Efficiently scheduling material and labor is an example of _______________

The following information is available for Aikman Company. January 1, 2022 2022 December 31, 2022 Raw materials inventory $21,00

vodka [1.7K]

Answer:

a. $537,300

b. Aikman Company

Income Statement

For the year ended December 31, 2022

Sales Revenue $910,000

Less: Cost of goods sold

Raw material, beginning 21,000

Add:Purchases 150,000

Raw materials available 171,000

Less: Raw material, end 30,000

Cost of raw material used 141,000

Add: Direct labor 220,000

Prime Cost 361,000

Add: Factory overhead 180,000

Manufacturing cost 541,000

Add: Work in process, beginning 13,500

Less: Work in process, Ending 17,200

Cost of Goods Manufactured 537,300

Add: Finished Goods, beginning 27,000

Less: Finished Goods, Ending 21,000

Cost of Goods Sold 543,300

Gross Profit $366,700

c. Raw materials, ending $30,000

Work in process, ending $17,200

Finished goods, ending $21,000

Total inventory $68,200

d. The difference in the balance sheet and income statement of Aikman Company to Merchandising company is that, Aikman income statement consists of expenses arising from the manufacturing of goods that the merchandising company never incur. In addition to that, Aikman Company has ending inventory of Raw materials, work in process and finished goods while the other merchandising company only has ending inventory of good purchased not yet sold.

Explanation:

a. Aikman's statement of goods manufactured is presented below.

Aikman Company

Statement of Cost of Goods Manufactured

For the year ended December 31, 2022

Raw material, beginning 21,000

Add:Purchases 150,000

Raw materials available 171,000

Less: Raw material, end 30,000

Cost of raw material used 141,000

Add: Direct labor 220,000

Prime Cost 361,000

Add: Factory overhead 180,000

Manufacturing cost 541,000

Add: Work in process, beginning 13,500

Less: Work in process, Ending 17,200

Cost of Goods Manufactured 537,300

b. Income statement of Aikman starts from the sales revenue that the company incurs for the period and then deduct the cost of goods sold to arrive the gross profit.

c. Aikman's inventory balance consists of Raw materials, work in process and finished goods balances.

8 0

4 years ago

Milner Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 box tops from Milner Frosted Rakes bo

ladessa [460]

Answer:

$87, 500.

Explanation:

1 Pottery cereal bowl = 3 box tops + $1

60% of the box tops will be redeemed. In 2007

Total sales = 675,000 boxes of Frosted Flakes

Estimated to be redeemed = 60% of 675,000 = 405,000 boxes

Already redeemed = 330,000 box tops

Outstanding = Estimated redemption - Already redeemed

Outstanding = 405,000 - 330,000 = 75,000 box tops

1 Pottery cereal bowl = 3 box tops

Outstanding cereal bowl = 75,000/3 = 25,000

Cost of cereal bowl = $2.50

Monetary compensation = $1

Outstanding premiums = 25,000 x ($2.50 + $1)

= 25,000 x $3.5

= $87,500

6 0

3 years ago

Read 2 more answers

Jose gross weekly salary as a logger is $630. He pays 6.2% Social Security tax, 1.45% Medicare tax, and $14.20 for health insura

Slav-nsk [51]

Answer:

$568

Explanation:

Gross salary = $630

Social security tax = 6.2%

Medicare tax = 1.4%

Health insurance = $14.20

We add up what is paid as tax

= 6.2 + 1.4 = 7.6%

7.6% of $630

= 0.076 x 630

= $47.88

So he pays tax of 47.88 dollars from his gross salary

We add his tax to what he pays for health insurance

= 47.88 + 14.20

= $62.08

the formula for net pay:

gross salary - deductions

= $630 - $62.08

= $567.92

this is approximately $568

thank you!

5 0

3 years ago

When a firm pursues a(n) ___________, it sells the same products or services in both domestic and foreign markets.

vladimir1956 [14]

When a firm pursues a(n) localization strategy, it sells the same products or services in both domestic and foreign markets.

Multinationals choose from four basic international strategies: (1) international, (2) multinational, (3) global, and (4) transnational. These strategies differ between the two strains. 1) Focus on low cost and efficiency, and 2) Respond to local culture and needs.

A company can obtain its three main benefits by successfully deploying a foreign markets strategy: (1) increased market size, (2) economies of scale and learning, and (3) location advantages. I can. Greater market size is achieved by expanding beyond the company's home country.

Multinational Corporation chooses from their three basic international strategies: (1) multidomestic, (2) Global, and (3) Transnational. These strategies differ in their focus on achieving global efficiencies and addressing local needs.

Learn more about foreign markets at

brainly.com/question/20860719

#SPJ4

4 0

1 year ago

TB MC Qu. 05-100 A company had the following... A company had the following purchases and sales during its first year of operati

8090 [49]

Answer:

$3,270

Explanation:

The perpetual LIFO inventory costing method is one in which adjustments are made to the balance of inventory for every item issued or received in a sequence of last in first out.

Given that 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory.

The net inventory units = 10 - 6 + 20 - 5 + 15 - 9 + 12 - 8 + 10 - 13

= 26 units

Since

January reminder (in value) = 10 - 6 ) $120 = $480

February remainder (in value) = (20 - 5) $125 = $1,875

May remainder = (15 - 9) $130 = $780

September = 12 - 8) $135 = $540

In November 10 items were purchased but 13 were sold.The makeup of the items sold are the 10 purchased in the month and 3 out of the remaining 4 items left off from September. Hence the balance for September will be

=$135

Cost of ending inventory

= $480 + $1,875 + $780 + $135

= $3,270

6 0

3 years ago

Efficiently scheduling material and labor is an example of ________________ decisions