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BlackZzzverrR [31]
1 year ago
12

At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at

$ 16 per unit:
Required:
(a) Assuming the use of a periodic inventory system, prepare a summarized income statement through gross profit for the month of January under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. Round the average cost per unit to the nearest cent. Show the inventory computations in detail.
Business
1 answer:
Korvikt [17]1 year ago
8 0

    Average     FIFO         LIFO                   Specific        

                                                                                              Identification

Sales                             $ 3,840      $3,840       $3,840              $ 3,840                        

Less: Cost of                 2,256         2,040         2,560                 2,060

Goods Sold

Gross Profit                  $ 1,584        $1,800       $1,280               $ 1,780      

The income statement shows a company's expenses, income, gains, and losses, which can be put into a mathematical equation to arrive at the net profit or loss for that time period.

The balance sheet and income statement represent important information regarding the financial performance and health of a business. An income statement assesses the profit or loss of a business over a period of time, whereas a balance sheet shows the financial position of the business at a specific point in time.

The income statement presents revenue, expenses, and net income. The components of the income statement include revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

Learn more about Income statements here brainly.com/question/24498019

#SPJ4              

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Time Remaining 1 hour 8 minutes 42 seconds01:08:42 Item 5 Time Remaining 1 hour 8 minutes 42 seconds01:08:42 Crich Corporation u
emmasim [6.3K]

Answer:

under-applied overheads is $1,340

Explanation:

Note : I have attached the full question/similar as an image below.

Actual Overheads   = $594,960

Applied Overheads = $594,960 / 22,200 x 22,150 = $593,620

Since,

Actual Overheads  > Applied Overheads, overheads have been under-applied.

Amount of under-applied overheads is $1,340 ($594,960 - $593,620).

5 0
2 years ago
Suppose you are a manager of a firm that operates in a duopoly. Recently, the state attorney general fined you and your competit
postnew [5]

Answer and Explanation:

When there is price fixing between two competitors, if one competitor chooses to fix the price it should not exceed competutors marginal cost and should be above his marginal cost.

Since the price fixing of $10 will be fined then the ideal price to maximize the profit would be below the competitors price $ and above his marginal cost $.

The ideak price to maximize profits would be (competitors price $ + his marginal cost $)/2, This price would be above his marginal cost and below competitors price.

3 0
3 years ago
Executive Solutions is a strategy consulting firm. Other than the senior leadership (who manage the firm, but do not actively co
saveliy_v [14]

Answer:

Income(Loss) $960,600;($397,400)

Explanation:

EXECUTIVE SOLUTIONS

Budgeted Income Statement

May June

Revenues:

Managers$1,231,900 $795,400

Staff $3,171,900 $2,250,400

Total revenue (i)$4,403,800 $3,045,800

Expenses:

Manager

compensation$749,300 $749,300

Staff compensation$1,558,400 $1,558,400

Total

compensation (ii)$2,307,700 $2,307,700

SG&A $553,500 $553,500

Depreciation $228,500 $228,500

Marketing $353,500 $353,50

Total

expenses (iii)$1,135,500 $1,135,500

Income(Loss)

(i)-(ii)-(iii) $960,600 ($397,400)

BMay June

Revenues:

Managers

[1,270 hours x $ 970] $1,231,900

[820 hours x $970] $795,400

Staff

[ 6,540hours x $485] $3,171,900

[4,640 hours x $485] $2,250,400

Expenses:

Manager compensation$749,300 $749,300

[2,540 hours x $295]

Staff compensation $1,558,400 $1,558,400

[9,740 hours x $160]

5 0
3 years ago
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance a
Sauron [17]

Answer:

a. No journal entry required.

Explanation:

a. No journal entry required.

b. No journal entry required.

c. DR - Rent Expense -  $20

  CR - Cash - $20

d. Cash (DR) 7,955

  DR - Collection expense - $45

  CR - Notes Receivable - $8,000

e. DR - Accounts Receivable-E. Shaw - $ 805

   CR - Cash - $805

f. DR - Misc Expenses - $25

  CR - Cash - $25  

g. No journal entry required.

i. No journal entry required.

5 0
3 years ago
Read 2 more answers
Name a form of ownership that is represented by South African broadcasting corporation (SABC) and outline four characteristics o
TEA [102]

Answer:

State ownership

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The characteristics of a state ownership are;

1) State ownership means that the government is the owner, or part owner of the establishment, where part ownership belongs to the public

2) The main purpose of a state owned business is not to make profit, but rather to provide public welfare, that benefits the residents of the country

3) The profits from the business are entered into the treasury of the state and are used to carry out public welfare projects

4) The employees of the government are the managers of the establishment which is subject to bureaucracy, and the business is operated with a state selected board of directors

5) The government determines the manner of stability present in the business, as well as the winding up of state owned businesses that have no function

6) The state owned business is operated by the laws and policy if the business and it is therefore recognized as an autonomous body

6 0
2 years ago
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