Answer:
a. U.S. firm has long position in yen since it has asset in yen.
b. An American student has long position in yen since it has asset of bonds in yen.
c. U.S. firm has liability position in yen, therefore it is short position.
Explanation:
a. The payment is to be received in next 60 days which means there is a risk of yen depreciation and then company will receive lower dollars. The company should hedge its exchange rate risk by selling yen now and buying dollars later.
b. The gift received in the form of bonds will mature in 60 days. There is uncertainty in dollar rate, if dollar appreciates against yen then student will receive less yen.
c. The dollar rate is unpredictable for yen in next 60 days. If yen appreciate then dollar will depreciate against yen and therefore amount of loan repayment will increase.
Description Term or Phrase 1. Examines whether financial statements are prepared using GAAP. 2. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 3. A less expensive and more effective means to stop fraud. 4. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 5. Beliefs that distinguish right from wrong.
Answer:
1. Audit
2. Internal control
3. Prevention
4. Fraud triangle
5. Ethics
Explanation:
1. Audit: it involves the process of examining whether financial statements are prepared using the Generally Accepted Accounting Principles (GAAP).
2. Internal control: they are procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies.
Internal controls can be defined as the policies, set of rules, and procedures implemented or put in place by an organization to protect its assets, boost efficiency, enhance financial accountability, enforce adherence to company policies and prevent fraudulent behaviors among the employees.
The main purpose of internal controls is to guarantee that loss is eliminated by ensuring that there is an accurate and reliable accounting system.
3. Prevention: it's a less expensive and more effective means to stop fraud.
4. Fraud triangle: three factors push a person to commit fraud: opportunity, pressure, and rationalization.
5. Ethics: beliefs that distinguish right from wrong.
1. Generally accepted accounting principles (GAAP), the accepted standards for financial reporting, are examined to see whether the financial statements were prepared in accordance with them.
2. Internal controls are safeguards implemented by a business to protect its resources, ensure correct accounting, promote efficiency, and encourage adherence to policies. They help reduce risk and protect resources for the business.
3. Cost-effective prevention: This idea emphasizes fraud prevention strategies that are both less expensive and more successful. It focuses on the application of effective techniques to identify and discourage fraudulent activity within an organization.
4. According to the fraud triangle, opportunity, pressure and rationalization are the three elements that can lead to fraudulent behavior. When these factors come together, people may be more likely to commit fraud.
5. Ethical Values: Moral standards are the ideas and precepts that help people to decide what is right and what is wrong. They act as a moral guide for choices and mold the behavior of people and organizations by promoting integrity and accountability.
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Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9,138. FICA tax for Social Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,516.27. What is the amount of the employer's payroll taxes expenses for this employee
Answer:
$ 1,119.06
Explanation:
It is given that :
Gary Marks total earning = $ 9,138
The social security tax = 6.2%
The Medicare tax = 1.45%
We known, the FUTA and the SUTA must only be applied to the first $7000 earned from Gary's pay.
So, the employer's payroll taxes expenses = Social security + Medicare + FUTA + SUTA
= ($9,138 x 6.2%) + ($9,138 x 1.45%) + ($7000 x 0.6%) + ($7000 x 5.4%)
= 566.56 + 132.5 + 42 + 378
= $ 1,119.06
Therefore, the amount of the employer's payroll taxes expenses is $1,119.06
Match the types of analytics that can be used to answer the business questions. Which people are mentioned in a company's business documents?
Answer:
Predictive
Cognitive
Explanation:
Predictive analysis help to forecast about future. It helps to analyse and identify profitable business activities and make strategy for business progress. Cognitive analysis predicts business performance based on current patterns and existing data.
Bella Bags is a British company that sells luxury leather purses manufactured in London. Currently, its products are carried at high-end department stores all across Europe. The company prides itself on its exceptional customer service. However, the company has been criticized in the past for carrying only two designs of bags. There is currently growing market demand for high-end luxury accessories. Bella Bags faces fierce competition from established luxury brands. Which of the following best characterizes an actionable strategy for Bella Bags that works on reducing the company's weaknesses to avoid threats?
A) Reduce the threat of high competition by expanding the product line and offering more variety
B) Promote the company's exceptional customer service to leverage the increasing demand for luxury goods
C) Reduce the threat of high competition by promoting the company's narrow product offering
D) Reduce the threat of high competition by leveraging the increasing demand for luxury goods
Answer:
A
Explanation:
What is the weighted average cost of capital if a business has a cost of equity of 11%, a yield on debt of 6%, a tax rate of 30%, 100 million market value of debt, and 250 million market value of equity
Answer:
9.028 %
Explanation:
weighted average cost of capital = cost of equity x weight of equity + cost of debt x weight of debt
where,
cost of equity = 11 %
cost of debt (consider after tax) = 6% x (1 - 0.30) = 4.20 %
weight of equity = 250 million ÷ 350 million = 0.71
weight of debt = 100 million ÷ 350 million = 0.29
therefore,
weighted average cost of capital = 11 % x 0.71 + 4.20 % x 0.29
= 9.028 %
MFI Inc. has a beta of . If the expected market return is percent and the risk-free rate is percent, what is the appropriate required return of MFI (using the CAPM)? Using the CAPM, the appropriate required return of MFI is 14.74%. (Round to two decimal places.)
Answer: 14.38%
Explanation:
Required return using the Capital Asset Pricing Model (CAPM) is:
= Risk free rate + Beta * (Expected market return - Risk free rate)
= 6.5% + 1.05 * (14% - 6.5%)
= 6.5% + 7.875%
= 14.38%
The 10% bonds payable of Kim Company had a net carrying amount (carrying value) of $2,850,000 on July 2, 2021. The bonds, which had a face value of $3,000,000, were issued at a discount to yield 12%. The amortization of the bond discount was recorded under the effective-interest method. Interest was paid on January 1 and July 1 of each year. On July 2, 2021, several years before their maturity, Kim retired the bonds at 101. The interest payment on July 1, 2021 was made as scheduled. What is the loss that Kim should record on the early retirement of the bonds on July 2, 2021
Answer:
-$159,000
Explanation:
Calculation to determine the loss that Kim should record on the early retirement of the bonds on July 2, 2021
First step is to calculate the CV of bonds
CV of bonds =$2,850,000 + [($2,850,000 × 12%/2) – ($3,000,000 × 10%/2)]
CV of bonds =$2,850,000 + [($2,850,000 × .06) – ($3,000,000 × .05)]
CV of bonds =$2,850,000 +($171,000-$150,000)
CV of bonds =$2,850,000 +$21,000
CV of bonds =$2,871,000
Now let determine the Loss
Loss=$2,871,000 – ($3,000,000 × 1.01)
Loss=$2,871,000 – $3,030,000
Loss= -$159,000
Therefore the loss that Kim should record on the early retirement of the bonds on July 2, 2021 is $159,000
For several years, Mountain Home University had used IBM computers. Recently, Apple Computers offered them a better machine at lower a price for one of the University's labs; however Mountain Home did not buy them because the _____ costs were too high. Group of answer choices transactional opportunity marginal switching
Answer:
switching
Explanation:
From the question we are informed about instance where by For several years, Mountain Home University had used IBM computers. Recently, Apple Computers offered them a better machine at lower a price for one of the University's labs; however in this case, Mountain Home did not buy them because the switching costs were too high. Switching costs can be regarded as the costs that a consumer pays due to switching of particular brands or products. Switching costs can appear as effort-based monetary base or time-based. Companies that has difficult-to-perfect products as well as low competition can make use of
high switching costs in order to maximize profits.
Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory?
What are the hours of operation (local standard time) of the Cascade Approach/Departure Control when flying into Medford Airport
Answer:
The answer is "0600 - 2330".
Explanation:
Alaska Airlines, allegiant, Union, and Delta are airports that service MFR. Flights to Seattle, San Francisco, Salt Lake City, Oregon, San Francisco, & Portland are provided by those airlines. The Cascades Approach/Departure Management requires 0600 - 2330 hours of operation (local standard time) while flying to Medford Airport.
A marketing team at a carwash company was brainstorming better methods to identify what influenced their customers. The team discussed the social and personal factors of various customers and their decisions. What additional factors should the team discuss?
a. situational factors
b. psychological factors
c. personal factors
________ would be hurt by unexpected inflation. a. A firm that purchased inputs with a two-year contract b. A worker whose wage increases with inflation c. A worker who signed a two-year wage contract d. A firm who hired a worker on a two-year wage contract
Answer:
a firm who hired a worker
Explanation:
on a two year wage contract
A firm that hired a worker on a two-year wage contract would be hurt by unexpected inflation. Thus, option D is correct.
What is inflation?Inflation, in financial aspects, aggregates expansions in the stockpile of cash, in cash salaries, or in costs. Expansion is by and large considered an exorbitant ascent in the general degree of costs.
While high expansion is by and large thought to be hurtful, a few financial experts accept that a modest quantity of expansion can assist with driving monetary development.
Inter worker was having job security for at least 2 years but due to inflation, he might not have a job. This is the most unexpected thing that the person could experience. As it will be treated as something that has caused hindrances in his planning.
Therefore, option D is correct.
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The following data are from the financial statements of the Riverton Company.
Current assets $55,000
Total liabilities $95,000
Total assets 125,000
Net income 18,000
Current liabilities 25,000
Sales 275,000
Answer:
then what i have to found
Open market operations refer to the buying and selling of ________ by the ________ to control the money supply. stocks and bonds; Federal Reserve Treasury securities; Treasury Department Treasury securities; Federal Reserve stocks and bonds; Treasury Department
Answer:
Open market operations refer to the buying and selling of Treasury securities by the Federal Reserve to control the money supply.
Suppose your client wishes to purchase an annuity that pays $50,000 each year for 5 years, with the first payment 4 years from now. At an interest rate of 10%, how much would the client need to invest now
Answer:
The amount the client would need to invest now is $182,143.58.
Explanation:
This can be calculated using the following two steps:
Step 1: Calculate the present value (PV) of the amount invested 4 years from now
This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV4 = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV4 = Present value of the amount invested 4 years from now = ?
P = Annual payment = $50,000
r = Interest rate = 10%, or 0.10
n = number of years the annual payment will be received = 5
Substitute the values into equation (1), we have:
PV4 = $50,000 * ((1 - (1 / (1 + 0.10))^5) / 0.10)
PV4 = $189,539.34
Step 2: Calculate the amount the client would need to invest now
This can be calculated using the present value formula as follows:
PV = PV4 / (1 + r)^n …………………………. (2)
Where:
PV = Present value or the amount the client would need to invest now = ?
PV4 = Present value of the amount invested 4 years from now = $189,539.34
r = Interest rate = 10%, or 0.10
n = number of years of PV4 from now = 4
Substituting the relevant values into equation one, we have:
PV = $189,539.34 / (1 + 0.01)^4
PV = $182,143.58
Therefore, the amount the client would need to invest now is $182,143.58.
A 1996 bill reforming the federal government's antipoverty programs limited many welfare recipients to only two years of benefits. This change gives people the incentives to find a job ________ quickly than if welfare benefits lasted forever. The loss of benefits after two years will result in the distribution of income becoming _______ equal.
Answer:
more
less
more
Explanation:
The limit on unemployment benefits would increase the incentives to find a job because after the 2 years period is over, those without jobs would get no benefits from the government.
Income distribution becomes more unequal because those who don't find jobs after the 2 year period would have no income
The economy would become more efficient because there would be an increase in the number of people employed as a result of the policy and output would increase.
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Fern invested $6400 into a continuously compounded account with an interest rate of 1.5%. After 10 years, how much is the account worth
Answer:
FV= $7,435.74
Explanation:
Giving the following information:
Initial investment= $6,400
Interest rate= 1.5%
Number of periods= 10 years
To calculate the value of the account in ten years, we need to use the following formula:
FV= PV*e^(i*n)
FV= 6,400*e^(0.015*10)
FV= $7,435.74
Consider the following gasoline sales time series data. Click on the datafile logo to reference the data.
Week Sales (1000s of gallons)
1 16
2 20
3 20
4 23
5 18
6 17
8 19
9 23
10 19
11 14
12 21
a. Using a weight of 1/2 for the most recent observation, 1/3 for the second most recent observation, and 1/6 the most recent observation, compute a three-week weighted moving average for the time series (to 2 decimals). Enter negative values as negative numbers.
Week
Time-Series Value Weighted Moving
Average Forecast Forecast
Error
(Error)2
1
2
3
4
5
6
7
8
9
10
11
12
Total
b. Compute the MSE for the weighted moving average in part (a).
MSE =
Do you prefer this weighted moving average to the unweighted moving average? Remember that the MSE for the unweighted moving average is 8.90.
Prefer the unweighted moving average here; it has a (greater/smaller) MSE.
c. Suppose you are allowed to choose any weights as long as they sum to 1. Could you always find a set of weights that would make the MSE at least as small for a weighted moving average than for an unweighted moving average? (Yes/ No)
Answer:
a) attached below
b) MSE for weighted moving average = 14.5
c) Yes
Explanation:
a) Computing a three-week weighted moving average using
1/2 for most recent , 1/3 for second most recent and 1/6 for third most recent observation
Given data :
Week Sales (1000s of gallons)
1 16
2 20
3 20
4 23
5 18
6 17
7 19
8 23
9 19
10 14
11 21
solution attached below
B) Determine MSE for the weighted moving average
MSE = ∑ (error)^2 / 8
= 116.0289 / 8 = 14.50
The MSE for unweighted moving average ( 8.90 ) is smaller than the MSE for weighted moving average
C) Yes I will find a weight that makes at least the MSE for weighted moving average than unweighted moving average
The tool within the "Assessing Opportunities" step of the Strategic Sourcing Process that graphically orders categories of numerical data in descending order so that the most important categories are easily recognized is called a:
Answer:
Pareto chart
Explanation:
A Pareto chart can be regarded as bar graph, The lengths of the bars are been arranged having longest bars on the left, on the right is the shortest bar, with this arrangement the chart visually gives a depiction about which situations are more significant. The lengths of the bars gives a representation of frequency or representation of cost i.e time or money. It should be noted that Pareto chart is the tool within the "Assessing Opportunities" step of the Strategic Sourcing Process that graphically orders categories of numerical data in descending order so that the most important categories are easily recognized.
The tool within the "Assessing Opportunities" step of the Strategic Sourcing Process that graphically orders categories of numerical data in descending order so that the most important categories are easily recognized is called a Pereto chart
A Pareto chart is simply known to be a type of chart that has bars and a line graph. It is the point where individual values are shown in descending order by bars, and the cumulative total is shown by the line.
It serves mainly to show the most important among a said large amount or set of factors.Pareto charts show the step by step frequency counts of data.Conclusively, the charts are used to show areas to focus on first in process improvement.
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Daschle LLC completed some research and development during June of the current year. The related costs were $69,600. If Daschle wants to capitalize and amortize the costs as quickly as possible, what is the total amortization amount Daschle may deduct during the current year
Answer:
The answer is "8073.6".
Explanation:
Given:
Cost[tex]=69,600\\\\[/tex]
Total years[tex]= 5 \ or\ 60\ months\\\\[/tex]
total months during the year[tex]=7\\\\[/tex]
Calculating the Amortization expense:
[tex]= 69,600 \times \frac{7}{60}\\\\= 6,960 \times \frac{7}{6}\\\\= 6,960 \times 1.16\\\\=8073.6[/tex]
In the month of March, Wildhorse Salon services 620 clients at an average price of $130. During the month, fixed costs were $16,380 and variable costs were 70% of sales
(a) Determine the total contribution margin in dollars, the per unit contribution margin, and the contribution margin ratio Contribution margin in dollars 5 Contribution margin per unit $ Contribution margin ratio %
Answer:
a) We have:
Total contribution margin in dollars = $24,180
Per unit contribution margin = $39
Contribution margin ratio = 30%
b) We have:
Break-even point in dollars = $54,600
Break-even point in in units = 420 units
Explanation:
Note: This question is not complete as its part b is missing. The part b of the question is therefore provided to complete it before answering it as follows:
b) Using the contribution margin technique, compute the break-even point in dollars and in units.
The explanation of the answer is now provided as follows:
a) Determine the total contribution margin in dollars, the per unit contribution margin, and the contribution margin ratio
Average price = $130
Variable costs = Average price * 70% = $130 * 70% = $91
Total sales = Number of clients * Average price = 620 * $130 = $80,600
Total variable cost = Total sales * 70% = $80,600 * 70% = $56,420
Therefore, we have:
Total contribution margin in dollars = Total sales - Total variable cost = $80,600 - $56,420 = $24,180
Per unit contribution margin = Average price - Variable costs = $130 - $91 = $39
Contribution margin ratio = (Total contribution margin in dollars / Total sales) * 100 = ($24,180 / $80,600) * 100 = 30%
b) Using the contribution margin technique, compute the break-even point in dollars and in units.
Break-even point in dollars = Fixed cost / Contribution margin ratio = $16,380 / 30% = $54,600
Break-even point in in units = Fixed cost / Per unit contribution margin = $16,380 / $39 = 420 units
The ogvernment is bound by the acts of its agents committed within the scope of their agents authority, such as express and actual authroity.
A. True
B. False
Answer: True
Explanation:
Express and actual authority refers to the agent's power to act on behalf of a principal, which had been granted by the agreement that already took place between the agent and principal.
It should be noted that government is bound by the acts of its agents which are committed within the scope of their agents authority, like the express and actual authroity.
Therefore, the correct answer is True.
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows:
Cash $48,000 Liabilities $36,000
Noncash assets 135,000 Alex, capital 94,500
Bess, capital 52,500
Total assets 183,000 Total liabilities and capital $ 183,000
Part A: Prepare journal entries for the following transactions:
Distributed safe cash payments to the partners.
Paid $21,600 of the partnership's liabilities.
Sold noncash assets for $147,000.
Distributed safe cash payments to the partners.
Paid remaining partnership liabilities of $14,400.
Paid $4,100 in liquidation expenses; no further expenses will be incurred.
Distributed remaining cash held by the business to the partners.
Part B: Prepare a final statement of partnership liquidation.
Answer:
Alex and Bess Partnership
Part A: Step-by-step Distribution:
Cash Noncash assets Liabilities Alex Bess
December 31 $48,000 $135,000 $36,000 $94,500 $52,500
Safe cash
distribution (26,400) 0 0 (18,480) (7,920)
1st Liabilities (21,600) 0 (21,600) 0 0
Sale of noncash 147,000 (135,000) 8,400 3,600
Safe cash distrib. (100,000) (70,000) (30,000)
Final liabilities (14,400) 0 (14,400) 0 0
Liquidation expense (4,100) 0 (2,870) (1,230)
Final distribution (28,500) 0 (11,550) (16,950)
Part B: Final Statement of Partnership Liquidation:
Cash Noncash assets Liabilities Alex Bess
December 31 $48,000 $135,000 $36,000 $94,500 $52,500
Sale of noncash 147,000 (135,000) 8,400 3,600
Payment of liabilities (36,000) (36,000)
Liquidation expenses (4,100) 0 (2,870) (1,230)
Distribution (154,900) 0 0 (100,030) (54,870)
Explanation:
a) Data and Calculations:
Profits and losses sharing ratio = 70:30
Estimated liquidation expenses = $5,500
Balance Sheet at Liquidation Date:
Cash $48,000 Liabilities $36,000
Noncash assets 135,000 Alex, capital 94,500
Bess, capital 52,500
Total assets 183,000 Total liabilities and capital $ 183,000
Why is developing a reputation as a subject matter expert important for a leader if leadership deals so heavily with interpersonal skills
Answer:
Reputation is very important for a leader. If a leader has god interpersonal skills but lacks in good reputation people might hesitate to associate with him and support his activities.
Explanation:
Reputation is most valuable asset for any leader. A leader may have good knowledge of everything, he may have good interpersonal skills but reputation overcomes all of these qualities. Strong reputation of a leader will make it easy for him to earn popularity and respect among people. Reputation is the main quality which leads to success to a leader.
You would use scenario analysis when:________.
a. Testing how an increase in revenue growth affects the share price
b. Performing what-if analysis to support business planning
c. Assessing which assumption has the biggest impact on the model
d. Comparing different business cases about the future with multiple variables changed
Answer:
d. Comparing different business cases about the future with multiple variables changed
Explanation:
I would start off by defining scenario analysis first. Scenario analysis can be defined as a process whereby future values of a portfolio investment can be predicted given that an event may occur or may not occur. In other words, it is a way of knowing what would happen to the values of a portfolio if a particular event occurs or if the event doesnt occur.
Given this explanation, the right answer to this question is option d, Comparing different business cases about the future with multiple variables changed
Yum Foods recently merged with Clean Plates. Which of the following activities should HR perform after the integration process?
A) It should assess the risks involved with the merger.
B) It should retain key talent.
C) It should identify and establish a new culture.
D) It should conduct due diligence.
The HR should identify and establish a new culture after the integration process.
Merging of business establishments or companies mean the coming together or acquiring of one company by another. In short, it is when two or multiple companies join to form a single business.
In the given scenario, Yum Foods and Clean Plates are two business enterprises that have their separate ideas and policies. But when they merge, that means such individualistic ideas and concepts can no longer be retained or followed. To accommodate the two businesses, the HR team must find new ideas and policies that can work for the newly merged business.When two or more companies join to form a single company, it is always necessary to make new changes in the concepts and work culture. This is also what HR should do in the merger of Yum Foods and Clean Plates. Thus, the correct answer is option C.
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A student is deciding whether to take an additional class or work extra hours. Which amounts are relevant to this decision
Answer:
a. Out-of-pocket costs
c. opportunity costs
Explanation:
Out of pocket costs are those that have to be incurred by the student for having to take the additional classes if there are any. This needs to be considered as they are a cost that the student will need to pay for to take the classes and therefore might need budgeting.
Opportunity costs are the returns offered by the next best alternative to the current decision being taken. In other words, the student needs to consider what will happen if they pick additional class over work and vice versa.
Answer:
pocket and opportunity
Explanation:
Be-The-One is a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 20Y2. $fill in the blank 1 b. Stockholders' equity as of December 31, 20Y3, assuming that assets decreased by $65,000 and liabilities increased by $36,000 during 20Y3. $fill in the blank 2
Answer:
a. Stockholders' equity as of December 31, 20Y2
Assets = Equity + Liabilities
395,000 = Equity + 97,000
Equity = 395,000 - 97,000
= $298,000
b. Stockholders' equity as of December 31, 20Y3.
Assets = Equity + Liabilities
(395,000 - 65,000) = Equity + (97,000 + 36,000)
330,000 = Equity + 133,000
Equity = 330,000 - 133,000
= $197,000
Identify every authority cited in the opinion (note that some sources may be cited more than once) and then do the following:
List all primary mandatory authority.
List all primary persuasive authority.
List all secondary persuasive authority.
Answer:
Primary Authorities :
Statues, regulations, jurisdiction, trial court, cases.
Primary Persuasive Authority :
Constitution, legislation.
Secondary Persuasive Authority :
Law review articles, trial courts.
Explanation:
Primary persuasive authority means law. Following a law is mandatory and statute provides the regulation which are required to be followed or else it will be regarded as crime. Secondary persuasive authority is not law but it leads to the law and helps explain the terms and standards of the law.
Crane Company's accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $210000 $160000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2017, $700000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. The total raw materials available for use during 2017 for Crane Company is
Answer:
$910,000
Explanation:
Given the above information, total raw materials available for use during 2017 is calculated below;
= Beginning raw materials + Purchases
Beginning raw materials = $210,000
Purchases = $700,000
Then,
Total raw materials available for use during 2017 for Crane company
= $210,000 + $700,000
= $910,000
