What are the similarities between the Direct Materials Inventory account of the manufacturer and the Merchandise Inventory
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
Both accounts represent the cost of the goods acqu...View the full answer
Answered By
Munir Ahmed Jakhro
I am professional Tutor of of Business Courses, I did my four years Bachelor Degree from one of the Top Business schools of World "Institute of Business Administration" in year 2013. Since then I have been working as Tutor of Accounting, Finance tutor on different online platforms like this website. I am have experience of 6 years teaching business courses to students online and offline my professional job at national savings also helped me in accounting understanding .
4.90+
8+ Reviews
10+ Question Solved
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Question Posted:
Students also viewed these Cost Accounting questions
-
What are the similarities between MRP and DRP?
-
What are the similarities between utility and temperature?
-
What are the similarities between the crop method used for farming and the completed contract method used for long-term construction?
-
Dominic and Jared were general partnership has equal partners Dominic contributes cash 25,000 securities values at 50,000 and they adjusted basis of 32,000 and equipment valued at 25,000 and an...
-
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. Required Prepare a statement of cash flows for Business Solutions using the indirect method...
-
Explain how client/server system components interact.
-
Nancy Carpenter Optical Dispensary purchased supplies on account for \($1,200\). Two weeks later, the business paid half on account. Requirements 1. Journalize the two transactions for Nancy...
-
Win the Prize. In a carnival booth, you win a stuffed giraffe if you toss a quarter into a small dish. The dish is on a shelf above the point where the quarter leaves your hand and is a horizontal...
-
7.) The Kyoto Protocol was signed in 1997, and required countries to start reducing their carbon emissions. The protocol became enforceable in February 2005. In 2004, the mean CO2 emission was 4.87...
-
Newark Plastics Corporation developed its overhead application rate from the annual budget. The budget is based on an expected total output of 720,000 units requiring 3,600,000 machine hours. The...
-
Is cost-of-goods a product cost or a period cost?
-
What are the three categories of product cost in a manufacturing operation? Describe each element briefly.
-
A small magnetic needle performs small oscillations about an axis perpendicular to the magnetic induction vector. On changing the magnetic induction the needle's oscillation period decreased = 5.0...
-
You are the U.S residents who are going to pay SF 5,000 for your family flight tickets to Switzerland in 3 months later. The 3-month forward rate is $0.63/SF. Today, the spot rate of USD to Swiss...
-
Find the product and simplify your answer. (cos -1)(cos +1) (cos -1)(cos +1)=
-
2- A taxpayer disposed of an equipment used in one's trade or business at FMV of $100. The equipment was purchased at $100 and took depreciations of $40 prior to the disposition.Determine the tax...
-
You work for Wonder Treats, an online company that sells cookies, cupcakes, and other treats for parties. After making purchases online, customers receive their order by one-day mail. Today, you...
-
A division of a company produces income tax apps for smartphones. Each income tax app sells for $ 8 . The monthly fixed costs incurred by the division are $ 2 0 , 0 0 0 , and the variable cost of...
-
An important management function is that of assuring that activities of members of the organisation help to accomplish the organisations goals.
-
If the cylinder described in Problem 21.3 were initially heated to 500F, how long would it take for the center of the cylinder to cool to 240F if it were constructed of a. Copper? b. Brass? c. Nickel?
-
An oak tree is 30 feet tall and 2 feet in diameter (Figure 3-5). How many pounds of CO 2 and H 2 O were consumed to form the trees trunk? How many pounds of O 2 gas were released? Assume the density...
-
Refer to the information in Exercise 1-23. The dean of the Business School is considering expanding the BBA program by offering an evening program in a nearby city. The program would be the same size...
-
Trends in Cost Accounting Required For each cost accounting development listed below, identify one value chain component where it might be used and described how it could be used in that component....
-
The chapter identified five financial management titles with responsibilities. Required Match the financial management title in the first column with the major responsibility in the second column of...
-
Consider the following data for two products of Vigano Manufacturing. Activity Budgeted Cost Activity Driver Machine setup $ 1 7 , 0 0 0 ( 2 0 machine setups ) Parts handling 1 3 , 6 0 0 ( 1 6 , 0 0...
-
Jackson Company manufactures computer keyboards. The budgeted sales price is $ 6 5 per keyboard, the variable costs are $ 2 7 per keyboard, and budgeted fixed costs are $ 1 4 0 0 0 . What is the...
-
ACCOUNTS: Land, Building and Other Accounts Date Year 2022 Item 8-Jun Organization fees paid to the state 16-Jun Land site and old building 30-Jun Corporate Organization costs 2-Jul Title clearance...
Study smarter with the SolutionInn App