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rewona [7]
3 years ago
12

Our company reported the following financial numbers for one of its divisions for the year; average total assets of $4,100,000;

sales of $4,525,000; cost of goods sold of $2,550,000; and operating expenses of $1,372,000. Assume a target income of 10% of average invested assets. Compute residual income for the division:
Business
1 answer:
mestny [16]3 years ago
7 0

Answer: $193,000

Explanation:

Given that,

Average total assets = $4,100,000

Sales = $4,525,000

Cost of goods sold = $2,550,000

Operating expenses = $1,372,000

Target income = 10% of average invested assets

Net operating income = Sales - Cost of goods sold - Operating expenses

                                     = $4,525,000 - $2,550,000 - $1,372,000

                                     = $603,000

Minimum required return on assets = 10%

Residual income:

= Net operating income - (Minimum required return on assets × Average total assets)

= $603,000 - (10% × $4,100,000)

= $193,000

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Completing the Cost of Goods Manufactured Schedule for Riverbed Company is as follows:

<h3>Cost of Goods Manufactured Schedule</h3>

Work in process (1/1)                             $222,600

Direct materials:

Raw materials inventory (1/1)                 $ 47,300

Add: Raw materials purchases              168,000

Total raw materials available for use $215,300

Less: Raw materials inventory (12/31)     24,500

Direct materials used                          $190,800

Direct labor                                          $114,500

Manufacturing overhead:

Indirect labor                 19,600

Factory depreciation   37,900

Factory utilities             72,600

Total overhead                                       130,100

Total manufacturing cost                  $658,000

Total cost of work in process           $658,000

Less: Work in process (12/31)                85,600

Cost of goods manufactured            $572,400

<h3>What is the Schedule of Cost of Goods Manufactured?</h3>

The Schedule of Cost of Goods Manufactured shows the costs of:

  • Beginning Work in Process
  • Raw materials used
  • Direct labor
  • Overhead
  • Less Ending Work in Process.

Thus, the Schedule of Cost of Goods Manufactured for Riverbed Company shows that the cost of goods manufactured for the period is <u>$572,400</u>.

Learn more about preparing the Schedule of Cost of Goods Manufactured at brainly.com/question/24257342

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What responsibility, if any, does fishpeople have to the local fishing industry?​
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Answer:

IN UK

Explanation:

Contents

Rules for access to waters after the UK leaves the EU

Quota allocations and fishing opportunities

North-East Atlantic Fisheries Commission (NEAFC) Convention Area

Regional fisheries management organisations (RFMOs)

Access to ports

EU and non-EU (third country) vessels landing into UK ports

Import and export of fishery products

Exporting UK-caught fish and fishery products to the EU

Importing EU-caught fish and fishery products to the UK

Labelling and marketing of fishery and aquaculture products

European Maritime and Fisheries Fund

Eels and eel products

Rules for access to waters after the UK leaves the EU

When the UK leaves the EU, the government will control and manage access to fish in UK waters. It will be responsible for managing the UK’s:

territorial waters (out to 12 nautical miles)

Exclusive Economic Zone (out to 200 nautical miles or the median line with other states)

The UK government will make sure that fisheries control and enforcement continue.

UK waters

There will be no change to your rights and responsibilities if you have a UK-registered vessel fishing in UK waters. You must continue to comply with the law and the conditions of your licence, including the economic link criteria.

Non-UK-registered vessels will no longer have automatic access to UK waters. This will be subject to any existing agreements covering territorial waters.

EU and non-EU (third country) waters

There will be no automatic access for UK-registered vessels to fish in EU or non-EU (third country) waters. This will be subject to any existing agreements covering territorial waters.

Quota allocations and fishing opportunities

If you’re a UK quota holder, the UK fisheries administrations will tell you what your allocation will be. They aim to do this in October 2019.

The government will also confirm arrangements for:

non-quota shellfish (scallops, edible crabs and spider crabs)

demersal species under the Western Waters effort regime (demersal species live mainly on or near the sea floor)

There will be no automatic access for:

the UK Fisheries Administrations to exchange fishing opportunities with EU member states

EU member states to exchange fishing opportunities with the UK

North-East Atlantic Fisheries Commission (NEAFC) Convention Area

You can prepare for the UK joining the NEAFC. For UK-registered vessels to continue fishing in the convention area, and landing into the EU, you must hold a current UK domestic licence. You’ll need this before you can apply for an international licence from the relevant fisheries authority.

Please contact your local fisheries authority office if you want further guidance on fishing internationally. You’ll also need to register with the NEAFC’s electronic Port State Control system and complete the Port State Control 1 forms.

Regional fisheries management organisations (RFMOs)

The UK will join all relevant RFMOs as quickly as possible - it will no longer be a member of RFMOs through EU membership. The joining process may take up to 6 months.

During this time, UK vessels may not be able to fish in international waters covered by RFMOs. The Department for Environment, Food and Rural Affairs (Defra) will keep fishermen informed of progress and what the outcome of a decision will mean in practice.

Access to ports

If you have a UK-registered vessel, you’ll no longer have an automatic right to land fish in any EU port. You’ll be allowed access to EU designated ports for:

port services

landings

transhipment

the use of market facilities (where vessels meet EU requirements on illegal, unreported and unregulated fishing)

You must notify the relevant Fisheries Monitoring Centre of your intention to arrive into a designated port. You must notify vessel and catch-related information

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