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Eduardwww [97]
3 years ago
10

JoPacks sold 500 backpacks in September. Total variable costs were $7,500, total fixed costs were $10,000, and profit was $4,000

. If JP sold 1,000 backpacks, what would their profit be
Business
1 answer:
aivan3 [116]3 years ago
6 0

Answer:

$18,000

Explanation:

Total revenue - total cost = profit

total cost = variable cost + fixed cost

when 500 units were sold

total revenue - ( $10,000 + $7,500) = $4,000.

revenue = $21,500

to determine profit when 1000 units are sold, we have to determine the price and average variable cost

Price = revenue / total unit sold = $21,500 / 500 = $43

Average variable cost = $7,500 / 500 = $15

For 1000 units sold

revenue = price x units sold = 1000 x $43 = $43,000

total variable cost = $15 x 1000 = $15,000

total cost = $15,000 + $10,000 = $25,000

Profit =  $43,000 - $25,000 = $18,000

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Mcduff's boss told him he needs to be more concise in his report writing. to do this, mcduff should?
kirza4 [7]

Macduff's boss told him he needs to be more concise in his report writing. to do this, MacDuff should delete the <u>verbiage </u>form the report.

<h3>What is verbiage?</h3>

Verbiage simply means words that don't reduce the meaning of the information when they are deleted.

In order words they are needless and hence need to be removed.

Macduff can do this manually or he can do so with the aid of online tools that are programmed to recognize unnecessary words and options for revision.

The importance of being concise is that  it makes the report easier to read, thus improving effectiveness of communication.

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7 0
2 years ago
Bateman Corporation sold an office building that it used in its business for $800,200. Bateman bought the building 10 years ago
GarryVolchara [31]

Answer:

Gain= $400,600

Explanation:

<u>First, we need to calculate the book value of the building:</u>

Book value= purchase price - accumulated depreciation

Book value= 599,900 - 200,300

Book value= $399,600

<u>If the selling price is higher than the book value, the company gain from the sale.</u>

Gain/loss= selling price - book value

Gain/loss= 800,200 - 399,600

Gain= $400,600

4 0
3 years ago
Classify each cost as being either variable or fixed with respect to the number of units produced and sold.
charle [14.2K]

Answer:

Explanation:

There are primarily two types of costs, i.e. variable costs and the fixed costs. The variable cost is the cost that varies when the level of output changes, while the fixed cost is the cost that remains constant whether the level of production changes or not. The variable cost includes indirect inventory, indirect labor and factory supplies.

And, the fixed cost includes supervision, taxes ,and depreciation expense.

As we know that, the product cost would be a mix of Direct materials cost +  Direct labor cost + manufacturing overhead cost

where,

Manufacturing overhead = Factory utilities + Factory machinery depreciation + Factory building property tax + Indirect factory work + Indirect materials + Factory repairs + Factory manager salary

And, the selling and administrative cost is the cost which is incurred for selling the product. example - advertising, etc

So, the categorization is shown below:

1. Hamburger buns in a Wendy's outlet. = Variable and product cost

2. Advertising by a dental office.  =  Fixed and Selling and Administrative cost

3. Apples processed and canned by Del Monte.  = Variable and product cost

4. Shipping canned apples from a Del Monte plant to customers.  = variable and Selling and Administrative cost

5. Insurance on a Bausch & Lomb factory producing contact lenses.  = fixed and product cost

6. Insurance on IBM's corporate headquarters.  = fixed and Selling and Administrative cost

7. Salary of a supervisor overseeing production of printers at Hewlett-Packard.  = fixed and product cost

8. Commissions paid to automobile salespersons.  = variable and Selling and Administrative cost

9. Depreciation of factory lunchroom facilities at a General Electric plant.  = fixed and product cost

10. Steering wheels installed in BMWs. = variable and product cost

7 0
3 years ago
Does being unemployed apply to someone who has never been employed
Temka [501]
Yes, because the definiton of unemployed is doesn't have  job but is ready to work
5 0
3 years ago
Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common. As of January 1, 2021,
devlian [24]

Answer:

Common stock = $210,000

Preferred stock = $15,000

Additional paid in capital = $2,801,000

Treasury stock  =    $120,000

Retained earnings = $31,600

Explanation:

Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common.

As of January 1, 2021, the following accounts had the following balances: Common Stock $10,000, preferred stock $5,000, retained earnings was $9,600.

The following transactions affect stockholders' equity during 2021, its first year of operations: January 1-Dec. 31 Net Income $25,000

January 1 Issue 200,000 shares of common stock for $15 per share.

JOURNAL ENTRIES

Dr. Bank.......................3,000,000

Cr. Common stock.......................200,000

Cr. Additional Paid-in capital..2,800,000

February 6 Issue 1,000 shares of preferred stock for $11 per share.

JOURNAL ENTRIES

Dr. Bank.......................11,000

Cr. Preferred stock.......................10,000

Cr. Additional Paid-in capital.......1,000

October 10 Purchase 10,000 shares of its own common stock for $18 per share.

JOURNAL ENTRIES

Dr. Treasury Stock.......................180,000

Cr. Bank........................................................180,000

November 12 Resell 5,000 shares of treasury stock at $20 per share.

JOURNAL ENTRIES

Dr. Bank..............60,000

Cr. Treasury Stock.......................60,000

December 31 Paid dividends of $3,000

The closing balances can be computed as beginning balances + changes in the year = closing balances:

Common stock = 10,000 + 200,000 = $210,000

Preferred stock =  5,000 + 10,000 =    $15,000

Additional paid in capital = 2,800,000 + 1,000 = $2,801,000

Treasury stock  = 180,000 - 60,000 = $120,000

Retained earnings 9,600 + 25,000 - 3,000 = $31,600

8 0
3 years ago
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