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Karolina [17]
3 years ago
14

(1 pt.) Bell, Inc. buys 1,000 computer game CDs from a distributor who is discontinuing those games. The purchase price for the

lot is $8,000. Bell will group the CDs into three price categories for resale, as indicated below: Group No. of CDs Price per CD 1 100 $5 2 800 10 3 100 15 Instructions: Determine the cost per CD for each group, using the relative sales value method. CDs
Business
1 answer:
natali 33 [55]3 years ago
7 0

Answer:$4, $8, $12

Explanation: we will first find the sales value of each CD price group

Group CD1= 100x5/(100x5+800x10+10015)  = $500/$10,000= 0.05X 100= 5%

Group CD 2  = 10x800/ (100x5+800x10+100x15) =$800/%10,000= 0.8X 100=80%

Group CD 3 = 100x15/(100x5+800x10+100x15)= $1500/ $10,000 = 0.15X 100%=15%

So the costs per CD are:

CD 1= 8000 X.05/100= $4.00

CD 2=8000 x 0.80/800= $8.00

CD 3= 8000x 0.15/100= $12.00

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Jones Corp. reported current assets of $196,000 and current liabilities of $138,500 on its most recent balance sheet. The curren
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Answer:

0.74

Explanation:

Jones corporation reported a current assets of $196,000

The current liabilities is $138,500

The current assets consists of $61,000 cash , account receivable= $42,100, inventory= $92,900

Therefore the quick ratio can be calculated as follows

= cash + account receivables

= $61,000 + $42,100

= $103,100

$103,100/$138,500

= 0.74

Hence the acid test(quick ) ratio is 0.74

4 0
3 years ago
""The average daily rate charged by member banks for overnight loans of reserves" best describes the:"
Elodia [21]

Answer:

Federal funds rate

Explanation:

Federal funds rate is the interest rate at which commercial banks borrow and lend their excess reserves to each other overnight.

8 0
3 years ago
James company is paid $6,000 in dividends from mark corp. on its equity investment. james lacks significant influence over mark
Darina [25.2K]

James Company is paid $6,000 in dividends from Mark Corp. on its equity investment. James lacks significant influence over Mark Corp. James Company should-----credit dividend revenue

<h2>Dividend Revenue Definition:</h2>

A dividend is defined because the fraction of the earnings of an organization that will be distributed among shareholders. Dividend revenue is that the income the individual shareholders or investors would receive according to the number of shares held.

<h3>Where is dividend in balance sheet?</h3>

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Learn more about dividend :

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5 0
1 year ago
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or f
Alex17521 [72]

Answer:

Identification of True or False Statements:

1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.

A. True

2. A process cost system is used when each finished unit is indistinguishable from another.

A. True

3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting.

A. True

4. In a process cost system, costs are tracked by individual jobs.select between

False

5.Job order costing and process costing track different manufacturing cost elements.

B. False

6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.

A. True

7. Costs flow through the accounts in the same basic way for both job order costing and process costing.

A. True

8. In a process cost system, only one work in process account is used.

A. True

9. In a process cost system, costs are summarized in a job cost sheet.

B. False

10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the equivalent units produced during the period.

A. True

Explanation:

A process costing system is a method of collecting and assigning manufacturing costs to the units produced.  It is used by companies that produce similar or identical units of product in batches employing a consistent process. The unit cost is arrived at by averaging units produced to the total cost of the process.

5 0
3 years ago
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this y
Eduardwww [97]

Answer:

1. Prepare an income statement for the year using variable costing.

Sales ( $ 350 × 70,000)                                                                $ 24,500,000

<em>Less </em>Cost of Sales                                                                           $9,100,000

Opening Stock of Finished Goods                                                         0

Add Manufacturing Cost of Finished Goods( $130 ×100,000)   $13,000,000

Less Closing Stock of Finished Goods ($130×30,000)               ($3,900,000)

Contribution                                                                                   $15,400,000

Less Expenses

Fixed Manufacturing Overheads                                                ($ 7,000,000)

Selling and administrative costs:

Variable                                                                                            ($ 770,000)

Fixed                                                                                              ($4,250,000)

Net Income                                                                                      $3,380,000

2. Prepare an income statement for the year using absorption costing.

Sales ( $ 350 × 70,000)                                                                $ 24,500,000

<em>Less </em>Cost of Sales                                                                          $14,000,000

Opening Stock of Finished Goods                                                         0

Add Manufacturing Cost of Finished Goods( $200 ×100,000)  $20,000,000

Less Closing Stock of Finished Goods ($200×30,000)              ($6,000,000)

Gross Profit                                                                                     $10,500,000

Less Expenses

Selling and administrative costs:

Variable                                                                                            ($ 770,000)

Fixed                                                                                              ($4,250,000)

Net Income                                                                                      $5,480,000

3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing

When Production is Equal to Sales

Explanation:

The Variable Costing and The Absorption Costing Differ in two aspects. That is the Accumulation of Product Costs and the Accumulation of Period Costs.

<u>Product Costs</u>

Variable Costing = Direct Labor + Direct Materials + Variable Overheads

                            = $ 60 + $40 + $ 30

                            = $130

Absorption Costing = Direct Labor + Direct Materials + Variable Overheads + <em>Fixed Manufacturing Overheads</em>

<em>                                  = </em>$ 60 + $40 + $ 30 + $70

                                 = $200

<u>Periodic Cost</u>

Variable Costing = <em>Fixed Manufacturing Overheads + </em>Non- Manufacturing Overheads

Absorption Costing = <em> </em>Non- Manufacturing Overheads

<u>Units of Closing Stock Calculation :</u>

Production - Sales

100,000-70,000

30,000

3 0
3 years ago
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