data:

beta of Portfolio AC is given as=80%*1.0+20%*1.5

beta of Portfolio AC is given as=0.8+0.3

beta of  Portfolio AC is given as=1.10

Therefore, the Beta of Portfolio AC is 1.10

4 0
3 years ago
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