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melamori03 [73]
2 years ago
11

Ryker Manufacturing, inc. provided the following information for the year: The inventory account balances as of January 1 are gi

ven below. Direct Materials Work-in-Progress Inventory Finished Goods Inventory $45,000 11,000 304,560 Purchases-Direct Materials Plant Utilities and Insurance Indirect Materials Used Indirect Labor Direct Materials Used in Production Direct Labor Depreciation on Factory Plant and Equipment Cost of Goods Manufactured Cost of Goods Sold $89,000 66,000 11,170 4,880 97,000 119,500 5,000 290,500 291,000 What is the ending balance in the Finished Goods Inventory? O A. $595,060 O B. $304,060 OC. $305,060 O D. $304,560
Business
1 answer:
Licemer1 [7]2 years ago
8 0

Answer:

B. $304,060

Explanation:

We know that

Ending balance of finished goods inventory  = Beginning balance of  finished goods inventory + Cost of Goods manufactured - Cost of Goods Sold

=  $304,560 + $290,500 - $291,000

= $304,060

We simply applied the above formula to compute the ending balance of finished goods inventory by considering the beginning balance of finished goods inventory, cost of goods manufacture and cost of goods sold.

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Maryland Incorporated produces toys. Total manufacturing costs are $ 370 comma 000 when 60 comma 000 toys are produced. Of this​
ludmilkaskok [199]

Answer:

The total production costs when 105 comma 000 toys are​ produced are $467,500

Explanation:

Manufacturing or production costs are the costs which is incurred to Manufacture / produce the products being sold.

Total Manufacturing Cost = $370,000

Variable cost = $130,000

Variable cost per unit = $130,000 / 60,000 = $2.17

Total Fixed Cost = Total Manufacturing cost - Variable cost

Total Fixed Cost = $370,000 - $130,000 = $240,000

Total Production cost = Variable cost + Fixed Cost

Total Production cost = ( 105,000 x 2.17 ) + $240,000

Total Production cost = $227,500 + $240,000 = $467,500

6 0
3 years ago
Inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of
jasenka [17]

Answer:

B net income is overstated, assets are overstated, and stockholders' equity is overstated

Explanation:

The movement in the balance of inventory at the start and end of a period is as a result of sales and purchases. While sales reduces the balance in inventory, purchases increases the balance. This may be expressed mathematically as

Opening balance + purchases - cost of goods sold = closing balance

Hence, where ending inventory balance is overstated, cost of goods sold is understated. When cost of goods sold is understated, gross and net incomes are overstated. Hence owner's equity is overstated and asset overstated.

6 0
3 years ago
An investment project has annual cash inflows of $2,800, $3,700, $5,100, and $4,300, for the next four years, respectively. The
lubasha [3.4K]

Answer:

Discounted payback period = 1.89 years

Explanation:

If Initial cost is $5,200

Year  Cash flow   Present value   Present value      Discounted

                                 at 11%                                       Cumulative cash flow

0          -5,200             1                      -5,200              -5,200

1            2,800           0.9009             2,523               -2,677

2           3,700           0.811                  3,003                326

3            5,100           0.73126              3,729                4,055

4            4,300          0.6587               2,833                6,887

Discounted payback period = 1 + (2,667/3003)

=1.89 years

Working

PV= (1+i)^-n

i= 11%, n= respective years 0,1,2,3,4

6 0
3 years ago
Identical products is a characteristic of a(n) ______ .
Sophie [7]
Identical products is a characteristic of a A. perfect competition.
Here are all of the characteristics of perfect competition:
1. a large number of small firms
2. identical products
3. freedom and resource mobility
4. knowledge of prices and technology 
4 0
3 years ago
The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 2900 units, the actual direct
pashok25 [27]

Answer:

$5400 Favorable

Explanation:

Standard 2 hour at $15 per hour

Standard hours 2 hour per unit * 2900 units = 5800 hours

Total Standard cost = 5800 hours * $15 per hour =  $87,000

Actual hours = 5100

Actual cost = $81600 / 5100 hours = $16 per hour

Variance = Standard - Actual

Labor hour Variance Favorable = 700 hours (5800 hours - 5100 hours)

Total Labor variance = $5400 ($87,000 - $81,600)

4 0
3 years ago
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