Answer:
$33,000
Explanation:
Preparation of a multiple-step income statement.
Beasley, Inc. Multiple-step Income Statement For the Year Ended December 31, 2021
Sales Revenue$310,000
Less Cost of goods sold ($125,000)
Gross Profit $185,000
($310,000-$125,000)
Salaries expense $36,000
Advertising expense $23,000
Utilities expense $42,000
Less Total Operating Expenses ($101,000)
($36,000+$23,000+$42,000)
Operating Income $84,000
($185,000-$101,000)
Less Interest Expense ($12,000)
Income Before Income Taxes $72,000
($84,000-$12,000)
Less Income Tax Expense ($39,000)
Net Income $33,000
($72,000-$39,000)
Therefore multiple-step income statement is $33,000
What happens in the foreign exchange market when a surplus of dollars exists? When there is a surplus of dollars in the foreign exchange market, _______.
Answer:
prices will decrease
Explanation:
The forex market is balanced when there exists when the quantity supply of any currency is equal to the quantity demanded. If the market has a surplus or shortages the rates will adjust accordingly.If the cost of the beginning work in process inventory is $85,000, costs of goods manufactured is $960,000, direct materials cost is $344,000, direct labor cost is $224,000, and overhead cost is $329,000, calculate the ending work in process inventory.
Answer:
$22,000
Explanation:
Costs of goods manufactured = Opening Work in Process + Manufacturing Costs Incurred during the Period - Ending Work in Process
thus,
Ending Work in Process = Opening Work in Process + Manufacturing Costs Incurred during the Period - Costs of goods manufactured
therefore,
Ending Work in Process = $85,000 + ( $344,000+ $224,000+ $329,000) - $960,000
= $22,000
You are considering the purchase of a machine out of your evaluation among four new ones. They have differing initial and ongoing costs and differing lives. Whichever machine is purchased will be replaced at the end of its useful life. Under such circumstances, you should choose the machine to purchase based on the ___________________.
Answer:
Lowest equivalent annual cost.
Explanation:
Considering the above scenario, it is more advantageous to choose the machine that has the lowest equivalent annual cost. As the newly acquired machine will be replaced at the end of its useful life, it is more advantageous for it to have a higher performance and lower annual cost among others, as the cost of depreciation of machinery and equipment must be considered as a fixed cost that will also directly impact a company's accounts.
Why should you think of your résumé as a marketing document?
Explanation:
A résumé is a marketing document that represents you when you are not there. A résumé quantifies your accomplishments and proves your worth to your future employer by proving your worth to your previous employer.
An outside supplier offers to provide Epsilon with all the units it needs at $60 per unit. If Epsilon buys from the supplier, the company will still incur 40% of its overhead. Epsilon should choose to: Multiple Choice Buy since the relevant cost to make it is $48. Buy since the relevant cost to make it is $72. Buy since the relevant cost to make it is $56. Make since the relevant cost to make it is $56. Make since the relevant cost to make it is $48.
Question Completion:
Epsilon Co. can produce a unit of product for the following:
Direct material $8
Direct labor 24
Overhead 40
Total costs per unit $72
Answer:
Epsilon Co.
Epsilon should choose to:
Make since the relevant cost to make it is $56.
Explanation:
a) Data and Calculations:
Direct material $8
Direct labor 24
Overhead 40
Total costs per unit $72
Relevant Costs:
Make Buy
Direct material $8
Direct labor 24
Overhead 24
Total costs per unit $56 $60
b) It costs Epsilon less to make the units than to buy from the outside supplier. The relevant cost excludes the 40% of the overhead that will still be incurred by Epsilon if it buys from the supplier. Relevantly, it costs Epsilon $56 per unit to make when compared to the unit cost of $60 to buy. In absolute terms, it will cost Epsilon $76 ($60 + $16) to buy as against $72 to make a unit of the part.
Identify a key concept or foundational theory from the first four weeks of class and in half a page discuss how it applies to your current work environment or a recent social, political or business event. Include the chapter and sub topic from your textbook. g
Answer:
TQM
Explanation:
TQM concept we learned about in the first few weeks of class. For TQM to get successful, all workers need to get involved. One great practice that TQM uses is decision-making as a group. This process promotes an open conversation with productivity as people sheltering their opinions.QS 8-1 Cost of plant assets LO C1 Kegler Bowling buys scorekeeping equipment with an invoice cost of $190,000. The electrical work required for the installation costs $20,000. Additional costs are $4,000 for delivery and $13,700 for sales tax. During the installation, the equipment was damaged and the cost of repair was $1,850. What is the total recorded cost of the scorekeeping equipment
Answer: $227,700
Explanation:
The total recorded cost would include the actual cost of the equipment as well as every other cost that was incurred to transport the equipment and get it ready fir use.
Cost that will be recorded is therefore:
= Invoice cost + Installation cost + Delivery cost + Sales tax
= 190,000 + 20,000 + 4,000 + 13,700
= $227,700
reparation of Stockholders’ Equity Section Wildcat Drilling has the following accounts on its trial balance. Debit Credit Retained Earnings 600,000 Cash 825,000 Additional Paid-In Capital—Common 3,100,000 Additional Paid-In Capital—Preferred 400,000 Accounts Payable 345,000 Accounts Receivable 410,000 Common Stock, $1 par 600,000 Preferred Stock, $10 par 340,000 Inventory 1,300,000 Treasury Stock—Common (30,000 shares) 382,000 Accumulated Other Comprehensive Income 70,000 Required: Prepare the stockholders’ equity portion of Wildcat’s balance sheet.
Answer:
Wildcat Drilling
Stockholders' Equity Section:
Common Stock, $1 par 600,000
Preferred Stock, $10 par 340,000
Additional Paid-In Capital—Common 3,100,000
Additional Paid-In Capital—Preferred 400,000
Treasury Stock—
Common (30,000 shares) (382,000)
Retained Earnings 600,000
Accumulated Other Comprehensive Income 70,000
Explanation:
a) Data and Calculations:
Wildcat Drilling Trial Balance Accounts:
Debit Credit
Cash 825,000
Accounts Receivable 410,000
Inventory 1,300,000
Accounts Payable 345,000
Common Stock, $1 par 600,000
Preferred Stock, $10 par 340,000
Additional Paid-In Capital—Common 3,100,000
Additional Paid-In Capital—Preferred 400,000
Treasury Stock—
Common (30,000 shares) 382,000
Retained Earnings 600,000
Accumulated Other Comprehensive Income 70,000
Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard and the Deluxe. Schell has a total of $25,740 in overhead. It currently uses a traditional cost system with overhead applied to the product on the basis of either labor hours or machine hours. Schell has compiled the following information about possible cost drivers and its two product lines:
Schell Company Total Quantity/Amount Consumed by Standard Floor Mat Line Quantity/Amount Consumed by Deluxe Floor Mat Line
1,170 labor hours 740 labor hours 430 labor hours
7,000 machine hours 2,900 machine hours 4,100 machine hours
Required:
a. Suppose Schell uses a traditional costing system with direct labor hours as the cost driver. Determine the amount of overhead assigned to each product line.
b. Suppose Schell uses a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line.
Answer:
Schell Company
Overhead assigned: Standard Deluxe
a. Based on Labor hours $16,280 $9,460
b. Based on Machine hours $10,663 $15,076
Explanation:
a) Data and Calculations:
Total overhead = $25,740
Total Standard Deluxe Overhead Rate
Labor hours 1,170 740 430 $22 ($25,740/1,170)
Machine hours 7,000 2,900 4,100 $3.677 ($25,740/7,000)
Overhead assigned: Standard Deluxe
a. Based on Labor hours $16,280 $9,460
($22 * 740) ($22 * 430)
b. Based on Machine hours $10,663 $15,076
($3.677 * 2,900) ($3.677 * 4,100)
Paul's new plans created a crisis situation for the deli. When Paul initially met with his team, he emphasized the importance of pleasing customers, despite the changes he was suggesting. He outlines each team member's work and the expected output for the next two weeks. At the end of the meeting, it is understood that every person who remains at the deli will put in extra hours of work. Nobody questions Paul because they feel his decision cannot be altered. What ethical lines did Paul cross in this situation
Answer:
Analyzing the above scenario, it is correct to state that manager Paul crossed ethical boundaries in this situation because he did not offer clear and assertive communication to team members.
What happened was that he did not communicate his decision bi-directionally, that is, he did not allow his decision to change the work to receive feedback from the team, although the established changes would impact the way the team performs its work, so it can to say that Paul used his hierarchical position to express his authority, which meant that there were no questions because the workers felt that the manager's decision could not be changed.
In a work environment, bidirectional communication is essential, the leader must guide his team strategically to achieve organizational goals, but receiving feedback from employees is essential to maintain a work environment focused on development, creativity, motivation and productivity.
Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic inventory method:
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
a. $51.75
b. $94.00
c. $50.75
d. $83.22
e. $41.30
Answer:
COGS= $297
Explanation:
Giving the following information:
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
First, we need to calculate the number of units sold:
Number of units sold= 12 + 18= 30
Now, under the LIFO (last-in, first-out) method, the cost of goods sold is calculated using the cost of the lasts units incorporated into inventory:
COGS= 20*10.15 + 10*9.4
COGS= $297
You were asked to read U.S. Statistics in 1912 and in your writing journal, you reflected upon how different your life would be had you lived 100 years ago. The learning objective of this assignment was:__________
Explanation:
Hi, you've asked an incomplete question. However, based on inference, after consult relevant academic material, the learning objective on this particular assignment is stated below;
"To think about things like your education, career goals, romantic relationships, how you get around, and your physical health, write at least one paragraph explaining how such aspects of your life would have changed had you lived in the early 1900s."
Rachel is preparing to open her own raft rental business, cleverly named Rachel's Rafts. She figures out that her fixed costs will be $7,500 and her unit variable costs are $2 per raft. She plans to rent all 2,500 rafts she has on hand. What is Rachel's breakeven price
Answer:
selling price= $5
Explanation:
Giving the following information:
Fixed cost= $7,500
Unitary variable cost= $2
Break-even point= 2,500 units
The break-even point is the number of units to sell to cover the fixed costs. At this level, net income is zero.
So given the costs structure and 2,500 units to sell, the selling price that provides the break-even point is:
Break-even point in units= fixed costs/ (selling price - unitary variable cost)
2,500 = 7,500 / (selling price - 2)
2,500selling price - 5,000 = 7,500
2,500selling price = 12,500
selling price = 12,500 / 2,500
selling price= $5
The Anti-Trust Department also monitors cartels within the United States. As long as they don't control more than 40 percent of the market, then the Anti-Trust Department will leave them alone.
a. Investigating cartels is a responsibility of the Federal Reserve Bank.
b. This is a true statement.
c. This statement is false.
d. The US. Anti-Trust Department does not investigate cartels in America
Answer:
c. This statement is false.
Explanation:
Anti-Trust Department is the department in the united states that could enforced the anti-trusted law. They have the right to investigate onto the collusion, this could harm the competition that could lead the welfare loss
Since large share could be considered so it should be controlled and investigated
Therefore the given statement is false
. produces 1000 packages of fruit sushi per month. The sales price is $5 per pack. Variable cost is $1.50 per unit, and fixed costs are $1800 per month. Management is considering adding a chocolate coating to improve the value of the product by making it a dessert item. The variable cost will increase from $1.50 to $1.90 per unit, and fixed costs will increase by 10%. The CEO wants to price the new product at a level that will bring operating income up to $4000 per month. What sales price should be charged
Answer:
$7.88
Explanation:
The computation is given below:
Sales price is
= ( Total sales revenue ÷ packages sold)
And,
Total sales revenue is
= ( Total Cost + Operting income )
And,
Total Cost = ( Variable Cost + Fixed cost)
Now
Variable cost = 1,000 packages × $1.90 per unit
= $1,900
And,
Fixed cost = $1,800 × 110%
= $1,980
so
Total cost = $1,900 + $1,980
= $3,880
Now
Total sales revenue is
= $3,880 + $4,000
= $7,880
Now
Sales price = $7,880 ÷ 1,000 packages
= $7.88
A study has been conducted to determine if one of the departments in Mary Company should be discontinued. The contribution margin in the department is $50,000 per year. Fixed expenses charged to the department are $65,000 per year. It is estimated that $40,000 of these fixed expenses could be eliminated if the department is discontinued. These data indicate that if the department is discontinued, the company's overall net operating income would: Group of answer choices
Answer:
It is better to continue
Explanation:
Did my research
A physical count of merchandise inventory on July 30 reveals that there are 180 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is
Answer: $3,708
Explanation:
Using FIFO means that the earlier goods are sold before the later ones so the closing inventory would have the latest goods purchased.
If there are 180 units on hand, the cost would be:
54 units purchased at $22(180 - 54) units purchased at $20Closing inventory is:
= (54 * 22) + ( (180 - 54) * 20)
= (54 * 22) + ( 126 * 20)
= $3,708
Tora Co. plans to produce 1,020 units in July. Each unit requires two hours of direct labor. The direct labor rate is $20 per hour. Prepare a direct labor budget for July.\
Answer: $40,800
Explanation:
Each unit requires 2 hours of direct labor.
1,020 units would therefore require:
= 1,020 * 2
= 2,040 hours of labor
The direct labor rate is $20 per hour. If there are 2,040 hours to be worked, the cost would therefore be:
= 20 * 2,040
= $40,800
The budgeted income statement presented below is for Burkett Corporation for the coming fiscal year. If Burkett Corporation achieves the budgeted level of sales, what will be its margin of safety in dollars? (Do not round Intermediate calculations.): $1,020,000 8 08:49 Sales (51,000 units) Costs: Direct materials Direct labor Fixed factory overhead Variable factory overhead Fixed marketing costs Variable marketing costs Pretax income $278, 800 240, 100 100, 500 150, 100 119, 100 50, 100 929,700 90,300
a. $150300
b. $305302
c. $169,831
d. S234282
e. $327,539
Answer:
The correct option is 306,102 (i.e. the second option in the attached pdf file.). That is, the margin of safety is $306,102.
Explanation:
Note: This question contains some errors and its data are merged together. The original sorted question is therefor provided before answering the question. See the attached pdf file for the complete sorted question.
The explanation of the answers is now provided as follows:
Actual dollar sales = $1,020,000
Variable cost = Direct materials + Direct labor + Variable factory overhead + Variable marketing costs = $278,800 + $240,100 + $150,100 + $50,100 = $719,100
Contribution margin = Actual dollar Sales - Variable cost = $1,020,000 - $719,100 = $300,900
Contribution margin ratio = Contribution margin / Actual dollar sales = $300,900 / $1,020,000 = 0.295, or 29.50%
Fixed Cost = Fixed factory overhead + Fixed marketing costs = $100,500 + $110,100 = $210,600
Breakeven point in dollar dales = Fixed Cost / Contribution margin ratio = $210,600 / 29.50% = $713,898
Margin of safety = Actual dollar sales - Breakeven point in dollar dales = $1,020,000 - $713,898 = $306,102
From the attached pdf file, the correct option is 306,102 (i.e. the second option in the attached pdf file.). That is, the margin of safety is $306,102.
which of following budget would not be prepared by a retailer? Administrative, Sales, cash, production.
Answer:
Production.
Explanation:
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year.
Basically, budgets are usually compiled, analyzed and re-evaluated on periodic basis.
The key principle of supply chain management can be best summed up as collaboration between multiple firms. Thus, these multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.
A retailer can be defined as an individual or company that buys finished goods directly from a wholesaler and sells directly to the end users (consumers).
In this context, a retailer would prepare an administrative, sales and cash budget but certainly wouldn't prepare a production budget because retailers aren't saddled with the responsibility of producing goods.
Simply stated, a production budget would be prepared by a manufacturer or producer.
Standish Company manufactures consumer products and provided the following information for the month of February:
Units produced 131,000
Standard direct labor hours per unit 0.20
Standard fixed overhead rate (per direct labor hour) $2.50
Budgeted fixed overhead $65,000
Actual fixed overhead costs $68,300
Actual hours worked 26,350
Required:
a. Calculate the fixed overhead spending variance using the formula approach.
b. Calculate the volume variance using the formula approach.
Answer and Explanation:
The computation is shown below:
a. Fixed overhead Spending Variance is
= Budgeted Fixed Overhead - Actual Fixed overhead
= $65000 - $68300
= - $3300 (unfavorable)
b.
Fixed Overhead Volume Variance is
= (131000 × 0.20 × $2.50) - $65000
=$65500 - $65000
= $500 Favorable
In this way these can be determined
A manufacturing firm has a marketable permit that currently allows for 150 tons of emissions. However, the marketable permit is shrinkable and the firm will only be allowed 100 tons of emissions next year. The manufacturing firm projects that its optimal emissions next year will be 160 tons. It is the best interest of the manufacturing firm to purchase permits allowing for _______ tons of emissions.
Answer: 60
Explanation:
Since we are given the information that the firm will only be allowed 100 tons of emissions next year while the manufacturing firm projects that its optimal emissions next year will be 160 tons, then it will be in the best interest of the manufacturing firm to purchase permits allowing for (160 - 100) = 60 tons of emissions.
The correct answer is 60 tons of emissions.
An electronics store introduces three new types of music players to its customers. Each of the new music players are priced at $99, $79, and $59. Which psychological pricing approach is the store using to price the music players
Answer: The case of the number nine
Explanation:
Studies have shown that the human brain prefers to buy things whose prices end with the number 9 as opposed to zero such as 10 or 100.
The brain apparently interprets the number 9 at the end of a price to mean that the person is saving money and getting better value by buying the product. In making all three prices end in nine, the electronics store is using this psychological pricing strategy.
Using the Chipotle example we have discussed in class imagine that all employees are paid $15/hour, the grill costs $300, and each cash register costs $200. All other utensils and items come at zero cost. Applying the principles of business process improvement that we have discussed in class, what is the lowest cost Chipotle can achieve with the highest flow rate
Answer:
The correct answer will be "$620".
Explanation:
It is important to note that certain principles are involved in the process of streamlining business processes, including:
Interpersonal skills of the organizational leaders.Client focus entirely, defined objectives, accuracy, and so on., are encouraged.The lowest cost will be:
= [tex](15\times 8)+300+200[/tex]
= [tex]120+300+200[/tex]
= [tex]620[/tex] ($)
Chipotle can achieve the lowest cost of $ 620 with the highest flow rate. Thus, the correct answer would be "$ 620".
What are the principles of business process improvement?Collect User Information (UX), Customer Information (CX), and Organizational Change Management.Do not think that a change in technology will change your processes.Improve and renovate.End-to-end continuous improvement.The lowest cost can be achieved:
[tex]= (15\times8)+ \$200 + \$300\\\\= \$620[/tex]
Thus, the correct answer is $620, which is the lowest cost chipotle can achieve with the highest flow rate.
To learn more about business process improvement, refer to the link:
https://brainly.com/question/1276995
Summarize the Product Development Process
Lila Harrison is the sole employee of ABC Grocers. Her gross pay for the week was $400. She had deductions of $50 for federal income tax, $24.80 for social security tax, and $5.80 for Medicare tax. The journal entry to record her gross pay would include:
Answer:
Debit to salary expense for $400.00
Explanation:
In the case when a company is preparing the profit and loss statement so they first have the gross salary
The net salary should be
= Gross salary - deductions - taxes
Now in order to record the gross pay we have to debit to the salary expense for $400 as it increased the expense and expense contains the normal debit balance
In a hotel, 50 percent of the guests pay by American Express credit card. Suppose the first X-1 guests use NON-American Express credit cards while the Xth guest is the first to use an American Express. Then P(X>2)=0.5.
A. True
B. False
Answer:
A. True
Explanation:
Since in the question it is mentioned that in a hotel, the guest pay 50% of the amount via using the american express credit card so this means every second person could able to pay with it
so the equation should be
P(X>2) = 0.50 or 50%
Therefore the given statement is true
Hence, it cant be false
Thus, the option a is correct
Recessions in China and India would cause:________
a. the U.S. price level to fall and real GDP to rise.
b. the U.S. price level to rise and real GDP to fall.
c. the U.S. price level and real GDP to fall.
d. the U.S. price level and real GDP to rise.
Answer:
b. the U.S. price level to rise and real GDP to fall.
Explanation:
A recession can be regarded as macroeconomic term which is used to describe significant decline that occur in general economic activity within a designated region. It can be regarded as economic decline of two consecutive quarters which is been reflected by GDP along with some monthly indicators, this indicators could be a rise in unemployment.
For, instance Recessions in China and India would cause the U.S. price level to rise and real GDP to fall.
Bramble Corp.’s cost of goods sold is $280000 variable and $170000 fixed. The company’s selling and administrative expenses are $160000 variable and $220000 fixed. If the company’s sales is $1080000, what is its net income?
Answer:
the net income is $250,000
Explanation:
The computation of the net income is given below:
= Sales - variable cost of goods sold - fixed cost of goods sold - variable selling & admin expense - fixed selling & admin expense
= $1,080,000 - $280,000 - $170,000 - $160,000 - $220,000
= $250,000
Hence, the net income is $250,000
The above formula should be applied for the same
October 1 October 31 Raw materials $ 30,000 $21,000 Work in process 48,000 37,000 Finished goods 108,000 90,000 During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively. What is the cost of goods manufactured
Answer:
Cost of goods manufactured= $200,000
Explanation:
Giving the following information:
October 1 October 31
Raw materials $ 30,000 $21,000
Work in process 48,000 37,000
Direct material purchase= $36,000
Direct labor= $60,000
Factory overhead costs= $84,000
First, we need to calculate the direct material used:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 30,000 + 36,000 - 21,000
Direct material used= $45,000
Now, the cost of goods manufactured:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 48,000 + 45,000 + 60,000 + 84,000 - 37,000
cost of goods manufactured= $200,000
