Answer and Explanation:
The preparation of the multi-step income statement is shown below:
Blossom Company
Income Statement
For the Month January 2022
Revenues
Sales revenue $431,000
Less:
Sales discount -$7,800
Sales return -$12,000
-$19,800
Net Sales $411,200
Less: Cost of goods sold -$270,000
Gross Profit $141,200
Less: Operating expenses:
Freight out -$6,800
Insurance expense -$13,000
Salaries and wages expense -$45,000
Rent expense -$35,000
Total Operating expenses -$99,800
Operating Income $41,400
We simply deduct the expenses from the gross profit so that the operating income could arrive
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Given Information:
The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $2 million. If it would cost $1 million to finish development and make the product, should you go ahead and do so? What is the most that you should pay to complete the development?
Answer:
Yes, because the total loss would then be $3 million rather than $5 million. The most you should pay to complete the development would be $2 million.
Explanation:
Every product or service that is marketed or is related against, and competitive with, a product or service created or produced by Fiserv or manufactured or distributed. Competitive Product or Service
In the end demand for the product declines due to the exhaustion of supply and economies and new technologies and shifts in the preferences of the customer.
The projected benefit generated by the new product must be offset by the profits from expenses in the project appraisal.
Answer:
c. when the company corrects poorminusquality goods or services before delivery to customers.
Explanation:
Internal failure costs are costs incurred when the company corrects <u>poorminusquality goods or services before delivery to customers.</u>
