Automotive background and overview

On January 1, 2014, the merchandise inventory of Glaus, Inc. was $1,200,000. During 2014 Glaus purchased $2,400,000 of merchandi

Xelga [282]

Answer: Option (C) is correct.

Explanation:

Given that,

Merchandise inventory(beginning inventory) = $1,200,000

Merchandise purchased = $2,400,000

Sales = $3,000,000

Gross profit rate on sales = 25%

Ending inventory of Glaus:

= Beginning inventory + Purchases - cost of goods sold

= $1,200,000 + $2,400,000 - [sales × (100-25)%]

= $1,200,000 + $2,400,000 - $3,000,000 × 0.75

= $1,200,000 + $2,400,000 - $2,250,000

= $1,350,000

5 0

3 years ago

Holden is a people person. He is very good at working with customers and keeping a positive attitude. He has taken a couple clas

aleksandr82 [10.1K]

With the given information, I assume that Holden works in financial services, probably in the sales side of the company. This could be investments or a commercial bank.

8 0

3 years ago

Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of oper

Olin [163]

Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations:

Variable costs per unit:

Manufacturing:

Direct materials $ 6

Direct labor $ 9

Variable manufacturing overhead $ 3

Variable selling and administrative $ 4

Fixed costs per year:

Fixed manufacturing overhead $ 300.000

Fixed selling and administrative $ 190.000

During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is $50 per unit.

The four steps of writing an income declaration are: to identify sources of sales, in addition to profits from investments, for an instance pick out business enterprise prices and losses incurred over the same period. Consolidate sales, charges, profits, and losses by means of category, payee, or some other factor.

Learn more about Income statements here:-brainly.com/question/1798830

#SPJ4

7 0

2 years ago

Our immediate short term memory for new material is limited to roughly ________ units of information.

Alecsey [184]

<span>Our immediate short term memory for new material is limited to about seven unites of information. Immediate short term memory is the ability we all have to remember a small bit of information for a few seconds.</span>

6 0

3 years ago

Atlanta, Inc., planned and actually manufactured 180,000 units of its single product in 2017, its first year of operation. Va

steposvetlana [31]

Answer:

Net operating income= 1,080,000

Explanation:

Giving the following information:

Units produced= 180,000

Variable manufacturing cost was $ 17 per unit produced.

The variable operating (nonmanufacturing) cost was $ 10 per unit sold.

Planned and actual fixed manufacturing costs were $ 900,000. Planned and actual fixed operating (nonmanufacturing) costs totaled $ 360,000.

Atlanta sold 120, 000 units of a product at $ 44 per unit.

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 900,000/180,000= $5

Unitary production cost= 17 + 5= 22

Sales= 120,000*44= 5,280,000

COGS= 22*120,000= (2,640,000)

Gross profit= 2,640,000

The variable operating ocsts= 120,000*10= (1,200,000)

Fixed operating costs= (360,000)

Giving the following information:

Units produced= 180,000

Variable manufacturing cost was $ 17 per unit produced.

The variable operating (nonmanufacturing) cost was $ 10 per unit sold.

Planned and actual fixed manufacturing costs were $ 900,000. Planned and actual fixed operating (nonmanufacturing) costs totaled $ 360,000.

Atlanta sold 120, 000 units of a product at $ 44 per unit.

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 900,000/180,000= $5

Unitary production cost= 17 + 5= 22

Sales= 120,000*44= 5,280,000

COGS= 22*120,000= (2,640,000)

Gross profit= 2,640,000

The variable operating ocsts= 120,000*10= (1,200,000)

Fixed operating costs= (360,000)

Net operating income= 1,080,000

5 0

3 years ago