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3 years ago

Given the following, compute the cost of goods manufactured.

Business

1 answer:

Anestetic [448]3 years ago

6 0

Answer:

$278,000

Explanation:

Given the above, cost of goods manufactured is computed as

= Direct materials + Direct labor + Applied overhead + Beginning work in process - Ending work in process

= $40,000 + $100,000 + $120,000 + $30,000 - $12,000

= $278,000

Cost of goods manufactured is $278,000

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Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual in

Rudik [331]

Answer:

Oct 1

Debit : Accounts Receivable $2,600

Debit : Cost of Sales $1,450

Credit : Sales Revenue $2,600

Credit : Merchandise $1,450

Oct 6

Debit : Sales Revenue $260

Debit : Merchandise $145

Credit : Accounts Receivable $260

Credit : Cost of Sales $145

Oct 9

Debit : Accounts Receivable $1, 250

Debit : Cost of Sales $1,450

Credit : Sales Revenue $1, 250

Credit : Merchandise $1,450

Oct 11

Debit : Cash $2,340

Credit : Accounts Payable $2,340

Explanation:

The perpetual method ensures that the cost of sales and inventory values are calculated after every transaction made.

Therefore, remember to show the cost of sale journal and the resulting decrease in inventory after every sale.

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3 years ago

Sea Side Enterprises is trying to predict the cost associated with producing its anchors. At a production level of 5,300 anchor

Lena [83]

Answer:

The total cost at 9000 anchor is $473400

Explanation:

To come up with the cost equation used by the manager, we need to find the variable cost per unit.

The total cost at production level of 5300 is = 5300 * 54 = $286200

Out of the total costs, $18000 are fixed.

Thus, variable costs at production of 5300 is = 286200 - 18000 = $268200

The variable cost per unit is = 268200 / 5300 = $50.60

Let x be the number of anchors produced.

The cost equation is = 18000 + 50.60x

At 9000 anchors, the total cost will be,

Total cost = 18000 + 50.60 * (9000) = $473400

8 0

3 years ago

If you are planning to carry a large balance on your credit card,following credit card features should you look for

Pani-rosa [81]

Lots of credit card rewards.

7 0

3 years ago

What is investment firms?

Anvisha [2.4K]

Answer:

An investment firm or fund is a partnership, trust or corporation that “pools” money from shareholders and invests it in the appropriate security instruments and multiply investment money.

3 0

3 years ago

ABC, a chain of candy stores, purchases its candy in bulk from its suppliers. For a recent shipment, the company paid $1,500 and

spin [16.1K]

Answer: Option (d) is correct.

Explanation:

Amount paid for candy = $1,500

Items received = 8,500 pieces of candy

Group 1 = 2,500 pieces

Selling price = $0.15 each

sale value = pieces sold × Selling price

= 2,500 × $0.15 each

= $375

Group 2 = 5,500 pieces

Selling price = $0.36 each

sale value = pieces sold × Selling price

= 5,500 × $0.36 each

= $1,980

Group 3 = 500 pieces

Selling price = $0.72 each

sale value = pieces sold × Selling price

= 500 × $0.72 each

= $360

Total sale value = $375 + $1,980 + $360

= $2,715

$Percentage\ of\ sale\ in\ Group\ 2=\frac{Sale\ value}{Total\ sale\ value}\times 100$

$Percentage\ of\ sale\ in\ Group\ 2=\frac{1,980}{2,715}\times 100$

= 72.92%

Proportion of cost for Group 2 = cost × Percentage of sale in Group 2

= $1,500 × 72.92%

= $1,093.8

$cost\ per\ unit= \frac{cost}{total\ units}$

$cost\ per\ unit= \frac{1,093.8}{5,500}$

= $0.1988

= $0.20(approx)

4 0

3 years ago