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2 years ago

When a company prepares financial statements using standard costing, which items are reported at standard cost

Business

1 answer:

Dmitrij [34]2 years ago

7 0

Answer: Inventories and cost of goods sold.

Explanation:

Standard costing is used in accounting and it simply has to do with the substitution of the cost that's expected for a product with an actual cost when preparing financial statements.

The difference that's then between the actual costs and expected costs are then recorded as variance. It should also be noted that when a company prepares financial statements using standard costing, the items that are reported at standard cost will be Inventories and the cost of goods sold.

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Claire and Don are farmers who produce beef and corn. In a year, Claire can produce 20 tons of beef or 100 bushels of corn. In

ozzi

Answer:

Claire produces beef and Dag produces corn

Explanation:

Based on the information provided within the question I think it is safe to say that in order to maximize their total output Claire produces beef and Dag produces corn. This is because Claire's beef to corn ratio is 1:5 while Dag's is 1:6 therefore Claire's beef production is more efficient than Dag's, while Dag's corn production is more efficient than Claire's. Which is why each one should focus on what they are best at.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

5 0

2 years ago

Pearl Company began operations on January 2, 2016. It employs 12 individuals who work 8-hour days and are paid hourly. Each empl

stiv31 [10]

Answer and Explanation:

Pearl Company Journal entries

Account Titles and Explanation Debit Credit

2016

Dr Salaries and wages expense

(12 x 8 x 13 x $13) 16,224

Cr Salaries and wages payable 16,224

Dr Salaries and wages expense

(12x 8 x 8x $13) 9,984

Cr Salaries and wages payable 9,984

Dr Salaries and wages payable

(12x 8 x 5x $13)6,240

Cr Cash 6,240

2017

Dr Salaries and wages expense

(12 x 8 x 13 x $15) 18,720

Cr Salaries and wages payable 18,720

Dr Salaries and wages expense

(12x 8 x 8x $15) 11,520

Cr Salaries and wages payable 11,520

Dr Salaries and wages expense 2,304

Dr Salaries and wages payable

(12 x 8 x 12 x $13) 14,976

Cr Cash

(12 x 8 x 12 x $15) 17,280

Dr Salaries and wages expense 576

Dr Salaries and wages payable

(12 x 8 x 3x $13)+(12 x 8 x 5x $15) 10,944

Cr Cash (12 x 8 x 8 x $15) 11,520

8 0

2 years ago

A small business has determined that the machinery they currently use will wear out in 16 years. To replace the new machine when

Vlad [161]

Answer:

The initial deposit should be of: $97,439.62

Explanation:

Giving the following information:

To replace the new machine when it wears out, the company wants to establish a savings account today. The interest rate on the account is 1.9 percent per quarter and the cost of the machinery is $325,000.

To calculate the initial investment required, we need to use a variation on the simple interest future value formula:

FV= PV*(1+i)^n

PV= present value

Isolating PV:

PV= FV/(1+i)^n

i= 0.019

n= 4*16= 64

FV= 325,000

PV= 325,000/ (1.019^64)= $97,439.62

8 0

3 years ago

Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72

KIM [24]

Answer:

The amount of quick assets is $98,000

Explanation:

All the current assets which can be quickly converted into cash are the quick assets. Inventory is not the p[art of this because it take much longer time to convert into cash than other current assets.

Cash $25,000

Accounts receivable $35,000

Prepaid expenses $2,000

Marketable securities <u>$36,000</u>

Quick Assets <u>$98,000</u>

Inventory 72,000 (excluded)

Following account are other than Current Accounts

Fixed Assets

Intangible assets 40,000

Long-term investments 100,000

Property, plant, and equipment 400,000

Liabilities

Long-term liabilities 75,000

Accrued liabilities 7,000

Accounts payable $ 30,000

Notes payable (short-term) 20,000

5 0

3 years ago

A company plans to sell 5,700 units in June. The company has 855 units in beginning inventory and has a target of 900 ending inv

Katarina [22]

Answer:

5,745 units

Explanation:

As we know that

Number of units produced = Estimated units sold + ending inventory units - beginning inventory units

= 5,700 units + 900 units - 855 units

= 5,745 units

We simply added the ending inventory units and deduct the beginning inventory units to the Estimated units sold so that the number of units produced could come.

4 0

3 years ago