Darden Enterprises determined that materials costs totaling $158,400 and conversion costs totaling $130,200 were charged to a processing department in the month of July. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were 4,000 units in beginning work in process, 62,000 units were started into production in July, and 2,000 units were ending work in process that were 55% complete at the end of July. What total amount of manufacturing costs will be assigned to the units that were completed and transferred out of the process in July if the weighted average method is used

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

Fanning books buys books and magazines directly from publishers and distributes them to grocery stores. the wholesaler expects to purchase the following inventory: april may june required purchases (on account) $ 111,000 $ 131,000 $ 143,000 fanning books accountant prepared the following schedule of cash payments for inventory purchases. fanning books suppliers require that 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month following the month of purchase. required complete the schedule of cash payments for inventory purchases by filling in the missing amounts. determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period