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3 years ago

Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations

Business

1 answer:

DochEvi [55]3 years ago

5 0

Answer:

c) $ 24,200

Explanation:

Computation of Total Period costs

Fixed selling and Administrative expenses $ 8,800

Variable Selling and Administrative costs

$ 7 per unit * 2,200 units sold <u>$ 15,400</u>

Total period costs $ 24,200

The fixed manufacturing overhead is part of manufacturing costs so not considered.

The variable selling and administrative costs are based on units sold and not units produced.

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he following information is available for completed Job No. 402: Direct materials, $170000; direct labor, $230000; manufacturing

sveticcg [70]

Answer:

The correct answer is $112,000

Explanation:

First of all, let us lay out the information given:

Direct materials = $170,000

Direct Labor = $230,000

Manufacturing overhead = $160,000

Cost of production = Direct material + Direct Labor + Manufacturing overhead = 170,000 + 230,000 + 160,000 = $560,000

Number of units produced = 5000 units

Number of units sold = 4000 units

Number of units left on hand = 5000 - 4000 = 1000 units (units produced - units sold)

Next, we will calculate the cost of production of a single unit of finished product as follows:

5000 units = $560,000

∴ 1 unit = 560,000 ÷ 5000 = 112

Finally, since the number of unit on hand is 1,000 units, we will find the cost of unit on hand as follows

1 unit = $112

∴ 1000 unit = 112 × 1000 = $112,000

3 0

2 years ago

Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In 2019, the partnership generate

avanturin [10]

Answer:

The Rex’s gross income from the partnership in 2019 and 2020 is $1,20,000 and $1,80,000 respectively

Explanation:

The computation of the gross income for each year is shown below:

In 2019:

Gross income = Taxable income × percentage of interest in profits

= $400,000 × 30%

= $1,20,000

In 2020:

Gross income = Taxable income × percentage of interest in profits

= $600,000 × 30%

= $1,80,000

The withdrawn amount is not consider for computing the gross income. So, we ignored it

8 0

3 years ago

In a payday loan, what happens at the date of loan maturity?

Elena L [17]

Borrower must pay off loan

3 0

3 years ago

Read 2 more answers

Rutgers Industries has the following inventory information for 2019: Jan 1 Beginning Inventory 240 units at $100 per unit June 1

timofeeve [1]

Answer:

$86,000

Explanation:

FIFO means first in, first out. It means that the first purchased inventory is the first to be sold.

This means thay the 500 units sold would be taken from the earliest purchased inventory and the ending inventory would be the most recently purchased inventories.

Ending inventory = (80 × $150) + (370 × $200) = $12,000 + $74,000 = $86,000

I hope my answer helps you

4 0

3 years ago

Loc Nguyen sold his personally owned boat for $6,000. Loc is not self-employed and he did not have any outstanding loans on the

lesantik [10]

Question Completion with options:

Select one:

a. Include the $5,000 in total income on Form 1040

b. Include the $5,000 as a capital gain on Schedule D

c. Include the $5,000 as self-employment income on Schedule C

d. Include the $5,000 as interest income on Form 1040

Answer:

Loc Nguyen should:

b. Include the $5,000 as a capital gain on Schedule D.

Explanation:

Both long-term and short-term capital gains and deductible capital losses are reported on Schedule D of Form 1040. If the gain from the sale of the boat is a long-term capital gain, it will be subject to the lower capital gain tax rate of up to 20%, unlike the short-term capital gain that attracts a rate of up to 37%.

3 0

2 years ago