Answer:
C) Cost of ending work in process inventory Cost of units transferred out
Explanation:
The cost reconciliation wil lbe as follows:
Total to account for:
Beginning work in process inventory 2
Cost added during the period 8
10
Cost accounted for as follows:
Cost of units transferred out 7
Cost of ending work in process inventory 3
10
Which makes statement C correct.
Answer:
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Answer:
$1,600
Explanation:
Best deals incorporation has a total of 10 units in the ending merchandise inventory on December 31
The units were bought in the month of November at a price of $160 for each unit
The replacement cost of the item is $162
Inventory is always recorded when the cost is low
Therefore, the amount that is to be reported as the merchandise inventory can be calculated as follows
=10 units × $160
= $1,600
Hence the amount reported as the merchandise inventory on the balance sheet is $1,600