Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold Sales Gross margin Selling and administrative expenses Income before taxes Income tax expense Net income wwwwwwwwww Case A 183,000 215,000 155,000 515,000 1,055,000 73,000 1,056,000 115,000 1,105,000 513,000 315,000 83,000 $ Case B 66,000 $ 258,000 291,000 315,000 1,050,000 63,000 108,000 123,000 1,002,000 513,000 231,000 144,000 Case C 9,000 18,000 64,000 83,000 185,000 2,800 190,000 203,000 14,000 270,000 48,000 29,000

Q: Discuss the THREE uses of Trial Balance  and by providing example for each use of Trial Balance?

A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is…

Q: What is the two criteria be satisfied before revenue can be recognized?

A: Revenue recognition principle:    Under the revenue recognition principle, revenue and incurrence of…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: What approaches might be used to decide the sequence in which to allocate support departments when…

A: Different approaches can be used to decide the sequence to allocate support department while using…

Q: Under what conditions are the results from using the direct method of allocation the same as those…

A: Allocation of Cost = Cost allocation is a Cost accounting Process in which organisation identify the…

Q: Describe the different approaches of expense recognition.

A: Expenses are being recognized when the revenues and relevant expenses are matched for the same…

Q: Loss contingencies are usually recognized in the income statements of the period when     a.…

A: Solution; Loss contingencies are usually recognized in the income statements of the period when…

Q: Explain the difference between the two types of subsequent events.

A: Subsequent events refers to events which occur after the end of reporting period but before…

Q: Briefly explain the concepts of temporary difference and permanent difference

A:

Q: Differentiate between an originating temporary difference and a reversing difference.

A:

Q: differences between the FASB and GASB

A: Accounting is a practice that helps the business to keep its transactions in legal-mentioned form.…

Q: a. Sharpe ratio b. Treynor ratio c. Information ratio d. Jensen’s alpha Discuss how to selecet…

A: Since you have posted a question with multiple sub-parts, we will explain the first three sub-parts…

Q: Explain an example of deferred expense.

A:

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…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.