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3 years ago

Cost of Goods Manufactured for a Manufacturing Company

Business

1 answer:

aniked [119]3 years ago

6 0

Answer:

Cost of goods manufactured $ 2567,400

Explanation:

Ethtridge Manufacturing Company

Statement of Cost of Goods Manufactured

For the Month Ended July 31

Direct materials $1,150,000

Direct labor 966,000

Total factory overhead 490,500

Total manufacturing costs $ 2606500

Add July 1 Work in process inventory, 316,400

Cost of Goods Available for manufacture $ 2922,900

Less July 31 Work in process inventory, 355,500

Cost of goods manufactured $ 2567,400

When we add the direct materials. direct labor and FOH we get the total manufacturing costs .

When the total manufacturing costs are added to the opening work in process inventory we get the cost of goods available for manufacture and we get the cost of goods manufactured by subtracting the ending work in process inventory from the cost of goods available for manufacture.

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Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000 th

mihalych1998 [28]

Answer:

Built-in gains tax is $13,020 .

Explanation:

The built-in gains tax is one levied against an S corporation that used to be a C corporation, or received assets from a C corporation.

Here,

Gain= $80,000

Loss= $10,000

Holds= $8,000

Income= $65,000

Corporate tax= 21%

To calculate the built-in gains tax, we will need to calculate the net gain of the corporation and multiply it by the tax rate.

= Built-in-gain - built-in-loss - unexpired NOL

80,000 - 10,000 - 8,000 = 62,000

Then

62,000 x 0.21 tax rate = 13,020

= 13,020

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3 years ago

Patagonia managers look for employees who actively participate in the sport they design products for (i.e. a surfboard shaper ha

pochemuha

Answer:

job requirements or qualifications

Explanation:

Job requirements or qualifications refers to the set of skills, abilities, work experience, educational background, hobbies, etc., that the company considers are necessary for a candidate to possess in order for him/her to successfully perform the tasks related to the job opening.

In this case, Patagonia uses personal hobbies and lifestyle as part of their requirements for applying for a job, other companies might focus more on leadership skills, education, experience, but it depends on the type of product or service that the company sells.

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3 years ago

Assume that the required reserve ratio is 20 percent. If the Federal Reserve buys $80 million in government securities from comm

Anni [7]

Answer: increase by $80 million, and the maximum money-lending potential of the commercial banking system will increase by $400 million

Explanation:

Based on the information given in the question, the money multiplier will be calculated thus:

Money multiplier = 1/Required reserve ratio

where,

Required reserve ratio = 20%

Money Multiplier will now be:

= 1/0.20

= 5

Therefore, the maximum money-lending potential will be:

= $80 million × 5

= $400 million

Therefore, the money supply will by $80 million, and the maximum money-lending potential of the commercial banking system will increase by $400 million

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3 years ago

As a result of a thorough physical inventory, Sheridan Company determined that it had inventory worth $320800 at December 31, 20

uranmaximum [27]

Answer:

Sheridan Company

The correct amount of inventory that Sheridan should report is:

= $367,100

Explanation:

a) Data and Calculations:

December 31 Inventory based on physical inventory = $320,800

Goods held on consignment by Herschel = 46,300

December 27, FOB destination goods ($22,000) 0

Correct amount of inventory that Sheridan should report $367,100

b) Goods on consignment are generally the property of the consignor (supplier) and not the consignee's (retailer's). Therefore, they must appear in the balance sheet of the consignor. Goods on FOB destination remain the property of the supplier until they reach the buyer's destination. This is why it is not included above.

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3 years ago

What are the three major responsibilities of the federal reserve?

Bumek [7]

The federal reserve influences U.S. monetary policy by influencing money and credit in the pursuit of full employment and stable prices. The Fed (Federal Reserve) also supervises the activities of banks and financial institutions to protect the safety of the financial industry. The Fed also provides financial services to the U.S. Government and generally oversees the nations payment system. And overall the Fed seeks to sustain and maintain the financial system by preventing and protecting against risk.

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3 years ago

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