Question 6Not yeansweredMarked out of1.00questionAccounts payable are recorded on the books at theirSelect one:O a. net amountO b. net present valueO c. face valued. net realizable valueClear my choiceQuestion 7Not yetansweredMarked out of1.00F FlagquestionIn a manufacturing process overhead costs are added to which inventory account?Select one:O a. Raw MaterialsO b. Finished GoodsOc. Work-in-ProcessO d. Cost of Goods SoldQuestion 8Not yetansweredMarked out of1.00F FagquestionIf a bond is issued at a discount, the coupon rate isSelect one:O a. equal to the effective rate.O b. not needed to determine the bond's sale price.Oc. less than the effective rate.Od. greater than the effective rate.

Question 6: The objective of this question is to understand how accounts payable are recorded in the…

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Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 5M

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Prepare a cost reconciliation report using the w The costs "to account for" are ultimately accounted for in which of the following? Check al that apply. (check all that apply) 5 5 Costs in beginning inventory Costs added during the period Costs transferred out Costs in ending inventory SUBMIT W + C
Show the effects of the labor and MOH costs through T-accounts for the company's inventory and Cost of Sales accounts. (For balances beginning/ending in O select "Beg. Bal." and "End Bal." for the date and O for the amounts for the balance of the account.) WIP Inventory FG Inventory ✓
XOUT Inc.manufactures stone counter top cleaner in a continuous process and uses a process cost system. During the month the company started 500,000 gallons of raw material into process at a cost of $450,000. It takes 1.25 gallons of raw material to produce 1 gallon of cleaner. In addition the company spent $1,200,000 in direct labor cost and $2,000,000 in manufacturing OH. During the month 350,000 gallons of cleaner were complete and transferred to finished goods. 300,000 gallons of cleaner were sold for a total price of $3,100,000. At the end of the month the stone cleaner still in WIP inventory was 100% complete as to raw matl. and 35% complete as to direct labor and factory OH.
K Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor Depreciation Supplies Power $45,660 6,120 2,230 1,670 $55,680 Total cell costs for the period The operating plan calls for 160 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 380 speaker units. 2. Applied conversion costs to production of 360 speaker units. 3. Completed and transferred 345 speaker units to finished goods. 4. Sold 330 speaker units. There were no inventories at the beginning of the period.
For each of the following independent cases A-D, compute the missing values: (Enter all amounts as positive v Total Current Beginning Work Ending Work in in Process Inventory Cost of Goods Case Manufacturing Costs Process Inventory Manufactured A. 2$ 5,200 $ 1,700 $ 700 B 1,700 1,420 2,610 C 580 1,590 7,310 D 8,850 1,050 6,775
Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept .
Is The Leader I... O Commercial Captur.. ups UPS-Shipping The inventory costing method that reports the most current prices in ending inventory is Oa. average cost. Ob. specific identification. Oc. FIFO. Od. LIFO.
Dont guve handwritten answer thnku
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead. Fixed selling and administrative expenses $ 27 $15. $5 $2 $ 540,000 $ 190,000 During its first year of operations, O'Brien produced 94,000 units and sold 78,000 units. During its second year of operations, it produced 80,000 units and sold 91,000 units. In its third year, O'Brien produced 82,000 units and sold 77,000 units. The selling price of the company's product is $75 per unit. 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold…
Which inventory costing method is almost always done on a perpetual basis? A. specific identification B. first-in, first-out C. last-in, first-out D. weighted average
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)

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