Prepare the bank reconciliation for Q Shop, as on July 31, 20--.

Question

Information from Hope Company's records for the year ended December 31, 2015, is available as follows: Net sales Cost of goods manufactured: $ 28,00,000 Variable $ 12,60,000 Fixed $6,30,000 Operating expenses: Variable $1,96,000 Fixed $ 2,40,000 70,000 60,000 $0 Units manufactured Units sold Finished goods inventory, 1/1/2015 Hope had no work-in-process inventories at either the beginning or end of 2015. - What would be Hope's finished goods inventory cost under the variable (direct) costing method at December 31, 2015?

Answer 1

Question

Chapter 6, Problem 5PA

1.

To determine

Prepare the bank reconciliation for Q Shop, as on July 31, 20--.

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation.

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Information from Hope Company's records for the year ended December 31, 2015, is available as follows: Net sales Cost of goods manufactured: $ 28,00,000 Variable $ 12,60,000 Fixed $6,30,000 Operating expenses: Variable $1,96,000 Fixed $ 2,40,000 70,000 60,000 $0 Units manufactured Units sold Finished goods inventory, 1/1/2015 Hope had no work-in-process inventories at either the beginning or end of 2015. - What would be Hope's finished goods inventory cost under the variable (direct) costing method at December 31, 2015?

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