Understand only one can be asked, but I give a thumbs up for answering as many as you can.

The cost of good manufactured is credited to which of the following accounts?

A. cost of goods sold

B. Finished Goods

C. Work in Process

D. Raw Materials.

The cost of goods sold is credited to which of the following accounts?

A. Cost of goods manufactured

B. work in process

C. cost of goods sold

D. Finished goods

An Immaterial amount of under applied overhead is debited to which of the following accounts?

A. manufacturing overhead

B. cost of goods sold

C. work in process

D. finished goods

A material amount of over applied overhead is debited to which of the following accounts?

A. manufacturing overhand

B. work in process

C. finished Goods

D. Cost of goods sold

The reduction of inventories is an objective of:

A. total quality management

B. just in time production

C. activity based costing

D. computer controlled manufacturing systems

The economic impact of Coronavirus continues to destroy many economies in the world. Rising unemployment, loss of income and livelihood, loosing and depleting savings, disruption of the supply chain, and losing market for valuable goods and services are some of the important negative impacts on the economy. Many governments were generous by offering income and salaries to unemployed workers, grants for businesses, provision of goods and services, etc. On the other hand, the pandemic is also created new economic opportunities like eCommerce, many made use of historically low oil and stock prices and invested in oil and the stock market. We may more billionaires today than the pre-Coronavirus period. Another positive development was, in many countries the pollution level has gone down and the quality of the environment has improved. Further, people have realized some of the things that they thought were important are no longer important perhaps Maslow’s hierarch of needs on the bottom of the pyramid are the ones that matter most. Kuwait government requested the banks to holds the payments of loans and credit cards to six months and guaranteed salaries for locals in the public and private sectors.

Write a paragraph and use graphs to explain the concept of "Transfer payment (governments giving free money)" in relation to :

Chapter 31 - money growth and inflation - Principals of Economics - Sixth Edition - N. Gregory Mankiw.

Chapter 34 – aggregate demand and aggregate supply - Principals of Economics - Sixth Edition - N. Gregory Mankiw.

QUESTION 1

Concerning accounting for warranties, which of the following statements is true?

QUESTION 2

Which of the following is the most appropriate way to display liabilities on the balance sheet?

QUESTION 3

Which of the following would not be an acceptable method of presenting current liabilities on the balance sheet?

QUESTION 4

Which of the following statements is not true?

QUESTION 5

The operating cycle is typically defined as the time it requires to convert

1. which of these indicates an improvement in the management of accounts receivable?
a. an extension of the time taken to collect debts to beyond the normal credit period
b. a increase I'm the average collection time for accounts receivable
c. a change in the average collection period from 36 to 39 days
d. a chnage in the number of times debtors are turned over per year from 10.29 times to 11.61 times

2. which of these is not included in the cost of inventory as defined by ias.102?
a. cost of purchase
b. costs incurred in bring the inventory to its present location and condition
c. gst
d. import duties

3. a major theoretical problem in accounting for inventory is:
a. calculating the costs of purchases
b. allocating costs between costs of sale and stock on hand
c. counting the stock
d. deciding which goods are obsolete

4. which of the following is a disadvantage to business to the lifo method of applying costs to inventory?
a. current income is matched with the most recent costs of acquiring goods
b. it understates the balance sheet value for inventory
c. it is difficult for a computer program to apply the method
d. if it is allowed for tax purposes, in times of rising prices it may result in less tax being paid in the current period

5. if inventory costs are declining, profit will be highest if the inventory method used is:
a. weighted average
b. fifo
c. lifo
d. not possible to answer the question

Morrisey & Brown, Ltd., of Sydney is a merchandising company that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company’s income statements for the three most recent months follow:

Required: #3 only please

1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed.

2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y = a + bX.

3. Redo the company’s income statement at the 7,750-unit level of activity using the contribution format.

The information below was extracted from the books of Battle Field Ltd for the year ended December 31, 2019. Battle Field Ltd. Condensed Income Statement For the Year Ended December 31, 2019 Sardines GHS Tuna Flakes GHS Oatmeal GHS Total GHS Sales 500,000 400,000 100,000 1,000,000 Costs of goods sold: Variable costs Fixed costs 220,000 120,000 200,000 80,000 60,000 20,000 480,000 220,000 Total cost of goods sold 340,000 280,000 80,000 700,000 Gross profit 160,000 120,000 20,000 300,000 Operating expenses: Variable expenses Fixed expenses 95,000 25,000 60,000 20,000 25,000 6,000 180,000 51,000 Total operating expenses 120,000 80,000 31,000 231,000 Income (loss) from operations 40,000 40,000 (11,000) 69,000 Management is contemplating on whether or not to discontinue Oatmeal. Required: a. Advise management whether or not to discontinue Oatmeal and support your answer with calculations depicting the contribution derived from Oatmeal and the effect of discontinuing oatmeal on overall profits of battle field Limited. b. Most Management decisions are affected by the nature, purpose and behavior of costs. You have been tasked by the management of battlefield Limited to educate the staff of its Accounts department on the effects of the various classifications of costs on their decisions. Prepare your notes for this presentation. (Total 18 marks

Problem 5A-7 Cost Behavior; High-Low Method; Contribution Format Income Statement [LO5-10]

Morrisey & Brown, Ltd., of Sydney is a merchandising company that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company’s income statements for the three most recent months follow:

Required:

1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed.

2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y = a + bX.

3. Redo the company’s income statement at the 6,500-unit level of activity using the contribution format.

Presented below is information related to Pronghorn Company.

Cost Retail Beginning inventory $ 54,510 $96,300 Purchases (net) 122,230 194,700 Net markups 9,740 Net markdowns 25,731 Sales revenue 203,890

Compute the ending inventory at retail. Ending inventory $

Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%) Cost-to-retail percentage (1) Excluding both markups and markdowns. % (2) Excluding markups but including markdowns. % (3) Excluding markdowns but including markups. % (4) Including both markdowns and markups. %

Which of the methods in (b) above does the following? (1) Provides the most conservative estimate of ending inventory. (2) Provides an approximation of lower-of-cost-or-market. (3) Is used in the conventional retail method. (Answers included in drop-down boxes: Excluding both markups and markdowns, excluding markdowns but including markups, excluding markups but including markdowns & including both markdowns and markups.)

Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) Ending inventory $

Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Cost of goods sold $

Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Gross margin $

Problem 5A-7 Cost Behavior; High-Low Method; Contribution Format Income Statement [LO5-10]

Morrisey & Brown, Ltd., of Sydney is a merchandising company that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company’s income statements for the three most recent months follow:

Required:

1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed.

2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y = a + bX.

3. Redo the company’s income statement at the 7,000-unit level of activity using the contribution format.