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kotykmax [81]
3 years ago
5

At the end of the fiscal year, variances from standard costs are usually transferred to the Group of answer choices factory over

head account direct labor account direct materials account cost of goods sold account
Business
1 answer:
Tatiana [17]3 years ago
5 0

Answer: Cost of goods sold account

Explanation:

When a company is operating a Standard Cost system, all their inventory accounts will be recorded at their standard costs.

The Variances that exist between the Standard and Actual costs will be recorded in the variance accounts as well as the manufacturing overhead account.

At the end of the fiscal year, the balances on these accounts are sent to the Cost of Goods sold account to reflect true cost.

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3 years ago
The opportunity cost of attending college is likely to be highest for a high school graduate _______A. who can immediately take
podryga [215]

Answer:

who can immediately take over the family business.

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

For a student who chooses to go to college, his opportunity cost is the opportunity of running the family business he forgoed when he decided to go to college.

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3 years ago
The set of all possible sample points (experimental outcomes is called
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3 years ago
Read 2 more answers
Jefferson Cleaning signed an agreement with Willis Company on December 15 to provide cleaning services every Friday. The service
uysha [10]

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5 0
2 years ago
Use the following data to calculate the cost of goods sold for the period:
PtichkaEL [24]

Answer:

The cost of goods sold for the period is:

= $250,600.

Explanation:

a) Data and Calculations:

Beginning Raw Materials Inventory                  $30,600

Ending Raw Materials Inventory                         70,600

Beginning Work in Process Inventory                40,600

Ending Work in Process Inventory                     46,600

Beginning Finished Goods Inventory                72,600

Ending Finished Goods Inventory                     68,600

Cost of Goods Manufactured for the period 246,600

To determine the cost of goods sold:

Beginning Finished Goods Inventory             $ 72,600

Cost of Goods Manufactured for the period  246,600

Cost of goods available for sale                    $319,200

Ending Finished Goods Inventory                    (68,600)

Cost of goods sold                                        $250,600

4 0
2 years ago
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