If the merchandise costs $6,000, insurance in transit costs $500, tariff costs $50, processing by the purchasing department costs $35, and the receiving dock personnel costs $15, what is the total cost of the merchandise? O a. $6,000 O b. $6,550 OC. $6,600 O d. $6,500

If the merchandise costs $6,000, insurance in transit costs $500, tariff costs $50, processing by the purchasing department costs $35, and the receiving dock personnel costs $15, what is the total cost of the merchandise? O a. $6,000 O b. $6,550 OC. $6,600 O d. $6,500

Name: tionIf the merchandise costs $6,000, insurance in transit costs $500,
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Description: tionIf the merchandise costs $6,000, insurance in transit costs $500, tariff costs $50, processing by the purchasing department costs $35,and the receiving dock personnel costs $15, what is the total cost of the merchandise?-ous pageO a. $6,000O b.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kite Corp. manufactures custom cabinets and uses a job-order costing system. The company had two jobs in process at the beginning of October: Job No. 64 with a total beginning cost of $56,700 and Job No. 65 with a total beginning cost of $83,300. The company applies manufacturing overhead on the basis of machine hours. Budgeted overhead and machine activity for the year were anticipated to be $3,021,000 and 57,000 machine hours. The company worked on four jobs during the month of October. Direct materials, direct labor incurred, and machine hours consumed were as follows: Direct Material $21,000 Machine Hours 1,500 Direct Labor $35,000 $22,000 $65,000 $ 8,800 Job No. 64 65 900 $44,000 $15,000 66 2,000 67 200 Indirect production costs incurred during October included charges for depreciation ($34,000), indirect labor ($68,000), indirect materials ($5,000), and other factory costs ($139,100). Kite Corp. completed Job No. 64 and Job No. 66 during October. Job 64 was sold on October 22nd.
Explain please
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Problem 5
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