a. $75,000 in raw materials were purchased for cash. b. $73,000 in raw materials were requisitioned for use in production. Of this amount, 67,000 was for direct materials and the remainder was indirect materials c. Total labor wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $126,000 were incurred and paid. e. MOH costs of $178,000 were applied to jobs using the company's predetermined OH rate. f. All of the jobs in progress at the end of the month were completed and shipped to customers. g. Any underapplied or overapplied OH for the period was closed out to COGS.
Answers
T-accounts for the Raw Materials, Work in Process (WIP), Manufacturing Overhead, and Finished Goods Inventory accounts, all can be seen on the attachment.
The cost of goods sold for the period is $0. This result suggests that all of the products produced during the period were sold and there were no remaining inventory at the end of the period.
T-accounts are a type of visual representation of a company's general ledger accounts. They show the debits and credits for each transaction that impacts the account, and help keep track of the account balance.
Based on T-accounts, Cost of Goods Sold can be calculated as follows:
Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory
Since there were no beginning Finished Goods Inventory, the equation simplifies to:
Cost of Goods Sold = Cost of Goods Manufactured - Ending Finished Goods Inventory
From the Work in Process account, we see that the Cost of Goods Manufactured for the period is $379,000. From the Finished Goods Inventory account, we see that there were no beginning Finished Goods Inventory and the ending balance was $379,000. Therefore, the Cost of Goods Sold is:
Cost of Goods Sold = $379,000 - $379,000 = $0
This question should be provided as:
Granger Products recorded the following transactions for the just-completed month. The company had no beginning Inventories:
a. $75,000 In raw materials was purchased for cash.b. $73,000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for Indirect materials.c. Total wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $126,000 were incurred and paid.e. Manufacturing overhead costs of $178,000 were applied to jobs using the company's predetermined overhead rate.f. All of the jobs in process at the end of the month were completed and shipped to customers.g. If overhead is underapplied in the period, it is closed out to the cost of goods sold. If overhead is overapplied in the period, It is based on the basis of the amount of allocated overhead that is in the ending balances in each account.Post the above transactions to T-accounts and determine the cost of goods sold for the period.
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Related Questions
A manager who involves members of the team in decisions is using which management style?
A.
Authoritarian
B.
Hands-off
C.
Participative
D.
Autocratic
Answers
Answer:
c.
Explanation:
Answer:
i think its c) to
Explanation:
craig purchased a life insurnce policy for enabling his hiers to pay estate taxes. what is this called
Answers
Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. This is called Estate Planning.
Estate planning is the process of preparing for the management and transfer of a person's property and assets after death. This planning includes wills, trusts, and life insurance policies, which are aimed to make sure the individual's assets are transferred to their heirs according to their wishes. The life insurance policy is a tool for funding estate taxes, and it ensures that the heirs will be able to pay the estate taxes that are due after the death of the policyholder.
Estate taxes are taxes that are owed by a person's estate after they pass away. It's worth noting that life insurance policies are just one of the tools used for estate planning. The goal of estate planning is to make sure that a person's assets are transferred in the way they intended after they die. Estate planning also helps minimize the tax burden on the heirs and ensures that there is a smooth transition of assets to the heirs.
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You are going to take an area on lease for a restaurant and
preparing a contract with the help of a lawyer.
a. Describe the stages of your
contract? Convert 3 stages to your requirement.
Answers
Negotiation, drafting, review, and finalization are all important stages of a contract for leasing an area for a restaurant. Consult with a lawyer to tailor the contract to your specific requirements.
When preparing a contract for leasing an area for a restaurant, the stages involved typically include:
1. Negotiation Stage: This is the initial stage where the parties involved, in this case, the restaurant owner and the lessor (property owner or landlord), negotiate the terms and conditions of the lease agreement. This stage may involve discussions on the lease duration, rental amount, maintenance responsibilities, permitted uses of the property, and any additional provisions specific to the restaurant business.
2. Drafting Stage: Once the negotiation stage is complete and the parties have reached a general agreement on the terms, the next stage is drafting the contract. This stage involves preparing the written document that outlines the rights and obligations of both parties. It is important to involve a lawyer at this stage to ensure that the contract complies with relevant laws and regulations and adequately protects the interests of the restaurant owner.
3. Review and Finalization Stage: After the initial draft of the contract is prepared, it is reviewed by both parties and their respective legal representatives. This stage involves carefully examining the contract to ensure that it accurately reflects the agreed-upon terms and addresses all important aspects of the lease. Any necessary revisions or clarifications are made during this stage. Once both parties are satisfied with the contract, it is finalized, signed, and executed.
Please note that the stages and specific requirements of a contract may vary depending on the jurisdiction, specific circumstances, and the advice of legal professionals involved. It is always recommended to consult with a lawyer to tailor the contract to your specific requirements and ensure legal compliance.
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Question 5 of 10 Which of the following compensation options helps pay for classes or seminars attended? O A. 401(k) O B. Educational reimbursement C. Cafeteria plan D. Health insurance
Answers
The compensation plan that helps pay for classes or seminars attended is known as an educational reimbursement.
Educational reimbursement simply means an employee benefit where an employer pays for a certain pre-determined amount of college coursework.
Educational reimbursement is also known as tuition reimbursement. Companies give educational reimbursement to their staffs in order to help them complete a degree or program in school.
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can i doit without pay
Answers
Answer:
what?
Explanation:
how much cash did the business spend during the month?
Answers
The amount of cash that the business spent during the month would depend on the specific expenses and purchases made by the business during that time period. Without more information, it is not possible to accurately determine the exact amount of cash spent by the business.
However, you can calculate the amount of cash spent by the business by adding up all of the expenses and purchases made during the month. This would include things like salaries, rent, utilities, inventory purchases, and any other expenses that the business incurred during the month.
By adding up all of these expenses, you can determine the total amount of cash that the business spent during the month.
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Assignment 2
(20 points)
Assignment 2: Costs and Profit
Instructions
Answers
I'm sorry, I don't know what you mean. Please attach a photo/add the instructions!! Sorry
Answer:
can u please upload it
Explanation:
Have a great day everybody
Answers
Answer:
Thanks. Have a great day!
Explanation:
You deserve to.
Answer:
i will thank you and you too :)
Explanation:
Label the parts of the Transactional Model.
Answers
Answer:
HOPE THIS HELP..PLZ MARK ME BRILLIENT
Explanation:
what are the basic principles of democracy in a society?
Answers
Answer:
According to American political scientist Larry Diamond, democracy consists of four key elements: a political system for choosing and replacing the government through free and fair elections; the active participation of the people, as citizens, in politics and civic life; protection of the human rights of all citizens;
Explanation:
sorry if wrong have a good day T_T
What is one way to avoid plagiarism?
give credit for information taken from a source
copy information from a source word for word
use an excerpt from a source without identifying it
repeat a quote without mentioning the original speaker
Answers
Answer:
Give credit for information taken from a source.
Explanation:
Answer: (A) Give credit for information taken from a source.
Explanation: right on edge 2020
john had a lot of medical bills over the course of a year. his total bill was 5600. his insurance company would not post any of his bill until he paid 500. this is called a
Answers
Until he paid 500, his insurer would not publish any of his bill. It is known as a deductible.
The term "deductible" means what exactly?The deductible in an insurance contract is the sum that must be paid out of cash by the policyholder before the insurance company will cover any costs.
In common parlance, the term "deductible" may be used to refer to any one of a number of clause types that insurance firms employ to establish a payment threshold for policies.
The deductible is the sum that a policyholder must pay out of pocket before the insurance provider begins to make payments. In other terms, the insurance provider is only required to pay a claim when the amount is greater than the deductible.
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John paid $10,000 in mortgage interest last year. He and his wife earned $150,000 from their jobs last year. Based on their circumstances, they can deduct the mortgage interest from their taxable income, meaning they only have to
pay federal income tax on what amount?
Answers
Answer:
$140,000
Explanation:
$150,000-$10,000= $140,000
In a deciding set, what should be recorded on both the left and right sides of the sheet before the court switch for the team that starts on the left
Answers
In a deciding set, the triangle denoting the position where the Libero serves and all player substitutions should be recorded on both the left and right sides of the sheet, before a court switch is made by the team that is expected to start on the left.
Volleyball can be defined as a team sport comprising two (2) teams of six players, each on both sides of the court.
Generally, these two (2) teams are separated by a horizontal net and are required by rules to bat the ball by using their bare hands, without letting it hit (touch) the floor.
In indoor volleyball, a libero is a back-row defensive specialist who is saddled with the responsibility of covering and sweeping across the spaces behind other defenders.
In a deciding set, the triangle denoting the position where the Libero serves and all player substitutions should be recorded on both the left and right sides of the sheet, before a court switch is made by the team that is starting on the left.
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similarities between editing and proofreading
Answers
——————————————————-
Hope this helps :)
Protecting intellectual property rights is important to a free enterprise system because:
A. it gives the government the ability to regulate businesses.
B. it allows entrepreneurs to profit from their ideas.
C. it ensures that businesses sell products at fair prices.
D. it makes more money available for starting new companies
Answers
Answer:
B. it allows entrepreneurs to profit from their ideas.
Explanation:
Intellectual properties are valuable ideas, innovations, and creations to a business. They are intangible assets that give a business its competitive advantage. Protecting intellectual properties ensure an individual or entity reaps the full benefits of the inventions and creations.
Protecting intellectual properties safeguards a company's ideas from being exploited by its competitors for commercial gains. It gives a business the right to exclusively profits from its innovations. Protecting intellectual properties encourages research and development as entrepreneurs are guaranteed to benefit from their creations.
A ledger
a) includes all company accounts and their related balances
b) can replace the financial statements
c) is the same as a chart of accounts
d) is known as a worksheet
Answers
The correct option is option A. A ledger includes all company accounts and their related balances.
What is the purpose of a ledger?A ledger is a fundamental accounting tool that contains a comprehensive record of all company accounts and their respective balances. It serves as a central repository for tracking financial transactions and maintaining accurate financial records. Each account within the ledger represents a specific category, such as assets, liabilities, equity, revenues, or expenses.
The ledger provides a detailed account of every financial activity, including debits and credits, for each account. It enables businesses to monitor their financial health, track income and expenses, analyze trends, and prepare accurate financial statements.
However, it is important to note that while the ledger is a crucial component in the accounting process, it does not replace the financial statements themselves.
so,The correct option is option A
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In supply (and demand) problems, y is the number of items the supplier will produce (or the public will buy) if the price of the item is x. For a particular product, the supply equation is and the demand equation is y=3x+355 y=−5x+475 What is the intersection point of these two lines? Enter answer as an ordered pair (don't forget the parentheses). What is the selling price when supply and demand are in equilibrium? price =$ litem What is the amount of items in the market when supply and demand are in equilibrium? number of items =
Answers
A) (17 ; 550)
B) $17/item
C) 550
Step-by-step explanation:
First we must calculate the intersection point of the two lines. Since in that point y has the same value in both equations, we can obtain x by equalling the two equations and then using that value for obtaining y:
So the value of x in the intersection point is 17. We now use this value with either one of the equations to obtain y. Let's use the supply equation:
So the intersection point is (17 ; 550)
Supply and demand are in equilibrium when the amount of items on supply are the same as the ones on demand. That is the point were the two lines intersect, which means the selling price is the x coordinate and the amount of items is the y coordinate, so that is a selling price of $17/item with a number of items of 550.
How are letters of credit different from secured transactions?
O A. A letter of credit tells a prospective seller how much you can buy.
A secured transaction provides the bank with assurance of
repayment
O B. A letter of credit is sent from the seller to the buyer and a secured
transaction means the seller must ship the product.
O C. A letter of credit is covered in Article 9 and a secured transaction
is covered in Article 5 of the UCC.
D. There is no difference because the bank benefits in both cases,
Answers
Answer:
The answer is B, Bill of Lading.
Explanation:
i did research
Retailers like Kohl's and JCPenney carry less-expensive versions of established brand name products or new lower-price lines. They have adopted a ________ pricing strategy.
a. market-skimming
b. high-low
c. good-value
d. cost-plus
e. target return
Answers
Retailers like Kohl's and JCPenney carry less-expensive versions of established brand name products or new lower-price lines. They have adopted a c) good-value pricing strategy.
This strategy involves offering customers products at a reasonable price that offers good value for their money. By carrying less-expensive versions of established brand name products or new lower-price lines, these retailers are able to attract price-sensitive customers who are looking for quality products at an affordable price. This strategy can help these retailers differentiate themselves from competitors and appeal to a wider range of customers. Good-value pricing is often used by retailers who are looking to increase market share or grow their customer base.
It can also be an effective way to compete with discount retailers or online marketplaces by offering similar products at a more attractive price point. Overall, the good-value pricing strategy is a smart approach for retailers looking to stay competitive in today's market.
Therefore, the correct answer is c) good-value
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When applying for a loan, what should you do? (1 point)
O You should borrow
from an institution close to your home.
borrow from
O You should wait until you have a long credit history.
O You should go to a state that has low interest rates.
O You should shop around for the best overall deal.
Answers
When applying for a loan, it is important to shop around for the best overall deal. This means researching and comparing interest rates, terms and conditions, fees, and other factors from different lenders before making a decision.
Borrowing from an institution close to your home may be convenient, but it may not necessarily provide the best deal. Waiting until you have a long credit history may help you qualify for better loan terms, but it is not always necessary or practical. Similarly, going to a state that has low interest rates may not be feasible or cost-effective, especially when factoring in travel expenses and other associated costs.
Therefore, the best course of action when applying for a loan is to do your research, compare different lenders, and choose the option that offers the best overall deal for your financial situation and needs.
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1. $4,076.92
2. Assets = Liabilities + Equity
3. They can be used to make online purchases.
4. by using an emergency fund for this unplanned expense
5. a fund with a minimum investment that tracks the value of cash
6. 1930s
7. Banks because they are highly regulated by the government, so the loan terms will not be predatory.
8. their vacation cabin
9. You should shop around for the best overall deal.
10. If you use a credit card, it is easy to run up huge debts.
11. They are tied directly to your bank account.
12. preventative care
13. $100,000 per person bodily injury, $300,000 per incident for bodily injury, $50,000 for property damage
14. how long the coverage lasts, how much the premium costs, and the cash value
15. 1-year renewable group term life
16. Identity thieves can intercept unencrypted data being sent to Wi-Fi hot spots.
17. Wells Fargo employees were opening unauthorized deposit and credit accounts for its customers.
18. 2 year in state community college degree
19. tuition assistance
20. -a sundae, -movie tickets
Explanation: All of these answers are correct!
Personal Finance Semester Exam
5/11/2023
the final step in the marketing research process is
Answers
______ Is a market in which a large number of suppliers compete with each other to satisfy the needs and wants of a large numbers of consumers at a competitive price.???
Answers
Answer : Monopolistic competition
Answer:
Monopolistic Competition
Explanation:
In a monopolistic competitive market, there are large numbers of sellers who do not sell identical products instead they sell differential products. They compete with each other at a competitive price. The products could be differentiated in many ways including quality, style, location and even brand name. Since they compete at a competitive price, if there is a substantial rise in the price of any of the products, the buyers could quickly shift from one product to another. The most crucial factor behind product differentiation is because of geographical factors. Under a monopolistic competitive market, the sellers do not have any influence over customer loyalty and limited control over the price.
i have a few questions about finance. PLease answer correctly and completely! thx
Which product is an example of perfect competition?
A.
food grains where products are homogeneous
B.
computers, where there are many competitors with slightly differentiated products
C.
aerated cold drinks, where there are two competitors
D.
bicycles, where buyers and sellers have some control over the price
E.
gold where there is only one seller
The database of Aster Corp. was hacke.d and confidential data was leaked to its competitors. This resulted in a huge financial loss and a loss of goodwill for the company. What is this business risk known as?
A.
operational risk
B.
exchange risk
C.
political risk
D.
expansion risk
E.
survival risk
Answers
Answer 1:
B is the answer.
Computers where there are many competitors with slightly differentiated products.
Explanation:
A market is characterized as a Perfect Competition where there are many buyers, many sellers and the products are either homogenous or slightly differentiated. There is also perfect knowledge about all the products and the nonexistence of monopoly. That is, no player in the market has leverage over which they can manipulate prices in their favor.
Answer 2:
A is the correct answer.
Operational Risk.
Explanation:
When there is the possibility for a loss arising from a dysfunctional internal process(es), inefficient employee(s), or even from external events, with a link to the internal dynamics of a company, the business is said to be exposed to Operational Risks.
Answer 3:
When there is an increase in interest rate, the following takes place:
Businesses shy way from borrowing from the bank(due to the loss of leverage or increased cost of borrowing when they do) Production Cost increasesWhen production costs increase prices of finished goods increasesthe above leads to a decrease in demand for finished goodsand ultimately Consumer spending goes downCheers
what would you like to learn or put into practice right now to prevent dealing with the same financial challenges in the future?
Answers
Here are a few key steps you can take:
Financial Education: Invest time in learning about personal finance, budgeting, saving, investing, and other relevant topics. Strengthening your financial literacy can help you make informed decisions and avoid common financial pitfalls. Budgeting and Financial Planning: Create a comprehensive budget to track your income, expenses, and savings. Set financial goals and develop a plan to achieve them. Regularly review and adjust your budget to align with your changing circumstances. Building an Emergency Fund: Establish an emergency fund to provide a financial cushion in case of unexpected expenses or emergencies. Aim to save three to six months' worth of living expenses in a separate savings account.
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Solve the simultaneous equation
y+x=4
2y-x=5
Answers
Answer:
Value of X = 1Value of y = 3Solution,
Using substitution method,
y + x = 4
Move 'x' to the left hand side and change its sign:
y = 4 - x --------> equation (i)
Now,
2y - X = 5
putting the value of y from equation (i)
2( 4 - x ) - X = 5
8 - 2x - x = 5
8 - 3x = 5
- 3x = 5 - 8
- 3x = - 3
The difference sign (-) will be cancelled in both sides
3x = 3
3x/3 = 3/3
X = 1
Value of X is 1
Now, replacing the value of X in equation (i)
y = 4 - x
= 4 - 1
= 3
Value of y is 3
Hope this helps...
Good luck on your assignment...
Total gross sales for the period include the following:
Credit card sales (discount 2%) $ 10,300
Sales on account (2/15, n/60) $ 10,600
Sales returns related to sales on account were $200. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues.
What amount will be reported on the income statement as net sales? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Net Sales
Answers
Net sales is a measure of revenue that represents the amount of product sold during a certain time period after all discounts and returns have been accounted for.
To calculate net sales, you need to subtract the discounts and returns from the total gross sales for the period, as well as any sales that were not paid within the discount period.
Using the given information, we can calculate the net sales as follows: Credit card sales (discount 2%) = $10,300Sales on account (2/15, n/60) = $10,600Sales returns related to sales on account = $200Total gross sales = $10,300 + $10,600 = $20,900Half of remaining sales paid within discount period = (1/2) x ($10,600 - $200) x (1 - 0.02) = $5,256
Discount on payments within discount period = $10,600 x 0.02 = $212Total sales paid within discount period = $5,256 + $212 = $5,468Sales not paid within discount period = ($10,600 - $200) - $5,256 = $5,144Net sales = Total gross sales - Sales returns - Discount on payments within discount period - Sales not paid within discount period= $20,900 - $200 - $212 - $5,144= $15,344Therefore, the amount that will be reported on the income statement as net sales is $15,344.
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Three business people who wish to invest in a new company. Each person is willing to pay one third of the total investment. . After careful calculation, they realize that each of them would pay $ 7600 less if they could find two more equal investors. How much is the total investment in the new business.
A) $ 64,000
B) $ 54,000
C) $ 21,000
D) $ 5,400
E)e) $57,000
1
1
Answers
Staind, Inc., has 7.5 percent coupon bonds on the market that have 10 years left to maturity. The bonds make annual payments. If the YTM on these bonds is 8.75 percent, what is the current bond price?
Answers
Answer:
Explanation:
Assuming the face value of the bond = $1000. Interest = 1000*7.5% = $75
Current Price = Interest * PVAF (10 years, 8.75%) + Maturity Value * PVF (8.75%, 10 Years)
Current Price = $75 * 6.4889 + $1000*0.4322
Current Price = $486.67 + $432.20
Current Price = $918.87
So, the current bond price is $918.87
Deke is a military pilot tasked with providing visual confirmation that some suspicious structures behind enemy lines spotted by satellite are military in nature. Deke is MOST likely what type of pilot? bomber transport helicopter reconnaissance
Answers
The answer is Reconnaissance Pilot, Deke is a reconnaissance pilot as he is providing visual confirmation that some suspicious structures behind enemy lines spotted by satellite are military in nature.
What other name do pilots go by?The person who directs the flight of an aircraft by manipulating its directional flight controls is known as an aircraft pilot or aviator. Because they manage the aircraft's navigation and power systems, several additional crew members, such navigators or flight engineers, are also regarded as aviators.
What is the mindset of a pilot?Although they are aware that the wrong choice could have a catastrophic impact, pilots must always maintain a level head. They must continually choose the proper course of action in addition to acting promptly. Most of the time, there is no one perfect course of action.
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