Answer:
C. Raw materials, work in process, and finished goods.
Explanation:
Inventories are materials which have monetary value, and are assets to a company. An inventory can in the form of RAW MATERIALS (inventories which has not be used or converted in the production process), A WORK IN PROGRESS (materials which are within the production or conversion process, they have been partially transformed but not yet completed) and the FINISHED PRODUCTS ALSO CALLED FINISHED GOODS(materials which has undergone complete Transformation and are ready to be sold to the market).
b.$1,721
c.$1,700
d.$2,163
e.$2,230
Answer:
option (b) $1,721
Explanation:
Given:
Job # Total Cost Complete Sold
803 $611 yes yes
804 $423 yes no
805 $805 no no
806 $682 yes yes
807 $525 yes no
808 $250 no no
809 $440 yes yes
810 $773 yes no
811 $267 no no
812 $341 no no
Now,
The total in Finished Goods will be the jobs that are completed and not sold
thus,
The total in Finished Goods = $423 + $525 + $773 = $1,721
Hence,
The correct answer is option (b) $1,721
Answer:
Part 1 . Determine the cost of goods manufactured
Direct materials $280,000
Direct labor $324,000
Factory overhead $188,900
Add Opening Stock of Work In Progress Inventory $72,300
Less Closing Stock of Work In Progress Inventory $76,800
Cost of Goods Manufactured $788,700
Therefore cost of goods manufactured is $788,700
Part 2 . Statement of Cost of Goods Manufactured
Opening Stock of Finished Goods Inventory 39,600
Add Cost of Goods Manufactured 788,700
Less Closing Stock of Finished Goods (41,200)
Cost of Goods Manufactured 787100
Explanation:
Part 1 . Determine the cost of goods manufactured
This is a calculation of all Overheads Incurred in the Manufacturing process
Part 2 . Statement of Cost of Goods Manufactured
It is Important to note that Glenville Company is in the Manufacturing Business and their Cost of Sales cost from cost of Finished Goods.This would be the statement available for external use
How much money will the owners invest in the business start-up?
How will the salespeople for this business be compensated?
What are the unique features of this business’s merchandise?
Answer:
Hence,
The money which the owners invest in the business start-up is by Financial statements.
The salespeople for this business be compensated is by Marketing & sales management.
The unique features of this business’s merchandise are by Service or product line.
Explanation:
Financial statements show how much money will the owners invest in the business start-up.
Marketing & sales management shows how will the salespeople for this business be compensated.
Service or product line shows What are the unique features of this business’s merchandise
In a business plan, the 'Financial Statements' section provides information about the owner's start-up investment, compensation of salespeople is detailed in the 'Marketing & Sales Management' section, and unique merchandise features could be found in the 'Service or Product Line' section.
In a business plan, you would typically find the answers to your questions in the following sections:
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Answer:
cost of goods manufactured= $176,000
Explanation:
Giving the following information:
Direct materials:
Beginning inventory= $16,000
Ending inventory= $20,000
Purchase= $72,000
WIP:
Beginning inventory= $40,000
Ending inventory= $44,000
Direct labor= $72,000
Manufacturing overhead applied= $40,000
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 16,000 + 72,000 - 20,000= 68,000
cost of goods manufactured= 40,000 + 68,000 + 72,000 + 40,000 - 44,000
cost of goods manufactured= $176,000
Answer:
Answer for the question :
Joan is a single individual who works for Big Petroleum, Inc. During all of 2019, she is stationed in West Africa. She pays West African taxes of $20,000 on her Big Petroleum salary of $92,000. Her taxable income without considering her salary from Big is $36,000. How should Joan treat the salary she receives from Big Petroleum on her 2019 U.S. tax return?
is explained in attachment.
Explanation:
See attachment for detailed answer.
Joan should count both her local and Big Petroleum incomes but can use the Foreign Earned Income Exclusion for the latter. She can also claim a foreign tax credit for the taxes she paid in West Africa.
In the case of Joan and her 2019 U.S. tax return, she must declare the total income she earned in that year, including her salary from Big Petroleum, Inc., which was earned while she was stationed in West Africa. Still, due to U.S. tax laws, Joan can claim a Foreign Earned Income Exclusion (FEIE).
The FEIE for 2019 allows U.S. citizens or residents who live outside the U.S. to exclude up to $105,900 in foreign earned income. Therefore, Joan, who made $92,000 in West Africa, can exclude this amount from her taxable income because it is less than the FEIE limit.
However, she should remember to include the remaining $36,000 she made outside her Big Petroleum salary in her U.S. taxable income. The West African taxes Joan paid do not directly influence her U.S. taxable income but could potentially be claimed as a foreign tax credit to avoid double taxation.
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Based on the accrual method, the correct entry for $10,000 worth of services would be a debit to accounts receivable for $10,000 and a credit to Sales revenue for $10,000.
The company has performed a certain service for a customer and hasn't been paid for it. The customer therefore owes the company which makes them an account receivable.
The $10,000 will be considered revenue by the company so they will credit the revenue account. Accounts Receivables are assets so this account will be debited.
Find out more on accounts receivables at brainly.com/question/24871345.
The company should debit (increase) the Accounts Receivable account by $10,000 and credit (increase) the Service Revenue account by $10,000. This follows the accrual method of accounting, in which revenues and expenses are recorded when they are earned and incurred, respectively.
The correct entry to record this transaction, using the accrual method, involves two accounts: Accounts Receivable and Service Revenue. Here is the step-by-step process of recording this transaction.
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