1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
HACTEHA [7]
3 years ago
7

Industries is calculating its Cost of Goods Manufactured at​ year-end. Sharpland's accounting records show the​ following:

Business
1 answer:
devlian [24]3 years ago
7 0

Answer:

cost of goods manufactured= $334,000

Explanation:

Giving the following information:

Beginning Raw Materials = $13,000

Ending Raw Materials = $15,000

Direct material purchased= $51,000

Direct labor for the year totaled $131,00

Manufacturing overhead= $153,000.

The Work in Process Inventory account:

beginning balance of $24,000

ending balance of $23,000

<u>To calculate the total manufacturing cost, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 24,000 + (13,000 + 51,000 - 15,000) + 131,000 + 153,000 - 23,000

cost of goods manufactured= $334,000

You might be interested in
At the end of its first year, the trial balance of Blossom Company shows Equipment $21,500 and zero balances in Accumulated Depr
faltersainse [42]

Answer:

The adjusting entry is shown below.

Explanation:

According to the scenario, the given data are as follows:

Estimated depreciation for year = $4,300

So, the adjusting entry  for depreciation is shown below:

Adjusting Entry

Dec.31

Depreciation expense A/c Dr.     $4,300

           To Accumulated Depreciation-Equipment A/c      $4,300

(Being the Depreciation expense is recorded)

7 0
3 years ago
Gardner Corporation manufactures skateboards and is in the process of preparing next year's budget. The pro forma income stateme
Serhud [2]

Answer:

$636,364

Explanation:

Calculation to determine what The break-even point for Gardner Corporation for the current year is

First step is to calculate the Variable costs

Variable costs = $250,000 + $150,000 + $75,000 + $200,000

Variable costs = $675,000

Second step is to calculate the Contribution margin ratio

Contribution margin ratio = (Sales - Variable costs) / Sales

Contribution margin ratio= ($1,500,000 - $675,000) / $1,500,000

Contribution margin ratio= 0.55*100

Contribution margin ratio = 55%

Now let calculate the Break-even point

Break-even point = Fixed costs / Contribution margin ratio

Break-even point= ($100,000 + $250,000) / 0.55

Break-even point = $636,364

Therefore The break-even point (rounded to the nearest dollar) for Gardner Corporation for the current year is:$636,364

6 0
2 years ago
Using his skateboard, Edgar can travel 8 miles in 2 hours while his brother, Johnathon, can
Dovator [93]

Answer:

Edgar

Explanation:

When you find out how fast each person goes in one hour, Edgar goes farther the fastest.

5 0
3 years ago
Sheridan Company manufactures one product. On December 31, 2019, Sheridan adopted the dollar-value LIFO inventory method. The in
disa [49]

Answer:

See attached file

Explanation:

8 0
3 years ago
Taylor Equipment Repair Service is owned by Jason Taylor. Cash $ 33,700 Supplies 5,780 Accounts Receivable 12,600 Equipment 77,4
kumpel [21]

Answer:

Owners Equity/Net Worth is $106,080

<u>Explanation:</u>

<u>Assets</u>

Cash                             $33,700

Supplies                       $5,780

Accounts Receivable  $12,600

Equipment                    <u>$77,400</u>

Total Assets                 <u>$129,480</u>

<u>Liabilities</u>

Accounts Payable                 $23,400

<em>Owners Equity (Balance)    </em><u><em>$106,080</em></u>

Total Liabilities and Equity    <u>$129,480</u>

4 0
3 years ago
Other questions:
  • Suppose a commercial banking system has $240,000 of outstanding checkable deposits and actual reserves of $85,000. If the reserv
    10·1 answer
  • Who controls the flow of information in the buying process?  A.The gatekeeper 
    5·1 answer
  • A considerate leader would be more effective than a structuring leader when the leader-member relations are good, the task struc
    11·1 answer
  • In a market with a binding price ceiling, an increase in the ceiling will ________ the quantity supplied, ________ the quantity
    10·1 answer
  • The largest royalty for texas university endowment comes from which economic product?
    14·1 answer
  • Real estate agents promoting a new recreational development offer a free breakfast and the opportunity to win a trip to hawaii f
    6·1 answer
  • At www.daveramsey’s Financial Peace University (FPU), Dave recommends Seven Baby Steps. One of these steps is “Pay off debt usin
    15·1 answer
  • 2. On January 1, 2017, Gaskin Cabinetry Company purchases $300,000 of equipment by paying $50,000 in cash and
    10·1 answer
  • Rory has been an underwriting assistant at a large insurance company for the past few years. He is an extremely hard worker and
    11·1 answer
  • Fill in the blank question. the difference between a revenue or cost item in the planning budget and the same item in the flexib
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!