1 Direct materials used $ 9,600 Direct labor 5,000 Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue 8,000 (a) 1,000 (b) 24,500 Sales discounts 2,500 Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses 17,000 (c) 22,000 (d) 3,400 (e) 2,500 Net income (f)

Q: Briefly explain last-in, first-out (LIFO)

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: name for the amount

A:

Q: Please answer sections d), e) and f)

A: Debt Management Ratios are financial metrics that provide insights into a company's ability to…

Q: unadjusted trial balance in worksheet

A:

Q: can you double check the 2a and 2b it shows to as not correct

A: Average level of inventory is reduced by $ 300,000, It only have effect on operating assets of the…

Q: 10. The following are supporting schedules, except: * A. Summary of adjusting entries B. Cash count…

A: Supporting schedules are the schedules or working that is being attached to the balance sheet and…

Q: Describe the accounting for correction of errors.

A: The accounting for correction of errors will be explained:

Q: Fill out the missing column

A: Net revenue = Gross profit + Cost of goods sold = 511000+673400 = $1184400 Operating expense = Net…

Q: What does a checkmark in parentheses below a General column total indicate?

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: Define Deferred Payments.

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…

Q: count ROCE

A: ROCE stands for Return on Capital Employed.

Q: Overapplied FOH indicates that the applied FOH amount is greater than actual FOH amount. O True O…

A: FOH or factory overhead means the overhead incurred on the making of the goods. It is a product…

Q: When are loss contingencies recorded?

A: Definition:   Contingent liability: This is an uncertain obligation which might be incurred on a…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.