Answer:
Instructios are listed below
Explanation:
Giving the following information:
Assume Pinkie started the year with 100 containers of ink (average cost of $ 9.10 each, FIFO cost of $ 8.60 each, LIFO cost of $ 8.00 each).
During the year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $21.75 each. Pinkie paid operating expenses throughout the year, a total of $ 5,000.
FIFO:
Sales= 600*21.75= 13,050
COGS= (100*8.60 + 500*10)= 5860
Gross profit= 7190
Operating expense= 5000
Net operating profit= $2,190
LIFO:
Sales= 13,050
COGS= (600*10)= 6000
Gross profit= 7,050
Operating expense= 5000
Net operating profit= $2,050
Average-cost
Sales= 13,050
COGS= [(9.10+10)/2]*600= 5730
Gross profit= 7,320
Operating expense= 5000
Net operating profit= $2,320
Answer: 1. W: Is it worth doing?,2. R: Is it real, 3. R: Is it real, 4. W: Can we win?,5.W: Can we win?-
Explanation:The R-W-W Framework is used to screen new products. R-W-W stands for:
Is it Real?
Can we Win?
Is it Worth doing? By matching each description to nthe correct R-W-W category, i have that
1) The new product would cost $12.50 to manufacture, and similar products sell for $9.00----- W: Is it worth doing?
2)Research shows that 85% of high school students enjoyed playing the new game.-----R: Is it real
3)The results of the last market survey showed only 35% of consumers were interested in the new product-----.
R: Is it real?
4)A smaller ergonomic mouse was used by 57% of data entry clerks who participated in the survey.
----W: Can we win?-
5)To manufacture the new product, the company may need to hire 10 more assemblers.-----W: Can we win?
Answer:
Explanation:
FASB amended the rules to improve the comparability of the information about business combinations provided in financial reports. A variable interest entity is a legal business.
The Financial Accounting Standards Board issued SFAS 141(R) in 2007 December, to substitute the SFAS 141. Evaluating the comment letters, articles and industry publications, they analyzed issues that were with SFAS 141 from the perspective of professionals, users and the FASB; it was evaluated 141(R) to ascertain these weaknesses and they were corrected with solutions been profound in 141(R).
Answer:
Variable overhead efficiency variance= $3,000 favorable
Explanation:
<u>To calculate the variable overhead efficiency variance, we need to use the following formula:</u>
Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate
Standard quantity= 3*15,000= 45,000 hours
Actual quantity= 44,000 hours
Standard rate= $3 per hour
Variable overhead efficiency variance= (45,000 - 44,000)*3
Variable overhead efficiency variance= $3,000 favorable
