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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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Answer:

The cheapest alternative is: $300 a month immediately.

Explanation:

Giving the following information:

The dorm cost was $5000 for the two semesters

Jay had already paid a month after he moved into the dorm.

Jay estimates his food cost per month is $500 if he lives in the dorm and $450 if he lives in an apartment.

His share of the apartment rent and utilities will be $390 per month.

Each semester is 4.5 months long.

Alternative A:

One student offered to move in immediately and to pay Jay $300 per month for the eight remaining months of the school year.

Income= 300*8= 2400

Apartment rent= (3120)

Food= (3600)

Total= (4320)

Alternative B:

A second student offered to move in the second semester and pay $2500 to Jay.

Income= 2500

Dorm rent= (5000/9)*3.5= (1944)

Apartment rent= (1755)

Dorm food= 500*3.5= (1750)

Apartment food= (2025)

Total= (4974)

Alternative C:

Stay in the dorms

Dorm rent= (4444.44)

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Total= $8444.44

<u>The cheapest alternative is A.</u>

8 0
3 years ago
Individuals who are paid by someone in exchange for labor or service are referred to as:_____.
forsale [732]

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A organization might hire advisors, independent consultants, law companies, design studios, and investment banks as examples of prospective service providers. Service providers are people or businesses that offer services to businesses and other parties. They offer network, processing, and storage services.

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2 years ago
xavier and shawn are co-owners of a party-planning business. they split all of the profits 50-50 and are able to make decisions
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xavier and shawn are co-owners of a party-planning business. they split all of the profits 50-50 and are able to make decisions that are binding on both parties. General partnership

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Partnership agreements can take many different forms. Particularly in a partnership business, all partners equally share obligations and rewards, although in other businesses, partners may have limited accountability. The so-called "silent partner" is another option, in which one party does not participate in the day-to-day management of the company.

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7 0
2 years ago
While the evidence suggests that over long periods of time that stocks will outperform bonds, individuals with a long-term inves
Scrat [10]

Answer:

Stocks and Bonds

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Every rational investor would prefer to reduce her risk exposure instead of increasing it.  Every investor is also aware that  investments with higher risks attract higher returns.  However, determining the certainty of the returns is difficult.

4 0
3 years ago
Crane Corporation's computation of cost of goods sold is:
slava [35]

Answer:

16.64 days

Explanation:

Given the above information, we will calculate the average days to sell inventories with the formula below;

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= [$72,000 / $432,800] × 100

= 16.64 days

Therefore, the average days to sell inventory for Fry are 16.64 days

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3 years ago
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