HELPP on question 10
2 answers:
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Answer:
Explanation:
Required 1
determine the effect of the error on retained earnings at january1,2016;
in 2016, SE discovered that the expenses for advertising is $42000, it is an error caused by net purchase of inventory in the year 2015. the cost of goods sold for advertising expenses is overrated by $42000.
Therefore, the understatement advertising expense at ending inventory is $30000 held on consignment caused in 2015 is detected that the goods sold to be overstated.
check the attachment for analysis of 2015 ending inventory error effects.
REQUIRED 2 ( CHECK THE ATTACHMENT BELOW)
REQUIRED 3;
Determine the steps taken in connection with the correction of the error;
In 2015 the result for the financial statement was incorrect with two errors by restated. The correct inventory amount cost of goods sold, advertising expenses , net income and retained earnings are reported in comparative purpose to their current annual report.
a previous period adjustment for retained earnings is reported with disclosure note for the nature of error.
finally, the correction is made at the year earning for net income and extra ordinary item purchased. Therefore , a calculated share for each retained earnings is get reported.
Answer:
Check the explanation
Explanation:
Going by the question above we will have to first work on the
Formulation of LP:
Maximize profit
Z = 1.5A+1.5B where A - number of units of product A and B - number of units of product B
subject to constraints -
600 minutes available for molding
3A+2B <=600 ---> Molding constraint---> 1
600 minutes available for painting
2A+4B<=600 ---> Painting constraint---> 2
420 minutes available for packing
A+3B<=420 ---> Packing constraint---> 3
A, B, C >=0 ---> Non-negative constraint ---> 4
b) Solution with the help of Excel solver:
Target cell will be the RHS or profit value of the objective function as we are maximizing the profit.
Changing cells will be A and B ---> number of units of products
Constraints will be entered as below. The same are also listed in part A (1,2,3,4).
The attached images below are the formulation.
