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
konstantin123 [22]
3 years ago
5

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accountin

g records.
Cost of Goods Sold $ 65,000
Work-in-Process Inventory, Beginning 10,500
Work-in-Process Inventory, Ending 9,000
Selling and Administrative Expense 15,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning?
Direct Materials Used ?
Factory Overhead Applied 12,000
Operating Income 14,000
Direct Materials Inventory, Beginning 11,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 60,000
Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Fisher, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials used?
Business
1 answer:
Anastaziya [24]3 years ago
3 0

Answer:

See below

Explanation:

Direct materials used = Cost of goods manufactured - work in process inventory, beginning - factory overhead applied - direct labor + work in process inventory, ending

= $60,000 - $10,500 - $12,000 - (1.5 × $12,000) + $9,000

=

You might be interested in
The technology associated with the manufacturing computers has advanced tremendously. This change has led to the price of a comp
german
The technology associated with the manufacturing computers has advanced tremendously. This change has led to the price of a computer <u>falling</u> and the quantity <u>increasing</u>.

Lower prices most likely results in a higher demand for the product in question, which will increase the production rate of that product.
3 0
3 years ago
Read 2 more answers
When reporting on conditions relating to an entity's internal control observed during an audit of the financial statements, the
Alinara [238K]

Answer:

a Description of tests performed to search for material weaknesses.

Explanation:

When reporting on conditions relating to an entity's internal control observed during an audit of the financial statements, the auditor should include a Description of tests performed to search for material weaknesses.

Tests of controls may be performed to test the effectiveness of certain controls that auditors consider relevant to preventing and detecting errors and fraud that are material to the financial statements, <u>thereafter a management report must be issued to the audit committee for any deficiencies in controls to be addressed.</u> The management letter describes the tests performed and the results in each category

3 0
2 years ago
__________________ represents the total benefits offered to consumers through a channel of distribut
bezimeni [28]
A retail value chain represents the total benefits offered to consumers through a channel of distribution
7 0
3 years ago
Garcia Company issues 11.5%, 15-year bonds with a par value of $450,000 and semiannual interest payments. On the issue date, the
noname [10]

Answer:

                                  Journal Entry

Date   Account Titles and Explanation         Debit          Credit

Jan 1   Cash                                                    $511,875

                Bond payable                                                  $450,000

                Premium on bond payable                             $61,875

                ($450,000*13.75%)

           (To record issue of bonds at premium)

4 0
2 years ago
Identify the internal control weakness in the following situations. State how the person can hurt the company.
Degger [83]

Answer:

Identification of the Internal Control Weaknesses:

A.  There is no segregation of duties and there is lack of access control.  Jerry Miller as a security guard is not expected to have a master key to the cash box.  With this he can pilfer the cash.  If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts.  Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.

B.  There is no segregation of duties and there is lack of supervision,  proper reconciliations, and assets audit.  Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party.  This exposes the company to procurement frauds and collusion with suppliers.  She can purchase assets for the company at prices that would enrich her personally.

C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks.  While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements.  An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions.  He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.

Explanation:

Internal Controls are controls established by management in order to help it achieve business goals.  There are many internal controls, including Separation of Duties, Access Controls , Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups.  The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.

4 0
3 years ago
Other questions:
  • Sunland Company has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividen
    8·1 answer
  • Is wearing glasses all the time bad?
    6·1 answer
  • The fixed portion of the cost of electricity for a manufacturing facility is classified as a: Period cost Product Cost A) Yes Ye
    10·1 answer
  • Sandra, a manager at Evolve Corp, frequently engages her team in recreational activities. Every employee is friendly with one an
    5·1 answer
  • Crawford Company has total proceeds (before segregation of sales taxes) from sales of $7,155. If the sales tax is 6%, the amount
    13·1 answer
  • John, a product manager, ensures that his team has regular meetings and no team member is absent during the meetings. He also en
    5·1 answer
  • Earlene Gibson, the HR manager of BioMd, a manufacturer of high-end medical diagnostic equipments, is planning to implement a so
    10·1 answer
  • If the Federal Reserve lowers the federal funds rate, what will happen to bank savings accounts?
    7·2 answers
  • After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,252 and Allo
    5·1 answer
  • What is the primary responsibility of oversight bodies (such as an irb or iacuc)?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!