Prporety it is the long-term
Answer:
The Journal entry is as follows:
Depletion expense - Coal Deposit A/c Dr. $280,000
To Accumulated depletion -Coal Deposit $280,000
(To record the depletion expense for the current year)
Workings:
Depletion per ton = (cost - Salvage) ÷ Total units of production
= ($900,000 - $100,000) ÷ 200,000
= $4 per ton
Depletion expense = Tonnage tons mined current year × Depletion per ton
= 70,000 tons × $4
= $280,000
Answer:
Beginning WIP= 122,000
Explanation:
Giving the following information:
Cost of goods manufactured= $524,000
Ending work in process= $79,000
Raw materials used in the production of $89,000
Direct labor of $145,000
Manufacturing overhead of $247,000
To calculate the beginning work in process we need to use the cost of goods manufactured formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
524,000= Beginning wip + 89,000 + 145,000 + 247,000 - 79,000
Beginning WIP= 122,000
Answer:
D) nondurable goods
Explanation:
Durable goods or hard goods are goods that retain its value over a long period of time. It isn't totally consumed over time but can be used over a long period of time. E.g. computer, phone etc
Nondurable goods are goods that are consumed in a short period of time.
Intangible goods are goods that are non physical in nature. Example are services.
I hope my answer helps you
