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3 years ago

Blossom Company's accounting records show the following for the year ending on December 31, 2017.

Business

1 answer:

LuckyWell [14K]3 years ago

4 0

Answer: $678,220

Explanation:

Given that,

Purchase Discounts = $ 11,000

Freight-in = $15,300

Purchases = $689,020

Beginning Inventory = $55,000

Ending Inventory = $45,600

Purchase Returns and Allowances = $15,100

Cost of goods purchased:

= Purchases + Freight in - Purchase discounts - Purchase returns and allowances

= $689,020 + $15,300 - $ 11,000 - $15,100

= $678,220

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Allen Boating Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skil

jek_recluse [69]

Answer:

Direct material quantity (efficiency) variance= $60,500 unfavorable

Explanation:

Giving the following information:

Standards:

Direct materials: 1 pound per unit; $ 11 per pound

Allen produced 2,000 units during the quarter.

Direct material used= 7,500 pounds

To calculate the direct material efficiency variance, we need to use the following formula:

Direct material quantity (efficiency) variance= (standard quantity - actual quantity)*standard price

standard quantity= 2,000*1= 2,000 pounds

Direct material quantity (efficiency) variance= (2,000 - 7,500)*11

Direct material quantity (efficiency) variance= $60,500 unfavorable

It is unfavorable because the company used more materials that estimated to produce 2,000 units.

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3 years ago

tomsm's Investment account at his bank has compounding Interest. He Isn't sure if this is a positive thing for his investment. W

Margarita [4]

Answer: Keep your account open and you will earn more on Interest you've already earned

Explanation:

Since Tom's investment account at his bank has a compounding interest, the best advice that'll be offered to Tom is to keep the account open and he will earn more on Interest than what he has already earned.

It should be noted that compound interest makes ones money grow faster. The reason for this is due to the fact that the interest is calculated based on the accumulated interest that the individual has earned over time and the original principal.

Therefore, it isn't advisable for Tom to withdraw his money or ask the bank to compound the interest less frequently but rather, he should keep the account open as he'll earn more interest.

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3 years ago

If the market price is $25 in a perfectly competitive market, the marginal revenue from selling the fifth unit is

likoan [24]

Answer:

the marginal revenue from selling the fifth unit is

$25

Explanation:

Perfect competition is market structure in which the following information:

All firms sell an identical product .

All firms are price takers , cannot influence the market price .

Market share has no influence on prices.

Buyers have complete informationabout the product being sold and the prices .

Resources for such a labor are perfectly mobile.

Firms can enter or exit the market without cost

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3 years ago

_____ is the act of taking air in as the diaphragm contracts and pulls downward.

Alja [10]

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3 years ago

Grady exchanges qualified property, basis of $21,833 and fair market value of $26,200, for 60% of the stock of Eadie Corporation

Svetach [21]

Answer:

$26,200

Explanation:

Current gain = Fair market value of the property - Basis of qualified property = $26,200 - $21,833 = $4367. Thus, the amount of Grady current gain is $4,367

We now determine the basis that Gredy takes for the share of Eadie stock

Basis = Original basis of qualified property + Current gain

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Basis = $26,200

Thus, basis that Gredy takes for the share of Eadie stock is $26,200

3 0

3 years ago