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denis-greek [22]
3 years ago
5

Luker Corporation uses a process costing system. The company had $160,500 of beginning Finished Goods Inventory on October 1. It

transferred in $837,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $158,200. The entry to account for the cost of goods manufactured during October is
Business
1 answer:
salantis [7]3 years ago
8 0

Answer and Explanation:

The journal entry for the cost of goods manufactured is shown below:

Finished Goods Inventory $837,000

          To Work in process $837,000

(Being cost of goods manufactured)

Here the finished goods inventory is debited as it increased the assets and credited the work in process as it decrease the assets

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Which of the following is one of the advantages of forming a corporation?
s344n2d4d5 [400]
B a non-profit corporation
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3 years ago
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FDIC is:
seropon [69]

Answer:

c) A government insurance program that will pay back account holders if the bank or lending institution fails

Explanation:

The FDIC is an acronym for Federal Deposit Insurance Corporation. It was founded by Franklin Roosevelt on the 16th of June, 1933.

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The income generated from the premium payments of insured banks is used to fund or finance the FDIC.

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3 years ago
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intext:"A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,0
guajiro [1.7K]

Answer:

Date     Account Titles and Explanation              Debit       Credit

              Land                                                         $84,000

                 Common stock                                                     $12,000

                  Paid in capital in excess of par value                 $72,000

Workings:

Amount of Common stock = Number of shares * Paid in capital per share

= 6,000 shares * $2

= $12,000

Amount of excess of paid in capital = Market value of land - Amount of common stock

= $84,000 - $12,000

= $72,000

8 0
3 years ago
A sporting equipment store expects to purchase $7,800 of ski boots in October. The store had $3,800 of ski boots in merchandise
Maksim231197 [3]

Answer:

Cost of goods sold = $8,800

Explanation:

<em>The cost of goods is represents amount incurred to make available  what has been sold. It is computed as follows:</em>

<em>Cost of goods sold = opening stock + purchases - closing inventory</em>

It is useful to determine the cost of goods so as to calculate the gross profit margin. The gross profit is the sales revenue less cost of goods sold.

So we can compute same for the sporting equipment store as follows:

Cost of goods sold = 3,800 + 7,800 - 2,800

= $8,800

Cost of goods sold = $8,800

5 0
3 years ago
When the price of a good is $5, the quantity demanded is 120 units per month; when the price is $7, the quantity demanded is 100
Gre4nikov [31]
Price elasticity can be calculated using the attached formula where:
the first term represents the % change in quantity and the second term represents the % change in price

% change in quantity = (100-120) / (220/2) = -2/11 x 100 = -18.1818%
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price elasticity = 18.1818/33.3333 = 0.55

Note that the price elasticity is usually taken as an absolute value.

6 0
3 years ago
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