Answer:
Cost of Goods Sold for the month is $1656
Explanation:
Weighted Average Cost System calculates a new average for goods after each purchase.
Mountain Made Inventory Balance runs as follows:
<u>At Beginning:</u>
(3 quilts × $200) = $600
<u>After Purchased of 7 additional quilts for $210 each:</u>
(3 quilts × $200) + (7 quilts × $210) = $2070
New Inventory Cost = $2070/10quilts =$207 each
<u>At end</u>
2 quilts remained unsold. Therefore sold quilts were 8 ie (10quilts-2quilts)
Therefore cost of sold quilts is 8 × $207 = $1656
Answer: Cash $1,960
Sales returns and allowances $800
Sales discount $40
Accounts receivable $2,800
Explanation:
Sales = $2,800
Sales returns = $800
Discount rate = 2%
The final amount due will be:
= Sales- Sales returns
= $2,800 - $800
= $2,000
Sales discount = 2% × $2,000 = $40
Cash received will be:
Final amount due - Sales discount
= $2,000 - $40
= $1,960
The journal entry will be:
Debit Cash $1,960
Debit Sales returns and allowances $800
Debit Sales discount $40
Credit Accounts receivable $2,800
Answer:
A retroactive date endorsement
Explanation:
In Insurance, a retroactive date endorsement is used for most claims-made policy forms.
For a claims-made policies, the date which a professional liability coverage begins, covering for any incident that causes damage or harm to a third party on or after the date it occurred, provided the claims relating to it were filed with an active liability insurance coverage, is known as the retroactive date endorsement.
Hence, Bernice should add a retroactive date endorsement to the policy to protect the insurer against liability for such previous losses.
A National Debt is the amount of money obtained by one country from another that has not been paid. This can effect a country by means of loss of land actually owned, or it can cause agencies (e.g. Social Security Administration) to be cut on their budget. Meaning the agency to be cut of operational funding will loose a certain amount of funding until funds are found. Normally multiple agencies are cut to obtain some of the money to pay back the debt but this can really hurt agencies for reasoning of staffing as well as other operational costs. Hope this helps!
Answer:
$18.29
Explanation:
Material Conversion
Units transferred to
the next department 7.400 7.400
Ending WIP
Materials 50% 1.900 950
Conversion Cost 35% 1.900 665
Equivalents Units Production 8.350 8.065
Cost of beginning work in process inventory $ 10.600 $ 12.800
Costs added during the period $ 142.100 $ 359.500
TOTAL COST $ 152.700 $ 372.300
Equivalents Units Production 8.350 8.065
Cost per equivalent unit $18,29 $46,16
