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3 years ago

What are the costs of “freebie” items?

Business

1 answer:

Oliga [24]3 years ago

3 0

Answer:

The costs of a “freebie” item includes resources to make, a person's labor, and the cost to the store to offer it to us as free.

Explanation:

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Bowie Glass purchased 17,000 shares of Lenz Framing common stock for $382,500 in 2016. When they created their December 31, 2016

12345 [234]

Answer:

It should recognize a gain for 75,100 on his investment.

Explanation:

27.25 x 1,700 = 463,250

commision (15,000)

net realizable value 448,250

book value (373,150)

gain on investment 75,100

Cash 448,250

Lenz Framing Investment 373,150

Gain on investment 75,100

3 0

3 years ago

The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The followi

SVEN [57.7K]

Answer:

3-July

Dr Work in process 25,500

Cr Salaries payable 25,500

10-Jul

Dr Work in process 12,500

Cr Cash 12,500

14-Jul

Dr Work in process 48,100

Cr Salaries payable 48,100

18-Jul

Dr Work in process 30,000

Cr Consultant fees payable 30,000

27-Jul

Dr Work in process 26,660

Cr Office overhead 26,660

31-Jul

Dr Office overhead 28,500

Cr Cash 28,500

31-Jul

Dr office overhead 4,000

Cr Supplies 4,000

31-Jul

Dr Salaries payable 74,350

Cr Cash 74,350

31-Jul

Dr Accounts receivable 172,500

Cr Fees earned 172,500

31-Jul

Dr Cost of services 142,760

Cr Work in process 142,760

b. $5,840 Over applied

c. $35,580

Explanation:

Preparation of the journal entries for each of these transactions.

3-Jul

Dr Work in process 25,500

Cr Salaries payable 25,500

(170 hours ×150 per hour)

10-Jul

Dr Work in process 12,500

Cr Cash 12,500

14-Jul

Dr Work in process 48,100

Cr Salaries payable 48,100

(260 hours ×185 per hour)

18-Jul

Dr Work in process 30,000

Cr Consultant fees payable 30,000

27-Jul

Dr Work in process 26,660

Cr Office overhead 26,660

(170 hours +260 hours)*62

31-Jul

Dr Office overhead 28,500

Cr Cash 28,500

31-Jul

Dr office overhead 4,000

Cr Supplies 4,000

31-Jul

Dr Salaries payable 74,350

Cr Cash 74,350

31-Jul

Dr Accounts receivable 172,500

Cr Fees earned 172,500

31-Jul

Dr Cost of services 142,760

(25,500+12,500+48,100+30,000+26,660)

Cr Work in process 142,760

b. Calculation for the office overhead

Office overhead =(28,500+4,000)-26,660

Office overhead=32,500-26,660

Office overhead=$5,840 Over applied

Therefore the office overhead is $5,840 over applied w

C. Calculation to Determine the gross profit

Fees earned 172,500

Less Cost of services (136,920)

(142,760-5,840)

Gross profit $35,580

Therefore the gross profit will be $35,580

5 0

2 years ago

A set of unique aspects of an organization that causes target consumers to patronize its firm rather than its competitors is cal

WARRIOR [948]

Answer: Competitive advantage

Explanation: Competitive advantage refers to the situation when one firm in an industry gets superior attention and response from customers than its competitors. This can be achieved by many tools like advertising, ,product uniqueness , better customer service or a group of all of these three etc.

Hence, from the above we can conclude that the right answer is competitive advantage.

6 0

3 years ago

Dinklage Corp. has 4 million shares of common stock outstanding. The current share price is $83, and the book value per share is

olchik [2.2K]

Answer:

0.175824; 0.8242

Explanation:

Equity 1 = Shares of common stock outstanding × Book value per share

= 4,000,000 × $8

= $32,000,000

Debt 1 = $90,000,000

Debt 2 = $60,000,000

Total value = Equity 1 + Debt 1 + Debt 2

= $32,000,000 + $90,000,000 + $60,000,000

= $182,000,000

Weight of equity 1:

= Equity 1 ÷ Total value

= $32,000,000 ÷ $182,000,000

= 0.175824

Weight of debt 1:

= Debt 1 ÷ Total value

= $90,000,000 ÷ $182,000,000

= 0.494505

Weight of debt 2:

= Debt 1 ÷ Total value

= $60,000,000 ÷ $182,000,000

= 0.32967

Equity/Value = 0.175824

Debt/Value = Weight of debt 1 + Weight of debt 2

= 0.494505 + 0.32967

= 0.8242

4 0

3 years ago

Statement of Cost of Goods Manufactured for a Manufacturing Company

natka813 [3]

Answer:

a. Cost of goods manufactured statement for January.

Work in process inventory, January 1 $ 135,240

Direct materials:

Materials inventory, January 1 $ 196,000

Purchases $376,320

Cost of materials available for use $ 572,320

Materials inventory, January 31 ($176,400)

Cost of direct materials used in production $ 395,920

Direct labor $352,800

Factory overhead:

Indirect labor $ 37,630

Machinery depreciation $22,740

Heat, light, and power $7,840

Supplies $6,270

Property taxes $5,490

Miscellaneous costs $10,190

Total factory overhead $90,160

Total manufacturing costs incurred during January $442,950

Total manufacturing costs $ 442,950

Work in process inventory, January 31 ($121,720)

Cost of goods manufactured $456,470

b. Determine the cost of goods sold for January.

Beginning Finished goods Inventory $99,960

Add Cost of goods manufactured $456,470

Less Ending Finished goods Inventory ($118,190)

Cost of goods sold $438,240

Explanation:

The Costs of Goods Manufactured is obtained from preparing a manufacturing cost schedule. This is an accumulation of all manufacturing costs.

The cost of goods sold is obtained by preparing Finished Goods Account or schedule as above.

5 0

3 years ago