Answer:
Debit, retained earning for $35000
Credit, common stock for $35000
Explanation:
The journal entry will include debits and credits of the retained earnings and the common stock as well.
The retained earning can be derived by
issued shares = 350,000
share par value = $2
issued stock dividend = 5%
Retained earning = 5 x ($2 x 350,000)
100
= 0.05 x $700,000
= $35,000
Also, common stock equals $35,000.
These values are entered as Debit and Credit respectively.
Cheers
Answer: 1. $110000.
2. $120000
Explanation:
First, we calculate the sold units which will be:
= Opening inventory + Purchase - Ending inventory
= 10000 + 30000 - 20000.
= 20000
Then, the cost of stock per unit will be:
= $115000/20000
= $5.75
The total cost of the total stock available will be:
= 40000 × $5.75
= $230,000
Cost of purchase stock will be:
= Total cost of stock - Cost of beginning inventory
= $230000 - $50000
= $180000
Then, cos per unit of purchased stock will be:
= $180000 / 30000
= $6
1 Determine the cost of goods sold for 2021 using the FIFO method.
Cost from begining inventory = 10000 × 5 = 50000
Add: Cost from purchase inventory = 10000 × 6 = 60000
Cost of goods sold under FIFO = 110000
2. Determine the cost of goods sold for 2021 using the LIFO method.
This will be:
= 20000 × 6
= 120000
In recent years, the courts have taken to mean robinson-patman act such that price discrimination is illegal if it decreases rivalry but which also controlled language that could be understood as creating illegal all price discrimination not centered on alterations in cost.
Answer:
Variable overhead efficiency variance= $46 favorable
Explanation:
Giving the following information:
Variable manufacturing overhead 0.30 hours $2.30 per hour
$46 Actual output 8,000 units Actual direct labor-hours 2,380 hours
<u>To calculate the variable overhead efficiency variance, we need to use the following formula:</u>
Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate
Standard quantity= 0.3*8,000= 2,400 hours
Variable overhead efficiency variance= (2,400 - 2,380)*2.3
Variable overhead efficiency variance= $46 favorable
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