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denis23 [38]
3 years ago
8

On January 1, 2018, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $15

,000 annually for six years. The first payment was made on January 1, 2018. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2016 of:
a. $90,000.
b. $74,891.
c. $69,343.
d. None of these answer choices is correct.
Business
1 answer:
Mariana [72]3 years ago
4 0

Answer:

Glanville should record sales revenue of $74,891

Explanation:

Installment =  $15,000

Number of years = 6

Present value of installment = $15,000 * Present Value factor(8%, 6 years)

Present value of installment = $15,000 * 4.99271

Present value of installment = $74,890.65

Present value of installment =  $74,891

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The company makes 340 units of product P23F a year, requiring a total of 710 machine-hours, 80 orders, and 40 inspection-hours p
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Answer:

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Explanation:

Activity cost pool

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<em>Inspection</em>: $ 119,535 / 1,950 inspection-hours = $61.30 per inspection-hour

Overhead Costs:

Assembly: 15.88 per MH *710 MHs = 11,274.80

Processing Orders: $ 47.77 per order * 80 orders = $3,821.60

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<em>Sales</em>: (340 * 121.90) = $ 41,446.00

<em>Costs</em>:

 Direct materials (340 * 40.05) = $ 13,617.00

 Direct labor (340 * $ 14.35) = $ 4,879.00

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 <em>Total of costs</em>: $ 36,044.40

<em>Product Margin</em>:  (Costs - Sales) $ 5,401.60

                             

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