Answer:
$154,900
Explanation:
The computation of the total cost of operating the assembly department as follows:
= Direct expenses of assembly department + allocated amount
= $123,400 + $52,500 × 69,000 ÷ (69,000 + 46,000)
= $123,400 + $52,500 × 69,000 ÷ 115,000
= $123,400 + $31,500
= $154,900
What is a planned economy regulated by?
Explanation:
The government regulates the interactions between producers and consumers.
Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:
Sales are budgeted at $280,000 for November, $260,000 for December, and $250,000 for January.
Collections are expected to be 45% in the month of sale and 55% in the month following the sale.
The cost of goods sold is 80% of sales.
The company would like to maintain ending merchandise inventories equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $23,400.
Monthly depreciation is $14,400.
Ignore taxes.
Balance Sheet
October 31
Assets
Cash $ 21,800
Accounts receivable 71,800
Merchandise inventory 156,800
Property, plant and equipment, net of $573,800 accumulated depreciation 1,095,800
Total assets $ 1,346,200
Liabilities and Stockholders' Equity
Accounts payable $ 255,800
Common stock 821,800
Retained earnings 268,600
Total liabilities and stockholders' equity $ 1,346,200
The cost of December merchandise purchases would be:
Answer:
$202,400
Explanation:
Calculation for what The cost of December merchandise purchases would be:
December merchandise purchases:
November December January
Sales $280,000 $260,000 $250,000
Cost of goods sold (80% of sales)
$224,000 $208,000 $200,000
(80%*$280,000=$224,000)
(80%*$260,000=$208,000)
(80%*$250,000=$200,000)
Add desired ending merchandise inventory(70% of next month's COGS) $145,600 $140,000
(70%*$208,000=$145,600)
(70%*$200,000=$140,000)
Total needs $369,600 $348,000
($224,000+$145,600=$359,600)
($208,000+$140,000=$348,000)
Less beginning merchandise inventory(70% of this month's COGS)
$156,800 $145,600
(70%*$224,000=$156,800)
(70%*$208,000=$145,600)
Required purchases$212,800 $202,400
($369,600-$156,800=$212,800)
($348,000-$145,600=$202,400)
Therefore The cost of December merchandise purchases would be:$202,400
The following transactions are for Blossom Company.
1. On December 3, Blossom Company sold $521,000 of merchandise to Sunland Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $334,400.
2. On December 8, Sunland Co. was granted an allowance of $30,700 for merchandise purchased on December 3.
3. On December 13, Blossom Company received the balance due from Sunland Co.
A. Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system.
B. Assume that Blossom Company received the balance due from Sunland Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
Answer:
A. Dec 3
Dr Account receivable $521,000
Cr Sales revenue $521,000
Dr Cost of goods sold $334,400
Cr Merchandise inventory $334,400
Dec 8
Dr Sales return and allowance $30,700
Cr Account receivable $30,700
Dec 13
Dr Cash $475,591
Dr Sales discount $14,709
Cr Account receivable $490,300
B. Jan 2
Dr Cash $490,300
Cr Account receivable $490,300
Explanation:
A. Preparation of the journal entries to record these transactions on the books of Blossom Company.
Dec 3
Dr Account receivable $521,000
Cr Sales revenue $521,000
(To record sales)
Dr Cost of goods sold $334,400
Cr Merchandise inventory $334,400
(To record cost of goods sold)
Dec 8
Dr Sales return and allowance $30,700
Cr Account receivable $30,700
Dec 13
Dr Cash (490,300*97%) $475,591
Dr Sales discount $14,709
(490,300*3%)
Cr Account receivable ($521,000-$30,700) $490,300
B. Preparation of the journal entry to record the receipt of payment on January 2.
Jan 2
Dr Cash $490,300
Cr Account receivable $490,300
($521,000-$30,700)
(To record the receipt of payment)
Suppose management estimated the market valuation of some obsolete inventory at $99,000; this inventory was recorded at $120,000, which resulted in recognizing a loss of $21,000. The auditors obtained the following information: The inventory in question could be sold for an amount between $78,000 and $92,000. The costs of advertising and shipping could range from $5,000 to $7,000.
Required:
a. Would you propose an audit adjustment to the management estimate?
A. Yes
B. No
b. Prepare the appropriate accounting entry. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
General Journal Debit Credit
Answer:
a. Yes. I would propose an audit adjustment to the management estimate.
b. Appropriate Journal Entry:
Debit Cost of goods sold (Inventory Write-down) $28,000
Credit Inventory $28,000
To adjust the inventory to the net realizable value.
Explanation:
a) Data and Calculations:
Management estimated market value of inventory = $99,000
Record cost of inventory = $120,000
Recognized loss = $21,000
Auditor's estimate of inventory net realizable value = $71,000 ($78,000 - $7,000)
Required adjustment of inventory value = $28,000 ($99,000 - $71,000)
Lindsey Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 5,000 units and of Product B is 2,000 units. There are three activity cost pools, with estimated total cost and expected activity as follows: Estimated Expected Activity Activity Cost Pools Overhead Cost Product A Product B Total Activity 1 $ 24,000 200 800 1,000 Activity 2 $ 36,900 750 150 900 Activity 3 $ 63,000 1,000 800 1,800 The overhead cost per unit of Product A under activity-based costing is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
Results are below.
Explanation:
First, we need to calculate the activities rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Activity 1= 24,000 / 1,000= $24 per activity unit
Activity 2= 36,900 / 900= $41 per activity unit
Activity 3= 63,000 / 1,800= $35 per activity unit
Now, we can allocate costs to product A:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Activity 1= 24*200= $4,800
Activity 2= 41*750= $30,750
Activity 3= 35*1,000= $35,000
Total allocated costs= $70,550
Finally, the unitary cost:
Unitary cost= 70,550 / 5,000= $14.11
A firm' s sales procedure involves preparing sales invoices based on shipping documents; posting the sales amounts to accounts receivable records; and posting quantities billed to the inventory records. Due to control weaknesses in the procedure, certain goods that are shipped may not be reflected in the sales invoices. The exposure from this risk can result in:
Answer: understatement of revenues and receivables and over statement of inventory
Explanation:
Control weakness simply refers to the failure by a company to implement the internal controls. Based on the information given, the exposure from this risk can result in understatement of revenues and receivables and over statement of inventory.
There'll be understatement of revenue and receivables since sales is not recorded while the inventory will be overstated.
What is a subreport?
A subreport is a report item that displays another report inside the body of a main report. Conceptually, a subreport in a report is similar to a frame in a Web page. It is used to embed a report within a report. Any report can be used as a subreport.
The following data relate to Department no. 3 of Winslett Corporation: Segment contribution margin$540,000 Profit margin controllable by the segment manager 310,000 Segment profit margin 150,000 On the basis of this information, Department no. 3's variable operating expenses are: Multiple Choice Not determinable. $160,000. $80,000. $390,000. $230,000.
Answer:
$230,000
Explanation:
The Profit margin controllable by the segment manager contains only items directly controllable by the manager and this consists of variable costs. So deduct the profit margin controllable by the segment manager from segment contribution margin to arrive at Variable operating expenses.
Calculation of Variable operating expenses
Segment contribution margin $540,000
Less Profit margin controllable by the segment manager ($310,000)
Variable operating expenses $230,000
PLEASE , chart this out !
Answer:
Purchases
Date Qty Unit Cost Total Cost
11 12 $18 $216
21 9 $15 $135
Cost of Sales
Date Qty Unit Cost Total Cost
14
21 $16 $336
5 $18 $90
25
7 $18 $126
4 $15 $60
Total $612
Inventory
Qty Unit Cost Total Cost
5 $15 $75
Total $75
Explanation:
FIFO method assumes that the units to arrive first, will be sold first. Also note that the perpetual Inventory method is used. This means the cost of sales and inventory value is calculated after every transaction.
So with FIFO , Cost of Sales will be calculated on earlier prices (old prices) whilst Inventory will be valued at recent (later prices) prices.
3. Is it better to have your interest compounded annually, quarterly, or daily? Why?
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Answer: Daily, because your money will have more money have interest on it. For example if 5$ is compounded annually and you get 1.3% a year, then you will get 5.013$ at the end of the year. But if it is compounded daily, at the end of the year you will have 5.07$ which is a lot more.
Explanation:
I hope this helped!
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- Zack Slocum
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Alpha Company makes products A and B. Its contribution margin statement is as follows: A B Total Sales volume (units) 400 600 1,000 Revenue $60,000 $60,000 $120,000 Variable Costs Direct materials $25,000 $15,000 $40,000 Direct labor $15,000 $10,000 $25,000 Contribution Margin $20,000 $35,000 $55,000 Fixed Costs $50,000 Profit $5,000 Alpha allocates its fixed costs (capacity costs) based on direct labor dollars. Compute the allocated fixed costs for product A. Group of answer choices $2.00 $30,000 $50,000 $60,000 $110,000
Answer:
Product A= $30,000
Explanation:
Giving the following information:
A B Total
Direct labor $15,000 $10,000 $25,000
Fixed Costs $50,000
First, we need to calculate the allocation rate:
Allocation rate= total estimated costs for the period/ total amount of allocation base
Allocation rate= 50,000 / 25,000
Allocation rate= $2 per direct labor dollar
Now, for product A:
Product A= 2*15,000= $30,000
A stock expects to pay a dividend of $5.49 per share next year. Dividends are expected to grow at 20 percent per year for the following three years. Thereafter, the dividend growth rate is expected to be 3.5 percent per year forever. Investors require a rate of return of 12 percent on this stock. Calculate the annual dividend expected to be paid by the stock nine years from today (D9).
Answer:
The annual dividend expected to be paid by the stock nine years from today (D9) is $11.27 per share.
Explanation:
Note: See the attached excel file for the calculations of annual dividends expected to be paid the stock for Years 1 to 9.
In the attached excel file, the following formula is used:
Current year dividend = Previous year dividend * (100% + Growth rate)
From the attached excel file, the annual dividend expected to be paid by the stock nine years from today (D9) is $11.27 per share (Note: see the bold red color under the Year's 9 Current Year Dividend).
e) Wesley Publishing has an office in England that would like the American office to share their
data on profits. What steps should the American office take in order to determine the profits in
pounds for the England office? (2 points)
I
Answer:
He should make sure he has the right profits then he should see how much things are going to cost, and then finalize it.
Explanation:
Sorry y'all I am having troubles with this assignment sorry if I get it wrong
ABC purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years. Using the straight-line method, depreciation expense for 2019 and the book value at December 31, 2019 would be:
Answer:
Depreciation expense - 2019 = $11,000
Book Value - 2019 = $38,000
Explanation:
Straight Line method charges a fixed depreciation charge as :
Depreciation Expense = (Cost - Residual Value) ÷ Useful Life
therefore,
Depreciation expense = $11,000
Book Value = $60,000 - $11,000 - $11,000 = $38,000
Kyoko lives in Detroit and loves to eat desserts. She spends her entire weekly allowance on pudding and pie. A bowl of pudding is priced at $1.00, and a piece of pecan pie is priced at $4.00. At her current consumption point, Kyoko's marginal rate of substitution (MRS) of pudding for pie is 5. This means that Kyoko is willing to trade five bowls of pudding per week for one piece of pie per week.
Does Caroline's current bundle maximize her utility-in other words, make her as well off as possible? If not, how should she change it to maximize her utility?
A. Caroline could increase her utility by buying more jello and less pie per week.
B. Caroline's current bundle maximizes her utility, and she should keep it unchanged.
C. Caroline could increase her utility by buying less jello and more pie per week.
Answer:
C. Caroline (Kyoko) could increase her utility by buying less jello (pudding) and more pie per week.
Explanation:
the rate of exchange = $4 / $1 = 4
marginal rate of substitution = 5
Kyoko can maximize her utility by increasing the consumption of pecan pie. She should increase her consumption of pecan pie until the marginal rate of substitution = 4.
Which of the following industries is most likely to outsource jobs to another country because of slight increases in labor costs?
a. Milk dairy.
b. High-tech research facility.
c. Textile plant.
d. Automobile assembly plant.
Which of the following industries is most likely to outsource jobs to another country because of slight increases in labor costs?
a. Milk dairy.
b. High-tech research facility.
c. Textile plant.
d. Automobile assembly plant.
Answer: c. Textile plant.
Hope this helps
Example suppose in a country there were 1,00,000,000 total populations ,8,000,000 people were unemployed and 72,000,000 were held jobs . calculate,I.The national employment rate? II.National unemployment rate ?
Explanation:
National employment rate=72%
72,000,000/1,00,000,000
National unemployment rate=0.08% =8%
8,000,000/1,00,000,000
As per the given data-
The national employment rate is 72%
The National unemployment rate will be 8%
What is unemployment?
Situation of unemployment refers to the situation when there is a lack of job opportunities and more qualified individuals or candidates seeking job opportunities with their willingness.
The national employment rate helps individuals to know the ratio of employment in the country whereas the national unemployment rate helps to determine the rate of unemployed in the country.
Calculation-
I. The national employment rate
= (employed people / total populations)*100
= (72000,000/ 1,00,000,000)*100
= 72%
II. National unemployment rate
= (unemployed persons/number of persons in the labor force)*100
=(8,000,000 / 1,00,000,000)*100
=8%
Therefore, the rate of employment is 72% whereas the unemployment rate is 8%.
Learn more about unemployment, here:
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.
Absorption Costing Income Statement
On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept:
Maryville Equipment Company
Variable Costing Income Statement
For the Month Ended October 31
Sales (220,000 units) $7,920,000
Variable cost of goods sold:
Variable cost of goods manufactured$6,360,000
Inventory, October 31 (45,000 units)(1,080,000)
Total variable cost of goods sold (5,280,000)
Manufacturing margin $2,640,000
Variable selling and administrative expenses (330,000)
Contribution margin $2,310,000
Fixed costs:
Fixed manufacturing costs$530,000
Fixed selling and administrative expenses100,000
Total fixed costs (630,000)
Operating income $1,680,000
Prepare an income statement under absorption costing.
Maryville Equipment Company
Absorption Costing Income Statement
For the Month Ended October 31
Cost of goods sold:
Answer:
See below
Explanation:
Income statement under absorption costing:
Sales revenue
$7,920,000
Less:
COGS (220,000 × 26)
($5,720,000)
Gross profit:
$2,200,000
Selling and administration expense
($990,000)
*Variable
$330,000
*Fixed
$630,000
Operating income
$1,210,000
Workings:
Variable cost of goods manufactured $6,630,000
Fixed costs: Fixed manufacturing costs $530,000
Under absorption cost, the company will share the manufacturing cost over the units produced:
Variable manufacturing cost : $6,360,000
Fixed manufacturing cost : $530,000
Total cost : $6,890,000
Units produced
265,000
Units sold
220,000
+ ending inventory 45,000
Cost per units 26
1. Which statement about leaders and managers is most likely false?
a)
Managers are concerned with the efficiency of results, whereas leaders are
primarily concern with results.
b)
Leaders focus on risk taking whereas managers focus on planning
c)
Leaders accept the status quo, managers challenge it.
d)
Leaders develop but managers maintain.
Answer:
I'd say A!
Explanation:
hope this helps! sorry if it's wrong
Greater Energy Systems recently reported $9,250 of sales, $5,750 of operating costs other than depreciation, and $700 of depreciation. The company had no amortization charges, it had $3,200 of outstanding bonds that carry a 5% interest rate, and its federal-plus-state income tax rate was 35%. In order to sustain its operations and thus generate sales and cash flows in the future, the firm was required to make $1,250 of capital expenditures on new fixed assets and to invest $300 in net operating working capital. 8. Refer to the data for Greater Energy Systems. What is the firm's free cash flow
Answer:
$970
Explanation:
The computation of the free cash flow is shown below:
As we know that
Free cash flow is
= EBIT (1 - tax rate) + depreciation expense - capital expenditure - net working capital
where
EBIT is
Sales $9,250.00
Less: Operating costs excluding depreciation $5,750.00
Less: Depreciation $700.00
Operating income (EBIT) $2,800.00
Now the free cash flow is
= $2,800 × (1 - 0.35) + $700 - $1,250 - $300
= $1,820 + $700 - $1,250 - $300
= $970
Rainey Company's true cash balance at October 31 is $4,700. The following information is available for the bank reconciliation: Outstanding checks, $740 Deposits in transit, $540 Bank service charges, $110 The bank had collected an account receivable for Rainey Company, $1,200 The bank statement included an NSF check written by one of Ramsey's customers for $720. What was the unadjusted book balance at October 31
Answer: $4330
Explanation:
The unadjusted book balance at October 31 is calculated below:
True cash balance = $4700
Add: Bank service charge = $110
Add: NSF Check = $720
Less: Account receivable = $1200
Unadjusted book balance = $4330
The __________ reflects the ups and downs of the nation’s real GDP.
A.
business cycle
B.
inflation rate
C.
consumer price index
D.
unemployment rate
Please select the best answer from the choices provided
A
B
C
D
Answer:
Business cycle
Explanation:
The business cycle also refers to as the rise and fall of economic activity through periods of expansion and recession.
A trade secret is a formula, device, process, method, or compilation of information that, when used in___________ , gives the owner an advantage over _______who do not know the ________information. In addition to considering the competitive advantage, a court will consider whether the information was , ________and___________ (and/or expensive) to obtain, when determining whether something is a trade secret. Another important consideration is whether the company made to __________protect it.
Fill in the blanks with words that would best complete the passage.
a. difficult
b. extraordinary efforts
c. interesting
d. the public domain
e. employees
f. commercial
g. reasonable efforts
h. desirable
i. conceal
j. readily available
Answer:
Business; competitors; secret; readily available; difficult; reasonable efforts.
Explanation:
A trade secret is a formula, device, process, method, or compilation of information that, when used in business, gives the owner an advantage over competitors who do not know the secret information.
In addition to considering the competitive advantage, a court will consider whether the information was, readily available and difficult (and/or expensive) to obtain, when determining whether something is a trade secret. Another important consideration is whether the company made reasonable efforts to protect it.
For example, the recipe and ingredients used in the manufacturing of popular soft drinks and alcoholic beverages is a trade secret that isn't known to many people around the world.
Waterway Industries adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1080000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Prices Current Price Index December 31, 2020 $1280000 106 December 31, 2021 1453000 124 December 31, 2022 1621000 129 What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.)
Answer:
$1,373,408
Explanation:
Ending inventory in 2019 = $1,080,000 * 100/100 = $1,080,000
Cost of the ending inventory at December 31, 2020 under dollar-value LIFO is:
= $1,080,000 + [($1280000*106/100) - $1,080,000 ] * 106/100
= $1,080,000 + $293,408
= $1,373,408
Cheong Automobile Company fabricates automobiles. Each vehicle includes one water pump, which is currently made in-house. Details of the water pump assembly are as follows: Volume 1200 units per month Variable cost per unit $11.50 per unit Fixed costs $10,000 per month An Indonesian factory has offered to supply Cheong Automobile Company with ready-made units for a cost of $16 for each water pump. Assume that Cheong's fixed costs are unavoidable and that Cheong will not be able to use the excess capacity in any profitable manner. If Cheong decides to outsource, monthly operating income will ___
Answer: Monthly operating income will decrease by $5400.
Explanation:
Volume = 1200 units per month
Variable cost per unit = $11.50 per unit
Fixed costs = $10,000 per month
Since Cheong decides to outsource, the monthly operating income will be calculated thus:
= Volume × (Cost of ready made units - Variable cost per unit)
= 1200 × (16 - 11.50)
= 1200 × 4.50
= $5400
Therefore, the monthly operating income will decrease by $5400.
eating small amounts of sweet desserts can satisfy one's urge or craving for healthier food. true or false?
Answer:
I think eating healthier food would be better. Eating sweet desserts would be healthier than eating a lot, but you should still cut down and eat healthier foods. False
Explanation:
Cream 424,000 at $130 per gallon Liquid skim 344,500 at $115 per gallon The cost of purchasing 820,000 gallons of direct materials and processing it up to the split-off point to yield a total of 797,500 gallons of good product was $2,350,000. When using a physical-volume measure, what is the approximate amount of joint costs that will be allocated to cream and liquid skim
Question Completion:
Production:
Cream = 443,000 gallons
Liquid skim = 354,500 gallons
Total production = 797,500 gallons
Answer:
The approximate amount of joint costs that will be allocated to cream and liquid skim =
Cream = $1,305,392
Liquid skim = $1,044,608
Explanation:
a) Data and Calculations:
Direct materials purchased = 820,000 gallons
Total yield at split-off = 797,500
Joint costs = $2,350,000
Cream Liquid Skim
Sales units at split-off 424,000 344,500 gallons
Selling price per unit $130 $115
Production Cream 443,000 354,500 gallons
Allocation of joint costs, using a physical volume measure:
Cream = $2,350,000 * 443,000/797,500 = $1,305,392
Liquid Skim = $2,350,000 * 354,500/797,500 = $1,044,608
4. Suppose GDP is $15 million, private saving is $3 million, consumption is $8 million, public saving is $2 million. Assume the economy is closed.
(a) Calculate taxes minus transfer payments (T), government purchases (G), national saving (S), and investment (I).
(b) Is the government running a deficit or a surplus.? Explain
Blair Madison Co. issues $2.4 million of new stock and pays $331,000 in cash dividends during the year. In addition, the company took advantage of falling interest rates to borrow $1.64 million in a new bond issue and paid off existing bonds with a face value of $2.70 million. The company bought 514 of another company's $1,140 bonds at a $114,000 premium. The net cash flow provided by financing activities is:
Answer: $1,009,000
Explanation:
Based on the information given, the net cash flow provided by financing activities will be:
New stock issued = $2,400,000
Add: New bond issued = $1,640,000
Less: Cash dividend = $331,000
Less: Existing bonds paid = $2,700,000
Net cash flow = $1,009,000
Inside the packaging of a new bread machine she purchases, Ginger finds a paper stating, "All our products will be replaced within the first year if they fail to operate correctly. However, consumer misuse or abuse will effectively end this policy." This is a(n) a. implied warranty. b. express warranty. c. statement of guarantee. d. set of instructions for use. e. labe
Answer:
b. express warranty.
Explanation:
A warranty can be defined as a written promise or guarantee made by a manufacturer, lessor or seller about the identity or quality of goods and services or a property to a purchaser, promising him or her to repair or replace it if necessary within a specified time frame.
An express warranty is typically considered to be an affirmative promise about the quality or characteristics of an item that is being sold to a buyer and as such it is binding and enforceable by law.
Inside the packaging of a new bread machine she purchases, Ginger finds a paper stating, "All our products will be replaced within the first year if they fail to operate correctly. However, consumer misuse or abuse will effectively end this policy." This is an express warranty.
It recognized by the Uniform Commercial Code ("UCC") as explicit, stated promises by a manufacturer.