Learning Objective 4 - Prepare Financial Statements

Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received y

bulgar [2K]

Answer:

$2,171,762

Explanation:

since there is not enough room here I used an excel spreadsheet

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6 0

3 years ago

Determine which of the following statements is correct regarding the relationship of ending inventory and beginning inventory.

antiseptic1488 [7]

The ending inventory of the previous period is the beginning inventory of the current period.

Beginning inventory is the amount of a product. A commercial enterprise has in stock at the start of an accounting length which includes a month or 12 months. due to the fact each accounting length connects to the subsequent, the beginning inventory of one length will be similar to the ending inventory of the previous.

Beginning inventory, or opening inventory, is your inventory cost at the beginning of an accounting duration. For that reason, finishing inventory, or last inventory is the cost of the stock at the top of an accounting duration.

Ending inventory is the value of goods nevertheless available for sale and held via a business enterprise at the end of an accounting length. The dollar amount of ending stock may be calculated by the usage of multiple valuation techniques.

Learn more about Beginning inventory here: brainly.com/question/24868116

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6 0

2 years ago

Clover Hardware sold a range of products. A few weeks ago, orders arrived for the garden center and outdoor living areas. 500 gr

masya89 [10]

Answer:

COGS= $15,000

Explanation:

Giving the following information:

Purchase= 500 grills

Unitary cost= $75

Units sold= 200

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 0 + 500*75 - 300*75

COGS= $15,000

or;

COGS= 200*75= $15,000

7 0

3 years ago

There are a number of statistics computed to measure the price level, such as the GDP deflator and the CPI. The choice of which

malfutka [58]

Question Completion:

a. You are interested in looking at the impact of higher prices of imported oil in the overall cost of living.

b. The government is interested in whether increases in defense spending are affecting the price level.

c. An economic consulting firm is investigating the impact on the aggregate price level of more computers and electronic technology used in production.

Answer:

The GDP Deflator and the CPI

a. The CPI is used here, as its measure is not restricted to domestically produced goods and services.

b. The GDP Deflator is more appropriate here. Defense spending is not related to consumer goods and services but to government spending, which is a component of the GDP.

c. The GDP Deflator is more appropriate with this investigation. Computers and electronic technology used in production relate to business Investments, which are a component of the GDP and are not part of consumer goods and services or a component of the CPI.

Explanation:

The GDP deflator is exclusively used to measure the prices of all goods and services produced domestically in an economy and is based on the nominal or real GDP. On the other hand, the CPI (Consumer Price Index) is used to measure the weighted average prices of a basket of consumer goods and services, whether produced domestically or imported.

7 0

3 years ago

At the end of the month, the department had 12,000 units in inventory, 85% complete as to materials and 60% complete as to conve

larisa [96]

Answer:

Units started and completed = 56,000 units.

Explanation:

The complete question is as follows:

At the beginning of the month, the Forming Department of Martin Manufacturing had 14,000 units in inventory, 40% complete as to materials, and 20% complete as to conversion. During the month the department started 68,000 units and transferred 70,000 units to the next manufacturing department. At the end of the month, the department had 12,000 units in inventory, 85% complete as to materials and 60% complete as to conversion. How many units did the Forming Department start and complete in the current month?

Working 1: Reconciliation of units:

Beginning work in progress = 14,000 units (A)

Introduced = 68,000 units (B)

Total (A+B) = 14,000 units + 68,000 units

Total (A+B) = 82,000 units

Transferred out (D) = 70,000 units

Ending work in progress (A+B) - (D) = 82,000 units - 70,000 units

Ending work in progress = 12,000 units

Units transferred from work in progress = 14,000 units

Total units = 70,000 units

From units started/introduced = 70,000 units - 14,000 units

From units started/introduced = 56,000 units (answer)

6 0

3 years ago