Homework Answers
Note : As HOMEWORKLIB RULES honor code if more then one question are asked only once question can be answered at at time I have solved here question 1 and 2 hope you understand
Answer 1 : C. Increase wage expenses by $ 48000
As
On 31st December it will be Wednesday and next payment is to be made on Friday that is 2nd January so Company will record accrued wages on 31st December for this following journal entry will be passed
Wages expense for three days = $80000 x 3/5 = $48000
| Date | Accounts | Debit | Credit |
| December 31 | Wages Expense | $ 48,000 | |
| Wages Payable | $ 48,000 | ||
| (To record wages expense for three months) |
Answer 2 : a. $2230
Calculated as under specific identification method
all units sold are as following
| Calculation of Cost of Goods sold | |||||
| Date | Units In | Unit Cost | Total | ||
| 1-Jun | 50 | x | $14.00 | = | $700.00 |
| 4 | 70 | x | 15 | = | $1,050.00 |
| 10 | 30 | x | 16 | = | $480.00 |
| 3,780 | $2,230 | ||||
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