Assume a 31-Day Month to Calculate Your Average Daily Balance

question 12

Multiple Choice

Assume a 31-day month to calculate your average daily balance for your credit card bill. Your daily balance for the first 10 days was $1,400, for the next 10 days was $1900, and for the last 10 days was $2700. What will your average daily balance be at the end of the month?

• A) $1935.48
• B) $19.35
• C) $193.58
• D) You cannot use the Average Daily Balance Method on this problem

Understand the relationship between direct materials cost, manufacturing overhead, and the cost of goods manufactured and sold.

Understand and calculate the direct materials cost on the Schedule of Cost of Goods Manufactured.

Determine and analyze manufacturing overhead, including underapplied and overapplied amounts.

Calculate and adjust the cost of goods sold as reflected on the Schedule of Cost of Goods Sold.