Choose the annual salary for the blanks in the following chart. pay period annual salary paycheck : $1200 monthly ? paycheck : $900 biweekly ? paycheck : $650 weekly ? paycheck : $700 semimonthly ?

Explanation:

Salaries are given to employees on monthly basis usually and then their annual salary can be calculated by adding their monthly salaries over a period of one year. In this question, it is asked to calculate the salaries on yearly basis. Here the structure is given which is as follows:

$1200 Monthly ($1200 in a month).

$900 Biweekly (every two weeks or twice a week). If every two week, then there are four weeks in a month, so there will be two salaries of $900 in a month which will be $1800 in a month. If twice a week, then there will be two salaries in one week, that would be $1800 in one week and $7200 in a month.

$650 Weekly (there are four weeks, so 650*4 equals $2600 in a month).

$700 Semimonthly (It means two times in a month. 700*2 equals $1400 in a month).  

So computing it on annual basis:

$1200 monthly,  $1200 in a month would be 14400 yearly

$900 biweekly (every two weeks), $1800 in a month would be 21600 yearly

$900 biweekly (twice a week),  $7200 in a month would be 86400 yearly

$650 Weekly,   $2600 in a month would be 31200 yearly

$700 Bimonthly, $1400 in a month would be 16800 yearly

beginning WIP = $10,000

Explanation:

beginning work in process = value of finished goods + value of ending WIP - costs incurred during the period = $99,000 + $21,000 - $110,000 = $10,000

beginning work in process represents all the units that were started during previous periods but were finished during the current period