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3 years ago

Which of the following costs is a mixed cost?

Business

1 answer:

koban [17]3 years ago

7 0

Answer:

3. Rental costs of $5,000 per month plus $.30 per machine hour of use

Explanation:

Mixed cost is the one which has both the factors, variable and fixed.

Sometimes, the segregation is also difficult, when the total cost is given.

In the chosen option also, there is a fixed cost involved that is monthly expense of $5,000.

Further for each hour of machine used the cost increases and is $0.30 per hour.

That is variable as the total will depend upon the number of hours the machine is used.

All the other three are either completely fixed like salary, and depreciation, or either completely variable like electricity cost.

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Flounder Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cos

iragen [17]

Answer:

Flounder Corp.

Weighted Average FIFO LIFO

Ending Inventory $1,414 $1,580 $1,280

Cost of goods sold $2,796 $2,630 $2,930

Explanation:

a) Data and Calculations:

Date Explanation Units Unit Cost Total Cost

June 1 Inventory 100 $5 $ 500

June 12 Purchases 385 6 2,310

June 23 Purchases 200 7 1,400

Total units 685 $ 4,210

June 30 Inventory 230

June 30 Units Sold 455 (685 - 230)

Weighted Average Cost = Total costs/Total units bought

= $4,210/685 = $6.146

Weighted Average:

Ending Inventory = $1,414 ($6.146 * 230)

Cost of goods sold = $2,796 ($6.146 * 455)

FIFO:

Ending Inventory = (30 * $6) + (200 * $7) = $1,580

Cost of goods sold = (100 * $5) + (355 * $6) = $2,630

LIFO:

Ending Inventory = (100 * $5) + (130 * $6) = $1,280

Cost of goods sold = (200 * $7) + (255 * $6) = $2,930

The weighted average method is based on an average cost for estimating the cost of ending inventory and cost of goods sold. The FIFO method assumes that goods bought initially are the first to be sold while the LIFO method assumes that goods bought last are the first to be sold.

6 0

3 years ago

Gundy Company expects to produce 1,213,200 units of Product XX in 2020. Monthly production is expected to range from 80,000 to 1

fiasKO [112]

Answer:

Gundy Company

Flexible Budget Report for March 2020:

Actual Budget Flexible Budget Variance

Direct materials $515,000 $485,000 $30,000 U

Direct labor 670,000 679,000 9,000 F

Variable overhead 1,073,000 1,067,000 6,000 U

Actual fixed costs 679,000 679,000 0 None

Total costs incurred $2,937,000 $2,910,000 $27,000 U

Explanation:

a) Data and Calculations:

Expected production of Product XX in 2020 = 1,213,200 units

Monthly production range = 80,000 to 114,000 units

Budgeted variable manufacturing costs per unit are:

Direct materials $5

Direct labor $7

Overhead $11

Total variable $23

Fixed manufacturing costs per unit:

Depreciation are $6

Supervision are $1

Total fixed costs $7

Total costs = $30

March 2020 costs incurred for 97,000 units:

Direct materials $515,000

Direct labor $670,000

Variable overhead $1,073,000

Actual fixed costs 679,000

Total costs incurred $2,937,000

Flexible Budget Report for March 2020:

Actual Budget Flexible Budget Variance

Direct materials $515,000 $485,000 $30,000 U

Direct labor 670,000 679,000 9,000 F

Variable overhead 1,073,000 1,067,000 6,000 U

Actual fixed costs 679,000 679,000 0 None

Total costs incurred $2,937,000 $2,910,000 $27,000 U

4 0

3 years ago

A farmer and a meatpacker use the commodity markets to reduce their risk. One agrees to buy live cattle in the future at a fixed

VLD [36.1K]

Answer:

A farmer is the one that owns the cattle and is ready to sell it on the market demand, while the meatpacker is the one who buys the product and sells it in different parts to the end consumers.

Since they both are using the commodity market to reduce the risk, the farmer will be the one who agrees to sell the cattle in the future at a fixed rate, while the meatpacker will be the one who agrees to buy the cattle in the future at a specified price fixed by him.

Hope this helps. ThankYou.

3 0

3 years ago

Where are you from im from georgia but live in kentucky

alexira [117]

Answer:

I am from Long Island but live in NC

Explanation:

4 0

2 years ago

Read 2 more answers

A justice who agrees with the outcome of a case but not the reason proffered by other justices can issue a dissenting opinion th

vodka [1.7K]

Answer: False

Explanation:

A dissenting opinion refers to an opinion in a legal case that's written by the judge(s) who disagree with the court's majority opinion that gives rise to its judgment.

It should be noted that a justice who agrees with the outcome of a case but doesn't agree with the reason that was proffered by other justices can issue a concurring opinion and not a dissenting opinion.

Therefore, the correct option is False.

8 0

3 years ago