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mestny [16]
2 years ago
6

Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 850,000 tons of ore were mined and 725,0

00 tons were sold. Using this information, how much should be recorded for FY 2016 for the following accounts:
1.accumulated Depletion
2.inventory
3.cost of Goods Sold
Business
1 answer:
jonny [76]2 years ago
3 0

Answer:

1. $1,700,000

2. $250,000

3. $1,450,000

Explanation:

Given that,

Depletion for each ton of ore mined = $2

Ore mined during 2016 = 850,000 tons

Ore sold during 2016 = 725,000 tons

1. Accumulated depletion:

= Ore mined during 2016 × Depletion for each ton of ore mined

= 850,000 tons × $2

= $1,700,000

2. Inventory:

= (Ore mined during 2016 - Ore sold during 2016) × Depletion for each ton of ore mined

= (850,000 tons - 725,000 tons) × $2

= 125,000 tons × $2

= $250,000

3. Cost of goods sold:

= Ore sold during 2016 × Depletion for each ton of ore mined

= 725,000 tons × $2

= $1,450,000

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$212,000

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Answer:

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2 years ago
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the fi
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Answer:

Cost of goods transferred out  $71,061.012

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Explanation:

Cost  per equivalent unit = Cost /total equivalent unit

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Cost per equivalent unit = $36,960/9,240 units= 4

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The SOC categorizes occupations according to _____.
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similar occupations in different industries require similar skills.

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3 years ago
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams
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Answer:

Explanation:

The journal entries are shown below:

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(Being the entry is made on declaration date)

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             To GE shares investment A/c $37,200

(Being the entry is made on payment date)

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3 years ago
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