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Anestetic [448]
2 years ago
13

The company pays cash for a piece of equipment. the list price was $9,100, but after negotiation, the final purchase price was $

8,700.
Business
1 answer:
svp [43]2 years ago
8 0

Answer:

this question is part of a longer question where you had to state how this transaction affects the accounting equation of the company:

the journal entry would be

Dr Equipment 8,700

    Cr Cash 8,700

Since both accounts are asset accounts, only the assets will be affected. Cash balance will decrease by $8,700 while equipment will increase by the same amount:

Assets                                                = liabilities + equity

cash         equipment

-8,700      8,700

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Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials $ 25,100 $ 21,100
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Answer:

                        Bledsoe Corporation

Schedule of Cost of goods manufactured

Particulars                                      Amount

Direct materials:  

Beginning material inventory        $25,100.00  

Add: Purchases                              <u>$72,100.00</u>

Raw material available for use      $97,200.00  

Less: Ending material inventory    <u>$21,100.00</u>

Raw material used in production   $76,100.00  

Less: Indirect material                     <u>$4,010.00   </u>   $72,090.00

Direct labor                                                             $92,100.00

Manufacturing overhead applied                          <u>$41,100.00</u>

Total manufacturing costs                                      $205,290.00

Add: Beginning WIP                                                <u>$17,100.00</u>

Total cost of work in process                                 $222,390.00

Less: Ending WIP                                                     <u>$10,100.00</u>

Cost of goods manufactured                                 <u>$212,290.00</u>

                Bledsoe Corporation

                 Schedule of COGS

Particulars                                                    Amount

Cost of goods sold:

Beginning finished goods inventory        $48,100.00

Add: Cost of goods manufactured           <u>$212,290.00</u>

Cost of goods available for sale               $260,390.00

Less: Ending finished goods inventory    <u>$56,100.00</u>

Unadjusted cost of goods sold                 $204,290.00

Add: Underapplied overhead                   <u>$1,010.00   </u>($42,110 - $41,100)  

Adjusted cost of goods sold                    <u>$205,300.00</u>

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