Another word used to describe market economies is

Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per un

Elenna [48]

Answer:

Fortune, Inc.

Budgeted Income Statement

For the first quarter, 202x

January February March Total

Sales revenue $1,125,000 $1,375,000 $1,250,000 $3,750,000

Cost of goods sold $630,000 $770,000 $700,000 $2,100,000

Gross profit $495,000 $605,000 $550,000 $1,650,000

S&A expenses:

Rent $14,000 $14,000 $14,000 $42,000
Office salaries $75,000 $75,000 $75,000 $225,000
Sales comm. $90,000 $110,000 $100,000 $300,000
Advertising $168,750 $206,250 $187,500 $562,500
Depreciation $40,000 $40,000 $40,000 $120,000

EBIT $107,250 $159,750 $133,500 $400,500

Income taxes $32,175 $47,925 $40,050 $120,150

Net income $75,075 $111,825 $93,450 $280,350

4 0

3 years ago

To pursue a career in business information management, you need a degree or certification in_____information system,or an

Deffense [45]

Answer:management

Explanation:

6 0

2 years ago

In a Bring Your Own Device (BYOD) policy, the user acceptance component may include separation of private data from business dat

disa [49]

Answer:

True

Explanation:

Bring your own device policy is is a policy whereby companies allow employees to use their laptops, smart phones, tablets and the likes for official purposes. It is mostly used by small scale firm who can't afford to get all of these gadgets for their workers. Separating of private data and business data included in the acceptance component will help to maintain confidentiality of company's files that are on the employee's device.

6 0

3 years ago

Henson company applies overhead on the basis of 120% of direct labor cost. job no. 190 is increased with $140,000 of direct mate

DaniilM [7]

The total manufacturing costs for the Job No. 190 is 470,000. To get its direct labor cost, which is the basis of the Henson Company in applying its overhead at the rate of 120%, we need to divide the manufacturing overhead of $180,000 by the rate 120% to get the direct labor cost of 150,000. (180,000/210% = 150,000). To get the total manufacturing cost, you need to add the:direct materials- 140,000direct labor- 150,000manufacturing overhead- 180TOTAL= 470,000- this is the total manufacturing costs (Job No. 190)

8 0

3 years ago

Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Dete

storchak [24]

Answer:

The cost of goods sold using the LIFO menthod is;

d. $3,580

Explanation:

Last in First Out (LIFO) method is an inventory method where the recently purchased good is sold first. This means that when accounting for the cost of goods sold, we use the unit cost of the goods that were purchased recently. In our case;

1 Beginning Inventory 150 units @ $10.00

5 Purchase 220 units @ $12.00

10 Sales 140 units @ $20.00

15 Purchase 100 units @ $13.00

24 Sales 150 units @ $21.00

<em>Step 1: Determine total number of units sold;</em>

Total number of units sold=number of sales on May 24+number of sales on May 10

where;

number of sales on May 24=150 units

number of sales on May 10=140 units

replacing;

Total number of units sold=(150+140)=290 units

Total number of units sold=290 units

<em>Step 2: Determine total cost of goods sold</em>

The first 100 units sold were each sold at $13

The remaining 190 units were each sold at $12

Total cost of goods sold=(100×13)+(190×12)=(1,300+2,280)

Total cost of goods sold=$3,580

5 0

3 years ago