Answer: Cost per unit $15.2, cost of good sold $10,640
Explanation:
Weighted Average cost per unit = 15,200/1000
= $15.2
Ending inventory (400 × 15.2)
= 6,080
Cost of good available for sale = 15,200
Cost of good sold (700 × 15.2)
= $10,640
The sale price of the mountain bike is $468.97 (369.27 x 27% = 99.70 + 369.27)
Answer:
a. $133,000
Explanation:
Computation of inventory purchased
Beginning ($51,000)
Cost of goods sold $130,000
Ending $55,000
Purchases during the year $134,000
Computation of amount paid for purchases
Beginning payable $32,000
Purchase during the year $134,000
Ending payable ($33,000)
Cash payments for purchases of merchandise $133,000
Answer:
Trial balance for Yi Min
on the May 31, YY
Dr. Cr.
$ $
Cash 37,600
Office supplies 890
Prepaid insurance 4,600
Office equipment 12,900
Dividends 3,370
Rent expense 7,540
Accounts payable 12,900
Common stock 18,000
Engineering fees earned <u> </u> <u> 36,000</u>
<u>66,900</u> <u>66,900</u>
Answer:
(1) $322
Explanation:
(1) Pension Expense:
= Service Cost + Interest Cost - Expected rate of return + Amortization of prior service cost - Amortization of prior net gain
= $410 + (2800 × 7%) - (290 actual + 29 loss) + $45 - $10
= $410 + $196 - $319 + $45 - $10
= $322
(2) The journal entries are as follows:
(i) Pension expense A/c Dr. $322
Plan assets A/c Dr. $319
Amortization of net gain – OCI A/c Dr. $10
To Amortization of prior service-cost – OCI $45
To PBO $606
(To record pension expense)
(ii) Loss – OCI A/c Dr. $29
To plan assets $29
(To record loss on assets)
Working:
Loss on assets = {2900(11%-10%)}
= 2900 × 1%
= $29
(iii) Plan assets A/c Dr. $345
To cash $345
(To record funding)
(iv) PBO A/c Dr. $370
To plan assets $370
(To record Retiree benefits)
