Given Advanced Company's data, and the knowledge that the product is sold for $71 per unit and operating expenses are $300,000, compute the net income under absorption costing.
a) $70,000
b) $113,000
c) $210,700
d) $183,000
e) $288,000

Answers

Answer 1

Answer:

b) $113,000

Explanation:

For the computation of net income under absorption costing first we need to follow some steps which is shown below:-

variable overhead per unit = $105,000 ÷ 35,000

= $3 per unit

The Variable cost of production per unit

Particulars                       Amount

Direct material                  $19.00

Direct labor                       $21.00

Variable overhead           $3.00

Variable cost of production

per unit                              $43.00

Cost per unit of finished goods under absorption costing

Particulars                             Amount

Total direct material cost $665,000

($19 × 35000)

Total direct labor              $735,000

($21 × 35000)

Total variable overhead $105,000

Total fixed overhead       $175,000

Total                                 $1,680,000

Units in finished goods = Number of units produced - units sold

= 35,000 - 21,000

= 14,000

Cost of finished goods under variable costing

= Variable cost of production per unit × Number of units in finished goods

= $43 × 14,000

= $602,000

Cost of goods sold

= Production cost - Finished goods  cost

= $1,680,000 - $602,000

= $1,078,000

Income statement under absorption costing

Particulars                        Amount

Sales revenue                $1,491,000

($71 × 21,000)

Less: cost of goods sold -$1,078,000

Gross Profit                      $413,000

Less : operating expenses -$300,000

Net operating income          $113,000


Related Questions

Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will

Answers

Answer: decrease

Explanation:

Demand is the amount of product or service that a economic entity wants to buy at a certain price at a particular time period.

When the world price of steel falls substantially, the demand for labor among steel-producing firms in Pennsylvania will reduce. This is because as price reduces, producers will want to supply less steel thereby demand for labor will reduce.

Mark this question Economic expansion and suburbanization in the 1950s led to cultural pressures to behave in certain ways according to your:_________. a) gender b) profession c) location d) income

Answers

Answer:

c) location

Explanation:

Following the end of World war 2, many Americans especially the white veterans moved from urban centers to suburban areas, leaving mostly poor African American to form ghettos in the inner city.

This period is known as Economic expansion and suburbanization in the 1950s, as a result, people were segregated into different classes of neighborhoods, which in turn, makes people to behave in certain ways, most especially in terms of consumption or spending habit.

Hence, Economic expansion and suburbanization in the 1950s led to cultural pressures to behave in certain ways according to your LOCATION.

Mason’s Meows is a company that makes cat toys. The company sells 1200 toys per year. The firm incurs a fixed cost of $150 in labor each time it starts up the manufacturing process to begin a new batch of toys. Each toy costs Mason’s Meows $9 to produce. The company's accountant recommends using a holding cost equal to 20% of the cost of the toy, per year.
a) What is the optimal batch size, Q*? If the company uses batches of size Q*, how many times per year, on average, will it start up the manufacturing process?
b) After careful analysis, the inventory team at Mason's Meows realized that the per-unit production cost is smaller if the batch size is larger. In particular, the production cost is $9 per unit for batches of fewer than 400 units and $7.50 per unit for batches of 400 or more units. Now what is the optimal batch size?

Answers

Answer:

a. The optimal batch size, Q * is Economic order quantity (EOQ)

Annual demand = 1,200 toys  

Cost of each toy =$9

Fixed cost starts up the manufacturing process (S) = $150/batch

Inventory carrying cost (H) = 20% of the cost of the toy, per year

Inventory carrying cost (H) = 20% *$9 per unit

Inventory carrying cost (H) = $1.80 per Toy per year

EOQ = Q* = √ (2 * Annual Demand *fixed processing cost/ Inventory carrying cost)

EOQ = √ (2 * 1,200 *$150 / $1.80)

EOQ = Q* = 447.21

EOQ = Q* = 447 toys

The optimal batch size is 447 toys

Number of orders per year, on average, if it will start up the manufacturing process

= Annual demand / EOQ

= 1,200 / 447

= 2.68 times per year

b. Annual demand = 1200 toys

Cost of each toy =$7.5 (assume that batch size is more than 400)

Fixed cost starts up the manufacturing process (S) = $150/batch

Inventory carrying cost (H) = 20% of the cost of the toy, per year

Inventory carrying cost (H) = 20% *$7.5 per unit

Inventory carrying cost (H) = $1.50 per Toy per year

EOQ = Q* = √ (2 * Annual Demand *fixed processing cost/ Inventory carrying cost)  

EOQ = √ (2 * 1,200 *$150 / $1.50)

EOQ = Q* = 489.90

EOQ = Q* = 490 toys

The optimal batch size is 490 toys.

The CPI is based on an: Multiple Choice average of the goods and services purchased by "urban consumers." average of the goods and services purchased by "rural consumers." average of the two baskets of goods and services purchased both by "urban" and by "rural" consumers. aggregated average meant to reflect the statistical average consumption.

Answers

Answer:

average of the goods and services purchased by "urban consumers."

Explanation:

The US Bureau of Labor Statistics determines the CPI by calculating the weighted average of a basket of goods. More than 24,000 people are interviewed each year in order to elaborate this index, and the sample is taken from the US Census and includes people that live or work in urban areas around the country.

A(n) ________ involves a firm in one country agreeing to operate facilities for a firm in another country for an agreed fee.

Answers

Complete Question:

A(n) ________ involves a firm in one country agreeing to operate facilities for a firm in another country for an agreed fee.

Group of answer choices

A) franchising agreement

B) licensing agreement

C) management contract

D) indirect investment

Answer:

C) management contract

Explanation:

A management contract involves a firm in one country agreeing to operate facilities for a firm in another country for an agreed fee.

In Business, management contract can be defined as a legal or legitimate written agreement which enables a separate business, as well as perform the necessary managerial functions such as coordination and oversight functions on its behalf but in return for an agreed upon fee.  

A 4-year project has an annual operating cash flow of $49,000. At the beginning of the project, $4,000 in net working capital was required, which will be recovered at the end of the project. The firm also spent $21,900 on equipment to start the project. This equipment will have a book value of $4,460 at the end of the project, but can be sold for $5,520. The tax rate is 35 percent. What is the Year 4 cash flow?

Answers

Answer:

$58,149

Explanation:

initial outlay (year 0) = cost of equipment + increase in net working capital = -$25,900

net cash flow year 1 = operating cash flow = $49,000

net cash flow year 2 = operating cash flow = $49,000

net cash flow year 3 = operating cash flow = $49,000

net cash flow year 4 = operating cash flow + net working capital + after tax salvage value:

operating cash flow = $49,000net working capital = $4,000after tax salve value = $5,520 - [($5,520 - $4,460) x 35%] = $5,149

total cash flow year 4 = $49,000 + $4,000 + $5,149 = $58,149

If you advertise and your rival advertises, you each will earn $4 million in profits. If neither of you advertise, you will each earn $10 million in profits. However, if one of you advertises and the other does not, the firm that advertises will earn $1 million and the non advertising firm will earn $5 million. Which of the following is true? A) A dominant strategy for Firm A is to advertise. B) A dominant strategy for Firm B is to advertise. C) A Nash equilibrium is for both firms to advertise. D) I think -None of the above is true

Answers

Answer:

D

Explanation:

Game theory looks at the interactions between participants in a competitive game and calculates the best choice for the player.

Dominant strategy is the best option for a player regardless of what the other player is playing.

Nash equilibrium is the best outcome for players where no player has an incentive to change their decisions.

The payoffs for advertising for both firms is either $4 million or $1 million

The payoffs of not advertising for both firms is either $10 million or $5 million

The payoffs of not advertising is higher for both firms. The dominant strategy for both firms is not to advertise. The Nash Equilibrium is not to advertise

Assume that you have just sold a stock for a loss at a price of $75 for tax purposes. You still wish to maintain exposure to the sold stock. Suppose that you sell a put with a strike price of $80 and a price of $7.25. Calculate the effective price paid to repurchase the stock if the price after 35 days is $70.

Answers

Answer:

$87.25

Explanation:

Calculation for the effective price paid to repurchase the stock

Using this formula

Effective price = Strike Price + Price

Let plug in the formula

Effective price =$80+$7.25

Effective price =$87.25

Therefore the effective price paid to repurchase the stock will be $87.25

What do I need to open a business bank account

Answers

Answer:

Social Security number or employer identification number (EIN)

Personal identification, such as a passport or driver's license.

Business license with the name of the business and the owner's name(s)

Certificate of assumed name/DBA.

At December​ 31, ​, Corporation has cash of ​million, accounts receivable of ​million, and​ long-term assets of million. The company owes accounts payable of million and has a​ long-term note payable of million. has common stock of million and retained earnings of million. Prepare ​Corporation's balance sheet at December​ 31, ​, complete with its proper heading.

Answers

Answer:

Balance Sheet December 31

Assets

Cash                              $1,000,000

Accounts Receivable   $1,000,000

Long-term assets         $1,000,000

Total Assets                 $3,000,000

Liabilities

Accounts Payable        $1,000,000

Long-term note            $1,000,000

Total Liabilities             $2,000,000

Stockholder's Equity

Common Stock             $1,000,000

Retained Earnings        $1,000,000

Total Stockholder's Equity $2,000,000

I sell bottled water that costs me $1 to produce. I mark each bottle up by $2. What is my margin on price

Answers

Answer:

50%

Explanation:

To calculate the margin on price, you have to find the difference between the price of the good and the cost to produce it and the result is divided by the price of the product:

Margin=(2-1)/2

Margin=1/2

Margin=0.5 → 50%

According to this, your margin on price is 50%.

suppose that the equilibrium orice of t-shirts increases and the equilibrium quanitiy of t-shorts decreases. this is best explained by

Answers

Answer: Supply of T-shirts decreasing

Explanation:

If the supply of T-shirts decreases, the equilibrium quantity of t-shirts being supplied to the market will decrease as well. Assuming that demand stays the same, the leftward shift of the supply curve will intersect with the demand curve at a higher equilibrium price.

This is simply because as the t-shirts are in short supply, people will be willing to pay more to have them as they are not as widespread as before.

On July 1 Plum Co. paid $9,000 cash for management services to be performed over a two-year period. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On July 1 Plum should record:________.

Answers

Answer:

DR Prepaid expense $9,000

CR Cash $9,000

Explanation:

Based on the information given about Plum Co. In which we were been told that the company paid the amount of $9,000 in cash in order for management services to be performed and since the company record all prepaid expenses to their asset accounts this means that on July 1 Plum should:

DR Prepaid expense $9,000

CR Cash $9,000

On the job, Gary acts purely in his own best interests. He follows the company's rules only to avoid being fired. At what level of moral development is Gary functioning?

Answers

Answer: E. preconventional

Explanation:

According to Kohlberg’s Structural Theory of Moral Development, the Pre-conventional level is a point in moral development where humans (especially babies) are mostly concerned with what external standards think of the actions they engage in so as not to get punished.

The emphasis here is to be avoid punishment as well as to be self-serving which is what Gary is doing at work when he acts in his own best interests and only follows rules to avoid being fired (punished).

Which one of the following comparisons between debt and equity is correct?
a. Both creditors and stockholders are owners of the firm.
b. Both creditors and stockholders vote to elect the board of directors.
c. Stockholders are the owners of the firm but the creditors vote on all major decisions.
d. The creditors have first claim to the firm’s assets but the stockholders are the owners.
e. Since the stockholders are the firm’s owners, they have a higher claim to the firm’s assets than do the creditors.

Answers

.B is correct I just took the test

Of all the given options, the correct one for the comparison of the debt and the equity is that Stockholders are the owners of the firm but the creditors vote on all major decisions. Hence, Option C is correct.

Who are the stockholders?

There are various types of companies present in the world. They are divided into a few categories that are private, semi-private, and government. Out of all these companies, there are some of them listed in the stock market. The person who invests in the stock market is known as the investor.

And in the company in which they invest will become the shareholder of the company and are also called the stockholders. Basically, a shareholder or a stockholder is a person who can own a single share or according to the capacity of purchasing that the holder has.

There are types of stockholders. In simple terms, they are the residual owners, but it is the creditors who have the preference over repayment but do not have the right to vote.

Thus, Option C is correct.

Learn more about stockholders from here:

https://brainly.com/question/18523103

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What assets would be least likely used to back a collateralized debt obligation (CDO)?

Answers

Answer:

Collateralized debt obligation (CDO) can be defined as a structured financial product that is backed by a pool of loans and some assets that are pooled together and divided into tranches and thereby sold to institutional investors.

Some assets that can used are treasury bills, corporate bonds, real estates, certificates of deposit, and cash.

Assets that cannot be used are assets that decline in value like electronics, food etc.

____________________ is leveraging cross-border differences in needs and wants of the firm's target customers.

Answers

Answer: customization

Explanation:

Customization is typically used in international marketing and it is when the wants and needs of customers are being tailored and modified in such a way that will match the local market conditions.

Customization is leveraging cross-border differences in needs and wants of the firm's target customers.

Classify the following cash flows as either operating, investing, or financing activities assume indirect method.1. Received cash from sale of equipment. 2. Cash paid to purchase long-term investments. 3. Received cash from long-term debt issuance. 4. Issued preferred stock for cash. 5. Paid cash dividends. 6. Received cash payments from customers. 7. Purchased inventories with cash. 8. Paid cash interest on outstanding notes. 9. Paid cash for utilities. 10. Sold stock investments for cash.

Answers

Answer and Explanation:

The classification is as follows

1. Investing activities  : Since there is cash received from the sale of equipment so the same is to be shown in the investing activities in a positive amount

2. Investing activities : Since there is cash paid for buy the long term investment so the same is to be shown in the investing activities in a negative amount

3. Financing activities : Since the cash is received so the same is to be shown in the financing activities in a positive amount

4. Financing activities  : Since the issuance of preferred stock is there so the same is to be shown in the financing activities in a positive amount

5. Financing activities  : Since the cash is paid so the same is to be shown in the financing activities in a negative amount

6. Operating activities : Since the cash is received so the same is to be shown in the operating activities in the direct method as a positive amount  

7. Operating activities  : Since the inventories are purchased so the same is to be shown in the operating activities in the direct method as a negative amount  

8. Operating activities : Since the cash is paid so the same is to be shown in the operating activities in the direct method as a negative amount  

9. Operating activities  : Since the cash is paid so the same is to be shown in the operating activities in the direct method as a negative amount  

10. Investing activities : Since the investment is sold  so the same is to be shown in the investing activities in a positive amount

Given a normal selling price per unit of $750, what is the contribution margin per unit sold for recurring (i.e., normal) sales

Answers

Answer:

$396

Explanation:

Calculation for the contribution margin per unit sold for recurring sales

Using this formula

Contribution margin per unit = Normal Selling price per unit - (Direct material +Direct labor+Variable factory overhead)-Variable selling & administrative costs

Let plug in the formula

Contribution margin per unit = $750 - ($120+ $150 + $60) - $24

Contribution margin per unit = $750 - $330 - $24

Contribution margin per unit= $396

Therefore the contribution margin per unit sold for recurring sales will be $396

For the case of a perfectly price-discriminating monopolist (ppdm), producer surplus can be calculated as:

Answers

Answer:

Explanation:

Producer surplus can be defined as the difference between how much a person can receive by selling a good at the market price versus how much a person would be willing to accept for the given quantity of good.

The Perfect Price Discrimination (1st degree price discrimination) will occur when an organization charges a different price for every unit consumed.

Producer surplus is formally given as PS = TR( q ppdm ) 0 q ppdm MC(q)dq

Where TR is the Total Revenue

For total cost and the definite integral of marginal cost over the range of output, we find that PS = TR( q ppdm ) TC( q ppdm ).

That is the sum of the consumer surplus and producer surplus is the total gains from trade.

It takes _____ to develop a new product or service that brings unique value to customers.

Answers

Answer:

innovation and product research

Explanation:

To develop a new product or service that brings unique value to customers, innovation and product research are very important.

In bringing unique value to customers, the entrepreneur must be proactive in making adequate research to understand what brings value to his potential customers. In order to bring out something unique and truly valuable, the entrepreneur must be innovative and creative.

Which metric focuses on the percentage of applicants from a particular source that advance to the next stage of the selection process

Answers

Answer: Yield rate

Explanation:

The yield rate is a metric that focuses on the percentage of applicants from a particular source that advance to the next stage of the selection process.

A yield rate simply gives the percentage of applicants that come from a particular source and is the method used to know this that passed and made it to the selection process next stage. For example, if 100 applicants applied for a job and submitted their résumés through the web site of an organization and then 10 were informed to come for an interview, then the yield rate is 10%.

Imagine that after Annie’s, a company that makes organic foods, had a very successful IPO, its managers met to consider the best way for the company to position its products and decided on a focus strategy, targeting sales at

Answers

Answer: Business Level Strategy

Explanation:

Business level strategies are taken to improve the company's position in the market in relation to the goods and services that it offers.

It therefore includes how to seek a competitive advantage that would help the company be able to derive and as well give more value to its customers so that it may become more profitable.

Annie's management targeting a particular niche of people is to ensure that they can derive and give value to them such that the company is more profitable.

Which statement is TRUE regarding a 28-year old woman who inherits he grandfather's IRA? A. She may delay distributions until she reaches age 59 1/2 B. She may roll over the amount inherited into her own IRA C. She may receive distributions over her expected life D. She must start taking distributions upon reaching age 59 1/2

Answers

Answer:

C. She may receive distributions over her expected life

Explanation:

The deal that derives that if there is one inherits so IRA could be inherited from the spouse. In this case, the fund would remain in the IRA with no tax outstanding unless the spouse continues for taking the distributions it could be started by age 70 and half.

If we skip the given away option that implies the transfer the IRA in a Beneficiary Distribution Account. Also the distributions arise when there is a depletion over the five years

Since she is 28 years old so the expected life is for another 50 + years or more so it decreases the needed yearly distribution

Therefore the option C is correct

Gallerani Corporation has received a request for a special order of 6,000 units of product A90 for $21.20 each. Product A90's unit product cost is $16.20, determined as follows: Direct materials $ 6.10 Direct labor 4.20 Variable manufacturing overhead 2.30 Fixed manufacturing overhead 3.60 Unit product cost $ 16.20 Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like modifications made to product A90 that would increase the variable costs by $4.20 per unit and that would require an investment of $21,000 in special molds that would have no salvage value. This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order. The annual financial advantage (disadvantage) for the company as a result of accepting this special order should be:

Answers

Answer:

The annual financial advantage(disadvantage) for the company as a result of accepting this special order should be $5,400

Explanation:

Company's current variable expenses =

Direct material + Direct labor + Variable manufacturing overhead

= $6.10 + $4.20 + $2.30

= $12.6

Please note that fixed costs will not be included in the computation because they have been incurred. It is also within the capacity of the company to produce additional units hence decision will be on variable cost of ($4.20) per unit and additional mould cost of ($21,000).

Considering that absorption costing is used, normal fixed cost would be included hence total cost of 6,000 units would be = Total variable cost + Fixed cost

Where

Total variable cost = $12.6 + $4.20

= $16.8

Fixed cost = $21,000

Total cost = [$16.8 × 6,000] + [$21,000]

= $100,800 + $21,000

= $121,800

Revenue from 6,000 units would be

= $21.20 × 6,000

= $127,200

Net result = $127,200 - $121,800

= $5,400

The project should be accepted since there is a positive result with a financial leverage of $5,400

"Referring to the order to buy 100 shares for DW at $50.02, if a trade is not effected on this day, which statement is TRUE?"

Answers

Answer:

Option A

Explanation:

If the order is not executed by day, the order will be canceled by DMW or specialist.  Option B is not correct because only DW can't cancel the order And Option C and D are not correct.  

the order

Option A: the order will be canceled by DMM/specialist

Option B: The order will be canceled by DW securities

Option C: The order remains open on the specialist/DMM book for on more day

Option D: The order remains open on the specialist/DMM book until  canceled

Which of the following options communications sent to more than 25 prospective customers must be approved by the designated Registered Options Principal prior to use?
A. Advertising
B. Sales literature
C. Independently prepared reprints
D. All of the above

Answers

Answer:

D. All of the above

Explanation:

The options that are communicated and sent to more than 25 prospective customers must be in writing before to the use of Principal prior. It involves advertising, sales literature, and independent prepared reprints

The sales literature and the appearance with respect to the public are the 2 communciation channels for the public which do not required the permission of ROP as it followed firm policies and procedures

Hence, the correct option is d.

Outsourcing and insurance are ways of __________ risk.

Answers

Answer:

Outsourcing and insurance are ways of transferring risk.

Explanation:

Outsourcing involves the practice of using an external supplier or contractor to provide a service or product even when the buyer (company) has the capacity to do same. It is also known as contract manufacturing.

It is more cost efficient for the business  and is a another of  transferring risk.

Insurance is a contract between a insurance company (insurer) and the insured where the former agrees to compensate the latter, for a fee, in case the insured suffers loss as a result of a specific risk.

Insurance is another way to transfer risk

Outsourcing and insurance are ways of transferring risk.

If D 0 = $1.75, g (which is constant) = 3.6%, and P 0 = $32.00, what is the stock's expected total return for the coming year?

Answers

Answer:

Stock's expected total return for the coming year is 9.27%

Explanation:

P0 = D0(1+g) / (r-g)

$32 = 1.75 * (1 + 3.6%) / (r - 3.6%)

32 = 1.75 * (1.036) / (r - 0.036)

32 = 1.813 / (r - 0.036)

32*(r - 0.036) = 1.813

32r - 1.152 = 1.813

32r = 1.813 + 1.152

32r = 2.965

r = 2.965 / 32

r = 0.09265625

r = 9.265625%

r = 9.27%

Every residential homeowner is entitled to a property tax exemption from the full cash value of:___________.
a. $ 4000
b. $ 5000
c. $ 7000
d. $ 7500

Answers

Answer: c. $ 7,000

Explanation;

Homeowners who list the house they own as their primary place of residence are entitled to a tax exemption from the full cash value of $7,000.

This thus enables them to make savings on taxes paid every year. The home as previously alluded to, must be occupied by the owner and not rented nor vacant for one to qualify for this tax exemption.

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