Answer:
it is output because its aoutput
Explanation:
1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units
Question Completion:
Kubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:
Average Cost per Unit
Direct materials $7.00 $7.00
Direct labor $4.00 $4.00
Variable manufacturing overhead $1.50 $1.50
Fixed manufacturing overhead $5.00 $5.00
Fixed selling expense $3.50
Fixed administrative expense $2.50
Sales commissions $1.00
Variable administrative expense $0.50
Total $25.00 $17.50
Required:
1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units?
Answer:
For financial accounting purposes, the total amount of product costs incurred to make 20,000 units is:
$350,000.
Explanation:
a) Data and Calculations:
Relevant product cost elements:
Average Cost per Unit
Direct materials $7.00
Direct labor $4.00
Variable manufacturing overhead $1.50
Fixed manufacturing overhead $5.00
Total product cost per unit $17.50
Total product costs for 20,000 units = $17.50 * 20,000 = $350,000
b) Product costs are the costs that are incurred to make a product. These costs usually include costs of direct labor, direct materials, consumable production supplies, and factory overhead.
What would be the net annual cost of the following checking accounts?
Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 14 a month.
Interest earnings of 4 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months).
Answer:
A.$87 cost
B. $17 net cost
Explanation:
Calculation for the net annual cost
A. Net annual cost=(14 checks×12 months×$0.25) + ($3.75×12 months)
Net annual cost=$42+$45
Net annual cost= $87 cost
Therefore the Net annual cost will be $87 cost
B. Net annual cost=[($600×.04)×9/12 ]-(4%*500+15)
Net annual cost=$18-$35
Net annual cost=$17 net cost
Therefore Net annual cost will be $17 net cost
A quality analyst wants to construct a control chart for determining whether four machines, all producing the same product, are under control with regard to a particular quality attribute. Accordingly, she inspected 1,000 units of output from each machine in random samples, with the following results: Show your work.
Machine Total Defectives
1 23
2 15
3 29
4 13
What is the sample proportion of defectives for machine # 1?
A) .023
B) .02
C) .0115
D) .0058
E) .005
Answer:
A) 0.023
Explanation:
Sample size = 1,000
Number of defectives collected from Machine #1 = 23
So, the sample proportion of defectives for machine #1 = Number of defective output / Sample size = 23/1000 = 0.023
If the state minimum hourly wage is higher than the federal minimum hourly wage, employers
Answer:
If the state minimum hourly wage is higher than the federal minimum hourly wage, employers
are expected to pay the higher minimum hourly wage.
Explanation:
The US minimum wage fixes a legally mandated price floor on hourly wages. Below this minimum, non-exempt workers may not be offered or accept a job. For the year 2020, the federal minimum wage rate in the United States is put at $7.25 per hour. However, individual states, cities, and localities are free to pass different minimum wage requirements, which must not be below the federally mandated minimum.
Why are short sentences and short paragraphs appropriate for business communication?
Answer:
Objs. 4 For business communications it is essential to express ideas and facts eloquently. The shorter the sentences and paragraph are, the brief the letter, memo or notice. This will save the reader's and writer's time.
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31.
Cash balance per books, May 31 $3,457
Deposits in transit 131
Notes receivable and interest collected by bank 853
Bank charge for check printing 47
Outstanding checks 1,567
NSF check 180
a. $3,816.
b. $2,730.
c. $1,195.
d. $1,979.
Answer:
$4,083
Explanation:
Preparation of the Adjusted Cash Balance per Books on May 31
Adjusted Cash Balance per Books on May 31
Cash Balance per Books on May 31 $3,457
Add Notes Receivable and Interest Collected by Bank $853
Less Bank Charge for Check Printing ($47)
Less NSF Check ($180)
Adjusted Cash Balance per Books on May 31 $4,083
Therefore the Adjusted Cash Balance per Books on May 31 will be $4,083
A company prepared the following journal entry:
Dr: Interest expense 10,000
Cr: Discount on bonds payable 2,000
Cr: Cash 8,000
Which of the following statements correctly describes the effect of this journal entry on the financial statements?
A. The bonds payable book value increases by $8,000.
B. CFFF decreases by $2,000.
C. The bonds payable book value decreases by $2,000.
D. CFFO decreases by $8,000.
Answer:
D. CFFO decreases by $8,000.
Explanation:
First and foremost, the amortization of discount on bonds payable would increase the book value of the bond by $2,000 since discount amortized is added to book value while premium amortized is deducted.
As a result, option A which stated that bonds payable book value increases by $8000 is wrong as well as option C since a discount amortization increases bonds payable book value and not the way around.
Cash account with a credit of $8,000 showed that the cash paid to bondholders was $8,000, hence, cash flows from operations (CFFO) should decrease by $8,000