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xxMikexx [17]
2 years ago
6

g On November 1, 2020, 5M Corporation entered into a purchase contract (not subject to revision or cancellation) to purchase 750

units of inventory for $50 per unit before January 1, 2021. The company uses the LIFO inventory method. a. If the inventory has a market price of $45 per unit on November 30, 2020, what entry (if any) does 5M Corporation record
Business
1 answer:
enot [183]2 years ago
5 0

Answer and Explanation:

The journal entry is shown below;

Estimated loss on purchase commitment (750 units ×  ($50 - $45)  $3,750

       To Estimated liability on purchase commitment $3,750

(Being estimated loss is recorded)

Here the estimated loss is debited as it increased the loss and estimated liability is credited as it also increased the liability

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Margaret [11]

Answer:

The explicit cost of flight includes cost of fuel, maintenance cost, payment to pilot.

Explanation:

The explicit costs are the direct costs incurred during the process of production or business. Here, the payments made to the pilot will be a variable cost, the cost of fuel, etc will be explicit cost.  

The marginal explicit cost is the increase in the explicit cost with an additional output. The incremental cost of flight correctly determines the marginal explicit cost.  

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You work for 48 hours at $8.75 an hour and pay 12% in taxes. what is your net pay biweekly?
Gala2k [10]

I think it is $739.20 for two weeks.

6 0
3 years ago
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Coca-Cola acquired its bottlers and created a national vertically integrated business operation in 2010. After spending 12.3 bil
Svet_ta [14]

Answer:

True

Explanation:

Coke tried to diversify into the bottling industry by acquiring their bottlers and in the process creating a vertically integrated business. However, 5 years later, they did find out how difficult it was and it led to a failed diversification effort when sold off their bottling operations. This was majorly due to the fact that the bottling business required too much capital investment and time. Capital investment and time that an already large enterprise like coca cola couldn't afford at that period. The initial aim was to have control over the whole production process, but soon after the diversification failed, they went back to producing just the concentrates.

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The Mason Corporation budgeted overhead at $240,000 for the period for Department A based on a budgeted volume of 60,000 direct
IgorC [24]

Answer:

$8000

Explanation:

Given: Budgeted Overhead $240,000

          Budgeted Labor Hrs 60,000

          Actual Labor Hrs for Job B25 200

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Standard/ Budgeted overhead absorption rate = Budgeted Overheads/ Budgeted labor hours = $240,000/60,000 = $4 per labor hours

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4 0
3 years ago
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Pachacha [2.7K]

Answer:

The question does not include any requirements, so I looked for similar questions:

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Download pdf
7 0
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