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nadya68 [22]
3 years ago
5

Use a tabular summary to record the following transactions for Oriole Company using a perpetual inventory system. (a) On March 2

, Oriole Company sold $878,600 of merchandise to Ivanhoe Company on account. The cost of the merchandise sold was $562,200. (b) On March 6, Ivanhoe Company returned $118,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,000. (c) On March 12, Oriole Company received the balance due from Ivanhoe Company.
Business
1 answer:
telo118 [61]3 years ago
8 0

Answer:

merchandise inventory

March 2:          -562,200

<u>March 6:              61,000</u>

                        -501,200

accounts receivable

March 2:          878,600

March 6:          -118,800

<u>March 12:        -759,800</u>

                                    0

sales revenue

March 2:           878,600

<u>March 6:           -118,800</u>

                         759,800

<u />

COGS

March 2:           562,200

<u>March 6:              61,000</u>

                          501,200

<u />

cash                      

<u>March 12:          759,800</u>                

                         759,800

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Answer: Commodity

Explanation: I believe this is the answer because Commodity money actually presents value because it can be valuable in different ways such as gold and silver.

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Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When re
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Answer:

$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.

Explanation:

If we assume that Maxie's Game World uses a perpetual inventory system, the appropriate journal entries should be:

Date XXX, merchandise sold on credit to client YYY, terms 1/10, n/30

Dr Accounts receivable 2,600

    Cr Sales revenue 2,600

Dr Cost of goods sold 1,700

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You are planning a trip to the United Kingdom and expect that you will spend 2,200 pounds. How much will your spending be in U.S
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Answer: $3,026.55

Explanation:

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It will be;

= 2,200/0.7269

= $3,026.55

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2 years ago
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Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process
Whitepunk [10]

Answer:

Cairle Company

1. The predetermined overhead rate based on direct labor cost is:

= 75% of direct labor cost.

2. August 31 Ending Balances:

Job 70 $7,475  

Job 71 $7,960

Job 72 $9,825

Job 73 $8,150  

Job 74 $1,350

Job 75 $2,065

Job 76 $384

3. Ending balance of Work in Process, August 31:

= $9,694

4. The cost of goods sold for August = $11,890

5. Sales revenue for August = $14,268

Explanation:

a) Data and Calculations:

Work in process inventory on August 1:

                               Job 70  Job 71  Job 72  Job 73  Job 74  Job 75  Job 76

Direct materials     $1,600  $2,000     $850

Direct labor              1,900     1,300       900

Applied overhead    1,425       975       675

Direct materials       $800   $1,235 $3,550 $5,000   $300     $560     $80

Direct labor              1,000     1,400   2,200     1,800     600       860      172

Applied overhead      750     1,050    1,650     1,350     450       645      129

Total costs            $7,475  $7,960 $9,825   $8,150 $1,350 $2,065   $384

Work in Process:

Job 71 $7,960

Job 74   1,350

Job 76     384

Total  $9,694

Cost of goods sold:

Job 72 $9,825

Job 75 $2,065

Total    $11,890

Sales revenue = $14,268 ($11,890 * 1.20)

4 0
2 years ago
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