The textile industry in a foreign country is controlled by four major companies. Last week, one of the companies decided to cut prices as a way to expand inventory. Since this industry is an oligopoly, what will be the likely response of the other three companies

The journal entry for Rs. 40, 000 purchases would include a debit to purchases and credit to cash or accounts payable.

The Purchases account is debited because the business has acquired goods, which is an asset. The Accounts Payable account is credited because the business owes money to the supplier for the goods.

Date                Account title                                Debit              Credit

XX -XXXX       Purchases                                Rs. 40, 000

                       Accounts payable                                           Rs. 40, 000

This journal entry will increase the balance of the Purchases account and the Accounts Payable account. The Purchases account will be used to track the cost of goods sold, and the Accounts Payable account will be used to track the amount of money owed to suppliers.

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Answer:

hile purchases amount to 80% of the next quarter's forecast sales. The accounts payable period is 90 days. What is the ending cash balance for the first quarterResearch about Alexander Hamilton Maria Reynolds Scandal.Djiboli Rapper is bad, followed by its level and its intention.

There is no one Jibouli of us who follows his intention.

With the group

You don't get like godfather in rap.

Seriously, and what I perfect from my childhood, I fell in love with rap.

I became a rap artist.

I burned for most of the rap.

I suffered in my life and patience Lynn Masmni Godfather.

.

Anyone has any right to philosophize and say how is his guardian.

I love the art of rap

I am a fan of the art of rap

I woven it for rap

So they called me the godfather

I am the one who opened this door and opened people's eyes to it

Anybody's money any right to philosophize and tell how his guardian

I hear about young people wearing their heads down

And whoever prevents me from hurting them and turning their lives into misery

On the day I ask about them, I want to sing them. I want to know who they are.

If I extend my hand on him, his tears will fall before the palm

I ask about his past, they tell me he was sniffing

Ok, in this case I do not respond to the same quality

A little chickens shout that you don't get any harm

I know hypocritical people hand out smiles

In my face when they meet me loudly laughing

Open your mouth at the end and laugh, I mean, you became my friend

Huh

I think you count my mind by intentions

Wind your face muscles do not smile much

Do not be deceived that I am a young man in front of you

I am over with the hawks. Mali is the chicken sitting

And the falcon empty a falcon is not as well as what we need

After the incarceration, my darling, my eyes changed the perception that a friend is a friend

And I understood my life as a lesson, no one who said I am your brother, I mean, I have no

The first of them are the people who disappeared from my detention

I will not hold and do the same as some people

Sell me Sabouni, I love to knock the head off

If my life passed a mistake I will not regret it

But he took it as a lesson in my life and made it a basis for meساعات أجلس لحالي أقعد فيها أفكر.

أتذكر أشياء كثيرة كنت فيها معاك مقصر.

اتندم على كل لحظة ذرفتي فيها علشاني الدمعة.

علقتي فيا آمالك كنتي تقيدي في دربي الشمعة.

يا عمري أبغاك تكون.

أحسن واحد في الكون.

وهذا كلامك لي ولجل عيونك أحاول إني أكون.

حبيبتي اسمعيني.

حطي عينك في عيني.

أنا عند حسن ظنك مع الأيام بتشوفيني.

الإنسان اللي تمنيته.

على كثر أغلاطه تحملتيه.

صدقيني يالعزيزة انه يحبك زي مانتي تحبيه.

أمانة ما أبغى أشوفك زعلانة مني في يوم.

ما أبغى أشوف قلبك مهموم.

لأنك بالنسبة لي أنت الحب الحقيقي.

ما أتوقع من غيرك أقدر أكمل طريقي.

كل همك في الدنيا إنك تشوفيني في القمة.

Answer:

increase

increase

decrease

An organization that will be analyzed in this context is Coca-Cola.1.1 Summary of the nature of the business:Coca-Cola is one of the most well-known beverage manufacturers in the world. They create fizzy drinks, juices, and water for a variety of markets.

Their drink portfolio includes more than 200 brands sold in over 200 countries.1.2 Summary of the business model:Coca-Cola Company follows a business model based on creating strong brands that generate significant customer demand.

Their main goal is to build and enhance brand equity. They engage in extensive advertising and promotion campaigns to attract more consumers.1.3 What are the key business drivers:Coca-Cola's essential business drivers are its brand, extensive distribution network, market reach, product innovation, customer satisfaction, and product differentiation.2.1 Nature of decision describing what decision needed to be made and why:The business decision that was taken by Coca-Cola was regarding the selection of the right marketing mix, which is a critical decision.

This allowed them to gain valuable insights into how the consumers perceive their products, which they could use to develop targeted marketing strategies. From a risk modeling perspective, the approach is beneficial because it allows the company to minimize the risks by identifying the issues that consumers may face with their products.3.1 Using the selected business decision from above, identify at least 5 risks that needed to be considered to make the same:1. Competition from other beverage manufacturers2. Consumer preferences and behavior3. Changes in market trends4. Fluctuating economic conditions

5. Changing health and safety regulations3.2 Using the risk register in the previous section, conduct a qualitative risk analysis for these 5 risks by proposing the probability of occurrence and impact for each risk:The following table shows the qualitative risk analysis for the five risks that were identified:RiskProbabilityImpactCompetitionMediumHighConsumer preferences and behaviorHighHighChanges in market trendsLowHighFluctuating economic conditionsHighMediumChanging health and safety regulationsLowMedium3.3 Using a matrix included in Appendix A, plot the risks on a heat map and explain what the map means:The risks were plotted on a heat map, as shown below:The heat map shows that the competition and consumer preferences risks have a higher probability of occurrence and impact, while the changes in market trends and health and safety regulations have a lower probability of occurrence and impact.4.1 Using the register derived in question 3.1, calculate the average impact (expected monetary value) using aggregation of static values:

The five possible expected monetary values are calculated by multiplying the probability of each risk and the range of possible impacts.RiskProbabilityImpactRange of possible impactsExpected Monetary ValueCompetitionMedium$2,000,000-$4,000,000$1,200,000Consumer preferences and behaviorHigh$3,000,000-$5,000,000$3,000,000Changes in market trendsLow$1,000,000-$3,000,000$300,000Fluctuating economic conditionsHigh$1,000,000-$2,000,000$1,200,000Changing health and safety regulationsLow$500,000-$1,000,000$50,000Total Expected Monetary Value$5,750,0005.2 Describe the result of this methodology using an appropriate diagram:The following diagram shows the possible expected monetary values for the five risks:5.3 Summarize what does this average impact value mean for the organization:

The average impact value means that the Coca-Cola Company could potentially lose an estimated $5,750,000 due to the five risks that were identified. This value represents the range of possible impacts that the company may face, given the probability of occurrence of each risk. The company can use this information to identify the risk mitigation strategies that are required to minimize the impact of these risks.

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This statement is true. The warfighting function comprises six related elements; mission command, movement and maneuver, intelligence, fires, sustainment, and protection which are employed by commanders to maintain control, achieve their mission, and train staff.

Maneuver Warfighting is a type of military strategy used to gain a military advantage over an adversary by relying on mobility and speed. It emphasizes outmaneuvering the enemy and attacking their weaknesses rather than focusing on attacking a specific position or target. This strategy is often used in unconventional warfare, where conventional tactics are not applicable.

Examples of maneuver warfighting include outflanking the enemy, using deception to confuse the enemy, and conducting ambushes to surprise the enemy. It is also used to seize key objectives and deny the enemy access to certain areas. Maneuver Warfighting is a flexible approach that allows military forces to readily adapt to changing tactical situations. It also allows for more effective use of firepower, allowing for more efficient use of resources.

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Complete Question:

the movement and maneuver warfighting function consist of related tasks and systems that provide collective and coordinated use of army indirect fires, air and missile defense, and joint fires through targeting processes.

A. True

B. False

Answer:

I. National Income Accounting:

National income accounts are an accounting framework is useful in measuring economic activity.

A. Three approaches—all produce the same measurement of the production of the economy.

1. product approach: how much output is produced

2. income approach: how much income is created by production

3. Expenditure approach: how much purchasers spend

B. Why all three approaches are the same: Assumes no unsold goods (at this point) then the market values of goods and services produced must equal the amount buyers spend to purchase them (product approach=expenditure approach). What the seller receives (income) must equal what is spent (expenditure).

II. Gross Domestic Product (GDP)

A. GDP vs. GNP

GNP= output produced by domestically owned factors or production. (By our people)

GDP= includes production produced by foreign owed factors of production within the countries border and excludes domestically owned production in foreign countries. (On our soil)

1. GDP = GNP – net factor payment from abroad (NFP)

2. How big is the difference?

B. Product approach: The market value of all final goods and services produced within a nation during a fixed period of time.

1. Market value: allows comparison between different goods. Has some problems – ignores some goods. underground economy, and government services.

2. Final goods and service: Treatment of inventories; Capital goods; Avoids double counting; Value added.

3. New production: Ignores goods produced in previous periods

C. Expenditure approach: Total spending on final goods and services produced within a nation during a specified period of time.

1. Income expenditure identity and four categories of spending: Consumption (C), Investment (I), government purchases of goods and services (G) and net exports (NX)

Y = C + I + C + NX

2. Consumption(C): Spending by domestic households on final goods and services

a. Consumer durable goods: Long lasting goods

b. Nondurable goods used up quickly

c. Services

3. Investment (I): Spending on new capital goods by business

a. Business fixed investment

b. Residential fixed investment

c. Inventory investment: Changes in the amount of unsold goods, goods in progress and new materials

4. Government purchases of goods and services (G):

a. State and local vs. Federal spending

b. Transfers and interest payments on debt are not counted. They are counted in total government expenditure which is not the same as government purchases of goods and services.

5. Net exports (NX): exports minus imports

a. Need to subtract imports since they are counted in C. I and G can add goods produced within the country purchased by foreign interests (exports).

D. Income approach adds up income received by producers, including profits and taxes paid to the government

1. Income generated by production

a. National income =

compensation of employees

+ proprietors income

+ rental income of persons

+ corporate profits

+ net interest

+ taxes on production

+ business transfers

+ surplus of gov enterprises

b. National income + statistical discrepancy = Net National Product (NNP)

Note: This changed a couple years ago. If you have an old addition, you may see the indirect business tax. It is no long used in this equation!

c. NNP + depreciation = GNP

d. GNP – NFP = GDP

2. Income of private sector and government

a. Private disposable income = income of private sector = private sector income earned at home (Y or GDP) and abroad (NFP) + payments from the government sector (transfers TR and interest on debt INT) – taxes paid to government (T) = Y + NFP + TR + INT – T

b. Government net income = T- TR – INT

III. Saving and Wealth

A. Wealth Difference between assets and liabilities

B. Measures of aggregate savings

1. Saving = current income – current spending; saving rate = saving/current income

2. Private saving (Spvt) Spvt = Y + NFP – T + TR + INT – C

3. Government Saving (Sgovt) Sgovt = T – TR- INT – G

a. Government saving = Government budget surplus (deficit = -Sgovt)

4. National Saving= private saving + government saving

S = Spvt + Sgovt = Y + NFP - C – G = GNP - C – G

C. The uses of private saving

1. S = I + (NX + NFP) = I + CA

CA = NX + NFP = current account balance

2. The use of savings identity

Spvt = I – Sgovt + CA

If the budget deficit increases one or a combination of the following happen

1) private saving must rise

2) investment must fall

3) the current account balance must fall

IV. Prices Indexes, Inflation and Interest Rates

A. Nominal vs. Real variables

Nominal Variables – Measures the economic variable in terms of the current market value.

Real Variable—Measure the variable valued at the prices in a base year.

B. Real vs. Nominal: Calculation the differences

Examples Small country only produces base balls and baseball bats

Explanation:

The company's earnings per share is 20, dividend payout ratio is 0.1  and dividend yield is 1.25.

The dividend payout is the ratio between dividend per equity share and earning per equity share.

Earning per share =  Earning net interest and tax/ Number of shares                 outstanding

                             = $6,000,000/3,00,000

                             = 20

Dividend per share = Total Dividend/ No of shares

                                 = $600,000/300,000

                                 = $2

Dividend payout ratio = Dividend per share/Earning Per Share

                                    = $2/20

                                    = 0.1

Market value per share = P/E Ratio × Earning per share

                                        = 8 × 20

                                         = $160

Dividend Yield =  Dividend per share/ Market Value Per Share

                         = $2/$160×100 = 1.25

Therefore the earning per share indicates the earnings of the company is attributable to the equity shareholders. The company's dividend payout ratio and dividend yield ratio indicate the percentage of earnings paid to shareholders via dividends.

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Being unbanked has become an increasingly common situation for many individuals in recent years. An unbanked person is someone who has no financial account with any institution. Individuals may choose to be unbanked for a variety of reasons, including a lack of trust in banks due to poor customer service or a negative experience.

A person may have experienced a bad encounter with a bank employee and choose to leave the bank and seek other banking options. They may also be unable to maintain a minimum balance in their bank account, and banks may impose fees for accounts that fall below a certain amount. It can be inconvenient to have to travel to a bank to withdraw money, especially if the nearest bank is far away. Additionally, the time spent waiting in line at a bank can be tedious, and it can be difficult to fit into a busy schedule.

There are alternatives to traditional banks that may be more convenient and better suit the needs of unbanked individuals. Credit unions, for example, offer similar services as banks but are often smaller and more focused on serving the community. Mobile banking apps have also become increasingly popular, offering services such as depositing checks and transferring money.

The use of prepaid debit cards is another option that allows for the convenience of a card without the need for a traditional bank account. The unbanked may also benefit from budgeting tools and financial literacy resources, which can help them make informed financial decisions and take control of their finances. Overall, being unbanked does not mean that an individual cannot access financial services or manage their money effectively.

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Answer:

Expansionary fiscal policy includes either increasing government spending or decreasing taxes. An economy that is producing too much needs to be contracted. In that case, contractionary fiscal policy (either decreasing government spending or increasing taxes) is the correct choice.

Answer:

about $8.10 per person being paid

Answer:

The amount of the bill = 48.60 or 48.6 dollars

The total no. of friends = 6

Therefore, each person's share = 48.6÷6

= 8.1 dollars

Answer: Each person has to pay 8..1 dollars

Answer:

Economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. It focuses heavily on the four factors of production, which are land, labor, capital, and enterprise.

Explanation:

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. ... The building blocks of economics are the studies of labor and trade.

Economics is defined as a science that deals with the making, distributing, selling and purchasing of goods and services. An example of economics is the study of the stock market.

Answer:

2019 $28,580

2020 $48,980

Explanation:

Calculation to determine Euclid’s cost recovery deduction for 2019 and 2020.

2019 Cost recovery deduction=$200,000x.1429

2019 Cost recovery deduction= $28,580

2020 Cost recovery deduction= $200,000x.2449

Cost recovery deduction= $48,980

Therefore Euclid’s cost recovery deduction for 2019 and 2020 will be :

2019 $28,580

2020 $48,980

Development of employee according to competence is not a generic management function during staffing.

y identifying employees' skills and weaknesses, put the right people in the right jobs. to maintain and assess a person's capacity for growth. to provide employees with feedback on their work and pertinent status.

Managing a team is one of a supervisor's most crucial responsibilities. Supervisors frequently organise and lead the team's efforts to finish a task. Supervisors are responsible for setting goals, communicating them, and assessing team performance in which we describe everything.

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The amount of the Value of land will be $550,000.

The formula to use to derive the Value of land is {Annual estimated income from the land / Yield rate}

Given Information

Annual estimated income from the land = $44,000

Yield rate = 8%

Value of land = $44,000 / 8%

Value of land = $44,000 / 0.08

Value of land = $550,000

Hence, the amount of the Value of land will be $550,000.

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Answer:

Beginning inventory

Explanation:

Beginning inventory refers to the finished goods that are still in the business premises at the beginning of a fiscal year. They represent the finished products that the business was not able to sell in the past period. Beginning inventory becomes part of the inventory to be sold in the current year.

Other terms that describe beginning inventory are opening inventory, opening stock, and balance brought forward.

Answer:

D- Beginning inventory

Explanation:

Answer:

Revision is a process in writing of rearranging, adding, or removing paragraphs, sentences, or words. Writers may revise their writing after a draft is complete or during the composing process

Explanation:

Answer:

A.) The step in the process where you look at your work critically, asking yourself questions such as, "Will my goal be clear to the readers?"

Explanation:

I just answered this

For Task 1, I have chosen the career of a financial analyst in the financial services industry. To prepare for this career, a Bachelor's degree in Finance, Accounting, Economics, or a related field is required.

For Task 2, becoming a Certified Financial Analyst (CFA) is highly valued in this career. The CFA program consists of three levels of exams that cover topics such as economics, financial reporting and analysis, ethics, and investment tools.

For Task 3, both information technology and interpersonal skills are important in this career. Financial analysts must have strong analytical skills and be proficient in using financial modeling software and spreadsheet applications.

Task 1-  Many employers also prefer candidates with a Master's degree in one of these fields. Additionally, courses in statistics, mathematics, and computer science can be beneficial in this career.  Task 2- To prepare for this certification, one should enroll in a CFA program review course, study the material thoroughly, and take practice exams to prepare for the rigorous testing process.

Task 3- They also need to have excellent communication and interpersonal skills to be able to work effectively with clients and team members. Additionally, they must be able to present complex financial information in a clear and understandable manner. Developing and honing these skills can be achieved through a combination of on-the-job experience, training, and continuing education courses.

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Answer: Economies of Scale

Explanation:

Economies of scale refers to the tendency of costs to reduce per unit as the number of units produced increases. This is because the producer is able to share the costs amongst all the units produced.

George was getting those ingredients to make a single burger so the produce he used were small in quantity and cost him more. The companies that make sandwiches in large numbers buy and produce the ingredients in bulk which reduces their prices.

For example, George went to Minneapolis to get salt for one burger, those companies would go and get salt for 10,000 burgers at the same time which would reduce the cost by dividing it across the 10,000 burgers.

This cost saving from economies of scale enables the local deli to sell products at a cheaper rate than if we had to make them ourselves.

The 4 pillars of Hyper-Sociality, according to Gossieaux and Moran are: ditch market segments, suppose tribes. forget about statistics channels, leverage knowledge networks. let go of company-centricity, emerge as human-centric.

Hypersocial groups need to overlook records channels and concentrate on: knowledge networks.

the categories of social networks and on line media that together constitute social commerce: social networking sites, team shopping for platforms, peer-to-peer e-commerce platforms, suggestion internet sites, participatory e-commerce, social advice, user-curated shopping.

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The information given is recorded in a General Fund General Journal as indicated in the attached image. See the definitions of Journals and related information below.

A journal entry is an act of maintaining or producing records of any economic or non-economic transaction. An accounting journal, which shows a company's debit and credit balances, records transactions. The journal entry can be made up of many records, each of which is either a debit or a credit.

Because a general journal is where commercial transactions and occurrences are first recorded, it is also known as a "book of first entry."

Records are entered in the general journal in chronological order and are accessible in one location, allowing management and accountants to readily assess the data.

The differences between journals and general journals are:

The purchases journal records credit transactions while the general journal records cash purchases. Purchases Journals record only certain types of transactions, while the general journal records all remaining transactions.

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Answer:

C

Explanation: Took the test

"To gain a better understanding of uncontrollable sources that could impact their business" they should learn about economics before opening their store.

Thus the correct option is C.

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To calculate the cost of capital for each source, we'll consider the cost of debt, cost of preferred stock, and cost of common stock.

1. Cost of Debt:

The cost of debt is the interest rate the company pays on its debt. In this case, the company has issued bonds with a par value of $50, currently selling at $60, and a coupon rate of 10% for 5 years.

Cost of Debt = (Interest Expense / (Bonds Market Value - Bond Discount)) * (1 - Tax Rate)

Interest Expense = Bonds Market Value * Coupon Rate

Bonds Market Value = Number of Bonds * Bond Selling Price

Number of Bonds = 10,000

Bond Selling Price = $60

Coupon Rate = 10%

Tax Rate = 35%

Interest Expense = $60 * 10,000 * 10% = $60,000

Bonds Market Value = 10,000 * $60 = $600,000

Bond Discount = Par Value - Bond Selling Price = $50 - $60 = -$10 (Negative value because the bond is selling at a premium)

Cost of Debt = ($60,000 / ($600,000 - (-$10))) * (1 - 0.35) = $6,000 / $600,010 * 0.65 = 0.064997 (approximately 6.50%)

2. Cost of Preferred Stock:

The cost of preferred stock is the dividend rate the company pays on its preferred stock. In this case, the preferred stock is issued at $150 with a promised dividend of $8 per share.

Cost of Preferred Stock = Dividend / Preferred Stock Price

Dividend = $8

Preferred Stock Price = $150

Cost of Preferred Stock = $8 / $150 = 0.053333 (approximately 5.33%)

3. Cost of Common Stock:

The cost of common stock is calculated using the dividend growth model. The dividend is expected to grow at different rates for different periods.

First 3 years: Dividend Growth Rate = 8%

Next 3 years: Dividend Growth Rate = 6%

Indefinite period: Dividend Growth Rate = 5%

Cost of Common Stock = Dividend / Current Stock Price + Growth Rate

Dividend = $2

Current Stock Price = Market Price

Growth Rate = Dividend Growth Rate

Cost of Common Stock = $2 / Market Price + Growth Rate

Weighted Average Cost of Capital (WACC):

The weighted average cost of capital is the weighted average of the costs of each source of capital, considering their respective proportions in the capital structure.

WACC = (Weight of Debt * Cost of Debt) + (Weight of Preferred Stock * Cost of Preferred Stock) + (Weight of Common Stock * Cost of Common Stock)

Weight of Debt = Debt / Total Capital

Weight of Preferred Stock = Preferred Stock / Total Capital

Weight of Common Stock = Common Stock / Total Capital

Debt = $100,000

Preferred Stock = $200,000

Common Stock = $600,000

Total Capital = Debt + Preferred Stock + Common Stock = $100,000 + $200,000 + $600,000 = $900,000

Weight of Debt = $100,000 / $900,000 = 0.111111 (approximately 11.11%)

Weight of Preferred Stock = $200,000 / $900,000 = 0.222222 (approximately 22.22%)

Weight of Common Stock = $600,000 / $900,000 = 0.666667 (approximately 66.67%)

WACC = (0.111111 * 6.50%) + (0.222222 * 5.

The cost of capital for each source can be calculated by determining the cost of debt, cost of preferred stock, and cost of common equity. The cost of debt is 8.33%, the cost of preferred stock is 5.33%, and the cost of common equity is 14.77%.

To find the cost of capital for each source, we will calculate the cost of debt, cost of preferred stock, and cost of common equity.

The cost of debt can be calculated using the formula: Cost of Debt = (Annual Interest Payment / Bond Price) x 100%. In this case, the bond price is $60 and the annual interest payment is 10% of the bond's par value of $50, so the cost of debt is (0.10 * $50 / $60) x 100% = 8.33%.

The cost of preferred stock can be calculated using the formula: Cost of Preferred Stock = Dividend / Stock Price. In this case, the dividend is $8 per share and the stock price is $150, so the cost of preferred stock is $8 / $150 = 5.33%.

The cost of common equity can be calculated using the Dividend Discount Model (DDM) formula: Cost of Common Equity = Dividend / Current Stock Price + Growth Rate. The growth rate for the first 3 years is 8%, for the following 3 years is 6%, and for an indefinite period is 5%. The dividend for common stock is $2 per share. The current stock price can be calculated using the market value of the common stock ($2 * 600,000 = $1,200,000) divided by the number of shares (600,000), which equals $2 per share. The cost of common equity is $2 / $2 + 0.08 + 0.06 + 0.05 = 14.77%.

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Answer:

a. The total cost is:

= ((Cost of goods - Returns) * discount factor) + Freight paid by seller

= ( (11,000 - 1,100) * (1 - 1%)) + 260

= 9,900 * 99% + 260

= $10,061

Note: When shipping is FOB Shipping point, freight is paid by buyer. Discount terms of 1/10 means that a discount of 1% is allowed if settlement is done within 100 days.

b. Total Cost is:

= ( Cost of goods - Returns) * Discount factor

= 4,200 * (1 - 2%)

= $4,116

Note: When shipping is FOB Destination, freight is not paid by buyer. 2/10 discount means 2% discount if settled in 10 days.

a) The journal entries to record materials purchases in June  for Yellen Furnishings are as follows:

Debit Raw Materials Inventory:

Fabric $396,000

Polyester $162,000  

Lumber $324,000

Glue $36,000

Credit Accounts Payable/Cash $918,000

b) The journal entries to record materials requisitions in June  for Yellen Furnishings are as follows:

Debit Factory Overhead $31,300

Credit Raw Materials Inventory: Glue $31,300

Debit Work in Process (Job 601) $361,000

Credit Raw materials Inventory:

Fabric $185,000

Polyester  $68,000

Lumber $108,000

Debit Work in Process (Job 602) $210,000

Credit Raw materials Inventory:

Fabric $99,000

Polyester  $32,000

Lumber $79,000

Debit Work in Process (Job 603) $280,000

Credit Raw materials Inventory:

Fabric $1117,000

Polyester  $50,000

Lumber $113,000

c) The determination of the June 30 balances in the materials ledger accounts is as follows:

                                    Fabric    Polyester     Lumber        Glue        Total

Beginning inventory $36,500    $25,700   $56,200     $5,900    $124,300

June purchases        396,000    162,000    324,000     36,000      918,000

Materials available $432,500  $187,700  $380,200    $41,900 $1,042,300

Total requisitions    $401,000 $150,000  $300,000    $31,300   $882,300

Ending inventory     $31,500    $37,700    $80,200    $10,600   $160,000

a) Raw Materials Inventory: Fabric $396,000 Polyester $162,000  Lumber $324,000  Glue $36,000Accounts Payable/Cash $918,000

b) Factory Overhead $31,300

Raw Materials Inventory: Glue$31,300

Work in Process (Job 601) $361,000 Raw materials Inventory: Fabric $185,000 Polyester  $68,000 Lumber $108,000  

Work in Process (Job 602) $210,000 Raw materials Inventory: Fabric $99,000 Polyester  $32,000 Lumber $79,000                

Work in Process (Job 603) $280,000 Raw materials Inventory: Fabric $1117,000 Polyester  $50,000 Lumber $113,000    

                                    Fabric    Polyester     Lumber        Glue        Total

Beginning inventory $36,500    $25,700   $56,200     $5,900    $124,300

June purchases        396,000    162,000    324,000     36,000      918,000

Materials available $432,500  $187,700  $380,200   $41,900 $1,042,300

Material requisitions:

Job 601                   $185,000   $68,000  $108,000                    $361,000

Job 602                     99,000      32,000      79,000                      210,000

Job 603                     117,000     50,000      113,000                     280,000

Factory overhead-

indirect materials                                                           $31,300       31,300

Total requisitions  $401,000  $150,000 $300,000     $31,300 $882,300

Ending inventory     $31,500    $37,700   $80,200     $10,600 $160,000

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Answer:  in a traditional economy, decisions are based on habit and custom

Explanation: