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Gala2k [10]
3 years ago
6

Samson, Inc. had the following balances and transactions during​ 2019: Beginning Merchandise Inventory 10 units at $ 94 March 10

Sold 8 units June 10 Purchased 20 units at $ 100 October 30 Sold 14 units What is the balance of the​ company's Merchandise​ Inventory, as disclosed in the December​ 31, 2019 balance sheet as per the periodic FIFO inventory costing​ method?
Business
1 answer:
lubasha [3.4K]3 years ago
3 0

Answer:

The answer is attached;

Explanation:

Download xlsx
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The following are selected 2017 transactions of Sean Astin Corporation.
Vadim26 [7]

Answer and Explanation:

The Journal entries are shown below:-

A. a. Purchase Dr, $50,000

           To Accounts payable $50,000

(Being purchase of inventory is recorded)

b.Accounts payable Dr, $50,000

            To Notes payable $50,000

(Being issuance of notes is recorded)

c.Cash Dr, $50,000

  Discount on notes payable Dr, $4,000

             To Notes payable $54,000

(Being amount borrowed from bank and issued notes is recorded)

B. a. Interest expenses Dr, $1,000 ($50,000 × 8% × 3 ÷ 12)

            To Interest payable $1,000

(Being interest expenses is recorded)

b. Interest expenses Dr, $1,000 ($4,000 × 3 ÷ 12)

                 To Discount on notes payable $1,000

(Being interest expenses is recorded)

C. The Computation of interest-bearing note and the zero-interest-bearing note is shown below:-

Interest-bearing note = Note payable + Interest payable

= $50,000 + $1,000

= $51,000

Zero-interest-bearing note = Note payable - Discount

= $54,000 - ($4,000 - $1,000)

= $54,000 - $3,000

= $51,000

8 0
3 years ago
Zander Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at
Margarita [4]

Answer:

Find attached complete question:

The correct option is A,$ 746,200

Explanation:

The total standard costs for the whole items of inventory completed in the month of July is the sum of the beginning balance of inventory plus direct materials costs, direct labor cost as well as manufacturing overhead cost applied.

Total cost of completed units=$44,100+$564,900+$195,300+$315,000=$ 1,119,300.00  

standard cost per unit=$1,119,300.00/21000=$53.3

Cost of goods sold(unadjusted)=$53.3 *14,000=$ 746,200.00  

6 0
4 years ago
Materials purchased on account during the month amounted to $190,000. Materials requisitioned and placed in production totaled $
svetoff [14.1K]

The entry to record the transaction for materials requisitioned by the production department is to

Debit WIP $156,000

Credit Materials $156,000

Organization accountants should account for direct and indirect materials one after the other. The magazine entry for direct substances, this is, substances that can be without delay traced to merchandise, is a debit to the paintings in technique and a credit to the raw materials inventory accounts.

To file materials used in manufacturing, a debit for the value of raw substances is made to the WIP inventory account and a credit score is made to the raw substances account. Exertion fees are spilt between direct and indirect labor.

Learn more about transactions here brainly.com/question/1016861

#SPJ4

5 0
1 year ago
Provide realistic examples of each of the risk response strategies for both negative and positive risks
VLD [36.1K]
A positive risk response produces provides positive strategies to achieve a positive goal while a negative risk response provides negative strategies to achieve a negative goal. There are four ways four strategies that produces a response risk; enhance, exploit, accept and share. The type of response risk will vary in the accept part.

An example of a positive risk is when you are given a project in class and you are to finish it in four months. Being a hardworking person that you are, you wanted to finish it in one month and so you find methods to compress your time schedule and achieve your goal.

Let us take the example from the above mentioned before for an example of a negative risk. So instead of four months, since you do not like working or the fact that maybe you don't like the project, you passed your project in six months. What you just did is lounge around the corner and did nothing to just improve the project.
5 0
3 years ago
Which step in the scientific method requires you to use your senses to obtain information? (1 point)?
Aleks [24]

I guess the correct answer is making an observation

Making an observation requires you to use your senses to obtain information

3 0
4 years ago
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