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Karolina [17]
3 years ago
6

If the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000, what would

be the necessary adjusting entry to record inventory shrinkage? a. debit cost of Goods Sold, $163,000; credit Inventory, $158,000 b. debit Inventory, $5,000; credit Cost of Goods Sold, $5,000 c. debit cost of Goods Sold, $5,000; credit Inventory, $5,000 d. debit Inventory, $158,000; credit Cost of Goods Sold, $158,000
Business
1 answer:
victus00 [196]3 years ago
7 0

Answer:

C. Debit Cost of goods Sold $5,000;

Credit Inventory $5,000

Explanation:

Preparation of the necessary adjusting entry to record inventory shrinkage

Since  we assumed  that the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000 the first step to do is to find the difference  between the two amount which is ($163,000-$58,000) given us a different of $5,000 which will now be recorded as:

Debit Cost of goods Sold $5,000

(163,000-158,000)

Credit Inventory $5,000

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Answer:

budgeted costs for direct​ materials

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budgeted manufacturing​ overhead

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Explanation:

Direct materials costs are $4.00 per pool cue.

Direct manufacturing labor is $6.00​ per pool cue.

Manufacturing overhead is $0.84 per pool cue.

total budgeted direct materials = 22,000 x $4 = $88,000

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total budgeted manufacturing overhead = 22,000 x $0.84 = $18,480

The information about the beginning and ending inventories is not relevant to this question since it only deals with budgeted or estimated costs which may or may not differ from actual costs.

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3 years ago
1. According to Wallach, what is short-termism, and why is it a problem?
Aleks04 [339]

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In his words, short-termism is a problem because;

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Answer:

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Commerce Corporation has a high probability of operating at 40,000 activity hours during the upcoming period, and lower probabil
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Answer:

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