Answer:
$228,000
Explanation:
Beginning work in process inventory, $250000
Cost of goods manufactured, $866000
Beginning finished goods inventory, $292000
Ending work in process inventory, $270000
Ending finished goods inventory, $314000
Cost of Goods Sold = Beginning work in process inventory + Beginning finished goods inventory - Ending finished goods inventory, $314000
Cost of Goods Sold = $250,000 + $292,000 - $314,000
Cost of Goods Sold = 228,000
You can fund a four-year college degree by either of the following:
1. Loans
Loans can be acquired through federal aid or private means. They must be paid back with interest when the student has graduated. They are guaranteed by the federal government.
2. Scholarships
Scholarships depends on criterias from who will sponsor it. These criterias may include financial need, merits, field of study, etc. There are those who can help students look for a scholarship that fit them like counselors, the government or its agency, community organizations, etc.
3. Work-study programs
They operate with the financial aid office of the school. However, they require the student's determination and financial needs.
Answer:
Accuracy
Explanation:
Sandra as a production manager is responsible to make a list of material received from the supplier. For an accurate list, it is important that the supplier must provide her with the detail of every inventory they provided along with the recipes. In the previews month, the supplier provided an erroneous list which leaked detail and in this case, her report cannot be considered authenticate or reliable because it lacked accuracy.
Answer: • provide a permanent record for the cost of goods sold account
• monitor costs incurred to date and to predict and control costs for each job.
• provide a subsidiary ledger for the finished goods inventory account.
Explanation:
Job cost sheet refers to the document that is used for the recording of the manufacturing costs and it is used as a subsidiary ledger for the work in process account due to the fact that it contains every details about the job in process.
From the options given, the job cost sheets can be used to:
• provide a permanent record for the cost of goods sold account
• monitor costs incurred to date and to predict and control costs for each job.
• provide a subsidiary ledger for the finished goods inventory account.
Answer:
Correct option is (a)
Explanation:
Adjusting journal entries are passed before financial statements are prepared to so as to confirm if revenue recognition and matching principles are complied with. Adjusting entries are required to be passed if transactions is spread over multiple financial periods. For example, adjusting entry is passed if goods are received this year but payment will be made next year.
Before income statement and balance sheet is prepared, these entries are passed. Thereafter, adjusting trial balance is prepared and finally financial statements are prepared.
