First find the amount of direct labor cost by subtracting the amount of indirect labor cost from the amount of factory labor cost
Direct labor cost is
600,000−140,000=460,000
The amount of overhead debited to work in process inventory should be
460,000×0.7=322,000
Answer 322000
Answer:
Dr Earnings contingency liability $800,000
Cr Goodwill $800,000
Explanation:
Based on the information given the appropiate journal entry to record the new information includes a credit of $800,000 to:Dr Earnings contingency liability $800,000 and Cr Goodwill $800,000 reason been that the acquisition cost is lesser.
Dr Earnings contingency liability $800,000
Cr Goodwill $800,000
Answer:
Refer explanation
Explanation:
1. Purchase of Inventory ($302000)
This transaction has occurred on account which means that payment was not made immediately but would be made at a future date, thus a creditor to the business.
Debit : Purchases account : $302000
Credit : Accounts Payables account : $302000
2. Sale of inventory ($504000)
The sale of inventory requires two separate transactions. The sale is accounted and along with this, the amount of inventory sold would also have to be accounted as an asset reduction.
A. To reduce inventory:
Debit : Cost of Sales account : $327000
Credit : Inventory account : $327000
B. Record the sale:
Debit : Accounts Receivables account : $504000
Credit : Sales account : $504000
This too is a sale on account which means that a debtor has been incurred who will pay for the sale at a later date.
Answer:
The accounts receivable balance at the beginning of the third quarter is $3,550
Explanation:
For computing the account receivable balance, first, we have to compute the credit sale per day, and then multiply with the number of days
In mathematically,
Credit sale per day = (Estimated second Quarter Sales) ÷ (accounts receivable period up to second quarter)
= $7,100 ÷ 90 days
= 78.89
Now the account receivable balance equals to
= Credit sales per day × accounts receivable period
= 78.89 days × 45 days
= $3550
Since the question is asking about the beginning of the third quarter so we considered second quarter sales
I believe outsourcing is a highly contested idea because people would rather have the products they use produced in their country. I think outsourcing is a good idea because production of a product might be cheaper in another country but sometimes that means a less of quality product.
Brainliest?
