There will be decrease in profit if dropping of sour cream. So that means Keith Inc would lose $4,000.00
Answer:
a. Total net revenue:
= Sales revenue - Sales discounts - Sales returns + Rent revenue + Dividend revenue
= 410,000 - 7,930 - 12,560 + 6,610 + 71,490
= $467,610
b. Net income:
= Total net revenue - Cost of goods sold - Interest expense - selling expenses - income tax expense - administrative expenses
= 467,610 - 179,854 - 13,420 - 99,440 - 28,935 - 75,280
= $70,681
c. Dividends declared:
= Beginning Retained earnings + Net income - Ending Retained earnings
= 114,500 + 70,681 - 134,260
= $50,921
d. Income attributable to controlling shareholders:
= Net income - non-controlling interest:
= 70,681 - 19,240
= $51,441
Answer:
The amount that you should have saved in your retirement account to receive this income is:
= $727,995.88.
Explanation:
a) Data and Calculations:
Expected lifespan = 24 years
Expected annual income = $75,000
Interest rate per year = 9%
The amount of savings in the retirement account to receive this income is calculated from an online financial calculator as follows:
N (# of periods) 24
I/Y (Interest per year) 9
PMT (Periodic Payment) 75000
FV (Future Value) 0
Results
PV = $727,995.88
Sum of all periodic payments = $1,800,000.00
Total Interest = $1,072,004.12
Answer:
(1) $31,538.4; $5,328.9; $36,867.3
(2) $326,206; $120,903; $447,109
Explanation:
(1) Cost of ending work in process inventory:
For materials:
= Equivalent units of production in ending work in process × Cost per equivalent unit
= 2,040 × $ 15.46
= $31,538.4
For conversion:
= Equivalent units of production in ending work in process × Cost per equivalent unit
= 930 × $5.73
= $5,328.9
Total = $31,538.4 + $5,328.9
= $36,867.3
(2) Cost of the units completed and transferred out:
For materials:
= Total units completed and transferred × Cost per equivalent unit
= 21,100 × $ 15.46
= $326,206
For conversion:
= Total units completed and transferred × Cost per equivalent unit
= 21,100 × $5.73
= $120,903
Total = $326,206 + $120,903
= $447,109
