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Klio2033 [76]
3 years ago
7

The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment:

Sales $7,270,000 Gross profit 1,450,000 Indirect labor 330,000 Indirect materials 195,000 Other factory overhead 90,000 Materials purchased 5,100,000 Total manufacturing costs for the period 6,170,000 Materials inventory, end of period 480,000 Determine the following amounts:
Business
1 answer:
FromTheMoon [43]3 years ago
7 0

Answer:

Consider the following calculations

Explanation:

Step 1. Given information

  • Sales $7,270,000
  • Gross profit 1,450,000
  • Indirect labor 330,000
  • Indirect materials 195,000
  • Other factory overhead 90,000
  • Materials purchased 5,100,000
  • Total manufacturing costs for the period 6,170,000
  • Materials inventory, end of period 480,000

Step 2. Calculation according to the following formulas.

a. Cost of goods sold = Sales-Gross profit = 7270000-1450000= $582000

b. Direct materials cost = 5100000-195000-480000= $4425000  

c. Direct labor cost = 6170000-4425000-330000-195000-90000= $1130000

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maks197457 [2]

Answer:

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5 0
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How does 2022 kicks’ xtronic cvt® adaptive ratio control respond to the vehicle accelerating out of a turn?.
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8 0
2 years ago
On July 31, the bookkeeping account Supplies Inventory shows a debit balance of $1,000. A physical inventory taken on that date
Tanya [424]

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$200

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As the inventories are used, debit Supplies expense and credit Supplies inventory account.

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4 0
3 years ago
As part of his 401(k) retirement plan at work, Ken Lowery invests 6.0 percent of his salary each month in the Capital Investment
Gnesinka [82]

Answer:

The amount of the fee is $1689.60

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