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telo118 [61]
3 years ago
15

Andy Basil Industries Inc. reported the following information about the production and sale of its only product during the first

month of​ operations: Selling price per unit ​$225.00 Sales ​$360,000 Direct materials used ​$176,000 Direct labor ​$100,000 Variable factory overhead ​$44,000 Fixed factory overhead ​$80,000 Variable selling and administrative expenses ​$20,000 Fixed selling and administrative expenses ​$10,000 Production volume variance 0 Ending​ inventory, Direct Materials 0 Ending​ inventory, Workminusinminusprocess 0 Ending​ inventory, Finished Goods 400 units Under absorption​ costing, what is the Cost of Goods​ Sold?
Business
1 answer:
grandymaker [24]3 years ago
3 0

Answer:

Cost of Goods Sold = $ 400,000

Explanation:

Units Sold = $360,000/ $225= 1600

Sales ​                                                                  $360,000

Direct materials ​$176,000

Direct labor ​$100,000

Variable factory overhead ​$44,000

Fixed factory overhead ​$80,000

Total Manufacturing Costs   $ 400,000

Variable selling and administrative expenses ​$20,000

Fixed selling and administrative expenses ​$10,000

Cost of Goods Sold = $ 400,000

As ending Inventory Finished Goods is 400 units it is not included in the Cost of Goods Sold.

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Mary Delany, owner of Delany Salsas, is curious to know whether the new packaging for her line of salsas is being noticed by sup
lions [1.4K]

Answer:

primary/observational

Explanation:

The primary data may be defined as the data or the information that is collected by the researcher or the experimenter directly from the subjects through any interviews or surveys. It is a first hand information or data collected directly from the source.

In the context, Mary Delany is collecting or gathering the data which is considered as a primary data through an observational methods. The data collected by Mary is primary because she collected the data first hand directly by visiting the local supermarkets from the customers.

And the method of gathering data is observational as she collected data by observing the people or the customers coming to the supermarkets and not by interviewing them.

So, the answer is  primary/observational.

6 0
3 years ago
The following information is for Ayayai Corporation as of December 31, 2017.
Sergeeva-Olga [200]

Answer:

         Flint Corporation current assets section of Balance Sheet

Particulars                                                                      Amount

Cash ($23,500 + 21,100)                                        43,600

Less: Restricted for plant expansion                    <u> 23,500</u>     <u>21,100</u>

Trading Securities                                                                     9,700

Accounts receivable                                               73,300    

Less: Allowance for bad debts                               <u>3,700</u>       69,600              

Interest receivables (19,600*7%*9/12)                                      1,029    

Inventories

Finished goods                                                                          33,300

Work in Progress                                                                        13,000  

Raw materials                                                                             <u>59,600</u>

Total Current Assets                                                                 <u>186,229</u>

4 0
3 years ago
If the government owes $10.0 trillion and then borrows $700 billion more this year, this leads toa. a debt of $700 billion and a
77julia77 [94]

Answer:

E:  a debt of $10.7 trillion and a deficit of zero.

Explanation:

Deficits are usually financed by debt. Here the government has incurred an extra debt of $700 billion. The previous debt of $10 trillion may have been due to any reason and not necessarily deficit. However, the passage does not state if the extra debt is due to deficit or not. So it is safe to select option E.

Hence, the government has incurred a total debt of $10.7 trillion and a deficit of zero.

7 0
3 years ago
Sheffield Company has $145,000 of inventory at the beginning of the year and $131,000 at the end of the year. Sales revenue is $
notka56 [123]

Answer:

Sheffield Company

Inventory Turnover Ratio = Cost of goods sold/Average Inventory

= $1,145,400/$138,000

= 8.3 times

Explanation:

a) Data and Calculations:

Beginning inventory = $145,000

Ending inventory = $131,000

Average inventory = (Beginning inventory + Ending inventory)/2

= ($145,000 + 131,000)/2

= $138,000

Sales revenue = $1,972,800

Cost of goods sold = $1,145,400

Net income = $248,400

b) The inventory turnover ratio for Sheffield Company  is an efficiency ratio that shows how inventory is managed and the number of times Sheffield sells or consumes the inventory during an accounting period.   This is why Sheffield Company takes the average of the inventories in order to smoothen seasonal fluctuations in the inventory level during the year.  When this ratio divides the number of days in the accounting period, Sheffield will get the days it takes for inventory to be purchased or produced, and then sold or consumed.

7 0
3 years ago
How much does ability determine success?
andriy [413]

It takes a lot ability to determine success. Wanting success on what your doing takes skill and talent. You can't succeed on something that your not great at, unless a specific goal is just trying something once.

Ns if this is what you meant but I hope this helps you :)

-Wolfs

5 0
3 years ago
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