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Which one of the following statements is true? a. A manufacturing company will normally have raw materials, work in process, and

soldier1979 [14.2K]

Answer:

d. A manufacturing company will normally have raw materials, work in process, and merchandise inventory as inventory account classifications.

Explanation:

Normally a manufacturing company has various inventors such as raw material, work in progress and finished goods and the inventories are goods that held up in stocks for the ultimate goal of resale, another type of inventories include transit inventory, buffer inventory and cyclic inventory.

Merchandise inventory is a finished good that is taken for sale by retail or wholesale. The finished goods for the sale by manufactures are generally called as finished goods inventory.

7 0

3 years ago

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:

Alex777 [14]

Answer:

a. $513,000

b. $913,200

c. $926,400

d. $344,100

e. 11,340 units

Explanation:

a. manufacturing overhead for the year.

Manufacturing Overhead = indirect manufacturing costs

therefore,

Manufacturing Overhead = $109,000 (Indirect labor) + $80,000 x 75 % (Building depreciation) + $344,000 (Other factory costs)

= $513,000

b. cost of goods manufactured.

Cost of Goods Manufactured = Beginning Work In Process + Manufacturing Costs for the Period - Ending Work In Process

= $35,700 + ($15,800 + $175,000 - $18,200) + $254,000 + $513,000 - $62,100

= $913,200

c. cost of goods sold.

Cost of Goods Sold = Beginning Finished Goods + Cost of Goods Manufactured - Ending Finished Goods

= $111,100 + $913,200 - $97,900

= $926,400

d. net income for 20x1, assuming a 30% income tax rate.

Net Income = Gross Profit (Sales - Cost of Goods Sold) - Expenses

= $1,495,000 - $133,000 - $195,000 - ($80,000 x 25%)

= $1,147,000

Income tax = 1,147,000 x 30%

= $344,100

therefore,

Net Income = $1,147,000 - $344,100 = $802,900

e. number of completed units manufactured during the year.

First Calculate Number of Units Sold

Number of Units Sold = 1,495,000 ÷ $130 = 11,500 units

Units manufactured = Units Sold + Ending Finished Inventory - Beginning Finished Inventory

= 11,500 + 1,190 - 1,350

= 11,340 units

6 0

3 years ago

Swifty Company reports the following operating results for the month of August: sales $315,000 (units 5,000); variable costs $21

Sloan [31]

Answer:

Net income to be earned = $58,500

Explanation:

The net income to be earned can determined as follows:

Net income = (sales value - Variable costs) - Fixed costs

With an increase in selling price by 10%, the total sales value would now be

Total sales value = 110% × 315,000 =$346,500

Net income therefore would be

= (346,500 - 218,000) - 70,000

= $58,500

Not that the fixed cost will not change because it is independent of volume and also the variable cost has been stated to remain the same.

4 0

3 years ago

paniards can produce 10 gallons of wine or 8 gallons of olive oil per worker hour. Americans can produce 9 gallons of wine or 6

solniwko [45]

Spaniards can produce 10 gallons of wine or 8 gallons of olive oil per worker hour. Americans can produce 9 gallons of wine or 6 gallons on olive oil per worker hour.

Spanish have an absolute advantage in wine and olive oil.

According to a recent study that was published in the Journal of Agricultural and Food Chemistry in 2021, olive oil actually improves the flavor of red wine. Therefore, I advise matching a full-bodied red wine with an extra olive oil if you require a rapid wine and olive oil pairing.

Learn more about wine and olive oil here brainly.com/question/10501034

#SPJ4

5 0

2 years ago

__________is the process by which union representatives negotiate with the management of a firm to secure certain concessions on

kobusy [5.1K]

Collective bargaining is the process by which union representatives negotiate with the management of a firm to secure certain concessions on wages, benefits, job security, or seniority for union members.

Explanation:

Collective bargaining is a mechanism of discussions between the employers as well as a collective of employees who are aimed at arrangements to control salaries, terms of employment, pensions and other compensatory and workers ' rights aspects.

Such form of agreement is a contract of work and is also called a "collective bargaining arrangement" or CBA.

Examples include workplace salaries, hours, insurance, off-time, promotions and administrative issues in a variety of the areas addressed by CBAs involving management and workers.

6 0

3 years ago