Information that is collected for the first time from original sources is called primary research.
Primary research is research you contact yourself. A few examples of ways to collect primary research are through surveys, focus groups and observations.
Secondary research is information collected from other sources that once was primary research. Although they are complete opposite to get the most accurate research data it is best to use both primary research and secondary research in your market research.
Answer:
$750 favorable ; $200 unfavorable
Explanation:
The computations are shown below:
For fixed overhead budget variance:
= Budgeted fixed overhead - actual fixed overhead
= $47,420 - $46,670
= $750 favorable
For fixed overhead volume variance:
= Budgeted fixed overhead - standard fixed overhead cost allocated to production
= $47,420 - $47,220
= $200 unfavorable
Hence we consider all the given information
Answer:
Cost of merchandise sold = $ 28
Gross profit = $ 13
The ending inventory under the LIFO method = $ 18
Explanation:
Given:
October 5,
Purchased units = 1
Unit cost = $5
on October 12,
Purchased units = 1
Unit cost = $ 13
On October 28,
Purchased unit = 1
Unit cost = $ 15
Total cost of the 3 units purchased = $33
Now, the unit sold on October 31 will be the unit purchased in the end i.e on October 28
thus,
Cost of merchandise sold = $ 28
Gross profit = Selling price of the unit - Unit price of purchase
or
Gross profit = $ 28 - $ 15 = $ 13
now, the ending inventory under the LIFO method = $ 5 + $ 13 = $ 18
