Explanation:
1. Cost of goods manufactured schedule
Beginning work-in-process inventory $15,000
Add:
Direct materials $63,100
Direct labor $50,900
Manufacturing overhead $42,900
Total manufacturing cost $156,900
Less: ending work-in-process inventory -$16,500
Cost of goods manufactured $155,400
2. The income statement is presented below:
Sales revenue $216,500
Less: Cost of goods sold
Beginning finished goods inventory $13,200
Cost of goods manufactured $155,400
Less: Ending finished goods inventory -$9,800 -$158,800
Gross profit $57,700
3. The balance is presented below:
Raw materials $7,300
Work-in process $16,500
Finished goods $9,800
Total inventory $33,600
Answer:
$1,000
Explanation:
Fixed assets must be recorded at historic cost or purchase value. Their valuation is not affected by changes in market values, e.g. land might appreciate over time, but its historic cost will be used for accounting purposes.
In this case, Lisi doesn't have a bill to show the price of the rack, and since she paid in cash, she has no way of proving what she actually paid for it. In this case, in order to record the purchase of the rack you must use the fair market value of similar racks.
Imagine if someone could just say that they purchased things at X price but didn't get a bill, soon people would be recording buying pencils at $500 each because they are gorgeous and perfectly crafted.
Answer:
The question is not complete, however, i think the concluding part of the question should be:
"What product line should Under Armour pursue?"
The answer to that Under Armour should pursue <em>their new line of compression shirts.</em>
Explanation:
Comparing the two new product lines, that is, moisture-wicking compression shirts with long stitching for durability and punching bags and punching mitts, it can be observed that:
- The punching bags and punching mitts product line is for a niche population of users in the market, while the compression shirts will be usable by all the population within the market.
- The moisture-wicking compression shirts have a specific advantage of durability, because of this factor, customers will be eager to try out this new product with cool features. While the punching bags and mitts are just like that of any product in the market space.
Therefore, Under Armour will be wise to pursue the product line of the moisture-wicking compression shirts.
Answer:
The answer is b. make-to-stock system
Explanation:
Make-to-stock system is a build-ahead production approach in which production plans may be based upon sales forecasts and/or historical demand. It is a traditional production strategy that is used by businesses to match the inventory with anticipated consumer demand.
Answer:
b. Public Goods
Explanation:
Public Goods -
It is the type of goods and services , which each and every person can use , without any kind of restriction , is known as public goods .
These type of goods are considered to be non - rivalrous , i.e. , these goods do not reduce , irrespective of their usage .
And ,
are non - excludable , i.e. , these goods are open for all and some individual or group van not hold on to it .
The example of public goods are - public parks , sewer system , law enforcement etc .