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Ulleksa [173]
2 years ago
7

In the books of seller, ____ is deducted from the invoice price when the buyer pays earlier or on the date/term stipulated

Business
1 answer:
BartSMP [9]2 years ago
5 0

Not enough information to answer the question, sorry.

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Cook Company processes and packages frozen seafood. The year just ended was Cook's first year of business and they are preparing
lys-0071 [83]

Answer:

Cook Company

a. The direct labor price variance and the direct labor efficiency variance for the year:

Direct labor price variance =  (Actual rate - Standard rate) * Actual hours

= $247,000 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

= $94,500 Unfavorable

b. If all variances are written off to the Cost of Goods Sold:

Journal Entries:

Debit Work in Process $247,000

Credit Direct labor variance $247,000

To record the favorable direct labor price variance.

Debit Direct labor variance $94,500

Credit Work in Process $94,500

To record the unfavorable direct labor efficiency variance.

Debit Direct labor variance $152,500

Credit Cost of Goods Sold $152,500

To close the direct labor price variance.

c. The appropriate accounts are not indicated, though they should be Raw materials, Work in Process, and Cost of Goods Sold.  However, the ratios are not given for prorating.

Explanation:

a) Data and Calculations:

Standard direct labor hours per unit = 2

Standard rate per direct labor hour = $27

Production units = 60,000

Ending Finished goods = 4,800

Cost of goods sold units = 55,200

Actual direct labor hours used = 123,500

Standard hours = 120,000 (2 * 60,000)

Actual direct labor costs = $3,087,500

Actual direct labor price = $25 ($3,087,500/123,500)

Standard direct labor costs = $3,240,000 (120,000 * $27)

a. The direct labor price variance and the direct labor efficiency variance for the year:

Direct labor price variance =  (Actual rate - Standard rate) * Actual hours

= ($25 - $27) * 123,500

= $247,000 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

= (123,500 - 120,000) * $27

= $94,500 Unfavorable

b. If all variances are written off to the Cost of Goods Sold:

Analysis of Journal Entries:

Work in Process $247,000 Direct labor variance $247,000

Direct labor variance $94,500 Work in Process $94,500

Direct labor variance $152,500 Cost of Goods Sold $152,500

($247,000 - $94,500)

5 0
3 years ago
David saves money from his teaching job to buy a new boat when he retires in 20 years. The boat will cost $30,000. He has $12,00
LuckyWell [14K]

Answer:

True

Explanation:

The main advantage of a compound interest account is that the interest that you earn also earns interest, so the total amount of earned interest increases.

For example, a $10,000 account earning simple interest at a 4% rate will earn $4,000 in ten years. While the same amount in a compound interest account will earn $4,802.

7 0
3 years ago
Wage and price stickiness Select one: a. gives rise to a vertical long-run aggregate supply curve. b. gives rise to a vertical s
Tresset [83]

Answer:

d. prevents the economy from producing its potential level of real GDP.

Explanation:

Price-stickiness or Wage-stickiness, is a term that describes a condition in which a nominal price or wage is resistant to change. Often referred to as Nominal Rigidity, this occurs when a price or wage is fixed in nominal terms for a given period of time.

In other words, Price stickiness or Wage Stickiness occurs when workers' earnings or price don't adjust quickly to changes in labor market conditions, thereby creating sustained periods of shortage or surplus.

Hence, Price and Wage stickiness prevent the economy from achieving its natural level of employment and its potential output, which in turn prevents the economy from producing its potential level of real GDP.

5 0
3 years ago
In what sort of pricing strategy does the team apply different price scales based on factors such as opponent, event, time of se
Len [333]

Answer:

variable pricing

Explanation:

A variable pricing strategy refers to selling a same product or service at a different price depending on the sales location, date, or other factors. This type of strategy is used to try to maximize revenue by adjusting price to the different categories of our points of sale or our customers.

In case of sports teams, they will price their seats based on other factors like who is the opponent (current champion v. bad teams), day of the week (weekends v. weekdays) or the time of the season (middle of the season v. near playoffs), etc.

7 0
3 years ago
my company states integrity as a core commitment on its website. i see fraud occurring often in my division of the company. whic
zlopas [31]

The archetype describes this company: <u>A. gap between espoused values and behaviors.</u>

<u />

A company is a prison entity shaped by using a group of individuals to interact in and perform an enterprise—business or commercial—organization. An enterprise can be organized in diverse approaches for tax and financial liability purposes relying on the corporate law of its jurisdiction.

There are 3 commonplace kinds of corporations—sole proprietorship, partnership, and organization—and each comes with its very own set of benefits and downsides. In easy terms, the reason for an enterprise is to have a significant imagination and prescient after which to be worthwhile in accomplishing it. And we should qualify “profitable”: profitability means long-time period sustainable returns, and each word in that phrase is vital.

Learn more about company here:

brainly.com/question/25818989

#SPJ4

7 0
10 months ago
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