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Ratling [72]
3 years ago
7

Zeitgeist Company manufactures silicon sleeves for MP3 players. In August of last year, Zeitgeist began producing the colorful s

leeves. During the month of August, 16,000 were produced, and 14,750 were sold at $6.95 each. The following costs were incurred: Direct materials $26,880 Direct labor 6,720 Variable overhead 5,920 Fixed overhead 28,160What is the contribution margin per unit?
Business
1 answer:
seraphim [82]3 years ago
5 0

Answer:

Contribution margin per unit= $4.48

Explanation:

Giving the following information:

During August, 16,000 were produced, and 14,750 were sold at $6.95 each. The following costs were incurred: Direct materials $26,880 Direct labor 6,720 Variable overhead 5,920 Fixed overhead 28,160

Unitary costs:

Direct material= 26,880/16,000= 1.68

Direct labor= 6,720/16000= 0.42

Variable overhead= 5,920/16,000= 0.37

Unitary variable cost= $2.47

Contribution margin per unit= 6.95 - 2.47= 4.48

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The short-run aggregate supply curve implies that real output exceeds its long-run level when the price level is:
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Answer:

greater than the expected price level

Explanation:

The short run aggregate supply curve shows graphically that the real output is more than its long run level when the price level is more than expected price level. When there is great expectation about inflation it shifts the short run Aggregate Supply curve outwards or to the right. Price level would then rise in the long run but real output would stay the same or unchanged.

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3 years ago
Which of the following statements is false?
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I believe the In a limited liability partnership, all partners are limited partners
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The correct answer is:   [D]:

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5 0
3 years ago
Consider the following account balances (in thousands) for the Peterson Company.
Leya [2.2K]

Answer:

Peterson Company

1. A schedule for the cost of goods manufactured for 2017:

A. Peterson Company

Schedule of Cost of Goods Manufactured

For the Year Ended December 31, 2017 (in thousands)

Beginning direct materials inventory            21,000

less ending direct materials inventory        (23,000)

Beginning Work-in-process inventory         26,000

less ending work in process inventory      (25,000 )

Purchases of direct materials                       74,000

Direct manufacturing labor                          22,000

Indirect manufacturing labor                        17,000

Plant insurance                                               7,000

Depreciation - plant, building, & equipment 11,000

Repairs and maintenance - plant                  3,000

Total cost of manufactured goods         $133,000

B. Peterson Company

Schedule of Cost of Goods Manufactured

For the Year Ended December 31, 2017 (in thousands)

Direct materials

Beginning direct materials inventory            21,000

Purchases of direct materials                       74,000

Cost direct materials available                     95,000

less ending direct materials inventory         23,000

Direct materials used                                           72,000

Direct manufacturing labor                                 22,000

Indirect manufacturing costs:

Labor                                     17,000

Depreciation                         11,000

Plant Insurance                     7,000

Repairs and maintenance    3,000            

Total Indirect manufacturing costs                    38,000

Manufacturing costs incurred during 2017  $132,000

Beginning work in process inventory             26,000

Total costs to account for                             $158,000

less ending work in process inventory          25,000

Cost of goods manufactured                      $133,000

2. Peterson Company

Income Statement

For the Year Ended December 31, 2017 (in thousands)

Sales Revenue                                                      $310,000

Cost of goods sold:

Beginning Finished goods inventory      13,100

Cost of goods manufactured               133,000

Cost of goods available for sale         $146,100

less ending Finished goods inventory 20,000

Cost of goods sold                              $126,100      126,100

Gross profit                                                           $183,900

Operating costs :

Selling & Distribution costs  91,000

General & Admin. costs      24,000

Total operating costs                                            $115,000

Operating income (loss)                                       $68,900

Explanation:

The cost of manufactured goods is the sum of the costs of direct materials, direct labor, manufacturing overhead, and work in process inventory.

The cost of goods for sale is the sum of the beginning finished goods inventory plus the cost of manufactured goods less the ending finished goods inventory.

The income statement is a statement of revenue and costs in order to show the financial performance of an entity during a period of time.  It shows the gross profit and net operating profit or loss.

The Gross profit is the difference between Sales Revenue and the Cost of goods sold.

The Operating Profit (Loss) is the difference between the Gross profit and the Operating costs.

8 0
3 years ago
West company declared a $0.50 per share cash dividend. the company has 190,000 shares issued, and 10,000 shares in treasury stoc
Damm [24]
To record the dividend declaration
   Ordinary Share Capital   $90000
          Dividend Payable         $90000
to record payment
     Dividend Payable         $90000
           Cash                            $90000

The amount is derived from the shares issued and outstanding so, the 190000 issued is deducted by 10000 treasury shares because treasury shares are reacquired by the company so it is not an outstanding share, then just multiply the answer with the dividend per share to arrive at $90000

190000-10000shares * $.50 =$90000
4 0
3 years ago
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