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eduard
3 years ago
8

Rebel Sound Inc. produced 30,000 audio devices last month. Rebel started the month with $10,000 worth of inventory in Finished G

oods. The company incurred $15,000 of various utility and rent charges on their factory, paid $50,000 for raw materials to use in production, and paid employees $60,000 in wages. During the month, inventory costing $120,000 was completed and transferred to the Finished Goods Inventory. At the end of the month, Rebel had $5,000 of Inventory in Finished Goods, $6,000 in Materials Inventory, and $24,000 still in Work in Process.
Required:
What was Rebel Sound Inc Cost of Goods Manufactured for the month?
Business
1 answer:
Arada [10]3 years ago
7 0

Answer:

$120,000

Explanation:

Step 1 Prepare a Cost of Manufacturing Schedule

Materials ($50000-$6,000)                              $44,000

Various utility and rent charges on factory       $15,000

Salaries and Wages                                           $60,000

Other Costs(Balancing figure)                           $35,000

Less Work in Process                                       ($24,000)

Cost of Goods Manufactured                           $120,000

Step 2 Prepare a cost of Goods Sold Schedule

Opening  inventory in Finished Goods             $10,000

Add Cost of Goods Manufactured                  $120,000

Less Closing  inventory in Finished Goods      ($5,000)

Cost of Goods Sold                                          $125,000

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5 0
3 years ago
Which kind of feasibility is concerned with whether the organization has the skills needed to properly apply a given technology
tino4ka555 [31]

Answer: technical feasibility

Explanation:

Technical feasibility shows how s company or an organization will deliver the goods and service to the customers. Technical feasibility is vital as companies will be able to know whether the technical resources that the company possesses will meet its capacity.

It should also be noted that technical feasibility is concerned with whether the organization has the skills needed to properly apply a given technology.

7 0
3 years ago
6. Assuming the partial billing was approved for payment and the expenditure and liability (contracts payable) was recorded for
jenyasd209 [6]

Answer:

Option A, Credit to Cash, $560,000

Explanation:

As per the data given in the question,

Expenditure and liability = $700,000

Retaining percentage = 20%

Assuming the partial billing was certified for expenses and payments and liability was approved for amount $70,000. Though, Oxford has a policy not to pay 100 percent, but to retain  20 percent as a retained percentage.  

So, $700,000 - $700,000 × 20%

= $700,000 - $140,000

= $560,000

Therefore, The entry to record the approved payment and retained percentage would include:  

Option A, Credit to Cash, $560,000

8 0
3 years ago
The following information is available on a depreciable asset owned by Mutual Savings Bank:
BARSIC [14]

Answer:

$4366.67

Explanation:

Given: Asset book value on july 1, year 3= $57800

          Salvage value= $5400

          Useful life left= 6 years.

Now, computing the depreciation expense under straight line method.

Formula; Depreciation= \frac{Asset\ book\ value - salvage\ value}{useful\ life}

Useful life in months= 6\times 12= 72\ months

Next, Depreciation expense= \frac{57800-5400}{72} = \$ 727.77

∴ Monthly depreciation expense= $ 727.77

Depreciation expense for last six months of year 3= 727.77 \times 6= \$ 4366.67

∴ Depreciation expense for last six month of year 3 is $4366.67.

3 0
3 years ago
GDP calculated via factor payments includes: a consumption, investment, and government. b wages, interest payments, rent, and pr
erica [24]

Answer:

b wages, interest payments, rent, and profits

Explanation:

The GDP refers to the Gross domestic product which reflects the finalized market value of the goods and services that are to be produced within the country

Plus According to the factor payments, the GDP are to be calculated based on wages, interest payments, rents, and profits and the same is to be considered while calculating the GDP

8 0
3 years ago
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