User Account

All Pages

What is the amount of finished goods inventory

Assignment Help Accounting Basics
Reference no: EM131759252

Question: During its first year of operations, Silverman Company paid $11,440 for direct materials and $9,900 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,900 while general, selling, and administrative expenses totaled $4,400. The company produced 5,600 units and sold 3,400 units at a price of $7.90 a unit.

What is the amount of finished goods inventory on the balance sheet at year-end? (Do not round intermediate calculations.)

$8,500

$5,940

$2,200

$11,880

Reference no: EM131759252

Questions Cloud

Recession to hurt social security and medicare : The recession happened in 2008, and now the US is in a recovery mode. What would be the reason for the recession to hurt Social Security and Medicare?
Publishes extensive information on various occupations : publishes extensive information on various occupations in different geographic areas. It is a major source of publicly available compensation data.
Designlt plans to relocate three servers already configured : DesignlT is a graphic arts company that, up until now, had contracted work out to temporary design services. The new space will allow them to hire.
Develop a proposal for strategic public personnel management : Develop a proposal for strategic public personnel management within an organization.
What is the amount of finished goods inventory : During its first year of operations, Silverman Company paid $11,440 for direct materials and $9,900 for production workers' wages.
Dependent events and statistical fluctuation : How did the Smyth order demonstrate DEPENDENT EVENTS and STATISTICAL FLUCTUATION? Provide some back ground and explain?
Calculate a single charging rate for the maintenance : Calculate a single charging rate for the Maintenance Department. Round your answer to the nearest cent
What was silverman net income for given year in operation : During its first year of operations, Silverman Company paid $11,860 for direct materials and $10,900 for production workers' wages. Lease payments.
Select a functional strategy : Select a functional strategy and then discuss how this functional strategy can enhance a firm's bottom line.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the cost of each model assembled in november

S. Lee Enterprises produces two models of lawn tractor: SL1 and SL2. Compute the cost of each model assembled in November

  Purpose of the risk-based capital requirements

What is the primary purpose of the risk-based capital requirements that Congress enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act

  Indicate effect of transaction on accounting equation

Indicate the effect of each transaction on accounting equation by listing the numbers identifying the transactions, (1)through (10), in a vertical colum.

  Determine the amount of cash collected from receivables

During the accounting period, Springfield recorded $32,000 of service revenue on account. The company also wrote off a $300 account receivable.

  Why did you define and assign a sales area to your company

ERP 514- Why did you define and assign a Sales Area to your company? What is the relationship between Shipping Point and Loading Point? Describe the purpose of each sales view you created in your Material Master records.

  Assume that you have been offered cash discounts on

assume that you have been offered cash discounts on merchandise that can be purchased from either of two suppliers.

  How the use of the lifo method prepared in compliance

How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.

  Indirect material for one furniture manufacturer

Why is it possible that a raw material such as glue might be considered as an indirect material for one furniture manufacturer and as a direct material for another furniture manufacture?

  Manufacturing overhead cost was applied to production on

custom metal works produces castings and other metal parts to customer specifications. the company uses a job-order

  Prepare a salary budget for the fiscal year

Prepare a salary budget for the Fiscal year 7/1/XI to 6/30/X2. Staffing levels are based on the need for six hours of handson work per patient day. Volume in the budget year is to be 3.600 patient days. Productive time is 80 percent of total paid tim..

  Jaworskias store did some ski repair work for frey at the

jaworskias ski store is completing the accounting process for its first year ended december 31 2013. the transactions

  How should changes in the estimated unguaranteed

How should changes in the estimated unguaranteed residual value be handled by the lessor?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd