Answer:
$55 and $100
Explanation:
The computation of the ending inventory is shown below:
Under the LIFO method
= Ending inventory units × purchase price
where,
Ending inventory units is
= 10 units + 20 units - 25 units
= 5 units
So, the ending inventory is
= 5 units × $11
= $55
Under the Average cost method
The average cost per unit is
= (Beginning inventory units × price per unit + purchase inventory units × price per unit) ÷ (Beginning inventory units + purchase inventory units)
= (10 units × $10 + 20 units × $25) ÷ (10 units + 20 units)
= ($100 + $500) ÷ (30 units)
= ($600) ÷ (30 units)
= $20 per unit
The ending inventory units is
= 10 units + 20 units - 25 units
= 5 units
So, the ending inventory is
= 5 units × $20
= $100
Answer:
$19,648
Explanation:
The computation of the ending work in process after considering the allocation of any under applied or over applied is shown below:
But for that first we have to find out the percentage of allocated overhead which is given below:
= Work in process manufacturing overhead applied ÷ Total manufacturing overhead applied
= $5,830 ÷ $51,920
= 11%
And, the over applied manufacturing overhead is $4,200
So, its allocation is
= $4,200 × 11%
= $462
Now the ending work in process is
= $20,110 - $462
= $19,648
<u>Explanation:</u>
Structure and Formation of Corporation and Partnership:
- Corporation is a independent legal entity whereas partnership in which two or more partners share ownership.
- The formation of partnership entity requires fulfillment of lesser formalities than corporation.
Powers:
- A partnership entity can do anything which the partners agree to do and there is no limit to the activities.
- The powers of the shareholders are limited unlike the partnership entity.
Management:
- Every member of a partnership entity may take part in the management.
- Shareholders are not involved but managers run the company.
Answer:
Decrease in assets
Decrease in stockholder’s equity
Answer:
The answer is: D) slopes upward to the right due to short-run fixed costs of production.
Explanation:
In the short run, companies have fixed factors of production: prices, wages, and capital. In the short run, aggregate supply curve shows the correlation between the price level and output (normal supply curve). Only in case of a production increase due to technological improvements or other factors (decreasing input prices, etc), may the aggregate supply curve shift outward.
