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2 years ago

Under perpetual inventory system, in addition to making the entry to record a sale, an entity would

Business

1 answer:

kolezko [41]2 years ago

5 0

Answer:

record a decrease in inventory and an increase in cost of goods sold for the cost of the merchandise sold.

Explanation:

The perpetual inventory system maintains records of inventory movement and changes at the time of an inventory transaction, purchase, sale, or return using the inventory and cost of goods sold accounts instead of purchases account used under the periodic inventory system. An inventory purchase increases the value of inventory while a sale reduces it, and adjustments are made for returns. When goods are purchased or returned by customers, the inventory account is debited. When goods are returned to suppliers or sold, the account is credited.

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Borchardt Corporation has provided the following data concerning last month’s operations. Direct materials $ 29,000 Direct labor

skad [1K]

Answer: $178,000

Explanation:

The following information can be derived from the question:

We have to first calculate the total manufacturing cost. This will be:

Direct material 29000

Add: Direct labor 58000

Add: manufacturing overhead 82000

Then the manufacturing cost will be:

= 29000 + 58000 + 82000

= 169000

We then add the beginning work in progress and then subtract the ending work in progress. This will be:

Manufacturing cost = 169000

Add: Beginning WIP = 66000

Less: Ending WIP = 57000

= 169000 + 66000 - 57000

= $178,000

7 0

3 years ago

Elliot wants to open a checking account.

Paraphin [41]

Answer:

The common differences in benefits and or fees include :

1. Minimum opening amount

2. Withdrawal limitation - maximum spending or withdrawal depending on age

3. Cost of notification on transaction and monthly statement or hard copy statement fee.

4. Return deposit charge - fee charged on a bounced cheque

5.Overdraft charge - fee charge on unfulfilled commitment

Explanation: The benefits attached and the charges or fees incurred in managing a checking account may differ depending on the policy and business process of the financial establishment.

5 0

3 years ago

Read 2 more answers

You interview with an athletic footwear manufacturer that has annual advertising expenditures of $32 million and total sales rev

son4ous [18]

Answer:

elastic.

Explanation:

The advertising elasticity of demand measures how sensitive a market and sales are to marketing expenses. Advertising elasticity is calculated by dividing the change in quantity demanded by the percentage change in advertising expenses. Generally products with low advertising elasticity tend to have elastic demands.

8 0

2 years ago

Robinson Manufacturing found the following information in its accounting records: $523,000 of direct materials used, $215,000 of

cupoosta [38]

Answer:

Company’s Cost of Goods Manufactured = $1,506,500

Explanation:

Use following formula to calculate cost of goods manufactured

Cost of Goods Manufacture = Direct Material cost + Direct labor cost + Manufacturing overhead + Work in process beginning balance - Work in process Ending balance

Cost of Goods Manufacture = $523,000 + $215,000 + $774,500 + $78,000 - $84,000

Cost of Goods Manufacture = $1,506,500

3 0

3 years ago

Which term refers to the target toward which the open management system is directed?

ipn [44]

<span>The correct answer is organizational objectives</span>

<span>Organizational objectives are the targets toward which the open management system is directed. </span>
Organizational objectives are derived from the organization’s Mission and Vision. An organization that is
accomplishing its objectives, is also simultaneously accomplishing its purpose and thereby justifying its reason for existence(mission)

6 0

3 years ago