Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. To identify: The finished-goods inventory, 3/31/2014.

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Answer 1

Question

Chapter 2, Problem 2.39P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.

2.

To determine

To identify: The work-in-process inventory, 3/31/2014.

3.

To determine

To identify: The direct material inventory, 3/31/2014.

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In August, purchases of materials equaled $9,750, the beginning inventory of materials was $850, and the ending inventory of materials was $950. Payments for direct labor during the month totaled $18,570. The Overhead incurred was $15,000. Spent $5,000 on advertising during the month. Admin. costs (primarily accounting & legal services) amounted to $3,000 for the month. Revenues for August were $60,400. 1. What was the cost of materials used during August? 2. What was the prime cost for August? General Accounting

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Answer 2

Question

Chapter 2, Problem 2.39P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.

2.

To determine

To identify: The work-in-process inventory, 3/31/2014.

3.

To determine

To identify: The direct material inventory, 3/31/2014.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 2, Problem 2.39P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.

2.

To determine

To identify: The work-in-process inventory, 3/31/2014.

3.

To determine

To identify: The direct material inventory, 3/31/2014.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.39P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.

2.

To determine

To identify: The work-in-process inventory, 3/31/2014.

3.

To determine

To identify: The direct material inventory, 3/31/2014.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 2, Problem 2.39P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.

2.

To determine

To identify: The work-in-process inventory, 3/31/2014.

3.

To determine

To identify: The direct material inventory, 3/31/2014.

Answer 6

Chapter 2, Problem 2.39P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.

Answer 7

Chapter 2, Problem 2.39P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.

Answer 8

2.

To determine

To identify: The work-in-process inventory, 3/31/2014.

Answer 9

2.

To determine

To identify: The work-in-process inventory, 3/31/2014.

Answer 10

3.

To determine

To identify: The direct material inventory, 3/31/2014.

Answer 11

3.

To determine

To identify: The direct material inventory, 3/31/2014.

Answer 12

Expert Solution & Answer

Answer 13

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Answer 14

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Answer 15

Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3Q Ch. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9Q Ch. 2 - What are three different types of inventory that...

Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. To identify: The finished-goods inventory, 3/31/2014.

Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. To identify: The finished-goods inventory, 3/31/2014.

To identify: The work-in-process inventory, 3/31/2014.

To identify: The direct material inventory, 3/31/2014.

Want to see the full answer?

Chapter 2 Solutions

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: The finished-goods inventory, 3/31/2014.