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3 years ago

10

During March, XYZ Inc. transferred $50,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $56,000.

The journal entries to record these transactions would include a:

1 answer:

DENIUS [597]3 years ago

8 0

Answer:

Date Journal entries Debit Credit

Finished Goods $50,000

Work in Process $50,000

Cost of Goods Sold $56,000

Finished Goods $56,000

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Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $300,000 for extrac

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Answer:

Santa Fe's cost depletion expense for the current year is $90,000

correct option is b) $90,000

Explanation:

given data

Santa Fe paid = $300,000

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sold = $250,000

to find out

Santa Fe's cost depletion expense for the current year

solution

we get Santa Fe's cost depletion expense for the current year will be here as

cost depletion expense = $\frac{paid}{recover}$ × extracted .......1

put here value we get

cost depletion expense = $\frac{300000}{5000r}$ × 1,500

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