Determine which of the following statements is correct regarding the relationship of ending inventory and beginning inventory.
A. The beginning inventory of the current period is the beginning inventory of the previous period.
B. The beginning inventory of the previous period is the ending inventory of the current period.
C. The ending inventory of the previous period is the ending inventory of the current period.
D. The ending inventory of the previous period is the beginning inventory of the current period.
The relationship between ending inventory and beginning inventory is ending inventory of the previous period is the beginning inventory of the current period.
Ending inventory is inventory that remains unsold at the end of a particular period of time. Beginning inventory is inventory that a business has in stock at the beginning of a particular period.
Ending inventory is a function of beginning inventory, cost of goods purchased, cost of goods sold.
Ending inventory = beginning inventory + cost of good bought - cost of good sold.
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Davis Manufacturing Company had the following data:
January 1 December 31
Accounts receivable $27,000 $33,000
Materials inventory 22,500 6,000
Work in process inventory 70,200 48,000
Finished goods inventory 3,000 15,000
Collections on account were $625,000.
Cost of goods sold was 68% of sales.
Direct materials purchased amounted to $90,000.
Factory overhead was 300% of the cost of direct labor.
a. Compute sales revenue (all sales were on account).
$ ___________________
b. Compute cost of goods sold.
$ ______________
c. Compute cost of goods manufactured.
$ _______________
d. Compute direct materials used.
$ ________________
e. Compute direct labor incurred.
$ ________________
f. Compute factory overhead incurred.
$ __________________
a) The computation of the sales revenue is $631,000.
b) The computation of the cost of goods sold is $429,080.
c) The computation of the cost of goods manufactured is $441,080.
d) The computation of the direct materials used is $106,500.
e) The computation of the direct labor incurred is $78,095.
f) the Computation of the factory overhead incurred is $234,285.
How are the figures above computed?The ledger accounts of the inventory accounts can help in the computation of the above figures as shown below.
Data and Calculations:January 1 December 31
Accounts receivable $27,000 $33,000
Materials inventory 22,500 6,000
Work in process inventory 70,200 48,000
Finished goods inventory 3,000 15,000
Collections on account were $625,000
Cost of goods sold was 68% of sales.
Direct materials purchased amounted to $90,000
T-Accounts:
Accounts receivable:Beginning balance $27,000
Sales (missing) 631,000
Cash collection $625,000
Ending balance $33,000
Cost of goods sold is $429,080 ($631,000 x 68%).
Materials inventoryBeginning balance $22,500
Purchases 90,000
Work in process 106,500
Ending balance $6,000
Work in process inventoryBeginning balance $70,200
Materials inventory 106,500
Direct labor 78,095
Factory overhead 234,285
Finished goods inventory $441,080
Ending balance $48,000
Finished goods inventoryBeginning balance $3,000
Work in process $441,080
Cost of goods sold $429,080
Ending balance 15,000
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Which of the following statements is CORRECT? Question 9 options: The AFN equation for forecasting funds requirements requires only a forecast of the firm's balance sheet. Although a forecasted income statement may help clarify the results, income statement data are not essential because funds needed relate only to the balance sheet. Dividends are paid with cash taken from the accumulated retained earnings account, hence dividend policy does not affect the AFN forecast. A negative AFN indicates that retained earnings and spontaneous liabilities are far more than sufficient to finance the additional assets needed. If the ratios of assets to sales and spontaneous liabilities to sales do not remain constant, then the AFN equation will provide more accurate forecasts than the forecasted financial statements method. Any forecast of financial requirements involves determining how much money the firm will need, and this need is determined by adding together increases in assets and spontaneous liabilities and then subtracting operating income.
AFN has negative and positive sides. The correct statement is A negative AFN indicates that retained earnings and spontaneous liabilities are far more than sufficient to finance the additional assets needed.
AFN is known as Projected increase in assets – spontaneous increase in liabilities – any increase in retained earnings.When the AFN value is negative, it means the action or project that is underwork will bring about extra income for the company, which can be invested in another place.
Additional funds needed (AFN) is known as financial term used when a business intends to widen its operations.
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Suppose Yummy Treats Bakery issues common stock in exchange for a building. Yummy Treats Bakery should record the building at Question content area bottom Part 1 A. the par value of the stock given. B. its book value. C. its market value. D. a value assigned by the board of directors
Based on the information given Yummy Treats Bakery should record the building at: C. its market value.
Market value is the value of an asset in the market or the amount at which an asset will be sold in the market.
Building is an asset and since common stock was issued out in exchange for a building , the best options is that Yummy treats bakery should record the building at the market value the asset or the building.
Inconclusion Yummy Treats Bakery should record the building at: C. its market value.
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What of the following would not be relevant in a make-or-buy decision? What of the following would not be relevant in a make-or-buy decision?
Select one:
a. Avoidable fixed cost
b. Incremental fixed costs
c. Unavoidable variable costs
d. Opportunity costs
Tje correct answer is c. Unavoidable variable costs. Options that would not be relevant in a make-or-buy decision are unavoidable variable costs.
What are unavoidable variable costs?Corresponds to a type of expense that cannot be avoided, that is, it is an expense associated with other costs, such as interest rates, depreciation and taxes, being costs that do not depend only on the purchase decision, but costs arising from a commitment to use such expense.
In the make-or-buy decision process, it is necessary for organizations to carry out a structured and organized budget, to better allocate their resources between goals, income and expenses, in order to have greater control of their costs and a more strategic decision-making.
Therefore, the purchase decision process must be based on strategic planning to meet objectives and goals aligned with your needs and best opportunities.
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3 of 45
In order to determine exactly what portion of a mortgage loan the VA will guarantee on behalf of
a qualified veteran, the borrower must apply for a
Answer:
Certificate of Eligibility (COE)
Explanation:
In order to determine exactly what portion of a mortgage loan the VA will guarantee on behalf of a qualified veteran, the borrower must apply for a Certificate of Eligibility (COE).
The Certificate of Eligibility (COE) is a letter issued by the Department of Veterans Affairs (VA), which attests the eligibility of the veteran for a VA-backed home loan. There are a few ways to obtain a COE:
Through mail, by filling out the VA Form 26-1880 (Request for Certificate of Eligibility).Through the VA's website.Through lenders.Veterans must also have at least one of the following Character of Service (COS) requirements upon discharge from the military: Honorable, General, Uncharacterized, and Under Honorable Conditions.
Who should have a financial emergency plan in place?
Those with high risk
Everyone, regardless of financial health
Those with bad credi.
Those in a state of bankruptcy
Answer:
I think B. Everyone, regardless of financial health.
Explanation:
Anything can happen but, if they have a backup financial emergency plan, it can go smoother.
Hope this helps :)
Question 1 of 15.
#1. Objective A: Left Turn
True False
Mark for follow up
Based on the question above, the correct answer goes thus:
TrueObjectivityTo be objective implies that you State facts as it is devoid of your opinions. According to the available text, left turn is true
In conclusion, we can conclude that the correct answer is true
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Michelle is typing an e-mail to team members. The e-mail includes some issues that were discussed during a meeting and decisions that were made. Michelle is writing the _____.
Answer:
issues that were discussed in the meeting
Explanation:
State one effect the great depression had on many Americans?
Answer:
Great Depression
EXPLANATION:
I hope this helps (:
What are your goals that you want to achieve in 5 years?
Answer:
Consider Why the Job Interests You
Research the Business
Don't Worry If You Don't Know What Kind of Career You Want to Pursue
Be Enthusiastic
Be Realistic
Explanation:
what's the net price equivalent rate of 9/15/18
Help buissness help help help
Answer:
milton fredman
Explanation:
The Medical Device Makers Association does not include all manufacturers of medical and surgical instruments. The association refuses to deal with any parties who do not carry the products of its members. This is Group of answer choices a situation that neither restrains trade nor harms competition. subject to analysis under the rule of reason. not within the scope of the Sherman Act. a per se violation of antitrust law.
The word per se is often means the act is illegal in some countries. The above Scenario is known to be a per se violation of antitrust law.
The Per se rule is often used in the cases that involves price fixing, group boycott etc. This kind of case often needs a lot of inquiry before it is handled.
There are different kinds of per se violations of antitrust law. Some other business practices that can be said to be per se illegal under antitrust laws are:
When there is an horizontal market allocation agreementsWhen some particular horizontal group did boycotts by competitorsWhen there is tying arrangements etc.Antitrust laws is known to hinder the act of lowering the price in a specific geographic area so as to drive out competition.
Federal antitrust laws aim to keep the unity and peace of the free and open market competition both in the geographic areas and in types of products or services.
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On October 1, 2014, Dakota Company issued an $800,000, 10%, nine-month interest-bearing note. If the Dakota Company is preparing financial statements at December 31, 2014, the adjusting entry for accrued interest will include
Based on the information given the adjusting entry for accrued interest will include debit to Interest Expense of $20,000.
The appropriate adjusting entry to record the given transaction is:
Dakota Company journal entry
December 31, 2014
Debit Interest Expense
Credit Interest Payable $20,000
($800,000×10%×3/12)
(To record accrued interest)
Inconclusion the adjusting entry for accrued interest will include debit to Interest Expense of $20,000.
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Sunland Company has 1050 shares of 4%, $100 par value, cumulative preferred stock and 52500 shares of $1 par value common stock outstanding at December 31, 2020. What is the annual dividend on the preferred stock
Based on the information given the annual dividend on the preferred stock is : $4,200.
Using this formula
Annual dividend=Number of shares× Par value× Shares Percentage
Where:
Number of shares=1050 shares
Par value=$100 par value
Shares Percentage=4% or 0.04
Let plug in the formula
Annual dividend=1050shares× $100×0.04
Annual dividend=$4,200
Inconclusion the annual dividend on the preferred stock is : $4,200.
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What is the balance between supply and demand called ?
Answer:
I think it is Market equilibrium
The balance between supply and demand is known as the market equilibrium.
The supply and demand are determined through the price mechanism in a free market. Such as if the goods or services are bought more frequently then their prices will go up and vice versa.
This means that the price mechanism helps to determine what goods are to be produced. In the case where the demand for good increase will result in price go up and will ultimately result in producers supplying more of those goods.
This system of price helps to scale the point where competing demands may be weighed by the consumer or producer requirements.
However, the movement towards the price equilibrium and the resulting balance between the supply and demand is known as the market equilibrium.
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Arthur is a tax preparer doing business as a sole proprietor. Under what circumstances could he receive a pass-through deduction that is not limited as a result of it being an SSTB?
It should be noted that the condition where he'll get a pass-through deduction is that he has a taxable income.
A pass-through deduction refers to a business that isn't subject to corporate income tax. Rather, such a business is taxed at individual income tax rates.
From the information given, the condition where Arthur will get a pass-through deduction is that he has a taxable income. Also, the deduction cannot be more than 20% of the taxable income.
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What low-risk investment can provide Kazuo income when he retires?
a. real estate
b. stocks
c. bonds
d. ira’s
Answer: D
Explanation:
Select the correct answer
What type of income is received through rent?
A. earned income
B. passive income
C. portfolio income
D. business income
Answer:
earned income is received through rent
what is the most technical challenge for mr?
Answer:
The most technical challenge for true AR/MR is maintaining accurate spatial registration of real and virtual elements such that the deviation is within the perceptual limits of the human sensory system.
...............................................A hurricane hits the coast of the United States, destroying oyster farms. Afterward,
oyster farmers have far fewer oysters to sell to stores and restaurants.
What is this situation an example of?
A. Incentive
B. Demand
C. Scarcity
D. Trade-off
What do you think the curves would look like in the next 100 years?
Answer:The last 100 years have seen a massive fourfold increase in the population, due to medical advances, lower mortality rates, and an increase in agricultural productivity made possible by the Green Revolution.
what are the functions of middle level management
Answer:
Middle management is at the center of a hierarchical organization, subordinate to the senior management but above the lowest levels of operational staff. Middle managers are accountable to top management for their department's function. They provide guidance to lower-level managers and inspire them to perform better.Hope this helps you !!Suppose that you are an orange grower. Would you expect the demand for your
orange to be more elastic or more inelastic? Why
It should be noted that the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded.
It should be noted that an elastic demand simply means a situation whereby a change in the price of a good lead to a larger change in the quantity demanded.
In this case, the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded. For example, an increase in price will make the customers buy other fruits.
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Sapphire Aerospace operates 52 weeks per year, and its cost of goods sold last year was $6,500,000. The firm carries eight items in inventory: four raw materials, two work-in-process items, and two finished goods. Table 12.3 shows last year’s average inventory levels for these items, along with their unit values. a. What is the average aggregate inventory value? b. How many weeks of supply does the firm have? c. What was the inventory turnover last year?
a. The average aggregate inventory value is $336,000.
b. The number of weeks of supply that the firm has is 3 weeks, approximately (2.69 ($336,000/$6,500,000 x 52).
c. The inventory turnover of Sapphire Aerospace for last year was 19.3x.
Question Completion:
Category Part Number Average Value Total Category
Inventory Units per Unit Value Totals
Raw Materials RM-1 20,000 $1 $20,000
Materials RM-2 5,000 5 25,000
RM-3 3,000 6 18,000
RM-4 1,000 8 8,000 $71,000
Work-in-process WIP-1 6,000 10 60,000
WIP-2 8,000 12 96,000 $156,000
Finished goods FG-1 1,000 65 65,000
FG-2 500 88 44,000 $109,000
Total value of inventory $336,000 $336,000
Inventory turnover = Cost of goods sold/Average inventory
= 19.3x ($6,500,000/$336,000)
Thus, the average inventory value is $336,000, while the inventory turnover was 19.3x.
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When a company enters the market with a high price for their new innovation, which pricing strategy have they used
Answer:
iprob info
Explanation:
Imagine you own a company that makes YOUR FAVORITE PRODUCT.
Answer:
I am not sure what you want me to answer but Ill give you my P.O.V
Explanation:
If I had my own company with my favorite product I would have created more of the things related to that product. And invest my money in other products I enjoy using. And improve on that product make it better.
In general, which type of marketing do you think is most effective for events: push or pull marketing? If you were an event marketer, how would you decide how much push and pull marketing to use? Discuss how an event's ability to help us escape from everyday life and worries can be advantageous for marketeif you were an event marketer how would you decide how much push and pull marketing to use
Push marketing strategies in a way force the potential customer to consume by generating a need that previously did not exist through strategies such as great deals or discounts, bombastic advertisements, etc.
In turn, the pull marketing strategies seek to attract customers in a smoother way, that is, by convincing consumers about the essential characteristics of the product through medium and long-term transformations, such as changes in packaging.
Therefore, push strategies serve to generate consumption in the short term, while pull strategies serve to generate consumption in the medium and long term.
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Which type of reinforcement schedule results in the quickest learning
I bad at explaining things but a easy way to learn quicker (for me anyways) is by taking notes and going over them everyday and reading a little ahead then you have to. Also by going at your pace first till you get use to it before you start pushing your self a little harder.
This helps a lot but than again every one is different so I would honestly juts say to go slow at first and work your self up that way it would he a lot easier on you if you want to learn faster