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timofeeve [1]
3 years ago
9

Unimart Precision Manufacturing

Business
1 answer:
Anarel [89]3 years ago
7 0

Answer:

Results are below.

Explanation:

Giving the following information:

Company 1:

Beginning inventory Merchandise $253,000

Cost of purchases 600,000

Ending inventory Merchandise 153,000

Company 2:

Beginning Finished goods $506,000

Cost of goods manufactured 930,000

Ending Finished goods 147,000

<u>To calculate the cost of goods sold, we need to use the following formula:</u>

<u></u>

COGS= beginning finished inventory + cost of goods manufactured/purchased - ending finished inventory

<u>Company 1:</u>

COGS= 253,000 + 600,000 - 153,000

COGS= $700,000

<u>Company 2:</u>

COGS= 506,000 + 930,000 - 147,000

COGS= $1,289,000

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Use the following information and the indirect method to calculate the net cash provided or used by operating activities: net in
Pavel [41]
Using the indirect method, the net cash is $93,900

Solution: 

Cash flow from Operating Activities
          Net Income                                                        $85,300
          Depreciation Expense                                       $12,000
          Gain on Sale of Land                                         ($7,500)
          Increase in Merchandise Inventory                    ($2,050)
          Increase in Accounts Payable                           $6,150
                                                                                   ---------------
          Net Cash                                                          $93,900

Remember:
Increase in current assets (accounts receivables, inventory), it means subtract.
Decrease in current assets, means, add.
Increase in current liabilities (accounts payable, tax liabilities), it means add.
Decrease in current liabilities, means, subtract.
7 0
3 years ago
When a firm operates under conditions of monopoly its price is:?
Amiraneli [1.4K]
Havent you played monoply?
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3 years ago
Total Product Cost and Per-Unit Product Cost Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint,
umka21 [38]

Answer:

Total product cost for last week= $120,000

Unit cost per hockey=  $240

Explanation:

Total product cost is the sum of direct material cost, direct labour and  overhead

Direct material cost is the costs of all specific materials required to product a product. For example, wood, paint for making chairs.

Direct labour : the cost of the man hours used directly for the purpose of production.  wages of carpenters working on the chairs. It is arrived as <em>active hours used for production × wage rate per hour.</em>

Overhead :Sum of the indirect costs. indirect costs. These include expenditures on materials , labour and expenses incurred not specifically for a particular product. Examples are, cost of detergent for cleaning the toilets, salaries of the accountant, rent of the factory, e.t.c.

Total product cost for last week

= $32,000 + $28,0000+ $60,000= $120,000

Cost per product = Total product cost/ units produced

 Unit cost per hockey= $120,000/500= $240

5 0
3 years ago
Theory of production​
Helen [10]

Answer:

Theory of production, in economics, an effort to explain the principles by which a business firm decides how much of each commodity that it sells (its “outputs” or “products”) it will produce, and how much of each kind of labour, raw material, fixed capital good, etc., that it employs (its “inputs” or “factors of .

Explanation:

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3 0
2 years ago
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017.Raw Materials Invento
konstantin123 [22]

Answer:

A) cost of goods manufactured schedule

Factory Insurance                                                  4,700

Factory Utilities                                                    29,100

Factory Machinery Depreciation                        19,000

Direct Labor                                                        147,750

Plant Manager`s Salary                                       65,600

Indirect Labor                                                      26,560

Factory Property Taxes                                         9,810

Factory Repairs                                                      1,600

Add Beginning Work in Process Inventory       26,800

Less Closing Work in Process Inventory          (22,300)

Cost of Goods Manufactured                         $308,620

B) income statement through gross profit

Sales Revenue                                                                   564,000

Less Sales Discounts                                                            (4,700)

Net Sales                                                                            559,300

Less Cost of Goods Sold :

Finished Goods Inventory                                98,200

Add Cost of Goods Manufactured                 308,620

Less Closing Finished Goods Inventory         (26,100)   (380,720)

Gross Profit                                                                         178,580

C) current assets section of the balance sheet at June 30,2017

<u>Current Assets</u>

Raw Materials Inventory      46,000

Work in Process Inventory   22,300

Finished Goods Inventory    26,100

Accounts Receivable            27,100

Cash                                      35,600

Total Current Assets           157,100

Explanation:

<u>Raw Materials Consumed in Production Calculation</u>

<em>Open a Raw Materials T - Account as follows :</em>

<u>Debit :</u>

Opening Balance                                                      $51,100

Purchases                                                                $97,500

Totals                                                                      $148,600

<u>Credit :</u>

Closing  Balance                                                      $46,000

Requisitioned for Production  (Balancing figure) $102,600

Totals                                                                      $148,600

3 0
3 years ago
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