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2 years ago

An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a:

1 answer:

8 0

An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a single step income statement.

A financial statement that outlines the company's revenue and outlays is called an income statement. It also displays a company's profitability or loss over a specific time frame. You can better comprehend the financial health of your company by using the income statement, balance sheet, and cash flow statement.

An overview of a company's revenue and expenses is provided by a single-step income statement. This uncomplicated report simply summarizes a company's bottom-line net income, expenses, and revenue.

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A company uses a process cost accounting system. The following information is available regarding direct labor for the current y

Serhud [2]

Question:

A company uses a process cost accounting system and the weighted average method for inventory costs. The following information is available regarding direct labor for the current year:

goods in process, January 1 5,500 units 80% complete

goods in process December 31 8,800 units, 40 complete

units completed and transferred 46,900 units

to finished goods

direct labor costs during the year $266,300

(a) Calculate the equivalent units of production for direct labor for the year.

(b) Calculate the average cost per equivalent unit for direct labor (round to the nearest cent).

Answer:

Total equivalent unit= 41,040 units

Cost per equivalent units=$ 6.48

Explanation:

Equivalent units

Item Units Equivalent unit

Transferred out 46900× 80% = 37,520

Closing inventory 8,800 × 40% = 3,520

Total equivalent unit 41,040

Cost per equivalent units

Cost per equivalent units = Total labour cost/ total equivalent unit

= $266,300 / 41,040 units =$ 6.5

Cost per equivalent units=$ 6.5

5 0

3 years ago

HAPPY THANKSGIVING... please take this time and think about what you are thankful for, and look back on all the happy memories y

umka2103 [35]

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4 0

3 years ago

Read 2 more answers

Assume anderson general store bought, on credit, a truckload of merchandise from american wholesaling costing 23400. if anderson

Amiraneli [1.4K]

Answer:

Explanation:

Cost of inventory = Purchase cost + Transportation cost - Purchase return - Purchase discount

Purchase cost = 23,400

Transportation cost = 690

Purcahse return = 1300

Purchase discount = (23400 - 1300)*3% = 663

Cost of inventory = 23,400 +690-1300-663 = 22,127

6 0

3 years ago

Westside Manufacturing Co.'s budget at 6,000 units of production includes $36,000 for direct labor and $3,000 for electric power

hoa [83]

Answer:

variable costs of $45,500 and $33,000 of fixed costs

Explanation:

The computation of the variable cost and the fixed cost is shown below:

The fixed cost is $33,000

And, the variable cost is

= 39,000 ÷ 6,000 units × 7,000 units

= $45,500

Therefore variable costs of $45,500 and $33,000 of fixed costs

Hence, the same is to be considered and relevant

3 0

3 years ago

Sears, Roebuck and Company was a pioneer in: a. providing electric power for New York City b. manufacturing cheap, practical clo

Serjik [45]

Option C

Sears, Roebuck and Company was a pioneer in: selling goods by mail

Explanation:

The endurance of Sears has traversed and incorporated the emergence of contemporary American purchaser habits. Sears berthed the platform for today’s omnipresent online marketplace by their fabulous inventory and the colossal mail-order deals it performed for above a centenary.

Mail-order firms like Sears held capable to enter underserved pastoral regions by pitching on modish foundations, such as the tracks that connected far-flung sections of the nation. It taught millions of purchasers regarding mail-order systems, such as transportation, payment methods, exchanges, and replacements.

8 0

3 years ago