Answer: $1,017,000
Explanation:
In calculating product costs we take the following, Direct materials and direct labor, Other variable manufacturing costs, Depreciation of factory building and manufacturing equipment and Other fixed manufacturing costs.
We add all of those with the result being the Product cost.
Calculating therefore would give us,
= 770,000 + 135,000 + 87,000 + 25,000
= $1,017,000
$1,017,000 is the amount that should be considered product costs for external reporting purposes.
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If a check correctly written and paid by the bank for $749 is incorrectly recorded in the company's books for $794, this error be treated on the bank reconciliation--- Subtract $45 from the book balance.
What is bank reconciliation?
Bank Reconciliation is an important process in accounting in which organizations match their bank statements with the transactions that are recorded in their general ledger. Preparing a bank reconciliation statement helps businesses to eliminate possible errors in transactions or bookkeeping
What is the journal entry for bank reconciliation?
The journal entries for the bank fees would debit Bank Service Charges and credit Cash. The journal entry for a customer's check that was returned due to insufficient funds will debit Accounts Receivable and will credit Cash.
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Answer:
Explanation:
The first statement is Incorrect that Companies using LIFO will report the smallest cost of goods sold. Rest all the three statements that have been provided are correct.
Statement A - Incorrect
Statement B – Correct
Statement C – Correct
Statement D – correct the goods sold. companies using FIFO will report the smallest cost of goods sold.
Answer: Invention
Explanation: An invention is the creative ability of an individual to make something that has not been made before.
It is also a process of creating an item, service or something that has not been seen or used before.
The Engineer at 3M made a new product concept called Post-It notes by applying adhesive glue to small pieces of paper is a new invention.
