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Y_Kistochka [10]
3 years ago
11

Question 9 On September 28, 2017, Out to Get You, Corp. sold inventory, originally costing $6,900, for $7,500 on credit. The acc

ountant for Out to Get You, Corp. forgot to record all entries related to this transaction. What is the effect of not recording these entries?
Business
1 answer:
Margaret [11]3 years ago
8 0

Answer:

The Cost of Goods Sold will be understated by $6,900 and the Sales Revenue will be understated by $2,500.

Explanation:

The sale of goods on credit will affect the Cost of sales and the Sales Revenue. The Cost of Goods Sold will be understated by $6,900 and the Sales Revenue will be understated by $2,500.

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The following materials standards have been established for a particular product: Standard quantity per unit of output 4.6 grams
Aleksandr-060686 [28]

Answer:

15,351.00 unfavourable

Explanation:

<em>Material quantity variance occurs when the actual quantity used  to achieved a given level of output is more or less than the standard quantity.</em>

<em>It is determined by the difference between the actual  and standard quantity of material for the actual level of output multiplied by the the standard price</em>

                                                                                              gram

300 units should have used (300× 4.6)                             1380

but did used                                                                        <u>2,400</u>

                                                                                           1020

Standard price                                                                   ×<u> 15.05</u>

Material quantity variance                                         1<u>5,351.00</u> unfavourable

           

5 0
3 years ago
Rutgers Industries has the following inventory information for 2019: Jan 1 Beginning Inventory 240 units at $100 per unit June 1
timofeeve [1]

Answer:

$86,000

Explanation:

FIFO means first in, first out. It means that the first purchased inventory is the first to be sold.

This means thay the 500 units sold would be taken from the earliest purchased inventory and the ending inventory would be the most recently purchased inventories.

Ending inventory = (80 × $150) + (370 × $200) = $12,000 + $74,000 = $86,000

I hope my answer helps you

4 0
3 years ago
Dina loves branded apparel and accessories but cannot afford to buy them too often. Fortunately, Dina lives close to an off-pric
inn [45]

Answer: Off- Price Retail Store

Explanation: An off price retail store also known as treasure hunt is a store that sells at very low prices. They stock wide range of original goods from well known manufacturers and sell at reduced price.

It focuses more on fashion goods from well known designers. The items bought here are well known for quality.

5 0
3 years ago
As a general construction contractor, WDF INC. contracted to renovate schools in New York City. WDF subcontracted with JLG Archi
kykrilka [37]

Answer:

WDF Inc. is correct.  From the fact that JLG Architectural Products and East Coast Window Installers Inc. were partners in the window installation subcontract, they should be jointly and severally held liable for any liability arising from the window installation project unless they have contrary agreements clearly differentiating their liabilities in the partnership.

Explanation:

WDF Inc. = main contractor

JLG Architectural Products = subcontractor and partner to East Coast

East Coast Window Installers Inc. = subcontractor and partner to JLG

JLG Architectural Products and East Coast Window Installers Inc have formed a partnership when they come together to form a business or execute a business transaction jointly.  A joint venture is a kind of partnership.

5 0
3 years ago
at the end of 2018, river plate builders had two jobs still in process with a total balance of $132,200. what overhead rate is r
Ksju [112]

Answer: d. 80% of direct material cost

Explanation:

Overhead cost = Total costs - Direct material - Direct labor

= 132,200 - 25,000 - 32,000 - 12,500 - 17,100

= $45,600

Direct materials cost = 32,000 + 25,000

= $57,000

Percentage of Direct materials = Overhead/ Direct materials

= 45,600/57,000

= 80%

8 0
3 years ago
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