Answer:
Beginning Raw material Inventory = Direct materials used - Raw Materials purchases + Ending raw materials inventory
= 188,420 - 159,120 + 22,610
= $51,910
Total cost of work in process = Cost of goods manufactured + Work in process (12/31)
= 544,240 + 83,230
= $627,470
Total Manufacturing costs = Total cost of work in process - Work in process (1/1)
= 627,470 - 220,940
= $406,530
Direct labor = Total Manufacturing costs - Total overhead - Direct materials used
= 406,530 - 139,320 - 188,420
= $78,790
The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.
<h3>
What journal entries?</h3>
- A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
- An accounting journal, which shows a company's debit and credit balances, records transactions.
- The journal entry can be made up of multiple records, each of which is either a debit or a credit.
- Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.
So, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of cash invested, and the fair market value.
30,000 + 60,000 = $90,000
Therefore, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.
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The complete question:
T. Dole invests cash and land into an existing partnership. The cash invested is $30,000 and the land has a fair market value of $60,000. The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $ ______.
The most likely answer is option 3
Explanation:
The journal entries are shown below:
1. Building A/c Dr $176
Equipment A/c Dr $270
To Cash A/c $408
To Note payable A/c $38
(Being the building and the equipment is purchased for cash and note payable)
2. Cash A/c Dr $345
To Common stock $240 (120 shares × $2)
To Additional paid in capital A/c - Common stock A/c $105
(Being the common stock is issued for cash)
3. Retained earnings A/c Dr $145
To Dividend payable A/c $145
(Being the dividend is declared)
4. Short - term investment A/c Dr $7,616
To Cash A/c $7,616
(Being the short term investment is purchased for cash)
5. No journal entry is required
6. Cash A/c Dr $4,413
To Short - term investment A/c $4,413
(Being the short-term investment is purchased)
The break even point in composite units is 5000 units.
Break even point
The Break-even point is calculated by dividing the fixed cost by the contribution margin per unit.
For this sales mix, the contribution margin per unit is the aggregate of each contribution margin. Contribution margin is calculated by subtracting variable cost from the selling price
Contribution margin for A is $20- $12 = $8 x 3 units
Contribution margin for B is $ 30 - $18 = $12 x 2 units
Contribution margin for C is $40 -$24= $16 x 1 unit
Total contribution margin per unit will be
(8 x 3) x (12 x 2 ) x( $16 x 1)= $64
Break-even point = $320,000 /64
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