1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Serjik [45]
3 years ago
13

Accounting records for NIC Enterprises (NICE) for September show the following (each entry is the total of the actual entries fo

r the account for the month). Account Titles Debit Credit Work-in-Process Inventory (Direct Labor) 100,000 Wages Payable 100,000 Direct Materials Inventory 1,112,000 Accounts Payable 1,112,000 Finished Goods Inventory 1,770,000 Work-in-Process Inventory 1,770,000 Cost of Goods Solda 1,710,000 Finished Goods Inventory 1,710,000 aThis entry does not include any over- or underapplied overhead. Over- or under applied overhead is written off to Cost of Goods Sold once for the month. For September, the amount written off was 3 percent of overhead applied for September. Overhead is applied on the basis of direct labor costs. The Work-in-Process ending account balance on September 30 was 170 percent of the beginning balance. The direct material ending inventory balance on September 30 was $36,000 less than the beginning balance. The finished goods beginning balance on September 1 was $203,000. The September income statement shows revenues of $2,850,000 and a gross profit of $1,167,000. Required: a. What was the Finished Goods inventory on September 30
Business
1 answer:
Lana71 [14]3 years ago
4 0

Answer: $263,000

Explanation:

Based on the information given, the finished goods inventory on September 30 will be calculated as:

= Begining inventory + Transfers in - Transfers out.

= $203000 + $1,770,000 - $1,710,000

= $263,000

Therefore, finished goods inventory on September 30 was $263,000

You might be interested in
Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2. Unit price and cost data are: M N OUnit sale
kolbaska11 [484]

Answer:

Selling price per composite unit= $11.3

Explanation:

Giving the following information:

Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2.

Unit price and cost data are: M N OUnit sales price$12 $10 $11

<u>First, we need to calculate the sales proportion for each product:</u>

M= 3/6= 0.5

N= 1/6= 0.17

O= 2/6= 0.33

<u>Now, the selling price per composite unit:</u>

Selling price per composite unit= (0.5*12) + (0.17*10) + (0.33*11)

Selling price per composite unit= $11.3

6 0
3 years ago
Suppose that the demand for loanable funds for car loans in the milwaukee area is $10 million per month at an interest rate of 1
Tju [1.3M]

Answer:

5 percent per year.

Explanation:

Base on the scenario been described in the question, where we saw the demand loanable funds for car loans in the milwaukee area is $10 million per month at an interest rate of 10 percent per year, $11 million at an interest rate of 9 percent per year, $12 million at an interest rate of 8 percent per year, if eventually the supply of loanable funds is fixed at $15 million, the equilibrium rate will be 5 percent per year because it is fixed

4 0
3 years ago
Bill and Fred bake cakes and pies. Bill's opportunity cost of baking 1 pie is 5 cakes. Fred's opportunity cost of baking 1 pie i
Nataly [62]

Explanation:

Bill will benefit from trade If 1P > 3C and Fred will benefit from trade If 1P < 5C

Thus, both will benefit from exchange if 3C < 1P < 5C.

That means that both of them would benefit from trading if 1 pie are to be traded for more than 3 cakes and less than 5 cakes like 1 pie is exchanged for 4 cakes. (As a result, since both sides are to profit from exchange, we should expect 1 pie to be exchanged for 4 cakes)

4 0
3 years ago
concord corporation purchased a new machine on may 1, 2012 for $559200. at the time of acquisition, the machine was estimated to
Gre4nikov [31]

Answer:

$17,160

Explanation:

According to the scenario, computation of the given data are as follows,

Purchase price = $559,200

Useful life = 10 years or 120 months

Salvage value = $26,400

Total time in months(May1,2012 - Mar1,2021) = 106 months

So, depreciation cost = ($559,200 - $26,400) ÷ 120 = $4,440 per month

So, total depreciation cost for 106 months = $4,440 × 106 = $470,640

Book value = Purchase price - depreciation

= $559,200 - $470,640

= $88,560

Hence, Loss = Book value - sold value

= $88,560 - $71,400

= $17,160

5 0
3 years ago
Identify one environmental factor or risk that affects the decision-making opportunities within your organization. Provide a bri
Aneli [31]

Answer:

Explanation:

Businesses can be affected by various environmental facors as political, economic, social and technological facors (PEST). All of these factors influence the decision making within the organization.

Let's briefly describe each of the factors:

1. Political factors: In some countries there are subsidiaries and tax exemptions for running a particular businesses. For example, tax exemptions for those doing green business or producing electric cars. In order to adress such risks, business people should investigate about legislation and political environment of countries.

2. Economic factors: Businesses are affected by economic well being of the market where it is based. For example, market largely differs in European ccountries and Central Asian countries. Most of the countries in Central Asia are developing countries, whereas European countries are developed and have economic stability. To handle such risks, businessman should research the potential markets on the issues of inflation rate, average income of people and etc.

3. Social factors: How society views the markets and what it demands. Some support green initiatives and want zero waist products and etc.

4. Technological environment: In case of electro cars, if there are no energy for charging them that could be the potential issue. Or if market is not really technologically advanced, business will need to educate the market about their innovational products and etc.

In order to manage such concerns there should be particular research and investigations held and of course financial requirements are important and should be met for budgeting purposes.

8 0
3 years ago
Other questions:
  • On August 1, Brooks Company received $13,800 for six months of rent in advance. Brooks credited Deferred Rent Revenue. If the ap
    6·1 answer
  • 1. Arness Woodcrafters sells $300,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a
    9·1 answer
  • Marigold Corp. has 493000 shares of $10 par value common stock outstanding. During the year Marigold declared a 14% stock divide
    7·1 answer
  • When is the corona gonna finish
    7·2 answers
  • Coal Train Mines paid $435000 for the right to extract ore from a 225000​-ton mineral deposit. In addition to the purchase​ pric
    15·1 answer
  • In two to three sentences, glve examples of ways employees can take initiative.
    5·1 answer
  • A sole proprietor in the 37% tax bracket pays her 16-year-old son a reasonable salary of $14,000 for services performed for the
    8·1 answer
  • Goods or services from the U.S. can be
    14·1 answer
  • Write the definition in your own words
    7·1 answer
  • Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31 , the accounting
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!