Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances:
Manufacturing equipment $ 120,000
Accumulated depreciation through the end of last year 57,600
During the current year, the following expenditures were incurred for the equipment:
Major overhaul of the equipment on January 2 the current year that improved efficiency $ 13,000
Routine repairs on the equipment 1,000
The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $12,000 estimated residual value. The annual accounting period ends on December 31.
PART 1:
Prepare the adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. PART 2:
2. Starting at the beginning of the current year, what is the remaining estimated life? What is the remaining life in years?
PART 3:
. Prepare the journal entries to record the two expenditures during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answers
PART 1: The adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment would be as follows:
What is equipment?Equipment is anything used in an activity or process, such as tools, machinery, or materials. It can also refer to a set of supplies or tools that are used together to perform a task.
Debit: Accumulated Depreciation $7,200
Credit: Depreciation Expense $7,200
This entry is necessary to ensure that the depreciation for the current year is recorded correctly and that the balance in the accumulated depreciation account is up to date.
PART 2:
The remaining estimated life of the manufacturing equipment starting at the beginning of the current year is 13 years. This can be calculated by subtracting the two years of depreciation that have already been recorded (1 year at the end of last year and 1 year during the current year) from the original estimated life of 15 years.
PART 3:
The journal entries to record the two expenditures during the current year would be as follows:
Debit: Manufacturing Equipment $14,000
Credit: Cash $14,000
Debit: Repairs and Maintenance Expense $1,000
Credit: Cash $1,000
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Related Questions
Belle Corporation retires its bonds at 105 on January 1, following the payment of annual interest. The face value of the bonds is $600000. The carrying value of the bonds at the redemption date is $621500. The entry to record the redemption will include
Answers
The entry to record the redemption includes a debit to Bonds Payable, a debit to Premium on Bonds Payable, and a credit to Cash.
When Belle Corporation retires its bonds at 105 on January 1, it means that the company is buying back its bonds from bondholders at a premium. The face value of the bonds is $600,000, which represents the original amount borrowed by Belle Corporation. The carrying value of the bonds at the redemption date is $621,500, which includes both the face value and any accrued interest.
To record the redemption of the bonds, Belle Corporation will make the following journal entry:
Debit: Bonds Payable ($600,000) - to remove the outstanding liability of the bonds.
Debit: Premium on Bonds Payable ($21,500) - to remove the premium associated with the bonds.
Credit: Cash ($621,500) - to account for the cash paid to bondholders.
The debit to Bonds Payable reduces the liability on the balance sheet, indicating that the bonds have been retired. The debit to Premium on Bonds Payable reduces the premium associated with the bonds, while the credit to Cash represents the cash outflow to repurchase the bonds.
In summary, the entry to record the redemption includes a debit to Bonds Payable, a debit to Premium on Bonds Payable, and a credit to Cash.
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Read the following situation and decide whether or not anyone in the situation commits sexual harassment. Justify your judgement: “Kylie is Hector’s boss. Hector is attracted to Kylie and asks her on a date. Kylie, although flattered, turns Hector down. He feels a little hurt, but doesn’t bring it up again. Kylie, speaking with both male and female coworkers, describes Hector’s proposal and makes a joke about the lack of romantic prospects in his future. Hector hears about this conversation a week later.”
Answers
Answer:
Hector does not commit sexual harassment against Kylie when he asks her out. It is a one time event, and he does not push the issue. Kylie does not commit sexual harassment when she refuses Hector's proposal for a date. She does not demean him. Kylie does commit sexual harassment when she brings the incident up in the workplace. She speaks disparagingly of Hector's sexuality and it gets back to him. He can bring a sexual harassment claim against Kylie through his company.
Explanation:
on e2020
Answer:
Hector does not commit sexual harassment against Kylie when he asks her out. It is a one time event, and he does not push the issue. Kylie does not commit sexual harassment when she refuses Hector's proposal for a date. She does not demean him. Kylie does commit sexual harassment when she brings the incident up in the workplace. She speaks disparagingly of Hector's sexuality and it gets back to him. He can bring a sexual harassment claim against Kylie through his company.
Explanation:
USA TEST PREP HELP ILL GIVE BRAINLIEST. If both monetary policy and fiscal policy were used at the same time to contract the economy, which set correctly describes the likely result of these actions?
A) A
B)B
C)C
D)D
Answers
Answer:
I am unsure of the answer but it can be narrowed down to B D or E because the GDP would decrease.
T/FAn automated configuration management tool is helpful for customer support and service to succeed.
Answers
True, an automated configuration management tool can be helpful for customer support and service to succeed.
Such a tool aids in effectively managing and maintaining the configurations of various systems and devices, ensuring smooth operations and timely support for customers.
An automated configuration management tool simplifies the process of managing and deploying configurations across different devices and systems. It allows customer support teams to efficiently handle customer requests by automating configuration updates, ensuring consistency, and reducing manual errors.
With this tool, support teams can quickly and accurately configure customer systems, troubleshoot issues, and implement changes, leading to faster response times and improved customer satisfaction.
Furthermore, an automated configuration management tool provides centralized control and visibility over configurations, enabling support teams to monitor and track changes effectively. It helps in maintaining standardized configurations, enforcing compliance, and swiftly reverting to previous configurations if needed.
This level of control and visibility enhances the overall quality and reliability of customer support services, leading to better customer experiences and increased operational efficiency.
In summary, an automated configuration management tool plays a significant role in enabling customer support and service to succeed. It streamlines configuration processes, reduces errors, improves response times, and enhances control and visibility.
By utilizing such a tool, support teams can provide efficient and reliable support to customers, contributing to their satisfaction and the overall success of the customer support function.
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suppose you are short 15 crude oil futures contract at a futures price of $48. later, you offset your position at $45. calculate your total futures gain or loss.
Answers
If you are short 15 crude oil futures contracts at a futures price of $48 and you offset your position at $45, you would realize a loss on your futures contracts. The total futures loss is -$45,000.
The total futures gain or loss can be calculated using the following formula:
Total Gain or Loss = (Sell Price - Buy Price) x Contract Size x Number of Contracts
In this case, the sell price is $45, the buy price is $48, the contract size for crude oil futures is 1,000 barrels, and you are short 15 contracts. Plugging these values into the formula, we get:
Total Gain or Loss = ($45 - $48) x 1,000 x 15
= -$3 x 1,000 x 15
= -$45,000
The negative sign indicates that you realized a loss on your futures contracts. In other words, you sold the contracts at a lower price than you bought them for.
Specifically, your loss on each contract is $3 per barrel ($48 - $45), and since you are short 15 contracts, your total loss is $45,000.
It's important to note that futures trading involves a high degree of risk and can result in significant losses. Therefore, it's crucial to have a solid understanding of the market and to employ risk management strategies to minimize potential losses.
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Changes in interest rates, holding other factors constant, cause a shift in Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a. neither the investment demand curve nor the aggregate demand curve. b the investment demand curve, but not the aggregate demand curve. с the aggregate demand curve, but not the investment demand curve. d the investment demand curve and the aggregate demand curve.
Answers
Changes in interest rates have an impact on both the investment demand curve and the aggregate demand curve. As interest rates increase, the cost of borrowing money increases, leading to a decrease in the level of investment demand. This means that businesses and individuals are less likely to invest in new projects or purchases, which leads to a leftward shift in the investment demand curve.
At the same time, higher interest rates lead to an increase in the cost of consumer borrowing, such as mortgages and loans. This reduces the level of consumption spending, which is a component of aggregate demand. As a result, the aggregate demand curve shifts leftward, indicating a decrease in the overall demand for goods and services in the economy.
Therefore, changes in interest rates have a significant impact on both the investment demand curve and the aggregate demand curve, as they affect the cost of borrowing money and the level of investment and consumption spending in the economy.
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Calculate the GDP using the table and choose the correct answer.
A) $602
B) $584
C) 298
Answers
The demand functions for 1 and Q2 are
Q1 = 70 - 4p1 + 2p2 and
Q2 = 70 - 4p2 + 2p1,
and there are 2 units of Q1 and 5 units of Q2. What is the general equilibrium?
The general equilibrium is where
P1 = $ ___ and
P2 = $ ___
Answers
The general equilibrium is where P1 = $ 33.5 and P2 = $ 33 through the following calculations.
Q1 = 70 - 4p1 + 2p2
Q2 = 70 - 4p2 + 2p1,
Q1 = 2
Q2 = 5
2= 70 - 4p1 + 2p2
4p1 - 2p2 = 68
p1* = 17 + 0.5p2
5= 70 - 4p2 + 2p1,
4p2 = 65 + 2p1,
4p2 = 65 + 2(17 + 0.5p2 )
P2 = $33
P1 = $33.5
General equilibrium theory attempts to show that the interaction of supply and demand leads to a general general equilibrium to explain the behavior of supply, demand, and prices in large economies with multiple or many interacting markets. increase. Partial equilibrium theory differs from general equilibrium theory in that it examines specific areas of the economy and maintains the status quo for other factors.
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1, xyz company cost function for the next four month is cost =500000+5Q A, find the BE dollar volume of sale is the selling price is birr 6/unit B, what would be the company cost is it decides to shutdown operation for the next four month
Answers
Answer:
Break Even point Q = 500000
Shut Down Point P < 5
Explanation:
Break Even point is where Total Revenue = Total Cost.
Total cost = 500000 + 5Q, price = 6 (Given) , Total revenue = Price x quantity
So, TR = TC implies : 500000 + 5Q = 6Q → 500000 = 6Q - 5Q
Q = 500000
Shut Down Point is where firm's Price is < its Average Variable Cost .
AVC is the variable cost on per unit output, is found out by average of variable component of cost function. C = 500000 + 5Q implies variable cost = 5Q , so AVC = 5Q / Q = 5
So, the firm would shut down if its price would go below AVC , ie if P < 5
if the value of the marginal product of labor is $16 per hour, and the equilibrium wage rate is $12 per hour, then the firm should hire
Answers
To determine whether the firm should hire additional labor, we need to compare the value of the marginal product of labor (VMPL) with the wage rate.
If the VMPL is greater than the wage rate, it indicates that hiring additional labor would be profitable for the firm In this case, the VMPL is given as $16 per hour, and the equilibrium wage rate is $12 per hour.
Since $16 is greater than $12, the firm should hire additional labor because the value of the marginal product of labor exceeds the wage rate. By doing so, the firm can generate more value and increase its profitability. It's important to note that this analysis assumes all other factors are held constant and that the firm is operating in a competitive labor market. Real-world hiring decisions may involve various other considerations, such as labor market conditions, the firm's capacity, and the demand for its products or services.
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when should an event programing be used
Answers
Answer:
The utilization of the given topic is summarized throughout the below section.
Explanation:
Event-driven programming language shall be used if the software doesn't somehow monitor the sequential order of such occurrence.The software circulation or activity was mostly directly guided to an external mechanism like a consumer or client (e.g. a GUI), a whole other method (e.g. a customer or a server).What is a "simple" linear regression model?
A regression model with one dependent variable.
A regression model that is relatively easy to estimate.
A regression model with that results when we assume the errors are normally distributed.
None of the above.
Answers
A "simple" linear regression model is a regression model with one dependent variable. This model assumes a linear relationship between the dependent variable and a single independent variable. It is called "simple" because it involves only one independent variable and is relatively straightforward to understand and implement.
In a simple linear regression model, the goal is to estimate the equation of a straight line that best fits the relationship between the dependent variable and the independent variable. This equation is represented as Y = a + bX, where Y is the dependent variable, X is the independent variable, a is the intercept (the value of Y when X is 0), and b is the slope (the change in Y for a one-unit change in X).
The estimation process involves finding the values of a and b that minimize the sum of the squared differences between the observed values of the dependent variable and the values predicted by the linear equation. This technique is known as the method of least squares.
In summary, a simple linear regression model is a regression model with one dependent variable, assuming a linear relationship between the dependent variable and a single independent variable. It is considered simple because it involves only one independent variable and is relatively easy to estimate using the method of least squares.
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4. In your progress report, you want the Work Completed section to follow your
Summary of Costs. To date, the company has rewritten the home page content,
created a new logo, and updated the overall structure of the site. Currently, an idea
for site navigation has been proposed but not yet confirmed. You want to include a
visual of the navigation option in the progress report.
a. The navigation option includes these links from the Home Page: About, Services,
Customer Reviews, and Contact. The About section would include links to History
and Our Mission; the Services section would also include links to Pricing, Scope, and
Timeline. Show an example of a simple, custom graphic to display the navigation. (3
points)
Answers
Links to About, Services, Customer Reviews, and Contact are included in the suggested navigation option, along with dropdown menus for About (History and Our Purpose) and Services (Pricing, Scope, and Timeline).
What type of bar chart is most popular?When showing a sequence of statistics over time, it is highly helpful. If long labels are needed, vertical bar graphs have the drawback of not leaving much room at the bottom of the chart.
Which bar charts are frequently employed to display time series data?Using a sequence of bars, time series bar charts can display changes in a metric over time. This allows you to plot several series, display the breakdown of a metric across dimensions, and display the evolution of the values over time.
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goal of a strategic position is to create the largest gap possible between the ________ that a firm creates through its offerings and the ________ required to create these offerings.
Answers
The goal of a strategic position is to create the largest gap possible between the value that a firm creates through its offerings and the cost required to create these offerings.
What is Strategic positioning?Strategic positioning help the company to makes some kind of value thar is needed to achieve the organizational goals.
Therefore, Strategic positioning is a key aspect of the company for great development.
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On what ideology is Blake and Mouton’s Managerial/Leadership Grid based? (BLANK) theory suggests that traits are inherent, while conduct can be taught.
Answers
The Blake and Mouton’s managerial grid is based on the concern for production(tasks) and concern for people(relationships). The Great man theory suggests that traits are inherent, while conduct can be taught.
What do you mean by Blake and Mouton's managerial grid and Great Man Theory.As per the Managerial Grid, developed by Robert Blake and Jane Mouton, five different types of leadership based on their concern for the production and concern for the people are located in four quadrants.. According to the Great Man Theory leaders are born with the right traits and abilities for leading – charisma, intellect, confidence, communication skills, and social skills.
The concern for production is illustrated on the horizontal axis of the managerial grid and production became more important to the leader as his rating advances on the horizontal scale.
The Great Man Theory of Leadership emphasizes that great leaders are born, not made. These individuals come into the world possessing certain characteristics and traits not found in all people.
The Managerial grid is a useful device for identification and classification of managerial styles.
The essence of the Great Man Theory lies in the fact that those in power deserve to lead because of the traits they have been endowed with.
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How will you be able to become the cost leader of the market in which you deal?
A.
by focusing on customer loyalty
B.
by analyzing your competitive advantage and identifying which strategy works best for your business
C.
by concentrating on serving a particular segment of customers better
D.
by producing a product that has a higher perceived value to the customers when compared to the already existing products
E.
by producing your goods at the lowest price in the market
Answers
Answer:
well it would be A i think
Explanation:
Answer:
E. by producing your good at the lowest price in the market
Explanation:
Plato
Excuse me,
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ง ง
Answers
Explanation:
(table 69-3: employment and output) in the table, if the price of a bushel of wheat is $10 and the price of labor (wage) is $120, then the profit-maximizing quantity of labor is: a four. b seven. c six. d three. e one.
Answers
When the price of a bushel of wheat is $10 and the price of labor (wage) is $120, then the profit-maximizing quantity of labor is A. four
What is the profit-maximizing quantity of labor?A labor hiring firm maximizes the profit by hiring where the Marginal Revenue Product of labor is equal to or just higher than wage rate.
Marginal Revenue Product of Labor = Price of product * Marginal Product of Labor
It should be noted that profit is maximized when the labor's Marginal Revenue Product is equal to or slightly higher than the wage rate. The marginal revenue product of fourth labor is just above the wage rate. As a result, he should hire four people.
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what is turgidity
..............
Answers
Answer:
Turgidity is the state of being swollen or turgid,
You buy a $100 ticket to a theme park and once inside you can ride on as many rides as you want at no extra cost. In this case, the opportunity cost of going on each ride will be zero. True or false?.
Answers
It is incorrect to state that in the given statement, the opportunity cost of going on each ride will be zero. hence, it is a false statement regarding opportunity cost.
What does an opportunity cost?The opportunity cost is a concept used in microeconomic theory to describe the value or advantage lost when choosing one activity over another. Simply put, it implies that you lose out on the opportunity to engage in another activity if you choose one.
hence, It is incorrect to state that in the given statement, the opportunity cost of going on each ride will be zero. it is a false statement regarding opportunity cost.
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What is entrepreneur?
Answers
Answer:
someone who is willing to take the necessary risk and uncertainties associated with setting up and managing a business or enterprise
Answer:
Someone who has they're own business. For example, my dad, he made a small company after he left the military called Triple L and he does different things like land work
Explanation:
If you want to know whether a company had a profit or a loss during a specific period of time, which financial statement would be most helpful?
A.
Statement of owners' equity
B.
Cash flow statement
C.
Balance sheet
D.
Income statement
Answers
Answer:
The answer is D. Income statement
Explanation:
Answer:
D. income statement
Explanation:
i took the test
The founders of the U.S. wanted to avoid establishing a permanent aristocracy or group of wealthy families who could control a great deal of the nation’s wealth. How is this idea related to estate and gift taxes?
Answers
Answer:
There are two points that I would like to single out that are very similar. First by implementing tax and gift taxes, Founding Father wanted to weaken families and business of that time, since there was a threat that rich families could become permanent aristocracy which over time could lead to the point where that families will rule the US. Second, by implementing those two taxes, government is taking a share from receivers since the receivers are getting some good that they did not earn it, they have just received it as a gift or as an estate. This way inheritance or gift would be of a much lesser value then it was before someone’s death or before someone made a gift. This was important because wealth of powerful families would just accumulate and grow so government of that time, strictly out of political reasons, prescribed those two taxes, so that the wealth will be smaller of value after tax.
The idea of avoiding an aristocracy by the founders of USA is related to estate and gift taxes because:
There was a need to reduce the influence of the wealthyAccording to the given question, we are asked to show the link which the founders of America had to preventing aristocracy and imposing estate and gift taxes.
As a result of this, we need to remember than an aristocracy is a government based on the wealthy and influential members of the society and this was one of the things which the Founding Fathers of America sought to prevent.
With this in mind, we can see that they imposed gift and estate taxes which was specifically targeted at the extremely wealthy so that their influence would be reduced and the country would not become an aristocracy.
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Which of the following is the best definition of a bit?
A. A measure of computer graphics and sound
B. A physical signal that becomes a digital signal
C. single 1 or 0 in a digital signal
D. An electrical signal in a wire
Answers
Answer: A single 1 or 0 in a digital signal
A measure of computer graphics and sound is the best definition of a bit.
Which of the following is the best definition of bit?A bit (binary digit) is the smallest unit of statistics that a laptop can system and keep. A bit is always in one in all two bodily states, just like an on/off light transfer. The state is represented by a single binary price, typically a zero or 1.
Which of the subsequent is the best definition of a modern-day laptop?A pc is a device or tool that plays techniques, calculations, and operations based totally on commands furnished with the aid of a software or hardware program. It has the ability to simply accept facts (input), manner it, after which produce outputs.
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what best defines form
Answers
Answer:
the shape and structure of something as distinguished from its material the building's massive form.
The two basic components for calculating net income are.
Answers
It should be noted that the two basic components for calculating net income are :
revenues and expenses. purchases supplies for cash. What is net income?net income can be regards as the total income of an organization after removal of all expenses.
In calculating, this, the revenue serves as the profit that enter into the organization, while expenses are the inputs.
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which sector require joint or collaborative works in our communities
Answers
Answer:
Collaborative working can last for a fixed length of time or can form a permanent arrangement. What these options have in common is that they involve some sort of exchange, for mutual advantage, that ultimately benefits end users.
Types of collaborative working
Separate organisations maintain their independence, but work jointly on some activities or functions
Organisations with resources or expertise offer assistance to other organisations, eg a large national organisation working with a small local group
A new organisation to do joint work on some activities or functions
A group structure where a 'parent' organisation governs a group of 'subsidiary' organisations
Merger to form a new organisation working as one body on all activities
Explanation:
Emilio is photographing a series of hills on his uncle's farm. He remembers that he needs to try to add a foreground to his image to make it appear three dimensional. How is he MOST LIKELY to add this foreground? A. B. C. D. He might change his position to include some foreground items such as rocks or grasses. He might tilt his camera up to better capture the tops of the hills. He might add some framing trees in the middleground of his image. He might circle around to the side of the hills to capture the cows standing on top. PLS HELP!!
Answers
Emilio is photographing a series of hills on his uncle's farm. He remembers that he needs to try to add a foreground to his image to make it appear three-dimensional. He is most likely to add this foreground Option A. He might change his position to include some foreground items such as rocks or grasses.
The foreground of an image is usually the element that is closest to the viewer. The foreground is often used to add depth to an image. If a photographer wants to create a 3D appearance in his image, he must ensure that the image has a foreground, mid-ground, and background. It is possible to include a foreground in a photo by modifying the angle of the shot and including elements in the foreground.
Emilio might change his position to include some foreground items such as rocks or grasses. By doing so, he will be adding depth to his image. Another way to add foreground to an image is to use framing trees in the middle ground of the image, but this may not provide the depth required. Tilt his camera up to better capture the tops of the hills or circling around to the side of the hills to capture the cows standing on top are not recommended, as the question seeks to add a foreground.
Therefore, Emilio is most likely to add the foreground by changing his position to include some foreground items such as rocks or grasses. Therefore, the correct option is A.
The question was incomplete, Find the full content below:
Emilio is photographing a series of hills on his uncle's farm. He remembers that he needs to try to add a foreground to his image to make it appear three-dimensional. How is he MOST LIKELY to add this foreground?
A. He might change his position to include some foreground items such as rocks or grasses.
B. He might tilt his camera up to better capture the tops of the hills.
C. He might add some framing trees in the middle ground of his image.
D. He might circle around to the side of the hills to capture the cows standing on top.
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What is an example of a mixed market economy?
Answers
It United States is used as an illustration of a mix market economy in the statement.
What defines an economy?Any economy is a collection of interdependent processes of creation and consumption that actually determine whether resources are split within a community. The interests that persons who live there and conduct business there are met by creation & consumption of items and services in general.
What are examples of economy?The well example about an economy is the that has, which leverages a nation's customs as history to influence the creation & sale of merchandise. A traditional economy's major cornerstones are agriculture, fishing, and hunting.
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during 20x2, manufacturing overhead of $170,000 was applied to production. products costing $121,000 were finished, and products costing $132,000 were sold on account for $197,000. there were no purchases of raw material during the year. the b
Answers
The ending balances in the firm's inventory accounts will be as follows:
Raw Material: $227,000 (no change)
Work in Progress: $18,000 + $121,000 - $170,000 = $-31,000 (negative balance, indicating overapplied overhead)
Finished Goods: $30,000 + $132,000 - $121,000 = $41,000
To calculate the ending balances, we need to consider the changes in each inventory account.
1. Raw Material: Since there were no purchases of raw materials during the year, the beginning balance of $227,000 remains unchanged.
2. Work in Progress: We start with the beginning balance of $18,000. Products costing $121,000 were finished, which increases the work in progress. However, a manufacturing overhead of $170,000 was applied to production, which decreases the work in progress. Therefore, the ending balance will be
$18,000 + $121,000 - $170,000 = $-31,000 (negative balance indicates overapplied overhead).
3. Finished Goods: We start with the beginning balance of $30,000. Products costing $132,000 were sold on account, which decreases the finished goods. However, the cost of the finished products is less than the selling price, so we need to subtract the cost of the finished products ($121,000) from the sales revenue ($197,000) to find the increase in finished goods. Therefore, the ending balance will be
$30,000 + $132,000 - $121,000
= $41,000.
The question is:
During 20x2, a manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw materials during the year. The beginning balances in the firm inventory accounts are as follows:
Raw Material $ 227,000
Work in Progress $ 18,000
Finished Goods $ 30,000
What will be the ending balances in the firm's inventory account?
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