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3 years ago

At May 31, 2017, the accounts of Lopez Company show the following.

Business

1 answer:

frosja888 [35]3 years ago

7 0

Answer:

a. cost of goods manufactured schedule.

Direct materials $62,400

Direct labor $50,000

Manufacturing overhead applied $40,000

Add Opening work in process Inventory $14,700

Less Closing work in process Inventory ($15,900)

Cost of goods manufactured $151,200

b. income statement for May

Sales Revenue $215,000

Less Cost of Goods Sold :

Opening finished goods Inventory $12,600

Add Cost of goods manufactured $151,200

Less Closing finished goods Inventory ($12,600) ($176,400)

Gross Profit $38,600

c.presentation of the manufacturing inventories

raw materials $7,100

work in process $15,900

finished goods $9,500

Total Inventory $32,500

Explanation:

a.Cost of Goods Manufactured schedule included all the manufacturing costs incurred during production.

b.The Income statement is used to calculate gross profit as Sale less Cost of Sales.

c.The manufacturing inventories are presented in the balance sheet in their older of liquidity starting with the least liquid category.

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ncome Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engine

Mnenie [13.5K]

Answer:

Income statement according to the absorption costing

Sales 2,600,000

Less Cost of Goods Sold

Opening Stock 0

Add Cost of Goods Manufactured

Direct materials 1,218,000

Direct labor 522,000

Variable factory overhead 87,000

Fixed factory overhead 130,500

Less Closing Stock (1,957,500/4,350)×350 (157,500) 1,800,000

Gross Profit 800,000

Less Period Costs :

Selling and administrative expenses:

Variable selling and administrative expenses (60,000)

Fixed selling and administrative expenses (25,000)

Net Income 715,000

Explanation:

Product/Manufacturing Cost - Absorption Costing = Direct Materials + Direct Labor + Variable Overheads + Fixed Overheads

Period Cost - Absorption Costing = All Non - Manufacturing Costs

7 0

3 years ago

________ is not information generally found in your credit report.

beks73 [17]

B) College attended, grades, etc.

7 0

3 years ago

The formal or informal societal rules that specify or prohibit certain behaviors in specific situations are called ______.

babymother [125]

Answer:

social norms

Explanation:

Social norms can be seen as mutual depictions of appropriate social behavior as well as internal opinions of specific group behavior. Norms can be seen as cultural ideas (including principles, traditions, and rituals) that serve a basic understanding of what others practice and believe that they ought to be doing.

Social norms are, if seen as a societal viewpoint, informal interpretations which regulate the actions of people in a society. In response to religious or community expectations, behavioral economics acknowledges smaller group structures (such as a team or perhaps a department) can also accept norms independently.

6 0

3 years ago

Prior to liquidating their partnership, Joyce and Xi had capital accounts of $50,000 and $105,000, respectively. Prior to liquid

Iteru [2.4K]

Answer:

Joyce cash distribution = $262500

Explanation:

given data

Joyce capital = $50,000

Xi capital = $105,000

liabilities = $10,000

assets sold = $190,000

to find out

we consider Determine the amount received by Joyce as a final distribution from liquidation of the partnership

solution

we carrying value of non-cash asset prior to liquidation is

value of non-cash asset prior to liquidation = $50,0000 + $105,000 + $10,000

value of non-cash asset prior to liquidation = $615000

so Profit on Liquidation is = value of non-cash asset prior to liquidation - Sale of Asset

Profit on Liquidation is = $615000 - $190,000

Profit on Liquidation is = $ 425000

and here since

Joyce and Xi share income and losses equally

so Joyce share of profit will be

Joyce share of profit = 50% × $ 425000

Joyce share of profit = $212500

and

so Joyce cash distribution will be

Joyce cash distribution = Joyce share of profit + Joyce capital

Joyce cash distribution = $212500 + $50,000

Joyce cash distribution = $262500

4 0

3 years ago

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual i

Alisiya [41]

Answer and Explanation:

The journal entries are shown below:

1. Inventory $1,800

Accounts Payable $1,800

(Being purchased on account)

2. Inventory $50

To Cash $50

(being freight paid)

3. Accounts Payable $51

To Inventory $51

(being the returned calculator is recorded)

4. Accounts Receivable $670

To Sales Revenues $670

(Being sales is recorded)

5. Cost of Goods Sold $460

To Inventory $460

(Being cost of goods sold is recorded)

6. Sales returns $40

To Accounts Receivable $40

(being sales return is recorded)

7. Inventory $28.20

To Cost of Goods Sold $28.20

(Being cost return is recorded)

8. Accounts Receivable $780

To Sales Revenues $780

(Being the sales is recorded)

9. Cost of Goods Sold $560

To Inventory $560

(Being the cost of goods sold is recorded)

5 0

3 years ago