Answer:
$227,270
Explanation:
The computation of the cost of goods completed and transferred out is shown below
Particulars Direct materials Conversion costs
Beginning inventories 0 340
(850 × 40%)
Units started
and completed 13400 13400
(15,000 - 1,600)
Ending inventories 1600 640
(1,600 × 40%)
Equivalent units 15000 14380
Current costs $155000 $83520
Cost per Equivalent unit $10.3333 $5.8081
Cost of goods completed and transferred out is
= ($5000 + $4000) + (340 × 5.8081) + 13400 × (10.3333 + 5.8081)
= $227,270
Answer:
The correct answer is a. Debit Short-Term Investment for $160,000 and Credit Cash for the Same Amount.
Explanation:
Investments in Money Market Instruments, that is those instruments that mature within one year, are classified as Short-term Investments. Whereas, investments for a period of more than one year are termed as Long-term Investments. Since Kenall Corp. purchased bonds that will mature within one year, so such investment shall be classified under the head of Current Assets.
In-case of interest received semi-annually, Cash will be debited and Finance Income will be credited.
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