Chapter 22, Problem 1QS

Brookfield Technologies provides the following Financial information

Harbor Groceries began the current month with inventory costing $28,750, then purchased inventory at a cost of $70,560. The perpetual inventory system indicates that inventory costing $76,400 was sold during the month for $81,300. If an inventory count shows that inventory costing $21,600 is actually on hand at month-end, what amount of shrinkage occurred during the month?

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Royal Catering began the year 2019 with $3,000 of supplies on hand. During the year, they purchased $40,000 of supplies with cash. On December 31, 2019, they had $5,000 of supplies remaining. What entry will they report to record the supplies used for the year? A. Debit Supplies Expense and credit Supplies for $35,000. B. Debit Supplies Expense and credit Supplies for $40,000. C. None of these answers are correct. D. Debit Supplies Expense and credit Supplies for $38,000. E. Debit Supplies Expense and credit Supplies for $32,000.

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Direct labour rate?

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