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How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
What should be equal to the balance of the Work In Process Inventory account at the end of the period?
The total manufacturing costs for the period
What is an example of the external financial reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
Should inventory be included in income statement?
Inventory is capitalized on the balance sheet as a current asset. Inventory is increaseed by items purchased (direct materials or finished goods), costs incurred in creating a product (for manufacturers), and an allocation of overhead to the creation of the product. As inventory is sold, the cost of the inventory sold is recorded by reducing inventory (a credit) and increasing Costs of goods sold (a debit).
Which one of the following should be equal to the balance of the work in process inventory account at the end of the period?
The balance of the work in process (WIP) inventory account at the end of the period should equal the total costs incurred for the production of goods that are still in process. This includes direct materials, direct labor, and a proportionate share of manufacturing overhead incurred for those goods. It represents the value of unfinished products that have not yet been transferred to finished goods inventory.
Should consumption against consignment items will be considered in inventory turn over ratio because consign inventory is not the part of average inventory?
The short answer is no. If you consume a consignment item, you just bought it. It's not inventory turnover for you, because it's not your inventory - now it's a consumable, an asset, or a personal purchase which should not be on your books at all, except to pay the sales tax owing. Any other treatment of it is deceitful and illegal.
How Does Tybalt Recongnize Romeo?
by his voice: "This, by his voice, should be a Montague"
What is the factor which determines whether or not goods should be included in a physical count of inventory?
The factor that determines whether or not goods should be included in a physical count of inventory is physical possession or ownership of the goods. Only goods that are owned by the company and physically present in its possession should be included in the physical count. Goods that are on consignment or held on behalf of others should not be included in the count.
How should this tranacstion be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
What should be equal to the balance of the Work In Process Inventory account at the end of the period?
The total manufacturing costs for the period
What is an example of the external financial reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
What is an example of the external financial reporting purpose of cost management system?
The amount of inventory that should appear on the balance sheet
What is an example of the external financial-reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
Is an example of the external financial-reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
Is an example of the external financial reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
What is the most difficult goal you had to achieve?
I want to become a very famous person, that WORLD should recongnize me!!!!
