Answer:
A. Mar 31
Dr Raw materials $50,400
Cr Account pay $50,400
B. 31
Dr Factory labour $61,300
Cr Factory wages $61,300
Explanation:
Preparation of the Journal entries for Sunland Company
A. Since we were told that the company purchases the amount of $50,400 of raw materials on account this means that the transaction will be recorded as:
Mar 31
Dr Raw materials $50,400
Cr Account pay $50,400
B. Based on the information given we were told that the company incurs the amount of $61,300 of factory labor costs this means that the transaction will be recorded as:
31
Dr Factory labour $61,300
Cr Factory wages $61,300
Answer:
False
Explanation:
Purchasing power is related to real income and not to nominal income. Even though workers had a $10 increase in their average nominal income, due to the effects of inflation, that increase does not necessarily reflect an improve in purchasing power.
The statement is false.
An agreement to exchange dollar bank deposits for euro bank deposits in one month is a <u>forward transaction.</u>
<h3>
What is a forward contract?</h3>
A tailored agreement between two parties to purchase or sell an item at a predetermined price at a later date is known as a forward contract. Although its non-standardized nature makes it particularly suitable for hedging, a forward contract can be utilized for speculating or hedging.
A forward contract can be tailored to a commodity, amount, and delivery date, unlike typical futures contracts. Grain, precious metals, natural gas, oil, and even chicken are examples of traded commodities. Settlement of a forward contract may take place in cash or by delivery.
Forward contracts are categorized as over-the-counter (OTC) instruments because they are not traded on a centralized exchange. While the OTC nature of these products makes it simpler to adjust terms, the absence of a centralized clearinghouse also increases the chance of default.
Thus, it is a forward transaction that is used to exchange dollar bank deposits for euro bank deposits in one month.
For more information on <u>Forward Transaction</u>, refer to the given link:
brainly.com/question/28238316
#SPJ4
Answer:
Beginning Raw material Inventory = Direct materials used - Raw Materials purchases + Ending raw materials inventory
= 188,420 - 159,120 + 22,610
= $51,910
Total cost of work in process = Cost of goods manufactured + Work in process (12/31)
= 544,240 + 83,230
= $627,470
Total Manufacturing costs = Total cost of work in process - Work in process (1/1)
= 627,470 - 220,940
= $406,530
Direct labor = Total Manufacturing costs - Total overhead - Direct materials used
= 406,530 - 139,320 - 188,420
= $78,790
