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alexwlodko
30.11.2019 •
Business
The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had total production costs of $375,000. the entry to record the transfer of costs from work in process to finished goods isa. finished goods 540,000work in process 540,000b. work in process 375,000finished goods 375,000c. work in process 540,000finished goods 540,000d. finished goods 375,000work in process 375,000at the end of the year, overhead applied was $42,000,000. actual overhead was $40,300,000. closing over/underapplied overhead into cost of goods sold would cause net income to: a. increase by $1,700,000b. increase by $3,400,000c. decrease by $1,700,000d. decrease by $3,400,000
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Ответ:
a. Finished Goods 540,000 ; Work in Process 540,000
a. increase by $1,700,000
Explanation:
The journal entries are shown below:
1. Finished Goods A/c Dr $540,000
To Work in Process A/c $540,000
(Being the transfer of costs from work in process to finished goods is recorded)
2. We know that
Over-applied overhead equals to
= Overhead applied - Actual overhead
= $42,000,000 - $40,300,000
= $1,700,000
The journal entry would be
Manufacturing overhead A/c Dr $1,700,000
To Cost of Goods sold A/c $1,700,000
(Being over-applied overhead is recorded)
Ответ:
you should outline your goals: how do i spend my money; how much do I need to satisfy my goals.. how will i get the cash.. how long will it take to save the money...how much risk am i willing to take when i invest...what conditions in the economy or in my life could change my investment goals... are my goals reasonable... am I willing to make sacrifices to save... what will happen if I do not meet my goals.. Just some questions to ask yourself.