Owners equity is $82365 - $70500 which gives $11365. Therefore when you add $70500 + $11365, this would give $82365.
Hutton Company reported a $750 unfavorable overhead variance on a recent performance report. This means that factory overhead was underapplied during the period.
<h3>What does an unfavorable overhead volume variance mean?</h3>
An unfavorable volume variance indicates that the amount of fixed manufacturing overhead costs applied (or assigned) to the manufacturer's output was less than the budgeted or planned amount of fixed manufacturing overhead costs for the same time period.
Unfavorable variance is an accounting term that describes instances where actual costs are greater than the standard or projected costs. An unfavorable variance can alert management that the company's profit will be less than expected.
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Answer:
Option "C" is the correct answer to the following question.
Explanation:
Cost of goods sold includes all types of expenses related to a product.
Any type of expenses during the year can be adjusted in the cost of goods sold for that product. underdeveloped or overdeveloped overhead can also be adjusted in the cost of goods sold for the particular year.
so the correct answer to the given statement is the Cost of Goods sold.
The statement "The main purpose of short-term planning is to meet your fixed expenses and plan for discretionary expenses. is true. Option A
<h3>Short-term planning: what is it?</h3>
Short-term planning is often expected to take a year or less. Your daily, weekly, monthly, even quarterly and annual objectives might be considered "short-term goals." They act as stepping stones to help you achieve your primary goal.
A short-term goal is anything you can accomplish in less than a year. Short-term goals might be as simple as reading two books per month, quitting smoking, exercising twice per week, developing a morning routine, etc. The claim is thus accurate.
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Answer:
<u>Net Income $ 494,000</u>
Explanation:
Cullumber Inc.
CVP income statement
For the Quarter Ended March 31, 2020.
Sales of $2,300,000
Variable
Cost of goods sold $941,000
Selling expenses 104,000
Administrative expenses 108,000
Total Variable Expenses $1153,000
Contribution Margin $ 1147,000
Fixed
Cost of goods sold $474,000
Selling expenses 77,000
Administrative expenses 102,000
Total Fixed Costs $ 653,000
Net Income $ 494,000
