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Svetradugi [14.3K]
3 years ago
12

Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April: Cost of direct materia

ls used in production $280,000 Direct labor 324,000 Factory overhead 188,900 Work in process inventory, April 1 72,300 Work in process inventory, April 30 76,800 Finished goods inventory, April 1 39,600 Finished goods inventory, April 30 41,200 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement of Cost of Goods Manufactured
Business
1 answer:
Leya [2.2K]3 years ago
6 0

Answer:

cost of goods manufactured= $788,400

Explanation:

Giving the following information:

Cost of direct materials used in production $280,000

Direct labor 324,000

Factory overhead 188,900

Work in process inventory, April 1 72,300

Work in process inventory, April 30 76,800

<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 72,300 + 280,000 + 324,000 + 188,900 - 76,800

cost of goods manufactured= $788,400

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Answer:

merchandise inventory

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When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

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4 0
3 years ago
Do you believe the statement "perception is reality"? Why or why not?
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I wholeheartedly agree and think it’s practically self-evident.

Here’s an excellent example from history.

For 28 years, the Berlin Wall separated East Berlin from West Berlin and was the most heavily militarized border crossing in the Western hemisphere. In 1989, during a press conference with western media, Gunther Schabowski was handed a note explaining a change in policy governing border crossing. Several discussions took place about making a show of opening the border between East and West Germany, but nobody informed Schabowski.

At the end of the press conference, he appears to have remembered the note belatedly, and read it verbatim—which was not what was intended. When asked about when the border would open, he assumed it was immediate.

The reality of course was that East Germany had no intention of opening the border, and certainly not immediately.

Within hours, the border crossing was practically buried under thousands of East Germans eager to be reunited with their families and other loved ones after 28 years on the press conference, which had been broadcast live.

The East Germans believed what they were told: Schabowski said immediately, and they intended to go immediately.

Border guards kept calling for instructions, until finally, they relented.

Perception became reality, and the border between East and West Berlin opened, spelling the de facto end of the separation of Germany.
273 viewsView 2 Upvoters · Answer requested by Never Wong
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