Bright Pots and Pans had a beginning inventory of $240,00 . at cost. During the month, Bright purchased and received $150,00 . in goods and had net sales of $280,000 . Throughout the month, Bright maintained a 50% markup on all sales. Compute the ending inventory at cost
$250,000
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Source data for direct labor comes from the
a. materials inventory in the general ledger, b. work in process inventory in the general ledger. c. Adjusted Trial Balance columns of the work sheet. d. Income Statement columns of the work sheet.
Computer programs are intellectual property
Indicate whether the statement is true or false
Whitney Company treats each division as a profit center and expects a 20 percent profit on its total production costs. Division A produces a part that it sells externally for $19. It also supplies this part to other internal divisions. Its variable production cost for the part is $13.70. What should be the transfer price for the part using the negotiated-price approach, assuming a mid-point
between the floor and ceiling is agreed upon? A) $16.35 B) $16.44 C) $17.72 D) $19.00
Inspection costs at one of Ratulowski Corporation's factories are listed below: Units Produced Inspection CostsApril777 $10,176May807 $10,404June798 $10,355July835 $10,665August822 $10,542September795 $10,313October805 $10,409November853 $10,795December796 $10,310Management believes that inspection cost is a mixed cost that depends on units produced. Using the high-low method, the estimate of the variable component of inspection cost per unit produced is closest to:
A. $8.14 B. $0.12 C. $7.05 D. $12.89