MC Qu. 74 Differential Chemical produced... Differential Chemical produced 12,000 gallons of Preon and 16,000 gallons of Preon. Joint costs incurred in producing the two products totaled $8,500. At the split-off point, Preon has a market value of $6.00 per gallon and Preon $3.00 per gallon. Compute the portion of the joint costs to be allocated to Preon if the value basis is used.

Answers

Answer 1

Answer:

$5,100

Explanation:

The calculation of the portion of the joint cost for Preon allocation is shown below:

= Total joint cost for two products × (Preon cost ÷ Total cost)

Here,

Total joint cost = $8,500

Preon cost = 12,000 gallons × $6 per gallon = $72,000

And, the total cost is

= 12,000 gallons × $6 per gallon + 16,000 gallons × $3 per gallon

= $72,000 + $48,000

= $120,000

So, the allocated cost should be  

= $8,500 × ($72,000 ÷ $120,000)

= $5,100

= $4,500


Related Questions

The following costs were incurred in May:

Direct materials $39,400
Direct labor $34,000
Manufacturing overhead $21,600
Selling expenses $19,700
Administrative expenses $38,600

Conversion costs during the month totaled: ______________

a. $61,000
b. $153,300
c. $73,400
d. $55,600

Answers

Answer:

d. $55,600

Explanation:

Direct Labor = $34,000

Manufacturing Overhead Cost = $21,600

Conversion Cost = Direct Labor + Manufacturing Overhead Cost

Conversion Cost = $34,000 + $21,600

Conversion Cost = $55,600

So, the conversion costs during the month totaled $55,600.

Determine the amount of money in a savings account at the end of 1 year, given an initial deposit of $12,000 and a 4 percent annual interest rate when interest is compounded: Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

Answers

Answer:

$ 12480

$ 12,484,80

$12,487.25

Explanation:

annually

quarterly

semi annually

The formula for calculating future value:

FV = P (1 + r) nm

FV = Future value  

P = Present value  

R = interest rate  

m = number of compounding

N = number of years  

annually - 12,000 x 1,04 = 12480

semi annual - 12,000 x (1.02)^2 = 12,484,80

quarterly - 12,000x (1.01)^4 = 12,487.25

Complete the following statements with one of the terms listed here. You may use a term more than once. Some terms may not be used at all. Capital turnover Direct fixed expenses Flexible budget variance Key performance indictors (KPIs) Profit center Sales margin Common fixed expenses Favorable variance Goal congruence Management by exception Return on investment (ROI) Unfavorable variance Cost center Flexible budget Investment center Master budget variance Revenue center Volume variance

Answers

Solution :

a). Flexible budget

A flexible budget is a budget that is prepared for the different volume level which was originally anticipated.

b). Flexible budget variance

It is the different between the flexible budget and the actual results.

c). Return on Investment

It is used to evaluate the performance of the investment centers. It is calculated by dividing operating income by the investment.

d). Favorable variance

The company has the favorable variance when the actual values are more than the budgeted values.

JacksonIndustries produces two products. The products' estimated costs are as follows:
Product A Product B
Direct Materials $20,000 $15,000
Direct Labor $30,000 $10,000
The company's overhead costs of $200,000 are allocated based on labor cost. Assume 4,000 units of product A and 5,000 units of Product B are produced. What is the total amount of production costs that would be assigned to Product A? (Do not round intermediate calculations.)
a. $200,000
b. $75,000
c. $50,000
d .$150,000
e. $114,285.71

Answers

Answer:

Total production cost= $200,000

Explanation:

First, we need to calculate the predetermined overhead rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 200,000 / (30,000 + 10,000)

Predetermined manufacturing overhead rate= $5 per direct labor cost

Now, we can allocate overhead to Product A:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 5*30,000

Allocated MOH= $150,000

Finally, the total production cost for Product A:

Total production cost= 150,000 + 20,000 + 30,000

Total production cost= $200,000

In ________ organizational cultures, more individuality is shown through the organization’s rules being less strictly applied.

Answers

Answer:

weak

Explanation:

An organizational culture can be defined as the shared norms, beliefs, assumptions and values that exist in an organization.

An ethical climate can be defined as a collection of behaviors that are considered to be acceptable and correct within an organization or business firm. Also, an ethical climate provides the human resources management of an organization with a framework or benchmark on how employee behavioral issues or ethical problems are to be managed or handled within the organization.

In weak organizational cultures, more individuality of an employee working within an organization is shown as a result of the organization’s rules being less strictly applied.

On a related note, the rules guiding an organization are generally strictly being applied in strong organizational culture.

Assume there is a perfectly competitive market for tangerines. What will happen in the long run for the market to achieve both allocative and productive efficiency if the price for tangerines is lower than the marginal cost of producing tangerines?

Answers

Answer: Producers will either exit the market or produce less tangerines

Explanation:

If the marginal cost of producing tangerines is more than the price of producing them, it means that the supply of tangerines is quite high which is why the market reduced the price of tangerines.

The producers in the market will therefore act to reduce supply. They will do this by either reducing the number of producers so that the smaller number of producers will produce less or they will reduce production jointly in order to reduce supply. As this is a perfectly competitive market, the former scenario is more likely.

During the year, Hamlet Inc. paid $22,000 to have bond certificates printed and engraved, paid $120,000 in legal fees, paid $18,000 to a CPA for registration information, and paid $280,000 to an underwriter as a commission. What is the amount of bond issue costs

Answers

Answer:

the issuance cost of the amount of the bond is $440,000

Explanation:

The computation of the issuance cost of the amount of the bond is given below:

Bond Certificate printing cost  $22,000

Legal fees paid $120,000

CPA registration $18,000

Underwriting Commission $280,000

Total Bond issue costs $440,000

Hence, the issuance cost of the amount of the bond is $440,000

If sales are $798,000, variable costs are 72% of sales, and operating income is $258,000, what is the contribution margin ratio?
a. 72%
b. 68%
c. 28%
d. 32%

Answers

D Is the Anwser hopefully that helps

Use the following selected information from Whitman Corp. to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base.
Year 2 Year 1
Net sales $276,200 $231,400
Cost of goods sold 151,900 129,590
Operating expenses 55,240 53,240
Net earnings 27,820 19,820

Answers

Answer:

Year 1 56%

Year 2 55%

Explanation:

Calculation to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base.

Year 1

Using this formula

Common size percentage for cost of goods sold for year 1 = Cost of good sold/Net sales

Let plug in the formula

Common size percentage for cost of goods sold for year 1= 129,590/231,400

Common size percentage for cost of goods sold for year 1= 56%

Year 2

Using this formula

Common size percentage for cost of goods sold for year 2 = Cost of good sold/Net sales

Let plug in the formula

Common size percentage for cost of goods sold for year 2 = 151,900/276,200

Common size percentage for cost of goods sold for year 2 = 55%

Therefore the Year 1 and Year 2 common size percentages for cost of goods sold using Net sales as the base is :Year 1 56% and Year 2 55%

Morales Corporation produces microwave ovens. The following per unit cost information is available: direct materials $30, direct labor $20, variable manufacturing overhead $16, fixed manufacturing overhead $42, variable selling and administrative expenses $18, and fixed selling and administrative expenses $24. Its desired ROI per unit is $27.00. Compute its markup percentage using a total-cost approach. (Round answer to 2 decimal places, e.g. 10.50%.)

Answers

Answer:

111%

Explanation:

Computation to determine its markup percentage using a total-cost approach

First step

Variable cost per unit= Direct materials+Direct labor+Variable manufacturing overhead+Variable selling and administrative expenses

Variable cost per unit= $30+20+16+18

Variable cost per unit= $84

Second step

Fixed cost per unit= Fixed manufacturing overhead+Fixed selling and administrative expenses

Fixed cost per unit= $42+24

Fixed cost per unit= $66

Now let determine the Variable costing markup percentage

Variable costing markup percentage= (Desired ROI+Fixed cost per unit)*100/Variable cost per unit

Variable costing markup percentage= ($27+66)*100/84

Variable costing markup percentage=110.7 %

Variable costing markup percentage=111% (Approximately)

Therefore its markup percentage using a total-cost approach is 111%

out line four roles played by entrepreneurs in Kenya​

Answers

Answer:

To be a successful entrepreneur it is necessary for the individual to develop essential communication skills, creativity, innovation and the ability to deal with the risks inherent in the business.

A well-positioned and competitive business is one that manages to create value for consumers by offering products and services that satisfy their wants and needs.

In Kenya, entrepreneurship has stood out as a means for citizens to seek employment and income opportunities, especially in opening up trade in products and services.

Entrepreneurship helps a country to develop by moving the economy and improving the population's quality of life, so it is necessary to have government incentives and information available on the subject.

Ponzi Products produced 100 chain-letter kits this quarter, resulting in a total cash outlay of $10 per unit. It will sell 50 of the kits next quarter at a price of $11, and the other 50 kits in the third quarter at a price of $12. It takes a full quarter for Ponzi to collect its bills from its customers. (Ignore possible sales in earlier or later quarters.)

a. What is the net income for Ponzi next quarter?
b. What are the cash flows for the company this quarter?
c. What are the cash flows for the company in the third quarter?
d. What is Ponzi’s net working capital in the next quarter?

Answers

Answer:

Ponzi Products

a) Net income for the next quarter:

= $50

b) Cash outflow for this quarter = $1,000

c) Cash inflow in the third quarter = $550

d) Net working capital in the next quarter = $550

Explanation:

a) Production of chain-letter kits for the quarter = 100 units

Total production cost (outlay) = $1,000 (100 * $10)

Sales in the second quarter = $550 (50 * $11)

Sales in the third quarter = $600 (50 * $12)

Cash collections:

Third quarter = $550

Fourth quarter = $600

a) Net income for the next quarter:

Sales revenue = $550

Production cost   500 ($1,100 * 50/100)

Net income =       $50 ($550 - $500)

b) Cash outflow for this quarter = $1,000

c) Cash inflow in the third quarter = $550

d) Net working capital in the next quarter = $550

gdp bình quân là gì ?

Answers

Answer:

what type of language is this ??

Research on the increasing rate of teenage pregnancy with research methods

Answers

Answer:

Ghana constitute to record high rate of Ap.Recent national report shows that 11percent of adolescent age 15 to 19 had had a live birth of which 3 percent with first child and 14 percent has began childbearing

69.5% teenage people are pregnance

K Company estimates that overhead costs for the next year will be $3,441,000 for indirect labor and $930,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 93,000 direct labor hours are planned for this next year, how much overhead would be assigned to a product requiring 5 direct labor hours

Answers

Answer:

$235.00

Explanation:

Calculation to determine how much overhead would be assigned to a product requiring 5 direct labor hours

Overhead assigned to direct labor hours=[($3,441,000 + $930,000)/93000 direct labor hours]*5 direct labor hours

Overhead assigned to direct labor hours=($4,371,000/93,000)* 5 direct labor hours

Overhead assigned to direct labor hours= $47 per direct labor hour* 5 direct labor hours

Overhead assigned to direct labor hours= $235.00

Therefore how much overhead would be assigned to a product requiring 5 direct labor hours will be $235

An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical products. Which of the following are other characteristics of this market structure?

a. Market control by many small firms
b. Difficult entry
c. Mutual interdependence
d. Market control by a few large firms
e. Mutual dependence

Answers

Answer:

The correct option is d. Market control by a few large firms.

Explanation:

An oligopolistic market structure can be described as a market structure in which there is a small number of large firms, and none of the large firms can prevent the other large firms in the market from wielding great power.

An oligopolistic market structure is there a market that is dominated and controlled by by a few large firms.

Therefore, the correct option is d. Market control by a few large firms.

Ayayai Corp. redeemed $158,000 face value, 12% bonds on April 30, 2022, at 102. The carrying value of the bonds at the redemption date was $142,674. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded.

Required:
Prepare the appropriate journal entry for the redemption of the bonds.

Answers

Answer and Explanation:

The journal entries are given below:

On 30-Apr

Bond Payable [$158,000]                  158,000  

Loss on Bond redemption [$161,160 - $142,674]                   18,486  

       Discount on bonds payable                    15,326

       Cash [$158,000 × 102%]                   161,160

[being the redemption of the Bond is recorded]  

Here the bond payable and loss is debited as it decreased the assets and increased the losses and credited the cash & discount on bond payable

Duane Miller wants to know what price home he can afford. His annual gross income is $67,200. He has no other debt expenses and expects property taxes and insurance to cost $320 per month. He knows he can get a 8.50%, 15 year mortgage so his mortgage payment factor is 9.85. He expects to make a 25% down payment. What is Duane's affordable home purchase price?
a. $107,929.
b. $158,793.
c. $138,207.
d. $209,139.
e. $179,665.

Answers

I think B I hope that helps!

convenient product is the product that is relatively inexpensive item that merits little shopping effort. Is it true or false?​

Answers

Answer: True

Explanation:

A convenient product is the product that is relatively inexpensive item that merits little shopping effort.

A convenient product refers to an inexpensive product which requires a little amount of effort from the consumer to purchase it. Some examples of convenience products include soft drink, bread, coffee.

Therefore, the statement given is true.

The short-run average total cost (ATC) curve of a firm will tend to be U-shaped because Group of answer choices larger firms always have lower per-unit costs than smaller firms. at low levels of output, AFC will be high, while at high levels of output, MC will be high as the result of diminishing returns. diminishing returns will be present when output is small, and high AFC will push per-unit cost to high levels when output is large. diseconomies of scale will be present at both small and large output rates.

Answers

Answer:

at low levels of output, AFC will be high, while at high levels of output, MC will be high as the result of diminishing returns.

Explanation:

In Economics, the law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.

The short-run average total cost (ATC) curve of a firm will tend to be U-shaped because at low levels of output, average fixed cost (AFC) will be high, while at high levels of output, marginal cost (MC) will be high as the result of diminishing returns.

This ultimately implies that, the average fixed cost (AFC) will be high at small (low-level) output rates while marginal cost (MC) will be high at large (high-level) output rates due to diminishing marginal returns.

As a result of the law of diminishing marginal returns, a business firm would experience some rising per unit costs in the short-run.

In conclusion, an increase in the level of output for a business firm will eventually lead to an increase in average total cost (ATC) and marginal cost (MC) due to the law of diminishing marginal returns.

Janice has been invited to appear on a home improvement show for the remodel of her summerhouse in Maine. Janice asks Mary to wallpaper her house in anticipation of the home improvement, and requests expensive custom wallpaper and a very intricate design application, for which the wallpaper would cost $5000, plus labor. Mary, excited for a very large job for her solo business, orders the intricate wallpaper and blocks off her calendar for the amount of time it will take to complete the job. After the paper has been ordered, Mary asks some friends to be available to complete the job in time for the show. Janice is informed that she will not be on the show and notifies Mary that she will not need the wallpaper.
a. Does Mary have a case for re-imbursement?
b. Under what legal theory might she prevail and what are her damages, if any?
c. What ethical theories might be applicable?

Answers

Answer:

sorry I don't know.

Explanation:

Yes, Mary has a legal cause of reimbursement Under the legal theory of ethical violation.

What is ethical violation?

A documented company's code of ethics, mission, vision, values, and culture are violated when something is spoken, published, or done that does so. Additionally, we are aware that moral transgressions laugh in the face of accepted social norms.

Most business professionals' ethical conduct is governed by codes of conduct. Business infractions including discrimination, safety issues, or poor working conditions are most frequently observed.

Additionally, fraud, theft, and conflicts of interest. Many of these cross the line into illegal territory that is dealt with outside the corporation and are not merely morally bad.

Customers may be charged for services they did not receive when there is improper or fraudulent billing. This occurs most frequently in professions where the person who pays the bill is different from the person who received the services.

Due to the frequency of this particular ethical breach, many insurance companies have started providing consumers with a list of services that may fall under this category, enticing them to report any irregularities.

Learn more about ethical violation, here

https://brainly.com/question/26382838

#SPJ5

what is the different between consumer and customer?​

Answers

Answer:

The customer is one who buys product produce while the consumer is one who takes benefit or uses the product.

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

Answers

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.

Petty Cash Record and Journal Entries On May 1, a petty cash fund was established for $137.50. The following vouchers were issued during May: Date Voucher No. Amount $ 3.40 13.00 5 3 auto repair (miscellaneous) 40.00 23.00 8.00 24.00 3.10 4.00 18.00 Purpose May 1 1 postage due 3 2 office supplies 7 4 drawing (Joy Adams) 11 5 donation (Red Cross) 15 6 travel expenses 22 7 postage stamps 26 8 phone call 30 9 donation (Boy Scouts)
Required:
1. Prepare the journal entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. .
2. Record the vouchers in the petty cash record. Total each column to determine the balance before replenishing the petty cash fund. When equired, enter amounts in dollars and cents
3. Prepare the journal entry to replenish the petty cash fund. Then record the amount in the petty cash record in part 2. If an amount box does not ire an entry, leave it blank.

Answers

Answer:

1. Dr Petty cash $137.50

Cr Cash $137.50

2. Dr Postage due $ 3.40

Dr Office supplies $13.00

Dr Auto repair (miscellaneous) $40.00

Dr Drawing (Joy Adams) $23.00

Dr Donation (Red Cross) $8.00

Dr Travel expenses $24.00

Dr Postage stamps $3.10

Dr Phone call $4.00

Dr Donation (Boy Scouts) 18.00

Cr Cash $136.50(

3. Dr Petty cash $1.00

Cr Cash $1.00

Explanation:

1. Preparation of the journal entry to establish the petty cash fund.

Dr Petty cash $137.50

Cr Cash $137.50

(Being to establish the petty cash fund)

2. Preparation of the journal entry to Record the vouchers in the petty cash record. .

Dr Postage due $ 3.40

Dr Office supplies $13.00

Dr Auto repair (miscellaneous) $40.00

Dr Drawing (Joy Adams) $23.00

Dr Donation (Red Cross) $8.00

Dr Travel expenses $24.00

Dr Postage stamps $3.10

Dr Phone call $4.00

Dr Donation (Boy Scouts) 18.00

Cr Cash $136.50

($3.40+$13+$40+$23+$8+$24+$3.10+$4+$18)

(Being to Record the vouchers in the petty cash record)

3. Preparation of the journal entry to replenish the petty cash fund.

Dr Petty cash $1.00

Cr Cash $1.00

($137.50-$136.50)

(Being to replenish the petty cash fund)

Terms of trade refers to: Group of answer choices The opportunity costs incurred in trade. The rate at which goods are exchanged. The degree to which one country has an absolute advantage. Which country pays the transportation costs when trade occurs

Answers

Answer:

The rate at which goods are exchanged.

Explanation:

It is the ratio of a country's export prices to import prices

Terms of trade = (export / import) x 100

export would comprise of goods and services produced in the US that are been sold to foreign countries

Import would comprise of foreign produced goods and services that are been sold in the US

Terms of trade that exceeds 100 is a positive economic indicator

for example let us assume export is $1000 and import is $500

terms of trade = (1000 / 500) x 100 = 200

The discount rate is a. the rate at which the Fed lends to banks. b. the rate at which public banks lend to other public banks. c. the percentage difference between the face value of a Treasury bond and what the Fed pays for it. d. the percentage of deposits banks hold as excess reserves.

Answers

Answer:

a. the rate at which the Fed lends to banks

Explanation:

The discount rate is the interest rate that are applied for measuring the present value of future cash flows

It is the rate where the federal reserve would lends to the financial insituation or bank

So as per the given options, the option a is correct

And, the other options should be considerd as wrong or incorrect

Cellestial Manufacturing Company produces Products A1, B2, C3, and D4 through a joint process. The joint costs amount to $200,000.
If Processed Further
Sales Value Additional
Product Units Produced at Split-Off Costs Sales Value
A1 3,000 $10,000 $2,500 $15,000
B2 5,000 30,000 3,000 35,000
C3 4,000 20,000 4,000 25,000
D4 6,000 40,000 6,000 45,000
Which product(s) should be sold at split-off to maximize profits in the short run?
a. Product A1
b. Product D4
c. Product B2
d. Products A1 and D4

Answers

Answer:

a. Product A1

Explanation:

Calculation to determine Which product(s) should be sold at split-off to maximize profits in the short run

Product A1

Additional Revenues=Sales Value-Sales value at split-Off

Additional Revenues=$15,000-$10,000

Additional Revenues=$5,000

Difference=Additional Revenues -Additional Costs

Difference=$5,000-$2,500

Difference=$2,500

Product A1 Additional Revenues Additional Costs Difference

$5,000 $2500 $2,500

Therefore the product that should be sold at split-off to maximize profits in the short run is Product A1 Which therefore means that company should sell now

Completing a Master Budget
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:
a. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:
Debits
Credits
Cash
$ 48,000
Accounts receivable
224,000
Inventory
60,000,
Buildings and equipment (net)
370,000
Accounts payable
$ 93,000
Capital stock
500,000
Retained earnings
_______
109,000
$702,000
$702,000
b. Actual sales for December and budgeted sales for the next four months are as follows:
December (actual)
$280,000
January
$400,000
February
$600,000
March
$300,000
April
$200,000
c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.
d. The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)
e. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month: advertising, $70,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,000 for the quarter.
f. Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.
g. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.
h. During February, the company will purchase a new copy machine for $1,700 cash. During March, other equipment will be purchased for cash at a cost of $84,500.
i. During January, the company will declare and pay $45,000 in cash dividends.
j. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.
Required:

Using the data above, complete the following statements and schedules for the first quarter:

1. Schedule of expected cash collections:
January
February
March
Quarter
Cash sales

$ 80,000







Credit sales

224,000







Total cash collections

$304,000







2. a. Merchandise purchases budget:




January

February

March

Quarter

Budgeted cost of goods sold

$240,000*

$360,000





Add desired ending inventory

90,000f







Total needs

330,000







Less beginning inventory

60,000







Required purchases

$270,000







___________

*$400,000 sales X 60% cost ratio =$240,000.

†$360,000 X 25% = $90,000.

b. Schedule of expected cash disbursements for merchandise purchases:




January

February

March

Quarter

December purchases

$ 93,000





$ 93,000

January purchases

135,000

135,000



270,000

February purchases









March purchases









Total cash disbursements for purchases

$228,000







3. Schedule of expected cash disbursements for selling and administrative expenses:




January

February

March Quarter
Salaries and wages
$ 27,000
Advertising
70,000
Shipping
20,000
Other expenses
12,000
Total cash disbursements for
selling and administrative expenses
$129,000
4. Cash budget:
January
February
March Quarter
Cash balance, beginning
$ 48,000
Add cash collections
304,000
Total cash available
352,000
Less cash disbursements:
Purchases of i nventory
228,000
Selling and administrative
expenses
129,000
Purchases of equipment
_____
Cash dividends
45,000
Total cash disbursements
402,000
Excess (deficiency) of cash
Financing: Etc.
(50,000)
5. Prepare an absorption costing income statement for the quarter ending March 31 as shown in Schedule 9 in the chapter.
6. Prepare a balance sheet as of March 31.

Answers

Answer:

heuer7eguejeu7 said she had a good to

At the end of the first year of operations, 6,400 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:
Direct materials $75
Direct labor 35
Fixed factory overhead 15
Variable factory overhead 12
Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

The unit manufacturing costs during the year were as follows:

Direct materials $75

Direct labor 35

Fixed factory overhead 15

Variable factory overhead 12

Number of units= 6,400

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).

Absorption method:

Unit product cost= direct material + direct labor + total unitary overhead

Unit product cost= 75 + 35 + 15 + 12

Unit product cost= $137

Total ending inventory cost= 137*6,400

Total ending inventory cost= $876,800

Variable costing method:

Unit product cost= direct material + direct labor + variable overhead

Unit product cost= 75 + 35 + 12

Unit product cost= $122

Total ending inventory cost= 122*6,400

Total ending inventory cost= $780,800

Expert Lawn Services offers customers a reduced price for lawn care if they pay for 6 months service in advance. In March 2020, 50 customers prepay $540 each for services to be provided from April through September. Expert recognizes revenue proportionately over the 6-month period. What is Expert's unearned revenue liability as of April 30

Answers

Answer:

the total unearned revenue be $22,500.

Explanation:

The computation of the unearned revenue liability is given below:

advance paid 540.00

Divided by tenure of services months 6.00

revenue to be recognized per month 90.00

Now unearned revenue for 30 april i.e. for five months 450.00

Multiply by no of customers 50.00

So, the total unearned revenue be $22,500.

Unearned Revenue liability refers to the amount received in advance for the services or product that has yet to be provided to the customers. The unearned revenue liability is $22,500.

What is revenue?

Revenue refers to the inflows of cash in a company by operating normal business activities. Net income is calculated by deducting costs from the revenues.  

The expert's unearned revenue liability is calculated as follows:

[tex]\begin{aligned}\text{Total revenue}&= \text{No. of customer }\times\text{ amount paid by each customer}\\&=50 \times \$540\\&=\$27,000\end{aligned}[/tex]

       

Revenue for the month of April is $27,000 divided by 6 months= $4,500

Unearned revenue liability is

[tex]\begin{aligned}\text{Unearned revenue liability}&= \text{Total Revenues }-\text{ Revenue earned for april}\\&=\$27,000 - \$4,500\\&=\$22,500\end{aligned}[/tex]

Therefore, the unearned revenue liability is $22,500.

Learn more about Revenue here:

https://brainly.com/question/8645356

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