A firm uses backflush costing on a direct costing basis. It incurs the following costs this period (the firm has NO fixed overhead costs). • Direct materials costs: $20,000 Direct labor costs: $20,000 Variable overhead costs: $10,000 The firm's total units (completed and in process) is 1,839. The firm has 45 units in process and 96 unsold units in finished goods. The firm has $339 of unused raw materials left over at the end of the period. What is the balance of the Cost of Goods Sold account AFTER the firm backflushes costs to inventory accounts (round final answer to nearest cent if necessary)?

A firm uses backflush costing on a direct costing basis. It incurs the following costs this period (the firm has NO fixed overhead costs). • Direct materials costs: $20,000 Direct labor costs: $20,000 Variable overhead costs: $10,000 The firm's total units (completed and in process) is 1,839. The firm has 45 units in process and 96 unsold units in finished goods. The firm has $339 of unused raw materials left over at the end of the period. What is the balance of the Cost of Goods Sold account AFTER the firm backflushes costs to inventory accounts (round final answer to nearest cent if necessary)?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

2-Assume that our subsidiary reports the following financial statements in Euros (€): Subsidiary (in €) Income statement: Sales 2,000,000 Cost of goods sold (1,200,000) Gross Profit 800,000 Operating expenses (410,000) Net income 390,000 Statement of retained earnings: BOY retained earnings 978,500 Net income 390,000 Dividends (39,000) Ending retained earnings 1,329,500 Balance sheet: Assets Cash 318,600 Accounts receivable 627,000 Inventory 508,800 PPE, net 1,607,700 Total Assets 3,058,100 Liabilities and Stockholders’ Equity Current Liabilities 323,400 Long-term Liabilities 635,200 Common Stock 120,000 APIC 650,000 Retained Earnings 1,329,500 Total Liabilities & Equity 3,058,100 Also assume the following exchange rates ($:€1): BOY Rate $1.40 EOY rate $1.46…
True or False: Access controls limit who can change records Group of answer choices True False
Define deferred call
Which of the following QBO features can be used to save a transaction that will be re-used in the future? Multiple Choice Saved transactions (+) New icon Recurring transactions None of the choices is correct.
LutoSave 日 Off UnitlILabAssignment_Question1 O Search (Alt-Q) Protected View Home Insert Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing fx Formula: Multiply, Subtract; Cell Referencing A D E F G H. K Formula: Multiply, Subtract; Cell Referencing Using Excel to Record Stock Entries Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Select account names from the drop-down lists. Use cell references to the data area. Use mathematical formulas to calculate any amounts not given. On May 10, Jack Corporation issues common stock for cash. Shares of stock issued Par value per share 2,000 24 %24 10.00 Amount at which stock issued 18.00 Journalize the issuance of the stock. 10 11 Date Debit Credit 12 May 10 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28 29 30 31 32 33 Enter Answer Ready 24
Please don't use chat gpt and other ai other wise I give multiplie downvote Which of the following is sometimes called a currently attainable standard? O a. par b. normal standard O c. theoretical standard d. ideal standard
look at the image to solve the question
Write me a human paragraph without using Al about what a memorandoms of understanding is and how it is used
The easiest way to change the order in a chart is in the __________. Multiple Choice underlying spreadsheet slicer chart options chart itself