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
Aleksandr-060686 [28]
3 years ago
10

After a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that back

ups are available, it will take too long to get the information you want. You have been able to collect the following information. Direct materials inventory, January 1 (Beginning) $ 2,800 Direct materials inventory, December 31 (Ending) 2,360 Work-in-process inventory, January 1 (Beginning) 4,990 Work-in-process inventory, December 31 (Ending) 2,510 Finished goods inventory, December 31 (Ending) 3,500 Manufacturing overhead 5,710 Cost of goods manufactured during this year 21,940 Total manufacturing costs 19,460 Cost of goods sold 21,900 Direct labor 3,160 Average sales price per unit 2 Gross margin percentage 37.00 % Required: a. Find the finished goods inventory, January 1. b. Find the direct materials used for the year. c. Find the Sales revenue.
Business
1 answer:
Naily [24]3 years ago
7 0

Answer: The answers are given below

Explanation:

a. Find the finished goods inventory, January 1.

The cost of good sold will be:

= (cost of good manufactured + finished good inventory beginning) - finished good inventory ending

$21,900 = $21,940 + finished good inventory beginning - $3500

Finished good inventory beginning will now be:

=$21900 - $21,040 + $3500

Finished good inventory January 1 = $4,360

b. Find the direct materials used for the year.

The total manufacturing cost will be:

= direct material + direct labour + manufacturing overhead

$19,460 = direct material + $3160 + $5710

Direct material = $19,460 - $3160 - $5710

Direct material = $10,590

c. Find the Sales revenue.

Gross margin will be :

= Sales revenue - cost of good sold

Let the sales revenue be y

Therefore,

37% of y = y - $21,900

0.37y = y - $21,900

y - 0.37y = $21,900

0.63y = $21,900

y = $21,900/0.63

y = $34,761.9

y = $34,762 approximately

The sales revenue is $34,762

You might be interested in
Gibson Guitar Corporation has chosen to build instruments one at a time, by hand. Gibson's century-old tradition of creating inv
kow [346]

Answer:

product

Explanation:

8 0
3 years ago
According to Jack Gibb’s work on supportive and defensive communication, a supervisor who ____________ is promoting a disconfirm
frutty [35]
According to Jack Gibb’s work on supportive and defensive communication, a supervisor who doesn't show any concern for the feelings of others is promoting a disconfirming climate.
3 0
3 years ago
When a donor makes a gift in trust, who is considered the done?
BartSMP [9]

Answer:

yeet

Explanation:

5 0
3 years ago
Despite some optimism about the seeds of recovery, the Congressional Budget Office (CBO) sees joblessness rising. The CBO sees u
Xelga [282]

Answer:

The resulting rise in unemployment is mostly a rise in __cyclical____ unemployment because it is related to the state of the economy.

Explanation:

Frictional unemployment occurs as a result of workers' search for or transition to new jobs.  It is brief and does not leave a mark on the economy.  Structural unemployment comes about when the skills of workers do not match the requirements of employers.  Therefore, workers require retraining and reskilling.  Cyclical unemployment relates to the macro-economic situation that is prevailing during periods of recession.

5 0
3 years ago
Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $159,000 due on
vodomira [7]

Answer: $789855

Explanation:

Initial liability = $1,006,192

Less: Payment = $159,000

Liability = $847192

× Implicit rate 12%

Interest = 12% × $847192 = $101663

Then, reduced balance will be:

= Payment - Interest

= $159,000 - $101663

= $57337

Therefore, Francisco lease liability at December 31, 2022 will be:

= $847192 - $57337

= $789855

4 0
3 years ago
Other questions:
  • ​$1,200 is received at the beginning of year​ 1, $2,200 is received at the beginning of year​ 2, and​ $3,300 is received at the
    5·2 answers
  • A company had a debit balance of $1,700 in the Allowance for Doubtful Accounts account and a debit balance of $450,000 in the Ac
    14·2 answers
  • The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 eac
    12·1 answer
  • Which of the following is a more attractive place to do business? Multiple Choice A nation that lacks democratic institutions A
    11·1 answer
  • In the project briefing, the outgoing project manager tells you that the scope statement for the project has been documented, WB
    7·1 answer
  • You decide to save money for your daughter's education which requires a one time payment of $60,000 in 10 years and in pursuit o
    6·1 answer
  • Romeo Corporation reports the following for the year: Finished goods inventory, January 1 $ 2,500 Finished goods inventory, Dece
    15·1 answer
  • g Which item is an indication of integrity under the Standards of Ethical​ Conduct? A. Recognize and communicate professional li
    11·2 answers
  • Han Products manufactures 22,000 units of part S-6 each year for use on its production line. At this level of activity, the cost
    14·1 answer
  • 3. Which type of bank card immediately deducts payment for purchases from the cardholder's
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!