Answer:
Closing Stock = <u>38000 </u>
Explanation:
Net Sales = COGS + Gross Profit
- <u>Net sales</u> = sales - sales return = 185000 - 6000 = 179000
- <u>Gross Profit</u> = 60% of sales (as per gross profit ratio)
= 60% of 179000 = 107400
- <u>COGS </u>= Opening Stock + Net Purchase + direct expenses - Closing Stock
* <u>Net purchase</u> = Purchase - purchase return = 111000 - 4500 = 106500
*<u>Direct Expense</u> = Freight Inwards = 3100
Putting all values in formula :- Net Sales = COGS + Gross Profit
179000 = (0 + 106500 + 3100 - closing stock) + 107400
179000 = 106500 + 3100 + 107400 - closing stock
179000 = 217000 - closing stock
closing stock = 217000 - 179000
closing stock = 38000
Society must choose what to produce based on its needs. Because we live in a world of relatively scarce resources, we have to make wise economic decisions.
I hope this helps a lil
Answer and Explanation:
The journal entries are shown below:
a.
Work in process inventory ($4,640 + $5,510 + $6,612 + $12,760 + $18,270) $47,792
Factory Overhead $12,500
Factory Wages $60,292
(being the factory labor cost is recorded)
b.
Work in process inventory ($47,792 ÷ 29 × 23) $37,904
To Factory Overhead $37,904
(being the factory overhead applied to production is recorded)
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Answer:
cost of goods manufactured= $356,200
Explanation:
<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>
<u></u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Overhead:
Depreciation on plant 63,400
Property taxes on plant 23,100
Factory supplies used 31,700
Total overhead= $118,200
cost of goods manufactured= 13,800 + 125,700 + 116,100 + 118,200 - 17,600
cost of goods manufactured= $356,200