- online accounting course
- online financial accounting course
- production cost accounting
I want to check the solution of this homework
I have produced 30000 pcs of goods with a budgeted cost of 19 dollars per piece
The actual cost turned out to be 20$/piece so total cost is 600000$
I sold 25000 pieces for 23$ (a 575000$ sale)
I still have left in my inventory 5000 pieces. With the cost of 100000$ (5000x20$)
I think that for the month we have a loss of 25000$ even if for the tranzaction we made a 75000$ profit. (575000$-500000$ in cost)
At end of month our teacher closed the profit account like this: 600000$ in costs 575000$ sales revenues and 100000$ potential revenues, so we had 75000$ profit. It makes no sense, why to add to revenues sth that you have not sold yet?
Please help me!
I have produced 30000 pcs of goods with a budgeted cost of 19 dollars per piece
The actual cost turned out to be 20$/piece so total cost is 600000$
I sold 25000 pieces for 23$ (a 575000$ sale)
I still have left in my inventory 5000 pieces. With the cost of 100000$ (5000x20$)
I think that for the month we have a loss of 25000$ even if for the tranzaction we made a 75000$ profit. (575000$-500000$ in cost)
At end of month our teacher closed the profit account like this: 600000$ in costs 575000$ sales revenues and 100000$ potential revenues, so we had 75000$ profit. It makes no sense, why to add to revenues sth that you have not sold yet?
Please help me!
Accounting problems ....?
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