Answer:
Consider the following calculations
Explanation:
Step 1. Given information
- Sales $7,270,000
- Gross profit 1,450,000
- Indirect labor 330,000
- Indirect materials 195,000
- Other factory overhead 90,000
- Materials purchased 5,100,000
- Total manufacturing costs for the period 6,170,000
- Materials inventory, end of period 480,000
Step 2. Calculation according to the following formulas.
a. Cost of goods sold = Sales-Gross profit = 7270000-1450000= $582000
b. Direct materials cost = 5100000-195000-480000= $4425000
c. Direct labor cost = 6170000-4425000-330000-195000-90000= $1130000
Answer:
higher under absorption costing than under variable costing.
Explanation:
Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.
Manufacturing costs can be defined as the overall costs associated with the acquisition of resources such as materials and the cost of converting these raw materials into finished goods. Manufacturing costs include direct labor costs, direct materials cost and manufacturing overhead costs.
In Business management, when the total units of goods produced by a business firm (manufacturer) exceed the total units of goods sold, net income will generally be higher under absorption costing than under variable costing.
Answer:
Federal Reserve.
Explanation:
Federal Reserve is a large central bank in Washington, D.C. that was founded in 1913. It lends money to other, smaller banks.
Answer:
A. Tuition $4,000
B. $8,665
Explanation:
A..Based on the information given the expenses that might qualify as deductions for AGI(ADJUSTED GROSS INCOME) is TUITION
The amount of the expenses that might
qualify as deductions for AGI is the tuition amount of $4,000 reason been that we were told that he spent the amount of $6,600 on tuition and secondly the AGI(ADJUSTED GROSS INCOME limitations are not higher than the unmarried return of the amount of $65,000
b. Calculation to determine How much of these expenses might qualify as deductions from AGI
Tuition$2,600
($6,600 − $4,000)
Add Books and course materials $1,500
Add Lodging $1,700
Add Meals $1,100
($2,200 × 50% cutback adjustment)
Add Laundry and dry cleaning $200
Add Campus parking $300
Add Auto mileage $1,265
(2,200 miles × $.575)
Total deduction from AGI $8,665
Therefore The Amount of the expenses that might qualify as deductions from AGI is $8,665
