Answer:
in which country are you referring( if in u.s it is JPMorgan chase &co.)
Rediger Inc., a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in Process inventory account was $31,000 at the beginning of the month and $21,500 at the end of the month. During the month, the Corporation incurred direct materials cost of $56,800 and direct labor cost of $30,700. The actual manufacturing overhead cost incurred was $53,900. The manufacturing overhead cost applied to Work in Process was $52,800. The cost of goods manufactured for June was:
Answer:
$150,900
Explanation:
Calculation for what The cost of goods manufactured for June was:
Direct materials $56,800
Direct labor $30,700
Manufacturing overhead applied to work in process $53,900
Total manufacturing costs $141,400
Add: Beginning work in process inventory $31,000
$172,400
Less: Ending work in process inventory $21,500
Cost of goods manufactured $150,900
($172,400-$21,500)
Therefore The cost of goods manufactured for June was:$150,900
2. Which group listed below can be used to set indents and
spacing?
Explanation:
nothing is listed below
QS 3-7 Adjusting prepaid (deferred) expenses LO P1 For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchased $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.
Answer:
S/n General Journal Debit Credit
a Insurance expense $1,200
Prepaid Insurance $1,200
(To record insurance expired)
b Supplies expense $6,200
Supplies $6,200
($5,000 + $2,000 - $800)
(To record supplies used)
Advisors, an international pension fund manager, uses the concepts of purchasing power parity(PPP) and the International Fisher Effect (IFE) to forecast spot exchange rates. Omni gathers the financial information as follows:
Base price level 100
Current U.S. price level 105
Current South African price level 111
Base rand spot exchange rate $0.175
Current rand spot exchange rate $0.158
Expected annual U.S. inflation 7%
Expected annual South African inflation 5%
Expected U.S. one-year interest rate 10%
Expected South African one-year interest rate 8%
Required:
Calculate the following exchange rates (ZAR and USD refer to the South African rand and U.S. dollar, respectively)
a. The current ZAR spot rate in USD that would been forecast by PPP.
b. Using the IFE, the expected ZAR spot rate in USD one year from now.
c. Using PPP, the expected ZAR spot rate in USD four years from now.
Answer:
a. Current spot rate / Base spot rate = Price level in home country / Price level in foreign country
CSR / 0.175 =105 / 111
CSR = (105/ 111) * 0.175
= $0.1655 / ZAR
b. Expected ZAR spot rate / Current ZAR spot rate = (1 + interest rate in home country) / (1 + interest rate in foreign country)
Expected ZAR spot rate / 0.158 = (1 + 10%) / ( 1 + 8%)
Expected ZAR spot rate = (1.1/1.08) * 0.158
= $0.1609 / ZAR
c. Expected ZAR spot rate / Current ZAR spot rate = (1 + inflation rate in home country) / (1 + inflation rate in foreign country)
Expected ZAR spot rate / 0.158 = (1 + 7%) / ( 1 + 5%)
= 1.07/1.05 * 0.158
= $0.1610 / ZAR
Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 7-3] Skip to question [The following information applies to the questions displayed below.] FindMe Inc., (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. FI sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume FI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. FI uses FIFO and has entered into the following transactions:
Jan. 2: FI purchased and received 260 tags from Xioasi Manufacturing (XM) at a cost of $7 per tag, n/15.
Jan. 4: FI purchased and received 60 cases from Bachittar Products (BP) at a cost of $2 per case, n/20.
Jan. 6: FI paid cash for the tags purchased from XM on Jan. 2.
Jan. 8: FI mailed 160 tags via the U.S. Postal Service (USPS) to customers at a price of $30 per tag, on account.
Jan. 11: FI purchased and received 360 tags from XM at a cost of $10 per tag, n/15.
Jan. 14: FI purchased and received 160 cases from BP at a cost of $3 per case, n/20.
Jan. 16: FI paid cash for the cases purchased from BP on Jan. 4.
Jan. 19: FI mailed 120 cases via the USPS to customers at a price of $15 per case, on account.
Jan. 21: FI mailed 260 tags to customers at a price of $30 per tag.
1. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases.
2. Which product line yields more dollars of profit? - Which product line yields more profit per dollar of sales?
3. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. (Round your "Gross Profit Percentage" answers to 2 decimal places.)
Answer:
1-a. Dollars of gross profit from selling tags = $9,180
1-b. Dollars of gross profit from selling cases = $1,500
1-c. Gross profit percentage from selling tags = 72.86%
1.d. Gross profit percentage from selling cases = 83.33%
2-a. Tag yields more dollars of profit.
2-b. Tag yields more profit per dollar of sales.
Explanation:
Note: The requirements for this question are two not three as erroneously stated. This is because, the first and the third question are the same. Therefore, the two relevant requirements of the question are:
1. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases.
2. Which product line yields more dollars of profit? - Which product line yields more profit per dollar of sales?
The explanation of the answers is now given as follows:
1. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases.
Sales revenue from tags = Sales value of 160 tags mailed to customers on Jan. 8 at a price of $30 per tag + Sales value of 260 tags mailed to customers on Jan. 21 at a price of $30 per tag = (160 * $30) + (260 * $30) = $12,600
Sales revenue from cases = Sales value of 120 cases mailed to customers on Jan. 19 at a price of $15 per case = 120 * $15 = $1,800
Total number of tags sold = 160 tags mailed to customers + 260 tags mailed to customers on Jan. 21 = 420
Total number of cases sold = 120 cases mailed to customers on Jan. 19 at a price of $15 per case = 120
Using FIFO, we have:
Cost of tags sold = Value of 260 tags purchased on Jan.2 from Xioasi Manufacturing (XM) at a cost of $7 per tag + Value of the remaining 160 (i.e. 420 – 260 = 160) tags sold based on the 360 tags purchased on Jan. 11 from XM at a cost of $10 per tag = (260 * $7) + (160 * $10) = $3,420
Cost of cases sold = Value of 60 cases purchased on Jan.4 from Bachittar Products (BP) at a cost of $2 per case + Value of the remaining 60 cases sold based on the 160 cases purchased on Jan. 14 from BP at a cost of $3 per case = (60 * $2) + (60 * $3) = $300
Therefore, we have:
1-a. Dollars of gross profit from selling tags = Sales revenue from tags - Cost of tags sold = $12,600 - $3,420 = $9,180
1-b. Dollars of gross profit from selling cases = Sales revenue from cases - Cost of cases sold = $1,800 - $300 = $1,500
1-c. Gross profit percentage from selling tags = (Dollars of gross profit from selling tags / Sales revenue from tags) * 100 = ($9,180 / $12,600) * 100 = 72.86%
1.d. Gross profit percentage from selling cases = (Dollars of gross profit from selling cases / Sales revenue from cases) * 100 = 83.33%
2. Which product line yields more dollars of profit? - Which product line yields more profit per dollar of sales?
2-a. Which product line yields more dollars of profit?
From part 1 above, we have:
Dollars of gross profit from selling tags = $9,180
Dollars of gross profit from selling cases = $1,500
Since the dollars of gross profit from selling tags of $9,180 is greater than the dollars of gross profit from selling cases of $1,500, this implies that Tag yields more dollars of profit.
2-b. Which product line yields more profit per dollar of sales?
From part 1 above, we have:
Total number of tags sold = 420
Total number of cases sold = 120
Therefore, we have:
Tag's profit per dollar of sales = Dollars of gross profit from selling tags / Total number of tags sold = $9,180 / 420 = $21.86
Case's profit per dollar of sales = Dollars of gross profit from selling cases / Total number of cases sold = $1,500 / 120 = $12.50
Since Tag's profit per dollar of sales of $21.86 is greater than Case's profit per dollar of sales of $12.50, this implies that Tag yields more profit per dollar of sales.
Nelson Company experienced the following transactions during Year 1, its first year in operation. Acquired $6,200 cash by issuing common stock. Provided $2,500 of services on account. Paid $1,650 cash for operating expenses. Collected $2,000 of cash from customers in partial settlement of its accounts receivable. Paid a $110 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1
Answer:
$740
Explanation:
The balance of retained earnings that would be reported on the balance sheet as of December 31 year 1 is computed as;
= Services provided on account - cash paid for operating expenses - cash dividend paid to stockholders
= $2,500 - $1,650 - $110
= $740
A labor crew for placing concrete consists of one labor foreman at $26.09 per hour, one cement finisher at $29.30 per hour, 6 laborers at $24.45 per hour each, and one equipment operator at $34.5 per hour. Such a crew, called a C20 crew, can place 178 cubic yards of concrete per 8-hour day. Determine the cost per day of labor for the C20 crew. The cost per day is determined to be $ _______.
Answer:
Total cost per day= $1,892.72
Explanation:
Giving the following information:
Foreman= 26.09 per hour
Cement finisher= 29.3 per hour
Labor= 24.45 per hour
Equipment operator= 34.5 per hour
To calculate the total cost for one day of work, we need to multiply the hourly rate by the total number of hours.
Total cost per day= 26.09*8 + 29.3*8 + (24.45*6)*8 + 34.5*8
Total cost per day= $1,892.72
Ignacio and Perla are married and both are government employees. They contribute 22) money to various organizations each year and file a joint return. Their adjusted gross income for 2018 is $100,000. They contributed to the following organizations in 2018:
$3,500 to the World Wildlife Foundation
$10,000 to the Salvation Army
$2,000 to a local city council candidate
$11,000 to a breast cancer research hospital
Donated clothing to Goodwill. (Ignacio purchased the items for $375, but the thrift shop value of the same items at a local second-hand store is equal to S60.)
How much can Ignacio and Perla deduct as charitable contributions for the year 2018?
A) $26,560.
B) $25,710
C) $26,500.
D) S24,560.
Answer: D. $24,560
Explanation:
The contributions to charity and the clothing to Goodwill can be considered charitable deductions but the goodwill clothing must be value at second-hand value.
= Donation to WWF + Salvation Army + Breast Cancer research + Goodwill
= 3,500 + 10,000 + 11,000 + 60
= $24,560
On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway paid $290,000 for the machine and is leasing it to Zone for $37,000 per year, an amount that will return 7% to Calloway. The present value of the lease payments is $290,000. The lease payments are due each January 1, beginning in 2021. What is the appropriate interest entry on December 31, 2021
Answer and Explanation:
The appropriate interest entry on December 31, 2021 is presented below
Interest receivable $17,710 (($290,000 - $37,000) × 0.07)
To Interest revenue $17,710
(Being interest is recorded)
Here the interest receivable is debited as it increased the assets and credited the interest revenue as it also increased the revenue
usiness Solutions sells upscale modular desk units and office chairs in the ratio of 3:2 (desk unit:chair). The selling prices are $1,250 per desk unit and $500 per chair. The variable costs are $750 per desk unit and $250 per chair. Fixed costs are $120,000. Required: 1. Compute the selling price per composite unit. 2. Compute the variable costs per composite unit. 3. Compute the break-even point in composite units. 4. Compute the number of units of each product that w
Answer:
1. Selling price per composite unit = Price of desk unit * (Ratio of desk unit) + Price of chair * (Ratio of chair)
= $1250*(3) + $500*(2)
= $3,750 + $1,000
= $4,750
2. Variable costs per composite unit = Variable cost per desk unit * (Ratio of desk unit) + Variable cost per chair * (Ratio of chair)
= $750*(3) + $250*(2)
= $2,250 + $500
= $2,750
3. Break even point in composite units = Fixed costs / (Composite selling price - Composite variable cost)
= $120,000 / ($4750 - $2750)
= $120,000 / $2000
= 60 units
4. Number desk units sold at break even point = 60 composite units* 3 per composite unit = 180 units
Number of chairs sold at break even point = 60 composite units * 2 per composite unit = 120 units
Conifer Craft is a furniture firm that specializes in creating customized furniture for the commercial market. The firm has recently acquired a large amount of funds from investors and is looking to diversify by introducing customized products for the industrial market. The firm has completed a complete situation analysis for the purpose and the results are favorable. According to the market segmentation process model, the firm must next:_________
Answer:
implement a portfolio strategy
Explanation:
According to information regarding the company Conifer Craft, it is possible to identify that the company is diversifying its portfolio by launching customized products for the industrial market. Therefore, after this market segmentation process, it is recommended that the company develops and implements a portfolio strategy, which aims to reduce the aggregate risks of the diversification of new product lines, improving the decision-making process, identifying the potential for value of each product line according to a strategic vision, so that the company remains competitive and well positioned in the market.
Mr. and Mrs. FB, a retired couple, decided to open a family restaurant. During March and April, they incurred the following expenses: Prepaid rent on commercial real estate ($2,100 per month from April through December) $ 18,900 Prepaid rent on restaurant equipment ($990 per month from April through December) 8,910 Advertising of upcoming grand opening 900 Staff hiring and training 11,500 $ 40,210 Mr. and Mrs. FB served their first meal to a customer on May 1. Determine the tax treatment of the given expenses on their tax return.
Answer:
$7,920 for rent on the equipment
$16,800 for rent on the commercial real estate
Explanation:
Calculation to Determine the tax treatment of the given expenses on their tax return.
First step is to calculate the Start Up Expenditure
Rent for April:
Commercial real estate $2,100
Equipment $990
Advertising during pre-operating phase $900
Staff hiring and training during pre-operating phase 11,500
Start Up Expenditure $15,490
Second step is to calculate the amount capitalized over 180 months
Amount capitalized over 180 months=$15,490 - $5,000 = $10,490
Amount capitalized over 180 months=$10,490 / 180 months
Amount capitalized over 180 months=$58.28 per month
Third step is to calculate the amortization deducted from this year’s tax return
Amortization deducted from this year’s tax return=(April – December = 8 months) ($58.28 x 8 months
Amortization deducted from this year’s tax return = $466.24
Now let Determine the tax treatment of the given expenses on their tax return
They can deduct ($990 x 8 months)$7,920 for rent on the equipment from May-December*
They can deduct ($2,100 x 8 months)$16,800 for rent on the commercial real estate fromMay-December
You are asked to study the causal effect of hours spent on employee trainingâ (measured in hours per worker perâ week) in a manufacturing plant on the productivity of its workersâ (output per worker perâ hour). Required:a. Choose a random group of employees to receive ten hours per week in additional training for a period of four weeks.â Then, estimate the difference in productivity between workers who received the additional training and those that did not. Option _______ best describes this statement.b. Data on hours spent on training a group of ten different employees in a certain day. Option __________ best describes this statement. c. Data on hours spent on training the same employee for seven consecutive days. Option________ best describes this d. Data on hours spent training for a group of ten individual employees for seven consecutive days. Option________ best describes this statement. 1. an observational time series data set. 2. an observational cross â sectional data set. 3. an ideal randomized controlled experiment. 4. an observational panel data set.
Answer:
a. - 3. an ideal randomized controlled experiment
b. - 2. an observational cross a sectional data set.
c. - 1. an observational time series data set.
d. - 4. an observational panel data set.
Explanation:
a. Choose a random group of employees to receive ten hours per week in additional training for a period of four weeks. Then, estimate the difference in productivity between workers who received the additional training and those that did not.
Option 3. an ideal randomized controlled experiment best describes this statement.
b. Data on hours spent on training a group of ten different employees in a certain day.
Option 2. an observational cross â sectional data set best describes this statement.
c. Data on hours spent on training the same employee for seven consecutive days.
Option 1. an observational time series data set best describes this
d. Data on hours spent training for a group of ten individual employees for seven consecutive days.
Option 4. an observational panel data set best describes this statement.
The process of earning compound interest allows a depositor or investor to earn interest on any interest earned in prior periods.
a. True
b. False
Answer:
A) true
Explanation:
Compound interest can be regarded as
adding of interest gotten to the principal sum of a deposit or the principal sum of a loan. It's one that is gotten after reinvesting of ones interest instead of paying it out, as a result of this the interest that comes in
next period will be earned on the principal sum along with those interests accumulated before. It should be noted the process of earning compound interest allows a depositor or investor to earn interest on any interest earned in prior periods.
Galen started a new job by showing up fifteen minutes before the official start time, taking a short lunch, and leaving approximately fifteen minutes after the official quitting time. During the first week Galen's supervisor takes him aside and tells him that he is really impressed with the fact that Galen is so punctual and dedicated to the work. The next week Galen supervisor once again compliments Galen on his punctuality and hard work. Galen continues this behavior while he works under this supervisor.
Required:
What type of conditioning has occurred here?
Answer:
Operant conditioning
Explanation:
Operant conditioning is a form of learning wherein consequences or rewards are attached to behaviors. When an individual demonstrates positive behavior, he is rewarded for such an action. Displaying bad behavior also results in punishments or negative consequences.
This type of learning is evident in the compliment Galen received from her supervisor because of her punctuality. Here a positive reward is attached to the good behavior and this will encourage Galen to keep displaying the good behavior. This type of conditioning is also known as instrumental conditioning.
New Zealand and Spain each produce apples and plums. New Zealand can produce a maximum of 60 apples or 15 plums or some combination of both. Spain can produce a maximum of 60 apples or 60 plums or some combination of both. If they decide to specialize and trade, the trade rate is 25 apples for 17 plums.a. Which nation should specialize in plums and which should specialize in apples
Answer:
New Zealand should specialize in apples.
Spain should specialize in plums.
Explanation:
As per the given production possibility tables, New Zealand must produce maximum apples in the available resources while Spain is able to produce maximum plums with the given resources. To produce 1 plum, New Zealand requires resources equivalent to 4 apples. This shows that New Zealand needs to specialize in apples for efficient utilization of resources. Although the cost of producing plum and apple is almost equivalent for Spain since, New Zealand is already involved in producing apples, It must go for Plums.
According to the theory of comparative advantage, consumers in all nations can consume more if there are
Answer:
no restrictions on trade
Explanation:
Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.
The comparative advantage gives a country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.
In 1817, David Ricardo who is an english political economist talked about the law of comparative advantage in his book “On the Principles of Political Economy and Taxation." where he asserted that countries can become better off by specializing in what they do or produce best and eliminate trade barriers (restrictions).
This simply means that, any country applying the principle of comparative advantage, would enjoy an increase in output and consequently, a boost in their Gross Domestic Products (GDP).
Hence, according to the theory of comparative advantage, consumers in all nations can consume more if there are no restrictions on trade.
g Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 27,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 114,000. Units completed and transferred out: 141,000. Ending Inventory: 31,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $45,000. Costs in beginning Work in Process - Conversion: $50,850. Costs incurred in February - Direct Materials: $311,160. Costs incurred in February - Conversion: $601,150. Calculate the cost per equivalent unit of conversion. Group of answer choices $4.76 $3.96 $5.29 $4.34 $5.69
Answer:
Conversion cost per equivalent unit = $4.76
Explanation:
Conversion cost per equivalent unit = Total conversion cost / Equivalent units
Conversion cost is the sum of the direct labour cost and the factory overhead cost.
Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work. These units are determined as follows:
Equivalent units = Degree of work done(%) × units of inventory
Equivalent units
Item Unit Equivalent unit
Completed unit 140,000 140000× 100% 140,000
Closing inventory 31,000 31,000× 30% 9,300
Total equivalent unit 149,300
Completed units = opening inventory + units started in the period - closing inventory
Completed units = 27000 + 114,000 - 31,000 = 140,000
The conversion cost = 50,850 + 601,150 = 652,000
conversion cost per equivalent unit = 652,000 /140,000 = 4.65
Conversion cost per equivalent unit = $4.76
Frozen Ice-cream Corporation (FICC) has the following items for the month of December 2020. Please use this information to answer the following questions. Utilities expense $6,000 Accounts payable $40,000 Prepaid Insurance $3,000 Revenue - Ice-cream sales $180,000 Cash $9,000 Dividends $1,000 Unearned revenue $2,000 Note payable (payable in 5 years) $60,000 Ice-cream inventory $8,500 Retained earnings (December 1, 2018) $17,000 Salaries expense $160,000 Rent expense $12,000 Accounts receivable $4,500 Common stock $500 Equipment $95,000 Income tax rate 25% Question A - FICK's Income Statement (A1): What is FICK's total revenue
Question Completion:
Unearned revenue is assumed to be $1,500 and not $2,000.
Answer:
Frozen Ice-cream Corporation (FICC)
Income Statement for the month of December 2020:
Revenue - Ice-cream sales $180,000
Salaries expense $160,000
Rent expense $12,000
Utilities expense $6,000 178,000
Income before tax $2,000
Income tax (25%) 500
Net Income $1,500
Retained earnings (December 1, 2018) $17,000
Net income $1,500
Dividends $1,000
Retained earnings (December 31, 2018) $17,500
FICC's total revenue is $180,000.
Explanation:
a) Data and Calculations:
Trial Balance
Account Titles Debit Credit
Cash $9,000
Accounts receivable $4,500
Ice-cream inventory $8,500
Prepaid Insurance $3,000
Equipment $95,000
Accounts payable $40,000
Unearned revenue $1,500
Note payable (payable in 5 years) $60,000
Common stock $500
Retained earnings (December 1, 2018) $17,000
Revenue - Ice-cream sales $180,000
Salaries expense $160,000
Rent expense $12,000
Utilities expense $6,000
Dividends $1,000
Totals $299,000 $299,000
Income tax rate 25%
Mr. Renaldo purchased 30 acres of undeveloped ranch land 10 years ago for $935,000. He is considering subdividing the land into one-third-acre lots and improving the land by adding streets, sidewalks, and utilities. He plans to advertise the 90 lots for sale in a local real estate magazine. Mr. Renaldo projects that the improvements will cost $275,000 and that he can sell the lots for $20,000 each. He is also considering an offer from a local corporation to purchase the 30-acre tract in its undeveloped state for $1.35 million. Assume that Mr. Renaldo makes no other property dispositions during the year and has a 35 percent tax rate on ordinary income and a 15 percent tax rate on capital gain. Required: Compute the after-tax cash flow if Mr. Renaldo develops the land. Compute the after-tax cash flow if Mr. Renaldo sells the land.
Answer is in the photo. I can only upload it to a file hosting service. link below!
tinyurl.com/wtjfavyw
Company A and Company B are a duopoly, an oligopoly of only two firms. Neither company advertises its product and both firms earn $10 million in profits. Company A is considering increases to its advertising budget which would raise its profits to $12 million. Below is the payoff matrix for both companies and their decision as to whether to advertise or not.
Company A' Profits
Don't Adevertise Advertise
Don't Advertise A: $10 million A: $12 million
B: $10 million B: $6 million
Company B's Profits A: $6 million A: $8 million
B: $12 million B: $8 million
If Company A increases its advertising budget, Company B should:____.
A. Shut down.
B. Continue to not advertise.
C. Increase its advertising budget.
D. Increase the price it charges to increase profits.
Answer: C. Increase its advertising budget.
Explanation:
If Company A advertises and Company B does not, Company B profits are $6 million compared to $12 million for Company A. If both company advertise, they both have a profit of $8 million.
It is therefore important that when A advertises, B should advertise as well. This is why B should increase its advertising budget when A does because it will lead to them having a better income than they would should A advertise more.
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,609 Direct labor 29,728 Factory overhead 33,806 Work in process inventory, March 1 24,579 Work in process inventory, March 31 20,303 Finished goods inventory, March 1 24,179 Finished goods inventory, March 31 23,367 a. Determine the cost of goods manufactured. $fill in the blank 1 b. Determine the cost of goods sold. $fill in the blank 2
Answer:
See below
Explanation:
Given the above information,
a.Cost of goods manufactured is computed as;
= Beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
= $24,579 + $17,609 + $29,728 + $33,806 - $20,303
= $85,419
b. Cost of goods sold is computed as;
= Beginning finished inventory + cost of goods manufactured - ending finished inventory
= $24,179 + $85,419 - $23,367
= $86,231
Doogan Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.4 grams $ 2.00 per gram Direct labor 0.5 hours $ 20.00 per hour Variable overhead 0.5 hours $ 7.00 per hour The company produced 5,200 units in January using 39,310 grams of direct material and 2,380 direct labor-hours. During the month, the company purchased 44,400 grams of the direct material at $1.70 per gram. The actual direct labor rate was $19.30 per hour and the actual variable overhead rate was $6.80 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is:
Answer:
Direct labor rate variance= $1,666 favorable
Explanation:
Giving the following information:
The company produced 5,200 units in January using 2,380 direct labor-hours.
The actual direct labor rate was $19.30 per hour
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (20 - 19.3)*2,380
Direct labor rate variance= $1,666 favorable
All of the following regarding accounting for Treasury Stock are true except: Multiple Choice Corporations do not record gains or losses on transactions involving their own stock. Treasury Stock receives cash dividends but not stock dividends. Purchasing Treasury Stock reduces the corporation’s assets and equity by equal amounts. Treasury Stock is presented on the balance sheet as a contra equity account. Treasury Stock does not have voting rights.
Answer:
Treasury Stock receives cash dividends but not stock dividends.
Explanation:
Shares owned by the issuing company itself are considered as Treasury Stock. Prime reason company buys their own stock to reduce dividend expense and save cash. So, it does not make any sense to pay dividends to Treasury stock.
The Sunland Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Sunland has decided to locate a new factory in the Panama City area. Sunland will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs. Building A: Purchase for a cash price of $612,100, useful life 26 years. Building B: Lease for 26 years with annual lease payments of $71,490 being made at the beginning of the year. Building C: Purchase for $655,200 cash. This building is larger than needed; however, the excess space can be sublet for 26 years at a net annual rental of $6,850. Rental payments will be received at the end of each year. The Sunland Inc. has no aversion to being a landlord.
Instructions:
In which building would you recommend that Brubaker Inc. locate, assuming a 12% cost of funds?
Answer:
Building C
Explanation:
To solve this, we find the present value of each of the buildings.
Building A: We are told that it is to be Purchased for a cash price of $612,100, useful life 26 years. Thus;
PV = $612000
Building B: PV = 71490 + (71490 × ((1+r)ⁿ - 1)/(r(1+r)ⁿ)
Where,
r = 12% = 0.12
n = 26 - 1 = 25
Thus;
PV = 71490 + (71490 × (1 + 0.12)^(25) -1)/(0.12(1 + 0.12)^25)
PV = = $632196
Building C:
PV = 655200 - 6850 × ((1+r)ⁿ - 1)/(r(1+r)ⁿ)
Where;
r = 12% = 0.12
n=26
Thus;
PV = 655200 - (6850 × (1 + 0.12)^(25) -1)/(0.12(1 + 0.12)^25)
PV = $601474
Thus, the minimum PV is building C and therefore it is the one I will recommend that Brubaker Inc. locate
On January 1, 2020, Swifty Corporation established a stock appreciation rights plan for its executives. It entitled them to receive cash at any time during the next four years for the difference between the market price of its common stock and a pre-established price of $20 on 124000 SARs. Current market prices of the stock are as follows:
January 1, 2020 $36 per share
December 31, 2020 39 per share
December 31, 2021 31 per share
December 31, 2022 34 per share
Compensation expense relating to the plan is to be recorded over a four-year period beginning January 1, 2020. On December 31, 2022,50,000 SARs are exercised by executives. What amount of compensation expense should Korsak recognize for the year ended December 31, 2022?
a. $312,000
b. $780,000
c. $1,140,000
d. $2,340,000
Answer:
$620,000
Explanation:
The amount of compensation expense that Korsak should recognize for the year ended December 31, 2022:
= [($34-$20)*124,000*3/4] - [($31-$20)*124,000*2/4]
= [$14*124,000*3/4] - [$11*124,000*2/4]
= $1,302,000 - $682,000
= $620,000
Note: The answer is not included in the option above
Brokers' calls:________
a. are funds used by individuals who wish to buy stocks on margin.
b. are funds borrowed by the broker from the bank, with the agreement to repay the bank immediately if requested to do so.
c. carry a rate that is usually about one percentage point lower than the rate on U.S. T-bills.
d. are funds used by individuals who wish to buy stocks on margin and are funds borrowed by the broker from the bank, with the agreement to repay the bank immediately if requested to do so.
e. are funds used by individuals who wish to buy stocks on margin and carry a rate that is usually about one percentage point lower than the rate on U.S. T-bills.
Answer:
D.
Explanation:
A brokers' call can be defined as the interest rate that banks charge on loans given to brokerage firms. It is also known as call loan rates. The brokers use this loan to fund their traders' margin account.
The statements correct about brokers' calls from the given options is D. The broker's calls are funds used by both individuals and broker from the bank. Individuals use this loan to buy stocks whereas brokers borrow with an agreement to repay immediately.
Therefore, option D is correct.
Palpatine runs a facial cream business. He can make 100,000 bottles of facial cream per year and sell them for $3.50 each. It costs Palpatine $250,000 for the raw materials to produce the facial cream. Additionally, he must pay $30,000 annually to rent the factory needed to produce his cream. In order to start his business Palpatine withdrew $200,000 from his own savings account. The bank is currently paying a 3% interest rate on saving accounts. Before Palpatine opened his business he worked as a political consultant where he earned $80,000 per year.
What is the total revenue Palpatine earns in a year?
What are the explicit costs Palpatine incurs while producing bottles of facial cream? [2 Points]
(c) What are the implicit costs Palpatine incurs while producing bottles of facial cream? [2 Points]
(d) What is the amount of Palpatine’s accounting profit? [2 Points]
(e) What is the amount of Palpatine’s economic profit?
Answer:
a. Total revenue:
= Bottles produced * selling price
= 100,000 * 3.50
= $350,000
b. Explicit costs:
Actual costs incurred.
= Raw materials + Rent + investment
= 250,000 + 30,000 + 200,000
= $480,000
c. Implicit costs:
Opportunity costs of going into the facial cream business.
= Amount he would have earned as interest + political consultant salary
= (3% * 200,000) + 80,000
= 6,000 + 80,000
= $86,000
d. Accounting profit:
= Revenue - explicit costs
= 350,000 - 480,000
= -$130,000
e. Economic profit
= Revenue - explicit costs - implicit costs
= 350,000 - 480,000 - 86,000
= -$216,000
Mr.fernando jose witches to put -up an Php85 million sports complex within the vicinity of the intramuros are.What advice will you give?
all I can advise is to be careful with those we should first get to know the people we trust and we should make sure if you are sure of what you want to be careful and not complacent because there are so many witches that will never go away
Exercise caution when dealing with people. We should first get to know the individuals we can trust. If you are certain of what you want, you should exercise caution and avoid becoming complacent since there are so many witches who will never go away.
What is the meaning of a sports complex?A sports complex is a sizable, open space with a number of fields or courts devoted to a single sport or group of sports. These kinds of sports facilities are frequently utilized for leagues and tournaments since they can accommodate a sizable crowd to watch the teams compete.
This includes, but is not limited to, ice skating rinks, baseball diamonds, basketball courts, and soccer fields. "That portion of a room or place where the play or practice of a sport occurs" is the "area of sport activity." Boundary lines, for instance, are used to delineate football fields.
a huge structure with a grandstand surrounding it on all sides and a field utilized for sporting events inside.
Thus, Exercise caution when dealing with people.
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Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 700,000 units of product to finished goods. At the end of November, the work in process inventory consists of 180,000 units that are 30% complete with respect to conversion. Beginning inventory had $420,000 of direct materials and $139,000 of conversion cost. The direct material cost added in November is $2,220,000, and the conversion cost added is $3,254,000. Beginning work in process consisted of 60,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 60,000 were from beginning work in process and 640,000 units were started and completed during the period.
Required:
a. Determine the equivalent units of production with respect to direct materials and conversion.
b. Compute both the direct material cost and the conversion cost per equivalent unit.
c. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory.
Answer:
Victory Company
Materials Conversion Total
a. Equivalent units of production: 880,000 754,000
b. Cost per equivalent unit $3.00 $4.50
c. Total cost transferred out $2,100,000 $3,150,000 $5,250,000
Ending Work in Process 540,000 243,000 783,000
Explanation:
a) Data and Calculations:
Units transferred out = 700,000
Ending Work in process = 180,000
Total equivalent units:
Materials Conversion
Units transferred out 700,000 (100%) 700,000 (100%)
Ending Work-in-Process 180,000 (100%) 54,000 (30%)
Total equivalent units 880,000 754,000
Cost of production:
Materials Conversion Total
Beginning Inventory $420,000 $139,000 $559,000
Added in November 2,220,000 3,254,000 5,474,000
Total production costs $2,640,000 $3,393,000 $6,033,000
Cost per equivalent unit:
Materials Conversion
Total production costs $2,640,000 $3,393,000
Total equivalent units 880,000 754,000
Cost per equivalent unit $3.00 $4.50
Cost assigned:
Materials Conversion Total
Units transferred out 700,000 700,000
Cost per equivalent unit $3.00 $4.50
Total cost transferred out $2,100,000 $3,150,000 $5,250,000
Ending Work in Process 540,000 243,000 783,000
Total cost $2,640,000 $3,393,000 $6,033,000