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Natali5045456 [20]
3 years ago
13

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

Business
1 answer:
ira [324]3 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:

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Complete question and statement: Steelweld, a car parts manufacturer, pays employees a higher hourly rate as they learn to master more parts of the work process. Employees earn $10 per hour when they are hired and they can earn up to $20 per hour if they master all 12 work units in the production process. Which of these reward systems is being applied by Steelweld?

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Source: https://www.coursehero.com/file/p6jelia/p-166-Steelweld-a-car-parts-manufacturer-pays-employees-a-higher-hourly-rate-as/

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Read related link on:

brainly.com/question/10822075

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