Solve the Problem. -A Manager of a Local Restaurant Had a Bank Balance

question 48

Multiple Choice

Solve the problem.
-A manager of a local restaurant had a bank balance of $3,592.38 on October 1. During October, the manager deposited $58,913.01 received from sales, $2,164.44 received as credits from suppliers, and
$65.59 as a county tax refund. He paid out $23,442.64 to suppliers, $4,419.77 for rent and utilities,
And $10,943.27 for salaries. What was the manager's final balance at the end of October?

• A)$61,143.04
• B)$18,744.98
• C)$25,929.74
• D)$22,337.36

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Definitions:

Conversion Costs

Costs associated with converting raw materials into finished goods, typically including direct labor and manufacturing overhead.

Mixing Department

A section within a manufacturing facility where raw materials are combined or processed together to form a product or mixture.

Materials Costs

Expenses associated with the raw materials used in the production of goods, including acquisition and delivery costs.

Weighted-Average Method

An inventory costing method that assigns a cost to inventory on the basis of the weighted average of the costs of similar goods available for sale during the period.