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dangina [55]
3 years ago
5

Direct materials $ 74,000 Direct labor $ 37,500 Variable manufacturing overhead $ 17,000 Fixed manufacturing overhead 29,500 Tot

al manufacturing overhead $ 46,500 Variable selling expense $ 13,000 Fixed selling expense 20,000 Total selling expense $ 33,000 Variable administrative expense $ 4,500 Fixed administrative expense 26,000 Total administrative expense $ 30,500 Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost? b. What is the total period cost?
Business
1 answer:
Vedmedyk [2.9K]3 years ago
4 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Direct materials $ 74,000

Direct labor $ 37,500

Variable manufacturing overhead $ 17,000

Fixed manufacturing overhead 29,500

Total manufacturing overhead $ 46,500

Variable selling expense $ 13,000

Fixed selling expense 20,000

Total selling expense $ 33,000

Variable administrative expense $ 4,500

Fixed administrative expense 26,000

Total administrative expense $ 30,500

- Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

- Product costs are the direct costs involved in producing a product. A manufacturer, for example, would have production costs that include: Direct labor, Raw materials, Manufacturing supplies, Overhead that's directly tied to the production facility such as electricity.

Period costs= total selling expense + total administrative expense

Period costs= 33000 + 30500= $63,500

Product costs= direct materials + direct labor + MOH

Product costs= 74,000 + 37,500 + 46,500= $158,000

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Given :
KIM [24]

Answer:  

Direct Method

          Operting Activities

$1,390 Cash Collected from Services

-$7,864 Cash to rent Equipment

-$0,864 Cash to repair facilities

$24,285  Collected from customers  

        Financing Activities

-$0,150  Repaid Long Term  

$16,797  Net Cash  

Explanation:

These others activities are not included because doesn't inclulde movements of cash.

(2) Purchased new equipment costing $3,434; signed a long-term note.

8 0
3 years ago
In year 1, X Company recognized an impairment loss on the trade name for its beverage product, reducing the carrying value from
ziro4ka [17]

Answer:

The value of the intangible will remain at $350,000

Explanation:

The reason is that the International Accounting Standard IAS-36 says that once the impairment is recognized for the intangible assets it can not be reversed which means that the amount reported would be $350,000. The reason is that it is very rare that the asset gain its value and specially those which are intangible assets. Most of the management in the 1990s-2000 tried to recognize a gain on impairment which was unjustifiable to increase their profits for the period so the standard specifically didn't permitted gain on a previously impaired asset.

6 0
3 years ago
Suppose that your colleague has accidentally spilled coffee on his laptop and the file containing your firm\'s cost data has bee
Wittaler [7]

Solution:

Q      MC       FC      VC     TC      AFC     AVC     ATC

0       NA       50        0       50       NA      NA       NA

1        50      50       50      105       50       50      105

2        19       50      64       104       20       32       52

3       85        40      149      189    13.33    49.67  63.00

4      223       40      372     412       10        93        103  

TC=FC+VC

FC=40

VC=TC-FC

MC=change in TC

AFC=FC/Q

AVC=VC/0

ATC=TC/0

a) TC when 0=0 = 40 because FC = 40 remains constant and the firm still incurs a total cost equal to its FC when it produces zero output.

b) MC for first unit = 45

c) ATC of 3rd unit = 63

d) AVC for 4th unit = 93      

6 0
3 years ago
Online calculators and worksheets can help you find answers to financial planning and investing questions. Group of answer choic
notsponge [240]

True, the various online calculators and worksheets can help one to find answers to financial planning and investing question.

Today, the computer application which are programmed to provided the solutions to different level of financial planning and investing question can not be assessed online.

For instance, the MS Excel which was one of the earliest wroksheet can not be used online in form of G.oogle Spreadsheet etc

Therefore, it is true that various online calculators and worksheets can help one to find answers to financial planning and investing question.

Read more about this here

<em>brainly.com/question/2554742</em>

3 0
2 years ago
Home Appliances Co. wants to introduce a new digital display, laser driven iron to the market. The estimated unit sales price is
malfutka [58]

Answer:

<u>The target cost per iron= $83.25</u>

Explanation:

Profit Required = Required Investment * required rate of return

= $ 3,500,000*15%

= $ 525,000

Sales= 300000*85=$25,500,000.00

Less: profit required=$525,000.00

Cost= Sales- Profit

Cost=24,975,000.00

Per Unit Target Cost = Total Cost / Total Units

= $ 24,975,000/ 300,000

= $ 83.25

5 0
3 years ago
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