Answer:
A. 3200 ; 900
Explanation:
First, the multiple Choices for the question
A. 3200 ; 900
B. 2900 ; 1200
C. 1200 ; 2900
D. 1700 ; 1200
E. 4100 ; 0
SOLUTION
This is a job order costing question and Job order costing represents a cost accounting method where for each job, the cost is accumulated such that the cost for the job, work order and the project are separately accumulated.
1) The question is to determine the Cost of Goods sold for May
The formula = Cost of Job 134 + Cost of Job 135
= The cost of Job 134 = $1,700
The cost of Job 135 = Balance Ma y 1 + May Production Costs = $1,200 + $300
= $1500
= $1,700 + $1,500 = $3,200 - Cost of Goods sold for May
2) The WIP Inventory cost on 31st May
This is simply asking for the cost of Job 136, this is because Jobs 134 and 135 were completed during the month and Shipped to the Customer that same month
Hence the Work in Progress Inventory Cost on 31st May = $900
Answer and Explanation:
1. Journal Entries
July 15 Accounts Receivable $66,000
Sale Revenue $66,000
July 23 Cash $64,680
Sales discount 1320
Accounts Receivable 66,000
2. Journal Entries
July 15 Accounts Receivable $66,000
Sale Revenue $66,000
August 15 Cash $66,000
Accounts Receivable 66,000
I would say $7.00 per hour lol
Answer:
The correct answer is B. The adoption of a new cost driver for overhead application.
Explanation:
This option is chosen because it is not directly related to organizational capital, or the production of goods or the provision of services. Otherwise it happens with options A and C, which does merit an analysis of the capital budget.
Option B is only taken into account in the analysis of the sales budget or production costs.
Answer:
Following are the journal entries recorded for the payroll of current time period;
Debt: Salary Expense = $50,000
Credit: Tax Payable by Medicare = $750
Credit: Deduction Payable For Employee Saving = $2,550
Credit: Income Tax payable for Federal Employees = $9,000
Credit: Tax payable for Social Security = $3,000
Credit: Salaries payable to Employees = $34,700
