Answer:
The cost of goods sold is $2950
Explanation:
The specific identification method requires the cost of inventory to be calculated using the actual cost at which the inventory is bought and recorded.
The cost of goods sold will be the cost of tv's that are sold during June. One tv that was sold with serial no 11534894 belonged to the TVs having cost of $1500. The other that was sold belonged to the cost group of $1450 per TV (serial no 11542631).
Thus cost of goods sold will be = 1500 + 1450 = $2950
Answer:
32,400 units
Explanation:
Unit completed and transferred to next stage 18,000 units
Units in ending goods in process inventory (18,000 units × 80% complete) 14,400 units
Total 32,400 units
Therefore the equivalent units of production for the month, assuming the company uses the weighted average method will be $32,400 Units
Answer:
Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $31,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,100 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
Explanation:
Answer:
A. $35,000
Explanation:
The first $150,000 were invested in research and development of the product itself, not the patent. Thus, this amount should be debited to research and development expenses.
The only expenses directly related to the patent itself are the $20,000 spent on legal fees on January 2, 2017, and the $15,000 for legal fees in a successful defense of the patent on July 31, 2017.
Therefore, the total amount that should be debited to Patents (P) is:
P = $20,000 + $15,000 = $35,000
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