You wish to retire in 20 years, at which time you want to have accumulated enough money to receive an annual annuity of $24,000
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The Schedule of cost of goods manufactured for the year of Visic corporation is shown below.
Visic Corporation
Schedule of Cost of Goods Manufactured
Particulars Amount (in $)
Direct materials:
Raw materials inventory, beginning ..................... 20,000
Add: Purchases of raw materials..........................480,000
Raw materials available for use ...........................500,000
Deduct: Raw materials inventory, ending ..............30,000
Raw materials used in production........................ 470,000
Direct labor..............................................................90,000
Manufacturing overhead ........................................300,000
Total manufacturing costs.......................................860,000
Add: Work in process inventory, beginning..............50,000
910,000
Deduct: Work in process inventory, ending..............40,000
Cost of goods manufactured ..................................870,000
Hence, the schedule of cost of goods manufactured will be as shown above.
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Answer:
Please see below
Explanation:
a. A 5% stock dividend is declared and distributed when the market per share was $39.
Common stock par value($10) 500,000
Retained earning = 50,000 × 5% × 39
= $97,500
Common stock dividend distributed
50,000 × 5% × $10
= $25,000
See attached further explanations.
