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Dmitriy789 [7]
3 years ago
11

Robinson Manufacturing found the following information in its accounting records: $523,000 of direct materials used, $215,000 of

direct labor, and $774,500 of manufacturing overhead. The Work in Process Inventory account had a beginning balance of $78,000 and an ending balance of $84,000. Compute the company’s Cost of Goods Manufactured.
Business
1 answer:
cupoosta [38]3 years ago
3 0

Answer:

Company’s Cost of Goods Manufactured = $1,506,500

Explanation:

Use following formula to calculate cost of goods manufactured

Cost of Goods Manufacture = Direct Material cost + Direct labor cost + Manufacturing overhead + Work in process beginning balance - Work in process Ending balance

Cost of Goods Manufacture = $523,000 + $215,000 + $774,500 + $78,000 - $84,000

Cost of Goods Manufacture = $1,506,500

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Concord Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at
Alika [10]

Answer:

Explanation:

The journal entry is shown below:

Unrealized holding gain or loss A/c Dr $45,500

        To Estimated liability on purchase commitments A/c $45,500

(Being the unrealized gain or loss is recorded)

The computation of the unrealized gain or loss is shown below:

= Purchase price of raw material - market value

= $1,024,100 -  $978,600

= $45,500

5 0
3 years ago
1. At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $
sesenic [268]

Answer:

1.

d. $19610 debit

Option D is the correct answer.

2.

Cash                         1480 Debit

    Service Revenue      1480 Credit

Explanation:

1.

The balance in the accounts receivable account can be calculated as follows,

Closing Balance = Opening balance  +  Credit sales  -  Cash Received from Accounts Receivable

Closing Balance of Accounts receivable at 31 December 2022 will be,

Closing Balance = 12770 +  34200 - 27360

Closing Balance = $19610 debit

The balance is debit because accounts receivables is an asset and the normal balance for asset account is debit.

2.

The entry to record the transaction is made in the answer part.

6 0
3 years ago
Hubbard Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-
Ghella [55]

Answer:

Instructios are listed below.

Explanation:

Giving the following information:

Hubbard Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 2,100 tenant-days, but its actual level of activity was 2,060 tenant-days.

Wages and salaries:

Fixed= $ 2,300

Variable=  $ 7.20

Estimated Wages and Salaries= 2,300 + 7.2*2,100= $17,420

3 0
3 years ago
A candy store sells boxes of candy containing caramels and cremes. Each box sells for $12.50 and hold 30 pieces of candy (all pi
evablogger [386]

Answer:

Number of caramels = 20

number cremes = 30 - 20 = 10

Explanation:

Data provided in the question:

Selling cost of each box = $12.50

Number of pieces of candies held in a box = 30

Cost of producing caramel = $0.25

Cost of producing cremes = $0.45

Now,

let the number of caramels be 'x'

Thus,

Number of cremes = 30 - x

Profit = Selling price - Cost

3 = $12.50 - [ 0.25x + 0.45(30 - x) ]

or

[ 0.25x + 0.45(30 - x) ] = 12.50 - 3

or

0.25x + 13.5 - 0.45x = 9.50

or

-0.20x = 9.50 - 13.5

or

-0.20x = - 4

or

x = 20

Hence,

Number of caramels = 20

number cremes = 30 - 20 = 10

6 0
3 years ago
A structure was built five years ago. Because of exceptional upkeep, the appraiser estimates the structure's condition today to
frosja888 [35]

Based on the useful life and the appraised age of the house, the effective age is <u>3 years.</u>

<h3>What is the effective age?</h3>
  • It is the age of a structure based on its physical condition and upkeep.
  • It is found by subtracting the remaining economic life from the economic life of the structure.

As a result of the physical condition and upkeep of the property, the appraiser estimates it to be equivalent to a 3 year old home. This is therefore the effective age.

Find out more on appraisals at brainly.com/question/15032807.

6 0
2 years ago
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