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4 years ago

Ong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.

Business

1 answer:

ira [324]4 years ago

6 0

Answer:

FIFO stands for first in first out. This method of inventory management records cost of sales of oldest inventory first.

Jan. 4 dr Account receivable 696

cr sales(87×8) 696

Jan. 11 dr Inventory(141*6) 846

cr Account payable 846

Jan.13 dr Account receivable 742

cr Sales(106*7). 742

Jan. 20 dr Inventory(168*7) 1176

cr Account payable 1176

Jan. 27 dr Account receivable 1188

cr Sales(108*11) 1188

Jan. 31 dr cost of goods sold 1633

cr inventory 1633

87*4=348

24*4=96

82*6=492

59*6=354

49*7=343

COGS= 1633

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Answer:

Explanation:

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1000000 0.743253883 743253.8831

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3 years ago

On November 1, 2021, Green Valley Farm entered into a contract to buy a $150,000 harvester from JohnDeere. The contract required

Sati [7]

Answer:

Journal Entry

Explanation:

The Journal Entry is shown below:-

Cash Dr, $150,000

To Unearned sales revenue $150,000

(Being receipt of cash in advance is recorded)

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3 years ago

Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations.March 1 - Bills are sent to clien

emmasim [6.3K]

Answer: Please find answers in explanation column

Explanation:

Journal entry for Nexium & Associates

1.Journal to record Services provided in February.

Date Account Debit Credit

March 1 Accounts receivable $800

Service revenue $800

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March 9 Office furniture $1,060

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Accounts payable $1,220

3.Journal To record payment made to suppliers, Corner Office Inc.

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Cash $1,220

4.Journal To record the bill of electricity for march which is not yet due to be paid till April.

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3 years ago

Holmes Company produces a product that can be either sold as is or processed further. Holmes has already spent $60,000 to produc

lozanna [386]

Answer:

Holmes should sell process the product further, because the profit if process further is higher than sell product now.

Explanation:

Net profit if sell product now is $37,500 ( = sales to another manufacturer $97,500 – already spent $60,000)

Sales as in process further/ Incremental Accounting

Sales: $695,125 (=$415 x 1,675 units)

Additional Process costs: $485,570 (=$290 x 1,675 units)

Net profit if process further = total sales $695,125 – already spent $60,000 – additional process cost $485,570 = $149,555, higher than profit $37,500 if sell now.

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3 years ago

U.S. real gross domestic product changed from $14.2 trillion in 2005 to $14.8 trillion in 2010. During that same time period, th

Oduvanchick [21]

Answer:

The dollar value of manufactured output is 2.8248%

Explanation:

change in % = final - initial/initial

= 1.82 - 1.77/1.77 * 100

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Therefore, The dollar value of manufactured output is 2.8248%

7 0

3 years ago