Scogin Corporation Uses a Standard Cost System in Which Inventories

question 118

Multiple Choice

Scogin Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The standard cost card for the company's only product is as follows: During the year, the company purchased 76,500 pounds of raw material at a price of $8.70 per pound and used 71,880 pounds of the raw material to produce 19,400 units of work in process.

Assume that all transactions are recorded on a worksheet as shown in the text.On the left-hand side of the equals sign in the worksheet are columns for Cash, Raw Materials, Work in Process, Finished Goods, and PP&E (net) .All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings.

When recording the raw materials used in production, the Work in Process inventory account will increase (decrease) by:

• A)($646,020)
• B)$646,020
• C)($646,920)
• D)$646,920

Recognize the influence of risk factors on health and disease and the importance of risk modification.

Understand the various conceptualizations of health and how they inform healthcare practices.

Acknowledge the role of health promotion strategies in improving public health as outlined by the Ottawa Charter for Health Promotion.

Analyze the nutritional trends and their implications on public health in Canada.

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Definitions:

Income Taxes

Taxes imposed by a government on the financial income generated by all entities within their jurisdiction.

Cash Flow

The inflow and outflow of cash representing the operating activities of an organization.

Working Capital

The difference between a company's current assets and current liabilities, indicating operational liquidity.

Straight-Line Depreciation

A procedure for apportioning the expenditure of a tangible good across its viable life in consistent annual amounts.