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3 years ago

A manufacturing company reports the following items:

Business

1 answer:

QveST [7]3 years ago

5 0

Answer:

The cost of goods sold is $ 4,800.

Explanation:

This problem requires us to calculate cost of good sold. The opening and closing balance of finished goods is given in the question. The cost of good manufactured is also provided in the question.

The cost of good sold can be calculated by finding the amount transferred from finished good account. Detail calculation is given below.

Finished good inventory begining $ 1,000

Cost of good manufactured $ 5,000

Finished good inventory ending ($ 1,200)

Cost of good sold $ 4,800

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b. If foreigners spend $7 billion on U.S. exports in a given year and Americans spend $5 billion on imports from abroad in the s

LiRa [457]

Answer:

$2 billion

Explanation:

Foreigners spend $7 billion on U.S net exports

Americans spend $5 billion on imports

Therefore the value of U.S net exports can be calculated as follows

= $7 billion-$5billion

= $2 billion

Hence the value of U.S net exports is $2 billion

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3 years ago

during its first year of operations, silverman company paid $11,440 for direct materials and $9,900 for production workers' wage

algol13

The amount of finished goods inventory on the balance sheet at year-end is $11,880

What is the cost of producing 5,600 units?

The cost of producing the finished goods of 5,600 units is the sum of direct materials, workers' wages and lease payments and utilities on the production facilities

total production costs=direct materials+ production workers' wages+ lease payments and utilities on the production facilities

total production costs=$11,440+$9,900+$8,900

total production costs=$30,240

cost per unit=$30,240/5,600

The finished goods inventory is units produced minus the units sold

finished goods inventory=5600-3400

finished goods inventory=2,200

finished goods inventory on the balance sheet=2200*$30,240/5,600

finished goods inventory on the balance sheet=$11,880

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4 0

1 year ago

Norton, Inc. has the following information available for September 2020.

bulgar [2K]

Answer: See explanation

Explanation:

a. Prepare a CVP income statement that shows both total and per unit amounts.

CVP INCOME STATEMENT

Per unit. Total

Sales (500 units). 400. 200,000

Variable expense 280 140,000

Contribution margin. 120 60,000

Fixed expense. 48,000

Net operating Income. 12,000

b. Compute Norton's breakeven in units.

Breakeven point = 48000 / 120 = 400

c. Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.

CVP income statement for the break-even point

Per unit. Total

Sales (400 units). 400. 160,000

Variable expense 280 112,000

Contribution margin. 120 48000

Fixed expense. 48,000

Net operating Income. 0

3 0

3 years ago

Jack Spratt is the production manager for a manufacturing firm that produces wizzy-gadgets and other items. The annual demand fo

Assoli18 [71]

Answer:

200 units

Explanation:

For computing the number of units produced each time we need to applied the economic order quantity formula which is shown below:

$= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}$

where,

Annual demand is 1,600 units

Ordering cost per order is $25

And, the carrying cost or holding cost per unit per year is $2

Now placing these values to the above formula

So, the economic order quantity is

$= \sqrt{\frac{2\times \text{1,600}\times \text{\$25}}{\text{\$2}}}$

= 200 units

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3 years ago

Myrtle Beach Pro-Shop receives information that requires the company to increase its expectations of uncollectible accounts rece

Lera25 [3.4K]

Answer:

b. Accounts receivables (gross) is reduced

Explanation:

As we know that

The journal entry to record the bad debt expense is

Bad debt expense A/c Dr

To Allowance for doubtful debts

(Being allowance of uncollectible accounts are recorded)

By passing this journal entry, both bad debt expense and the allowance for doubtful debts which result in a decrease in the net income and the balance of account receivable but the gross of account receivable would remain the same.

3 0

3 years ago