The required entries are as follows:
Dr. Cost of goods sold $770
Cr. Inventory $770
Dr. Accounts receivable $1,260
Cr. Sales revenue $1,260
What entries are required for sale of merchandise?
When merchandise is sold, the company's inventory reduces and cost of goods sold increases ,hence, the appropriate entries are to debit cost of goods sold in the income statement and credit the inventory account in the balance sheet.
Also, to account for sale on account, which means credit sales, the revenue account is credited with the sales value whereas the account receivables which represents claim from the customer is debited, this would happen for every transaction because the inventory system is perpetual.
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The form of promotion that would work for technical products like automobiles is b. Informative promotion.
<h3>What is informative promotion?</h3>
This is where features of the good being advertised are elaborated on to ensure the viewer understands the product's functionality.
This is useful for technical products like computers and cars as there is a need for customers to know what makes them better.
Options for this question include:
a. Persuasive promotion
b. Informative promotion
c. Connective promotion
d. Reminder promotion
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Answer:
a. $17.44 per hour
b. $43,600 ; $104,640
Explanation:
The computation is shown below:
a. Single plantwide overhead rate equals to
= Total Overhead Amount ÷ Budgeted Direct Labor Hours
where,
Total overhead amount is
= $625,000 + $900,000 + $105,000 + $175,000 + $300,000 + $75,000
= $2,180,000
And, the budgeted direct labor hours is 125,000
So, the overhead rate is
= $2,180,000 ÷ 125,000
= $17.44 per hour
2. Now the overhead cost is
For Deluxe model
= 2,500 direct labor hours × $17.44 per hour
= $43,600
For basic model
= 6,000 direct labor hours × $17.44 per hour
= $104,640
Answer:
The number of degrees of freedom and the right-hand tail area α.
Explanation:
Chi Square Distribution
α is Significance level
If the p-value of hypothesis test < α , then we reject null hypothesis of the test.
So, α is basically a critical p-value which makes a rejection region in the right tail
Now, the statistic χ 2 also depends on the degrees of freedom
So, The value of χ2α in a particular situation depends on
the number of degrees of freedom and the right-hand tail area α.
