Answer: $1,110 .
Explanation:
Given : Amount received by concession stand in gameday sales = $5,550
i.e. Gross income = $5,550
Profit for the event = $3,330
i.e. Net income =$3,330
According to the Net income formula ,
Gross income - expenses = Net income
⇒ Expenses = Gross income - Net income
⇒ Expenses = $5,550- $3,330
⇒ Expenses = $1,110
Thus , the expenses were $1,110 .
Answer:
D
Explanation:
The cost of goods sold would increase by $2
Answer:
C. Bill of Materials
Explanation:
The engineers make the list and then it is checked against the raw materials record to know how much existences are for each of the raw materials requested.
This is done to create some control, as the person that make the bill aren't the person who check the inventory therefore, they cannot overstate or understate the materials as they will be checked for the amount used.
Answer:
c) $463,000
Explanation:
<u> Goodsell Corporation </u>
<u>FIFO Method </u>
<u></u>
Current Costs
Costs Added $ 427,000
<u>Add Beginning Work in Process Inventory $36,000</u>
<u>Total Current Cost $ 463,000</u>
Cost Transferred Out $ 428,000
<u> Add Ending Work in Process Inventory $35,000</u>
<u>Total Current Cost $ 463,000</u>
FIFO assigns the current period costs to the inventories. Current period costs are obtained by adding the costs transferred out and ending inventories costs or beginning costs and costs added.
