1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
____ [38]
3 years ago
13

Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 597,000 units. Total estimated

cost for materials and labor are $1,194,000 and $1,671,600. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.)
Business
1 answer:
sertanlavr [38]3 years ago
5 0

Answer: (a) Materials = $2 and Labor = $2.8

(b) Materials = $11,94,000 and Labor = $16,71,600

Explanation:

(a) Standard cost :

Standard cost is evaluated as a per unit amount.

For Materials,

=  \frac{1194000}{597000}

= $2

For Labor,

=  \frac{1671600}{597000}

= $2.8

(a) Budgeted cost :

Budget cost are evaluated as the total amount.

Therefore, for this year the budgeted cost are Materials = $11,94,000 and Labor = $16,71,600

You might be interested in
A central bank acts as a lender of last resort especially in times of financial crisis. What is the purpose of this function
mr_godi [17]

Answer:

The purpose of the function is to lend the people indeed.

Explanation:

a central bank help to keep our money and give a loan

7 0
3 years ago
This year, Paula and Simon (married filing jointly) estimate that their tax liability will be $218,000. Last year, their total t
romanna [79]

Answer:

1. Yes

2. $7,400

Explanation:

Basic Rules For Estimated Tax For Individuals

Any individual who has estimated tax for the year of $1,000 or more and  whose withholding does not equal or exceed the “required annual payment” must make quarterly payments. Otherwise, a penalty may be assessed. The required annual payment is the smaller of the following amounts:  

1.Ninety percent of the tax shown on the current year's return.  

2.One hundred percent of the tax shown on the preceding year's return (the return must cover the full 12 months of the preceding year). If the AGI on the preceding year's return exceeds $150,000 ($75,000 if married filing separately), the 100% requirement is increased to 110%.

Are Paula and Simon required to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty?

Following the basic rules above, yes, Paula and Simon have to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty.

If so, how much?

Amount of income tax liability = $218,000

In general, taxpayers must pay at least 90 percent of their tax bill during the year to avoid an underpayment penalty when they file.

Therefore Minimum estimated payments-90% : $218,000 * 0.9 = $196,200

110% of the preceding year's tax: $182,000 * 1.10 = $200,200

According to the basic rules the required annual payment is the smaller which is $196,200.

Tax withholding from their employers = $188,800

Estimated tax payments required = $196,200 - $188,800 = $7,400

5 0
2 years ago
The ratio of an insurance company's net profit to policyholders' surplus is called
Yuri [45]
I don't know the answer. I just want you to know that. Good day mate.
8 0
2 years ago
Classify each property according to whether it is displayed by metals or by nonmetals
ElenaW [278]
<span>The following properties can be classified as those associated with metal elements: having a high density, malleable, and having low melting points. The following properties can be classified as those associated with non-metal elements: dull and nonreactive to acids.</span>
3 0
3 years ago
Lisa Richter deposited $5,000 at 4% compounded semiannually for three years. At the beginning of the fourth year, Lisa deposited
Contact [7]

Answer:

Answer is option (d) $8,424

Explanation:

The total amount Lisa Richter will receive after the end of the first 3 years can be expressed using the formula for calculating the total amount after 3 years with interest compounded semiannually is as follows;

A = P (1 + r/n)^(nt)

where;

A = the future value of the initial investment

P = initial investment amount/principal amount

r = the annual interest rate

n = the number of times that interest is compounded per unit t

t = the time the money is invested for

In our case;

P=$5,000

r=4/100=0.04

n=interest is compounded semiannually which is twice a year=2

t=3 years

Replacing values in the formula;

A=5,000(1+0.04/2)^(2×3)

A=5,000(1+0.02)^6

A=5,000(1.02)^6

A=$5,630.81

Total amount after the end of the first 3 years=$5,630.81

To calculate the total principal amount for the fourth year;

Total principal amount=Total amount after 3 years+Amount deposited at the beginning of the fourth year

where;

Total amount after 3 years=$5,630.81

Amount deposited at the beginning of the fourth year=$2500

replacing;

Total principal amount=(5,630.81+2500)=8,130.81

Using the formula;

A = P (1 + r/n)^(nt)

P=$8,130.81

r=4/100=0.04

n=compounded semiannually=2

t=1 year

replacing;

A=8,130.81(1+0.04/2)^(2×1)

A=8,130.81(1.02)^2

A=8,459.29

Option (d)  $8,424 is closer to 8,459.29, take answer as (d) $8,424

7 0
3 years ago
Other questions:
  • A project background and timetables are typical bid proposal elements. True or false?
    9·2 answers
  • Which of the following is a disadvantage of the first-mover strategy?
    13·1 answer
  • Suppose the Andrews company expands to other markets with good designs, high awareness, and easy accountability, what strategy w
    14·1 answer
  • Diminishing marginal utiliDiminishing marginal utility means that A. the price of two hamburgers is twice the price of one. B. t
    7·2 answers
  • Mark is the inventory-control manager at Shield Corp. He usually places an order for steel rods based on the firm's daily requir
    8·1 answer
  • The following data apply to the provision of psychological testing services: Sales price per unit (1 unit = 1 test plus feedback
    14·1 answer
  • Mention three reasons for depreciation​
    14·1 answer
  • The maintenance department of a large hospital uses about 816 cases of liquid cleanser annually. Ordering costs are $12 and carr
    12·1 answer
  • 2. The owner of a franchise benefits from brand name recognition, access to professional
    10·1 answer
  • What is watermill?write it advantages<br>​
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!