What is the amount of direct meterials Used? $1.000, $4,000 $7,000 $3,000 A comp

Question

What is the amount of direct meterials Used? $1.000, $4,000 $7,000 $3,000 A company has 10,000 shares of $10 per common stock outstanding. Present entries to record the following: Purchased 1,000 shares of treasury stock at $16. The treasury stock it accounted for the cost method. sold 500 Shares of treasury stock at $19. Purchased equipment for $80,000, paying $25,000 in cash and issuing 4,000 shares of common stock for the equipment. sold 500 shares of treasury stock at $14. When units manufactured exceed sold: variable costing income equals absorption coding income variable costing income is less than absorption income variable costing income is greater than absorption costing income variable costing income is greater by the number of units produced multiplied by the variable cost ratio.

Explanation / Answer

1. D 2. This is not a multiple choice question. It's asking you to prepare journal entries for a through d 3. B

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