Portal/site/FAC1601-21-S1-3E/tool/3 4772cf8-9110-45bf-baee-1854aa651670 /jsf/delivery/deliver Assessment QUESTION 1
Which one of the following alternatives is correct?
A. The retirement of a partner from a partnership does not require the calculation of a new profit-sharing ratio but a
simple reallocation of a retired partner's share.
OB. From the legal perspective, the activities of a dissolved and a subsequent new partnership are not separately
accounted for and reported on
OC. Since partnerships are not govemed by a law requiring that IFRS be applied, it is not possible to introduce a
standardised accounting procedure according to which changes in the ownership structure of partnerships ought to be
recorded
D. When a change in the ownership structure of a partnership occurs, a new partnership agreement is entered into by
the new partners which causes the existing partnership to continue with its business operations without any interruptions.
O E. Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the
partnership
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The following account balances at the beginning of january were selected from the general ledger of fresh bagel manufacturing​ company: work in process inventory ​$0 raw materials inventory $ 29 comma 000 finished goods inventory $ 40 comma 900 additional​ data: 1. actual manufacturing overhead for january amounted to $ 62 comma 600. 2. total direct labor cost for january was $ 63 comma 600. 3. the predetermined manufacturing overhead rate is based on direct labor cost. the budget for the year called for $ 255 comma 000 of direct labor cost and $ 382 comma 500 of manufacturing overhead costs. 4. the only job unfinished on january 31 was job no.​ 151, for which total direct labor charges were $ 5 comma 700 ​(1 comma 000 direct labor​ hours) and total direct material charges were $ 14 comma 400. 5. cost of direct materials placed in production during january totaled $ 123 comma 300. there were no indirect material requisitions during january. 6. january 31 balance in raw materials inventory was $ 35 comma 200. 7. finished goods inventory balance on january 31 was $ 35 comma 400. what is the cost of goods manufactured for​ january

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