Answer:
The cost of goods sold is $ 4,800.
Explanation:
This problem requires us to calculate cost of good sold. The opening and closing balance of finished goods is given in the question. The cost of good manufactured is also provided in the question.
The cost of good sold can be calculated by finding the amount transferred from finished good account. Detail calculation is given below.
Finished good inventory begining $ 1,000
Cost of good manufactured $ 5,000
Finished good inventory ending ($ 1,200)
Cost of good sold $ 4,800
Answer:
Differential cost of producing Product C = $0
Explanation:
<em>A company should process further a product if the additional revenue from the split-off point is greater than than the further processing cost. </em>
<em>Also note that all cost incurred up to the split-off point (the cost of crushing) are irrelevant to the decision to process further . </em>
$
Sales revenue after the split off point (Product C) 58
Sales revenue at the split-off point (Product B <u> 33</u>
Additional sales revenue per unit 25
Further processing cost <u> (25)</u>
Differential cost of Product C <u> 0</u>
Differential cost of producing Product C = $0
<em>
Note that the cost incurred up until the split off point was not included because it is Irrelevant to the decision to process further. It has already been incurred , hence it is a sunk cost</em>
Answer:
Book value on date of sale = Cost - Accumulated depreciation
Book value on date of sale = $30,000 - $28,500
Book value on date of sale = $1,500
Gain on disposal = Sales amount - Book value on date of sale
Gain on disposal = $3,500 - $1,500
Gain on disposal = $2,000
Journal entries
Date Account Titles Debit Credit
Cash A/C $3,500
Accumulated depreciation A/C $28,500
To fixed asset $30,000
To gain on disposal $2,000.
Answer:
Explanation:
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