Answer:
$20,665
Explanation:
The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items. These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.
To reconcile the two balance moving from the bank statement balance to the cash account balance;
The amount of outstanding checks on Harris Company's June bank reconciliation is the net to amount of checks cleared and the total of checks written. This amount
= $4,948 + $41,405 - $25,688
= $20,665
The Company's customers of $348 was also returned marked "NSF is a part of the outstanding checks.
Answer:
Work in Process Inventory account balance on June 30 is $950.
Explanation:
Here i will calculate the balance of Work in Process Inventory account using missing figure technique in Work In Process T - Account.
<u>Calculation of Work in Process Inventory account balance</u>
Work In Process T - Account
<u>Debit :</u>
Beginning Work in Process (Job A) $500
Beginning Work in Process (Job B) $350
Manufacturing Costs incurred (Job A) $750
Manufacturing Costs incurred (Job B) $600
Totals $2,200
<u>Credit :</u>
Transferred to Finished Goods (Job A) $1,250
Ending Work In Process (Job B) (<em>Balancing figure</em>) $950
Totals $2,200
Answer:
Zero economic profits in the long run.
Explanation:
In a perfect competition, firms are able to freely enter into, or exit a market.
As more and more firms enter the market, it causes an increase in supply in the long run, which<u> leads to a fall in prices and therefore profits, such that firms will start to earn normal profits or </u><u>zero economic profits.</u>
Answer:
A) Production deviance.
Explanation:
Workplace deviance is a group psychology concept that refers to deliberate intention to cause harm to an organisation, to a workplace specifically.
In other word, it's a voluntary behaviour that violates organisation's norms.
Particularly, in this case, it's a production deviance, because not working right amount of hours will cause production problems, since that Andy works at a shoe manufacturing.
Answer:
c. $97,400
Explanation:
The formula to compute the cost of goods manufactured is shown below:
= Direct material used + Direct labor used + Manufacturing Overhead
where,
Manufacturing Overhead would be
= Factory overhead + Beginning work-in-process - Ending work-in-process
= $54,100 + $10,900 - $11,500
= $53,500
Now the value would be
= $19,200 + $24,700 + $53,500
= $97,400
