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irina1246 [14]
3 years ago
5

Antonio lives in San Diego and runs a business that sells boats. In an average year, he receives $731,000 from selling boats. Of

this sales revenue, he must pay the manufacturer a wholesale cost of $431,000; he also pays wages and utility bills totaling $259,000. He owns his showroom; if he chooses to rent it out, he will receive $8,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Antonio does not operate this boat business, he can work as an accountant, receive an annual salary of $30,000 with no additional monetary costs, and rent out his showroom at the $8,000 per year rate. No other costs are incurred in running this boat business.-------------------------Implicit Cost Explicit CostThe rental income Antonio could receive if he chose to rent out his showroom..................?The wages and utility bills that Antonio pays ...................?.The salary Antonio could earn if he worked as an accountant ..........................?The wholesale cost for the boats that Antonio pays the manufacturer....................?Complete the following table by determining Antonio's accounting and economic profit of his boat business.Profit(Dollars)Accounting Profit ...................?Economic Profit ........................?

Business
1 answer:
Naya [18.7K]3 years ago
6 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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Answer:

A. The total cost of the equipment.

Explanation:

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he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $29 $638 June 16 Purc
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Answer:

Thus, difference in gross profit = $144 + $144 = $288

Profit as per FIFO is higher than profit as per LIFO

Explanation:

In the given case, as per both the methods computation shall be as follows:

Date                    Quantity                   Rate              Amount

Mar 1                     22 units                   $29                 $638

Jun 16                   31 units                    $30                 $930

Nov 28                 41 units                     $37                 $1,517

Total                     94 units                                           $3,085

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That means sales = 94 - 18 = 76 units

Thus as per LIFO cost = 41 units @ $37 + 31 units @ $30 + 4 units @ $29

= $2,563

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Closing stock = 18 units @ $37 = $666

Thus, difference of closing stock = $666 - $522 = $144

Profit as per FIFO is higher by $144

Cost is higher in LIFO by $2,563 - $2,419 = $144

Thus, difference in gross profit = $144 + $144 = $288

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