On June 10, Novak Corp. purchased $8,350 of merchandise on account from Sarasota Company, FOB shipping point, terms 2/10, n/30. Novak pays the freight costs of $560 on June 11. Damaged goods totaling $350 are returned to Sarasota for credit on June 12. The fair value of these goods is $80. On June 19, Novak pays Sarasota Company in full, less the purchase discount. Both companies use a perpetual inventory system.
(a) Prepare separate entries for each transaction on the books of Tuzun Company.
(b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
Answers: 2
Business, 21.06.2019 21:00, nwalker916
12. nelson corporation, which has only one product, has provided the following data concerning its most recent month of operations: selling price $ 115 units in beginning inventory 380 units produced 5,900 units sold 6,070 units in ending inventory 210 variable costs per unit: direct materials $ 46 direct labor $ 27 variable manufacturing overhead $ 3 variable selling and administrative $ 12 fixed costs: fixed manufacturing overhead $ 112,100 fixed selling and administrative $ 36,420 the company produces the same number of units every month, although the sales in units vary from month to month. the company's variable costs per unit and total fixed costs have been constant from month to month. a. prepare a contribution format income statement for the month using variable costing. unit product cost under variable costing direct materials direct labor variable manufacturing overhead variable costing unit product cost (formula)
Answers: 3
Business, 22.06.2019 14:00, lindjyzeph
The following costs were incurred in may: direct materials $ 44,800 direct labor $ 29,000 manufacturing overhead $ 29,300 selling expenses $ 26,800 administrative expenses $ 37,100 conversion costs during the month totaled:
Answers: 2
Business, 22.06.2019 20:00, jaylennkatrina929
Which of the following is a competitive benefit experienced by the first mover firm in an industry? a. the first mover will be able to achieve a less steep learning curve. b. the first mover will be able to reduce the switching costs. c. the first mover will not have to patent its products or technology. d. the first mover will be able to reduce costs through economies of scale.
Answers: 3
On June 10, Novak Corp. purchased $8,350 of merchandise on account from Sarasota Company, FOB shippi...
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