Answer:
The sales mix is 1:2.
Model 101 Model 102
Selling Price 21 56
Variable Cost -14 -35
Contribution Per Unit 7 21
Multiply Sales Mix Ratio 1 2
Weighted Contribution 7 42
Now add the weighted Contribution to compute Contribution margin per composite unit which is 7+42=$49
Explanation:
I assumed that the cost and selling price here for Model 101 is $14 and $21 respectively. Similarly the cost and selling price of Model 102 is $35 and $56 respectively.
Remember that Contribution margin per composite unit means that we will earn 49 dollars(combined contribution of sales mix) if we sell the sale mix of Model 101 and 102 which is 1:2.
Answer:
Debit cost of goods sold $40,000
Explanation:
As with the details of inventory we have:
Opening value of inventory = $50,000
Purchases = $100,000
Thus, total inventory = $150,000
On the closing date we have the balance of inventory in hand = $110,000
Therefore, cost of goods sold = Total inventory - Closing
= $150,000 - $110,000 = $40,000
Cost of goods sold is an expense, and shall be debited.
The answers are the following:
1.<span>A </span>tax audit<span> is when the </span>IRS<span> decides to examine your </span>tax<span> return a little more closely and verify that your income and deductions are accurate.
2. </span><span>Compliance audit.
Construction audit.
Financial audit.
Information systems audit.
Investigative audit.
Operational audit.
<span>Tax audit.
3.</span></span>Estate taxes are taxes levied on a person's estate when that person dies. To do this, the government takes the market value of the person's property, investments, and other parts of the estate and imposes a tax on the overall estate value. The government also imposes an inheritance tax on property or assets that are passed on after someone has died and <span>bequeathed the assets to another
4.</span>If you have experience dealing with taxes, tax forms are available online and at the library or post office for you to complete yourself. (This is time consuming) If you aren’t too sure on how to do taxes, you can buy the software or go online. Lastly you could hire someone to do your taxes for <span>you.
5. </span>At the core, taxes are the mechanism by which a government is funded. Taxes pay for public education, public transportation, law enforcement, <span>and to build public roads
6. </span>If you make too much money than your income tax could be very high or if you don’t make enough and the tax is the same for everyone you could find yourself in a hole.7. -Income Taxes: Levied on the amount of money that each person earns during a calendar year. There may also be federal, state/province, and local income taxes depending on where they live.
-Excise Taxes: A federal and/or state tax on specific goods such as gasoline, tires, airfare, and cigarettes.
-Estate Taxes: Taxes levied on a person's estate when that person dies. Inheritance Taxes: A tax on property or assets that are passed on after someone has died and bequeathed the assets to another8. If you’re going to do your own taxes make sure you know what you’re doing.
Answer and Explanation:
The journal entry to record the factory labor cost is shown below:
Work in progress ($2,060 + $1,710 + $3,130 + $3,520 + $2,150 + $1,410 + $9,540) $23,520
Factory Overhead $10,980
To wages payable $34,500
(to record the factory labor cost)
Here work in process and factory overhead is debited as it increased the assets and expenses and credited the wages payable as it also increased the liabilities
