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Lostsunrise [7]
2 years ago
7

Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting informa

tion remained in the office files:
Cost of goods sold $88,250
Work in process inventory, January 1, 2016 21,800
Work in process inventory, December 31, 2016 17,250
Selling and Administrative Expenses 20,400
Net Income 35,500
Factory overhead 21,650
Direct materials inventory, January 1, 2016 28,200
Direct materials inventory, December 31, 2016 15,375
Cost of goods manufactured 107,350
Finished goods inventory, January 1, 2016 35,675
Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.
What should be the amount in the finished goods inventory at December 31, 2016?
Business
1 answer:
kaheart [24]2 years ago
7 0

Answer:

$54,775

Explanation:

The computation of the finished goods inventory is shown below:

As we know that

Cost of Goods sold = Cost of goods manufactured + Opening stock of Finished goods - Closing stock of Finished goods

Now

Ending Stock of Finished goods = Cost of goods manufactured + Opening stock of Finished goods - Cost of Goods sold

So,

Ending Stock of Finished goods is

= $107,350 + $35,675 - $88,250

= $54,775

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In 2012 the change in business inventories is -$70 billion and GDP is $200 billion. Final sales in 2012 Group of answer choices
blsea [12.9K]

Answer:

are $270 billion

Explanation:

Change in business inventories in 2012 = -$70 billion

GDP of 2012 = $200 billion

Final sales in 2012 = GDP - Change in inventory

Final sales in 2012 = $200 billion - (- 70 billion )

Final sales in 2012 = $200 Billion + 70 billion

Final sales in 2012 = $270 billion

Hence proved that the correct answer is $270 billion

7 0
3 years ago
arasota Company obtained land by issuing 3,380 shares of its $12 par value common stock. The land was recently appraised at $146
likoan [24]

Answer:

Dr Land $146,440

Cr Common stock (3,380 shares×$12 par value) $40,560

Cr Paid in Capital in excess of Par common stock $105,880

Explanation:

Arasota Company Journal entry

Dr Land $146,440

Cr Common stock (3,380 shares×$12 par value) $40,560

Cr Paid in Capital in excess of Par common stock $105,880

4 0
2 years ago
What is meant by the term “overhead” as it relates to a company’s financial<br> Operations?
REY [17]

Answer:

Overhead refers to the ongoing business expenses not directly attributed to creating a product or service. It is important for budgeting purposes but also for determining how much a company must charge for its products or services to make a profit

Explanation:

7 0
3 years ago
During June, Buttrey Corporation incurred $73,000 of direct labor costs and $13,000 of indirect labor costs. The journal entry t
QveST [7]

Answer:

                                                            Dr.             Cr.

Work in process                             $73,000

Manufacturing overhead                $13,000

Account Payable                                              $86,000

Explanation:

The Direct cost are those which are directly attributable to the product or service under consideration. Indirect cost are those which cannot be directly assigned to product or service cost. All the direct cost is added to the work in process account and indirect cost are included in the manufacturing overhead account.

4 0
2 years ago
• what are the four characteristics of capital acquisition and repayment cycle that significantly influence the audit?
gavmur [86]

There are four chararacteristics, which are:

1. Relatively few transactions affect the account balances, but each transaction is often highly material

2. The exclusion or misstatement of a single transaction can be material

3. A legal relationship exists between the client entity and the holder of the stock, bond, or similar ownership document

4. A direct relationship exists between the interest and dividends accounts and debt and equity  

3 0
3 years ago
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