Answer:
MEHTA COMPANY
Date Account Titles and Explanation Debit Credit
1-May Cash $4,000
Common stock $4,000
(To record capital investment)
Date Account Titles and Explanation Debit Credit
3 May Equipment $1,100
Account payable $1,100
(To record the purchase of equipment on account)
Date Account Titles and Explanation Debit Credit
13 May Rent expenses $400
Cash $400
(To record rent expenses)
Date Account Titles and Explanation Debit Credit
21 May Account receivable $500
Service revenue $500
(To record service revenue)
Vulture Sporting Goods reported the following data at March 31, 2010, with amounts adapted in thousands:
Vulture Sporting Goods Company
Income Statement
For the Year Ended March 31, 2010
(Amounts in thousands)
Net revenues........................ $174,000
Cost of goods sold................ 136,800
All other expenses................ 26,000
Net income........................... $ 11,200
Vulture Sporting Goods Company
Statement of Retained Earnings
For the Year Ended March 31, 2010
(Amounts in thousands)
Retained earnings, March 31, 2009............... $ 2,000
Add: Net income............................................ 11,200
Retained earnings, March 31, 2010............... $13,200
Vulture Sporting Goods Company
Balance sheet
For the Year Ended March 31, 2010
Assets
Current
Cash ............................... 1300
Account recievable ....................28200
Inventories............................... 37000
Other current assets.................5200
Total current assets.................71700
Property and equipment net..............6000
Other assets ..............................28000
Total assets..........................105700
Liabilities
Current liabilities.........................53000
Long term liabilities.....................12500
Total liabilities.............................65500
Stockholder,s equity
Common stock.....................27000
Retained earnings...............13200
Total stockholder's equity........................40200
Total liabilities and stockholder's equity.................105700
1. Compute Vultures current ratio. Round to two decimal places.
2. Compute Vultures debt ratio. Round to two decimal places.
Do these ratio values look strong, weak, ormiddle-of-the-road?
Answer:
1. 1.35
2. 0.62
Explanation:
1. Current ratio is Total current assets / Total current liabilities
= $71,700 / $53,000
= 1.35
2. Debt ratio is Total liabilities / Total assets
= $65,500 / $105,700
= 0.62
The above ratios are neither weak nor strong. They are middle-of-the-road values.
On January 1st, 2019, Pizza Company awarded 5 million of its no par common shares to key personal. The award is subject to forfeiture if employment is terminated within five years. On the grant date the market price of the shares was $10 per share. Which of the following journal entries is correctly made on December 31st, 2019 if any?
A. Debit Compensation Expense $10,000,000
Credit PIC-Excess Par $10,000,000
B. Debit Compensation Expense $10,000,000
Credit PIC-Restricted Stock $10,000,000
C. None of the above
D. Debit Compensation Expense $10,000,000
Credit Common Stock $10,000,000
Answer:
A. Debit Compensation Expense $10,000,000
Credit PIC-Excess Par $10,000,000
Explanation:
The total cost of the stock options granted is allocated to the respective years in which the stock compensation relates as below:
Total stock compensation=market value per share on grant date*number of stock options
Total stock compensation=$10*5,000,000=$50,000,000
compensation expense allocated per year=$50,000,000/5
compensation expense per year=$10,000,000
Increasing the promotional budget for a product in order to increase awareness is not advisable in the short run under which of the following circumstances? Select: 1Save Answer Production capacity is maxed out (200% plant utilization) and the company is stocking out of the product Accessibility is less than 80% Demand in the segment is increasing One or more competitor has increased price
Answer:
Increasing the promotional budget for a product in order to increase awareness is not advisable in the short run under which of the following circumstances?
Production capacity is maxed out (200% plant utilization) and the company is stocking out of the product.
Explanation:
Since the production capacity has been exceeded and the company is still running out of stock of the product, there will be no need to increase the promotional budget for the product in order to increase awareness, especially in the short-run. The implication of the scenario is that the demand for the product is far outstripping the supply and there is an apparent scarcity or shortage of the entity's product in the marketplace. Until production the capacity has been expanded, the promotional budget for product awareness can be stopped and saved.
Question 18 The thought process for a ________-centric company is "How many possible uses of this product?" The thought process for a ________-centric
Answer:
Product
Explanation:l
Please find attached the image showing the complete question
A product-centric company is a company that is more concerned about the products it offers to consumers in the market than the consumers of the product.
A consumer centric company is a company that is mostly concerned about the consumers of its products.
An investor goes short against the box to lock in a gain on a stock position that has been held for 11 months. 3 months later, the investor closes the short position with his long shares. Which of the following statements are TRUE?I. The holding period of the underlying stock stopped counting as of the short sale dateII. The holding period of the underlying stock stopped counting as of the delivery to cover the short positionIII. The gain will be taxed as a short term capital gainIV. The gain will be taxed as a long term capital gainA. I and IIIB. I and IVC. II and IIID. II and IV
Answer: I and III
Explanation:
From the question, we are informed that investor goes short against the box to lock in a gain on a stock position that has been held for 11 months. 3 months later, the investor closes the short position with his long shares.
The options that are true are:
• The holding period of the underlying stock stopped counting as of the short sale date.
• The gain will be taxed as a long term capital gain.
What are the portfolio weights for a portfolio that has 134 shares of Stock A that sell for $44 per share and 114 shares of Stock B that sell for $34 per share? (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., .1616.)
Answer:portfolio weights -A=0.6034; B=0.3966
Explanation:
Total value of stock A = no. of shares * market value per share
= 134 x $44= $5,896
Total value of stock B = 114 x $34 = $3,876
Weight of stock A = Total value of stock A / ( Total value of stock A+Total M value of stock B)
= 5,896/ (5896+3,876 )
= 5,896/9,772
= 0.6034
Weight of stock B =Total value of stock B / ( Total value of stock A+Total value of stock B) OR 1 - Weight of stock A
=3,876 / (5896+3,876 )
=3,876 //9,772
= 0.3966
OR 1-0.6034 =0.3966
what is the amound and classification of any afs investment securities reported in the balaance sheet
Answer:
hello your question is incomplete attached below is the complete question
answer : classifications : current assets and Non current assets
Amounts : short-term investments = $2798.30 for 2006 and $6052.30 for 2005
cash and cash equivalent = $5914.70 for 2006 and $9586.30 for for 2005
Investments = $7788.20 for 2006 and $1107.9 for 2005
Explanation:
The classification and amount of any investment as reported in the balance sheet is as below
current assets classification
short-term investments = $2798.30 for 2006 and $6052.30 for 2005
cash and cash equivalent = $5914.70 for 2006 and $9586.30 for for 2005
Non-current assets
Investments = $7788.20 for 2006 and $1107.9 for 2005
Note: cash and cash equivalents is used to describe investments with maturity dates less than 3 months
Dean brings up the ambiguity branch managers at First National Bank face. He believes senior leadership needs to make the managers' most important priorities clear. This thinking most closely resembles which principles?
Answer:
Functional Principles
Explanation:
When it comes to proper organization in businesses, there are several principles that should be adhered to in order to achieve proper functioning. The functional principle indicates that the roles of every person in a department, be it managers or subordinates, must be properly explained to them in order to achieve smooth operations in the business.
When roles and responsibilities are properly explained, each person becomes aware of the expectations from him at every point in time. This in turn allows for efficiency in the discharge of duties. So, when Dean explains that the role of the manager should be properly explained, he is making reference to the functional principle.
Woodridge Corporation manufactures numerous products, one of which is called Alpha-32. The company has provided the following data about this product: Unit sales (a) 75,000 Selling price per unit $ 76.00 Variable cost per unit $ 61.00 Traceable fixed expense $ 1,325,000 Management is considering increasing the price of Alpha-32 by 7%, from $76.00 to $81.32. The company’s marketing managers estimate that this price hike would decrease unit sales by 6%, from 75,000 units to 70,500 units.Assuming that the total traceable fixed expense does not change, what net operating income will product Alpha-32 earn at a price of $81.32 if this sales forecast is correct?
Answer:
Woodridge Corporation
The net operating income of Alpha-32 at a price of $81.32 is:
$107,560
Explanation:
a) Data and Calculations:
Normal Change
Unit sales 75,000 70,500
Selling price $76.00 $81.32
Total Sales $5,700,000 $5,733,060
Variable cost 4,575,000 4,300,500
Fixed costs 1,325,000 1,325,000
Total costs $5,900,000 $5,625,500
Net income/Loss ($200,000) $107,560
b) Woodridge Corporation will be posting a net operating income of $107,560 against the earlier net loss of $200,000 under the old pricing regime. This suggests that it pays the company better to increase the price of its Alpha-32 and incur some unit sales reduction than to continue with the former unit sales of 75,000 with an operating loss of $200,000.
Outstanding debt of Home Depot trades with a yield to maturity of %. The tax rate of Home Depot is . What is the effective cost of debt of Home Depot?
Answer:
5.6%
Explanation:
A lot of information is missing, so I looked for similar questions to fill in the blanks:
"Outstanding debt of Home Depot trades with a yield to maturity of 8%.
The tax rate of Home Depot is 30%.
What is the effective cost of debt of Home Depot?"
the effective cost of debt or after tax cost of debt = debt's yield to maturity x (1 - tax rate) = 8% x (1 - 30%) = 8% x 0.7 = 5.6%
Interest is tax deductible, therefore, it creates a tax shield that lowers net interest expense.
stacy wants to be able to to run reports in quick books online that will tell her whcih verdors provide the best prices on the pruducts she sells. what 2 vendor workflows will enable her to create reports with this data?
Answer:
The answer is below
Explanation:
QuickBooks online is widely known as a software tool often used for accounting or financial operations. It can be used to monitor income and expenses.
Therefore, in this case, the two (2) Vendor workflows that will enable her to create a report with his data are the following:
1. Create a bill with product/service items > pay bills
2. Create expense with product/service items
Magnus Industries has the following data:
Beginning raw materials inventory $75,000
Materials purchased 40,000
Ending raw materials inventory 60,000
Calculate the cost of raw materials used.
Answer:
$55,000
Explanation:
Beginning raw material $75,000
Add: Purchases $40,000
Less: Ending raw material inventory $(60,000)
Raw material used $55,000
Suppose a firm faces an identical inverse demand curve of pequals 140minusq for each consumer in the market. Currently, the firm's average cost equals marginal cost equals $40 . Determine the profit-maximizing price and identical lump-sum fee to charge with a two-part tariff LOADING... . The profit-maximizing price to charge is $40 . (Enter a numeric response using a real number rounded to two decimal places.) The profit-maximizing lump-sup fee to charge is $70 . (Enter a numeric response rounded to the n.
Complete Question:
Suppose a firm faces an identical inverse demand curve of P= 140-Q for each consumer in the market. Currently, the firm's average cost = marginal cost = $40.
Determine the profit-maximizing price and identical lump-sum fee to charge with a two-part tariff
The profit-maximizing price to charge is $ ____?
Identical lump- sum fee ___?
Answer:
Price is $40
Identical lump- sum fee is 5000.
Explanation:
Here
P = 140 - Q
This means
Maximum price the customer is willing to pay is $140
Average Cost = Marginal Cost = $40
This will be the price the firm will charge in two part tariff. Hence,
Price per Unit = $40 per Unit
By putting the above values, we have:
40 = 140 - Q
Q = 140 - 40
Q = 100 Units
Now, the consumer surplus can be calculated using the following formula:
Consumer Surplus = 1/2 * (Max. Price that the customer is willing to pay - Market Price) * Quantity
Consumer Surplus = 1/2 * ($140 - $40) * 100 Units = 5000
Ford Motor Company had realized returns of 5%, 15%, −15%, and −5% over four quarters. What is the quarterly standard deviation of returns for Ford?
a. 32.86%.
b. 24.65%.
c. 30.12%.
d. 27.39%.
Answer: 12.91%
Explanation:
The mean is;
= (5% + 15% - 15% - 5%)/4
= 0
Standard deviation = √((∑(Return-mean)^2)/[time period-1])
= (√((5-0)^2 + (15-0)^2 + (-15-0)^2 + (-5-0)^2)/ (4 -1))
= √((25% + 225% + 225% + 25% ) / 3 )
= √(500/3)
= 12.91%
NB - Options are for a different question.
Three groups that participate in the process of establishing gaap are users, preparers, and auditors. these groups are represented by various organizations. for each organization listed below, indicate which of these groups it primarily represents.a. securities and exchange commissionb. financial executives internationalc. american institute of certified public accountantsd. institute of management accountantse. association of investment management and research
Answer:
Find the answer below
Explanation:
A.securities and exchange commission. - SEC primarily represents USERS
b. Financial executives international - This primarily represents PREPARERS
c. American institute of certified public accountants - This primarily represents AUDITORS
d.Institute of management accountants - This primarily represents PREPARERS
e. Association of investment management and research -This primarily represents USERS
Tulip Midwifery's cost formula for its wages and salaries is $3,390 per month plus $480 per birth. For the month of January, the company planned for activity of 156 births, but the actual level of activity was 163 births. The actual wages and salaries for the month was $82,141. The wages and salaries in the flexible budget for January would be closest to:______.a. $82,141.b. $108,711.
c. $109,151.
d. $108,630.
e. $104,202.
Answer:
$81,630
Explanation:
Cost formula for the wages and salaries = $3,390 per Month + $480 per Birth
Where;
Planned number of activity = 156 births
Actual level of activity = 163 births
Therefore, the wages and salaries in the flexible budget for January is calculated below;
= ($3,390 * 1) + ($480 * 163)
= $3,390 + $78,240
= $81,630
Answer:
Total cost= $81,630
Explanation:
Giving the following information:
Tulip Midwifery's cost formula for its wages and salaries is $3,390 per month plus $480 per birth. The actual level of activity was 163 births.
The flexible budget will show the standard costs and actual activity.
Flexible budget:
Total cost= 3,390 + 480*163
Total cost= $81,630
Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he attended, which is considered a public charity. Richard has owned the shares for 10 years.
1. How is this contribution treated on Richard's tax return?
2. Assuming his adjusted gross income is at least $50,000, Richard can to deduct $_____on his Schedule A.
3. However, Richard may elect to use the 50 percent AGI limitation and deduct $_______.
Answer:
1. How is this contribution treated on Richard's tax return?
Richard can deduct this donation as a qualified contribution to a charity.
2. Assuming his adjusted gross income is at least $50,000, Richard can deduct $15,000 on his Schedule A.
Qualified contribution deductions of long term capital gains are limited to 30% of AGI, and in this case, Richard can deduct the full amount.
3. However, Richard may elect to use the 50 percent AGI limitation and deduct $1,000.
Richard can elect to deduct only the basis of the stock, but who likes to pay more taxes?
At December 31, 20X4, MJB Co. had the following deferred income tax items: • • A deferred income tax liability of $15,000 related to a noncurrent asset A deferred income tax asset of $3,000 related to a current liability A deferred income tax liability of $8,000 related to a current asset Which of the following should MJB report in the noncurrent section(s) of its December 31, 20X4 balance sheet? a. DTL of $8,000 in Noncurrent Liabilities, DTA of $3,000 in Noncurrent Assets b. Net DTA of $3,000 in Noncurrent Assets c. Net DTA of $5,000 in Noncurrent Assets d. Net DTL of $20,000 in Noncurrent Liabilities e. Net DTL of $5,000 in Noncurrent Liabilities
Answer:
Moonligh Bay Resorts will report a Non-current liability of $126 million
Explanation:
The step is to determine the classification of the items in the balance sheet
This is done as follows
Description Amount ($)
Total Deferred Tax liability (168 million + 120 million) 288 million
(Deferred tax liabilities related to
both current and non-current assets)
Total Deferred tax asset (102 million + 60 million) (162 million)
The net deferred tax liability 126 million
Since, under the International Financial Reporting Standards Deferred Tax Liability is a Non-current liability, it means Moonligh Bay Resorts will report a Non-current liability of $126 million
Consider the way that you use financial services and the way in which you embrace technology. Have you any preferences of continuing to use paper-based systems? If yes, Why?
Answer:
No, I don't have any preference for using any paper based systems.
Explanation:
The reason why I don't have any preference for paper based system is as under:
It is time to embrace technological advancements and managing our financial records using softwares, fintech technology and accounting softwares has made the record keeping much easier than before. The biometric technology can help in authenticating the records and physical presence can also be authenticated via a video of the person using the biometric system. This has enabled the companies to lower its paper usage significantly and now, we can rely on a new green technology that would resolve our numerous issues along with deforestation. Other factors are Editing issues, cost of transporting data, ethical trading, Accuracy of record keeping, Correction traceable, Cost of managing information, etc.Which of the following is an example of a type of inventory management activity? a) JIT or just-in-time inventory control system, b) RFI or radio frequency identification systems, c) EOQ or economic order quantity formulas, d) All of the above
Answer: All of the above
Explanation:
Inventory management system simply means managing inventory in a way that its cost will be reduced while output will be maximized. Just in time simply has to do with when sticks are provided by the supplier at the particular time they're needed.
Radio frequency identifications system helps track a product from a location to another. EOQ is used to is calculate order cost so as to choose the lead and affordable one.
Therefore, all the options are right.
Suppose a -year, bond with annual coupons has a price of and a yield to maturity of . What is the bond's coupon rate? The coupon rate is nothing%. (Round to two decimal places.)
Complete Question:
Suppose a five-year, $1000 bond with annual coupons has a price of $903.35 and a yield to maturity of 5.6%. What is the bond's coupon rate?
Answer:
3.396% Approximately
Explanation:
We can calculate the coupon interest by using the formula given in the attachment.
Now, here we have:
F is the Face value which is $1000
P is the price of the bond which in this case is $903.35
C is the Coupon interest
n are the number of years which is 5 years in this case
Yield to Maturity is 5.6%
By putting the values in the given equation we have:
5.6% = [C + ($1000 - $903.35)/5 years] / [($1000 + $903.35)/2]
5.6% = [C + 19.33] / [951.675]
0.056 * 951.675 = C + 19.33
53.2938 = C + 19.33
C = 53.2938 - 19.33
C = $33.96 approximate estimate.
Now we will find the coupon rate by using the following formula:
Coupon Rate = Coupon Interest / Face Value
By putting values, we have:
Coupon Rate = $33.96 / $1000 = 3.396% Approximately.
Accurate Coupon interest can be calculated using excel. The above answer gives minor difference in decimal points.
The bond coupon rate when all things are given so it should be closest to the 3.396%.
Calculation of the bond coupon rate:Since
F is the Face value = $1000
P is the price of the bond = $903.35
C is the Coupon interest
n are the number of years = 5 years
Yield to Maturity = 5.6%
Now
5.6% = [C + ($1000 - $903.35)/5 years] / [($1000 + $903.35)/2]
5.6% = [C + 19.33] / [951.675]
0.056 * 951.675 = C + 19.33
53.2938 = C + 19.33
C = 53.2938 - 19.33
C = $33.96
Now the coupon rate is
Coupon Rate = Coupon Interest / Face Value
Coupon Rate
= $33.96 / $1000
= 3.396%
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What QuickBooks activity comes next in this series of business activities: Create Invoice > Receive Payments >
Answer:
Deposit
Explanation:
QuickBooks is generally, a computer application which is mainly used for the purpose of carrying out business' accounting operation. It can perform various accounting business functions, amongst which is the deposit of funds.
The activity process described above indicates how to carry out the Deposit of funds in Quickbooks.
Hence, in this case, the QuickBooks activity that comes next in this series of business activities: Create Invoice > Receive Payments > DEPOSIT.
To make the most efficient use of manpower and equipment, what form of production should a company use
Answer:
Level form of production
Explanation:
The options available are "a. On demand, b. Level, c. Variable, d.None of the above"
Level form of production uses manpower and equipment in the most efficient manner. It maintains a steady employment level and production rate. It may raise or lower the inventory levels based on the anticipated demand. It anticipates the demand and set itself accordingly to maintain the efficient use of manpower and equipment.
You are CEO of Eastco, and you recently paid $58,000 or about 2x revenue (well under industry average) to purchase Westco, which makes a product nearly identical to yours. This move will allow you to operate in both regions (East and West) of the country.
If you combine the markets, the total Fixed Cost would be $11,000 per month, and your larger purchase size will allow you to advantageous terms for your raw materials, meaning VC will be $4 per unit.
Demand and MR in the combined market is as follows: Qd = 600 - 6P
MR = 100 - 0.333Q
a) Compute your profit in the combined market.
Additional analysis shows that demand and fixed costs are different in the 2 regions.
The West has the following demand and MR:
Qd = 300 - 4P
MR = 75 - 0.5Q
Fixed costs associated with operating in the West are $5000/month. While the East is a less price sensitive market:
Qd = 300 - 2P
MR = 150 - Q
Fixed costs associated with operating in the East are $6000/month.
The area manager from the East suggests you use a strategy that charges each market a separate price. If you operate in separate markets, the VC associated with each unit is $5.
b) Calculate your profits using this strategy. What is this strategy called?
c) What strategy do you suggest in the Long Run?
Answto be honest I really don’t know er:
Explanation:
Insider trading is seen as a threat to the functionality of the financial markets. Write a short paragraph describing why this is so.
Answer:
insiders can cheat the market.
Explanation:
They can do things on the inside to make a stock go up or down. this can be an advantage to buying in low and selling high. Elon Musk did something similar, (put this in your answer for a kick) as he used his social influence to lower his stock, by saying its "overpriced" making people sell it. when the stock fell, more investors used the buying in low strategy, and he split the stock to allow smaller investors to buy into the stock, giving him 8 BILLION dollars in one market day. (I LOVE THE STOCK MARKET, IF YOU WANT TO LEARN POST A COMMENT AND I WILL TEACH YOU A LOT!!)
You find a certain stock that had returns of 14 percent, −11 percent, 21 percent, and 22 percent for four of the last five years. The average return of the stock over this period was 12 percent.
What was the stock’s return for the missing year? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Stock’s return %
What is the standard deviation of the stock’s returns? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Standard deviation %
Answer and Explanation:
The calculations of the stock return for the missing year is shown below:
a. Let us assume the fifth year stock return be x
As we know that
Average rate of return = Total returns ÷ number of years
0.12 = (0.1 - 0.11 + 0.21 + 0.22 + x) ÷ 5
So after solving this, the x is 14%
b. Now the standard deviation of the stock return is presented in the excel spreadsheet
The standard deviation is 13.40%
What are the two types of memory on a computer? *
Answer:
The two types of memory on a computer are 1)Read only memory (ROM) 2)Random access memory (RAM)
There are two types of memories in a computer which are present so that the data can be stored. They are:
Read only memory (ROM)
Random access memory (RAM)
What is the memory of the computer?Just like a human mind, a computer also has memory. When a human loses memory, they are used as memory so that they can keep the data in their mind as a record and use it whenever they want to use it by recording it.
Just like this, in the case of a computer, memory is the term that is used to keep the data safe. It is not possible for each and everyone to remember all the things for their whole lifetime.
In the case of a computer, there are two types of memory: ROM and RAM. According to their names, these are the memories that work and record the data and keep the data safely.
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The Discount on Bonds Payable account is: A. A liability. B. A contra liability. C. A contra expense. D. An expense. E. A contra equity.
Answer:
B. A contra liability
Explanation:
A contra liability account is an account that is paired with another liability account and used to reduce the liability in that account. The Discount on Bonds Payable, decreases the Value of Bonds.
Strategic Review Process Element
We have to consider how our actions will affect local neighborhoods. Last year there were three "occupy" protests downtown. a. Scenario building
b. Stakeholder mapping
c. New strategic projects
d. Trend Analysis
If banking regulations start to tighten up, we will work on developing our remote deposit and other services that will allow banking customers easier access to us. But if banking regulations get looser, we will branch out into other types of financial services, including insurance, venture capital, and underwriting new bond issues. a. Scenario building
b. Stakeholder mapping
c. Contextual intelligence
d. Contingency planning
We’ve seen a 3% increase in the amount of money held in our bank’s liquid accounts every year since the recession began in 2008.
a. Scenario building
b. Stakeholder mapping
c. Trend analysis
d. Contingency planning
Answer:
b. Stakeholder mappingd. Contingency planningc. Trend analysisExplanation:
1. Stakeholder mapping refers to looking into the the parties that have an interest in a project whether internally or externally. The narrator speaks of how their actions will affect local neighborhoods thereby acknowledging the people in the neighborhood as stakeholders whose interests they need to be mindful of.
2. Contingency planning refers to making alternative plans in case one fails. This is what the narrator alludes to in the text by posing solutions to the tightening or loosening of banking regulations.
3. Trend analysis is used to measure the change in variables overtime. The narrator here speaks on how the amount of money in the bank has increased by 3% every year since 2008 which means they are comparing variables overtime.
Glenville Company has the following information for April: Cost of direct materials used in production $38,000 Direct labor 51,000 Factory overhead 37,000 Work in process inventory, April 1 24,000 Work in process inventory, April 30 29,000 Finished goods inventory, April 1 23,000 Finished goods inventory, April 30 17,000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured.
Answer:
cost of goods manufactured= $121,000
Explanation:
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 24,000 + 38,000 + 51,000 + 37,000 - 29,000
cost of goods manufactured= $121,000