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Answer:
(a) 12,595.4 units
(b) $1.59
Explanation:
Demand = 39,000
Fixed cost = $33,000 per month
Variable costs = 38 cents per pen
(a) Revenue per unit = $3
Let the volume be x,
Total cost:
= Fixed cost + Variable cost
= $33,000 + (0.38x)
Total revenue = Revenue per unit × Volume
= 3x
TR = TC
3x = $33,000 + (0.38x)
3x - 0.38x = $33,000
2.62x = $33,000
x = 12,595.4 units
(b) Let the revenue per unit be x,
Total cost:
= Fixed cost + Variable cost
= $33,000 + (0.38 × 12,595)
= $47,820
Total revenue = Revenue per unit × Volume
= 39,000x
Profit = Total revenue - Total cost
$14,000 = 39,000x - $47,820
39,000x = 61,820
x = 1.5851 or $1.59
Answer:
d. debit to Work in Process of $66,700
Explanation:
The journal entries for recording the given transactions are as follow
1. Work in process Dr $66,700
To Wages $66,700
(Being direct labor transferred to Work in process account)
2. Factory overhead Dr $9,300
To indirect labor cost $9,300
(Being indirect labor transferred)
These entries are recorded for recording the wages and the indirect labor cost
Members should use the AICPA conceptual framework for independence to understand the rules on the confidential client information and acts discreditable to the profession.
Option C
Explanation:
Two conceptual frameworks, one each for participants in public accounting and one for participants in the sector, represent a major change to substance in the updated AICPA Code.
In all of these two implementation frameworks, the conceptual framework strategy is one way in which warnings to fully comply with rules arising from a specific connection or circumstance which are not covered by the code can be identified, assessed and addressed.
