Answer:
See below
Explanation:
Direct materials :
$18
Direct labor :
1.9 hours × $18 labor costs
$34.2
Overhead
1.9 labor hours × ($1.50 fixed rate + $1.0 variable rate)
$4.75
Total unit cost
$18 + $34.2 + $4.75
$56.95
Cost to produce 640 chairs :
640 chairs × $56.95 per chair = $36,448
Answer:
$123,500
Explanation:
The computation of the amount reported in the financial statements is shown below
= Sales amount - the amount of sales received
= $247,000 - $247,000 × 50%
= $247,000 - $123,500
= $123,500
by deducting the amount of sale received from the sales amount we can get the amount i.e to be reported in the financial statements
Answer: Monopolistically competitive firms are productively inefficient because production occurs where C. The average total cost is greater than the minimum average total cost.
Explanation: The average total cost shows the average in cost to produce a unit. Monopolistic competition is an imperfect competition because producers sell productions completely different fro each other in means of quality and branding. The average total cost needs to be below the minimum average total cost so that profit is being made continuously.
QuickBooks balance sheet would be most useful to Cynthia.
<h3>What is a balance sheet account in QuickBooks?</h3>
You can simply run current balance sheet reports whenever you need them thanks to the way QuickBooks organizes your accounting data. For your accountant, print the required reports or save them as PDF files. A balance sheet report provides you with a financial overview of your business as of a particular date.
By deducting all of the money your firm owes (liabilities) from everything it has (assets), it determines how much your business is worth (your business's equity): Equity is equal to the difference between assets and liabilities. All of your transactions, both those you've reviewed and those you haven't, have an impact on your QuickBooks balance. While only the transactions recorded in the register are used to calculate the bank balance.
To learn more about QuickBooks balance sheet, visit:
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Answer:
The first transaction will be recorded as a note receivable, whereas the second transaction will be recorded as an account receivable.
Explanation:
The first transaction is a note recievable which is a credit instrument that requires the debtor to pay interest. The period for repayment bis usually above 30 days. Blair Automotive made the first customer sign a written promise to pay in full after six months with an annual interest rate of 3.5%.
The second transaction is an account recievable which are claims for payment that is raised by a business for delivery of products and services, it is payable within an agreed time frame. Accounts receivable does not attract interest payment. Blair Automotive sends the second customer a bill within the next two weeks, due within 30 days of receipt of the bill.
