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3 years ago

Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following.

Business

1 answer:

ser-zykov [4K]3 years ago

6 0

The balance in Work in Process Inventory for April, May, and June will be $12800, $23100, and $9900.

<h3>How to calculate Work in Process Inventory</h3>

From the information, the Work in Process Inventory for April will be:

= $6900 + $5900 = $12800

The work in process inventory for May will be:

= $5900 + $4600 + $6600 + $6000

= $23100

The Work in Process Inventory for June will be:

= $6000 + $3900

= $9900

The balance in Finished Goods Inventory at the end of April will be $2800. The balance in Finished Goods Inventory at the end of May will be:

= $6900 + $6100

= $13000

The balance in Finished Goods Inventory at the end of June will be:

= $5900 + $4600 + $2800 + $6600 + $5700

= $25600

Learn more about work in process on:

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Tonya put $250 into an account three years ago. the first year he earned 6 percent interest, the second year 7 percent, and the

Elina [12.6K]

$287.64

Calculate the interest for each year, then add it to the principal for the next year.

Year 1: 250 * .06 = 15

New balance 250+15 = 265

Year 2: 265 * .07 = 18.55

New Balance 265+ 18.55 = 283.55

Year 3: 283.55 * .08 = 22.68

New Balance 265+ 22.68 =287.64

8 0

3 years ago

The salesperson's objective is to begin converting a prospect into a customer by creating a desire for the product or service du

Ne4ueva [31]

Answer: Presentation.

Explanation:

The presentation stage is the stage after the approach stage of personal sales, where the marketer introduces a product to a potential buyer and tries to sell the product by listing out the qualities of that product to the buyer.

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3 years ago

Wooderson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sa

tankabanditka [31]

Answer:

FIFO COST OF GOODS SOLD$ 239,200

b) Weighted Average Inventory $ 6120

c) LIFO Ending Inventory = $ 5000

Explanation:

Wooderson Company

Periodic inventory system

Units Unit Cost Total Cost

3/1 Beginning inventory 100 $40 $ 4000

3/3 Purchase 60 $50 $ 3000

3/4 Sales 60 $80 $ 4800

3/10 Purchase 200 $55 $ 11000

3/16 Sales 70 $90 $ 6300

3/19 Sales 90 $90 $ 8100

3/25 Sales 60 $90 $ 5400

3/30 Purchase 40 $60 $ 2400

Sales = $ 4800 + $ 6300 + $ 8100 + $ 5400= $ 246,000

Ending Inventory= 120 units

FIFO Ending Inventory= $ 6800

40 units at $60 = $ 2400

80 units at $55 = $ 4400

FIFO COST OF GOODS SOLD= SALES Less FIFO Ending Inventory

= $ 246,000- $ 6800= $ 239,200

b) Weighted Average Inventory= (Total Cost / Total Units) Ending Units= (20,400/ 400) * 120 = $ 6120

c) LIFO Ending Inventory = $ 5000

100 units at $40 = $ 4000

20 units at $ 50= $ 1000

3 0

3 years ago

_________ _________ is often solved with the broker representing both sides designating a separate agent for both buyer and sell

Xelga [282]

Dual agency is often solved with the broker representing both sides designating a separate agent for both buyer and seller.

An individual who represents both the buyer and the seller in a transaction is known as a dual agent. It's common to mix up dual agents and designated agents. Assigned agents, on the other hand, consist of two people who each represent the buyer and seller independently.

In a dual agency scenario, a single agent acts as both the buyer's agent and the seller's representative, as opposed to two independent agents. When the buyer and seller work with the same brokerage, dual agency frequently occurs.

The commissions for both agents are normally paid by the seller, thus in this case, the seller stands to directly benefit financially. However, if the seller's expenses are lower, they might be open to the idea of the buyer offering a lesser price.

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4 0

2 years ago

In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4 million purchase of merchandise in 2021 w

stich3 [128]

Answer:

No entry required

However, the balance sheet must be adjusted to represent both, the 4,000,000 inventory and the 4,000,000 accounts payable

Explanation:

As the account involved:

Inventory and accounts payable are permanent account do not alter the net income for the year ended December 31th 2020.

Also as no cash is involve the cash statement is not affected too.

This delay on recording generate no problem for the accounting.

6 0

4 years ago