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3 years ago

Miami Corp. obtained the following information from its accounting records:

Business

1 answer:

Alex Ar [27]3 years ago

4 0

Answer:

cost of goods manufactured= $5,000

Explanation:

Giving the following information:

Beginning Finished Goods Inventory= 12,000

Ending Finished Goods Inventory= 8,000

Cost of Goods Sold= $9,000

To calculate the cost of goods manufactured, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

Isolating cost of goods manufactured

cost of goods manufactured= -beginning finished inventory + COGS + ending finished inventory

cost of goods manufactured= -12,000 + 9,000 + 8,000

cost of goods manufactured= $5,000

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Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 23,000 Oct. 31 Goods finished X 31 Di

Anna11 [10]

Answer:

b.$220,800

Explanation:

Calculation to determine what was the amount of factory overhead applied in October

Finished goods during October $ 329,500

Add: Balance of work in progress on October 31 $203,500

Less: Balance of work in progress on October 1 (23,000)

Less: Direct Materials $(94,300)

Less: Direct Labor ($194,900)

Factory Overhead applied in October $$220,800

Therefore the amount of factory overhead applied in October is $220,800

5 0

3 years ago

Suppose that GDP is $50 million in 2015 but falls to $48 million in 2016, and that no changes in personal consumption expenditur

Minchanka [31]

<u>Solution and Explanation:</u>

GDP is calculated as follows:

Y = C + G + I + NX

where

C = Consumption

G = Government Expenditure

I = Investment

NX = Net Exports

It is mentioned that in 2015, GDP was 50 million and in 2016, it was 48 million without any change in the factors except NX. It means the net exports that is the difference between export and the import of the country has changed and it has fallen by 2 million.

8 0

3 years ago

Hokey Min's Kleen Karpet cleaned 75 rugs in October, consuming the following resources: Labor: Solvent Machine Rental: 520 hours

mezya [45]

Answer:

0.0075 rugs per dollar

Explanation:

(b)

Total labor cost:

= 520 hours × $15 per hour

= $7,800

Total solvent cost:

= 100 gallons × $5 per gallon

= $500

Total machine rental cost:

= 22 days × $75 per day

= $1,650

Multi-factor productivity:

= Number of rugs ÷ (Total labor cost + Total solvent cost + Total machine rental cost)

= 75 ÷ ($7,800 + $500 + $1,650)

= 75 ÷ $9,950

= 0.0075 rugs per dollar

8 0

3 years ago

The acid-test ratio Group of answer choices is a quick calculation of an approximation of the current ratio. does not include al

gayaneshka [121]

Answer:

does not include inventory as part of the numerator

Explanation:

The acid test ratio is somewhat similar to the current ratio. Both ratios are called liquidity ratio in which the short term assets are converted into cash to pay its short term liabilities. But the only difference in these two is

Current ratio includes current assets and current liabilities

While on the other hand, the acid test ratio or quick ratio include quick asset and current liabilities

Quick asset = Total Current assets - inventory - all other current assets

As inventory takes more time to convert into cash

3 0

3 years ago

The auditors principal objective when using a sample of tests of details of balances is whether the: A. account balance being au

ioda

Answer:

A. account balance being audited is fairly stated.

Explanation:

The auditors principal objective when using a sample of tests of details of balances is to know whether the account balance being audited is fairly stated.

To select a sample size for substantive tests of balances, the auditor should consider a decrease in the tolerable misstatements in order to have a larger sample.

8 0

4 years ago

Read 2 more answers