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3 years ago

Morganton Company makes one product and it provided the following information to help prepare the master budget:

Business

1 answer:

yanalaym [24]3 years ago

3 0

Answer:

Budgeted sales for July = $60*29000=$1740000

Expected Cash Collection :30%*1740000=$522000

Explanation:

Budgeted Cash sales for July =$6*29000=$1740000

Expected cash collection for July =70%(60*9800)+30%(1740000)

411,600+522,000=933,600

Account receivable at the end of July =70%*1740000 = $1,218,000.

Units produced in July = 80% * 29000+20%*31000 =29400

5) (10% * 124800 )+90%(4*29400)=12480+105840=118,320

6) 118320*2.5=$295,800

7)(70%*152,160)+(30%*295,800)=106512+88740=$192,252

8) 70%*29580$207,060

9)10%*124800=12,480

10)29400*2*15=$882,000

11)(29400*2*7)+882000=1,293,600/29400=$43.98

12)(20%*31000*2*15)+ (20%*31000*7)= 186000+43,400=229,400

13)Cost of goods sold = 1,293,600

Gross Margin =1,740,000-1,293,000=$447,000

14)68000+(1.8*29000)=$120,200

15) (29000*60)-(1,293,600) - (1.8*29000)-68,000=$326,800

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The changes in account balances for Elder Company for 2018 are as follows: Assets $ 680,000 debit Common stock 350,000 credit Li

hammer [34]

Answer:

Net income will be $160000

So option (c) will be the correct answer

Explanation:

We have given debt common stock = $680000

Credit liabilities = 350000

Credit paid in capital = 190000

And excess of par 30,000 credit Assuming the only changes in retained earnings

So 680000 = 350000+190000+30000+ retained earning

So retained earning = $110000

Dividend paid = $50000

So net income = dividend paid + retained earning = $110000+$50000 = $160000

So option (c) will be the correct answer

4 0

3 years ago

Shawn Company had 130 units in beginning inventory at a total cost of $13,650. The company purchased 260 units at a total cost o

Katarina [22]

Answer:

FIFO

cost of the ending inventory = $15,680

cost of goods sold = $39,570

LIFO

cost of the ending inventory = $10,290

cost of goods sold = $44,960

Average Cost Method

cost of the ending inventory = $13,883.37

cost of goods sold = $41,336.76

Explanation:

The cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost are calculated as follows :

Step 1 : Determine the Number of units sold

Number of units sold = Total units available for sale - Ending units

= 390 units - 98 units

= 292 units

Step 2 : Determine the Number of units in inventory

Number of units in inventory = 98 units (given)

Step 3 : Use the appropriate principles to calculate required values

FIFO

cost of the ending inventory = 98 x $160 = $15,680

cost of goods sold = 130 units x $105 + 162 units x $160 = $39,570

LIFO

cost of the ending inventory = 98 x $105 = $10,290

cost of goods sold = 260 units x $160 + 32 units x $105 = $44,960

Average Cost Method

Unit Cost = ($13,650 + $41,600) ÷ 390 units = $141.667

therefore,

cost of the ending inventory = 98 x $141.667 = $13,883.37

cost of goods sold = 292 units x $141.667 = $41,336.76

3 0

2 years ago

In building a sustainable organization, management should strive to make the organization sustainable in three areas ? ________.

DochEvi [55]

The three areas are; "the economy, the environment, and society".

Sustainability organizations are composed of groups of individuals that plan to propel sustainability or potentially those activities of sorting out something economically. Dissimilar to numerous business associations, sustainability associations are not restricted to actualizing sustainability methodologies which furnish them with financial and social advantages accomplished through ecological duty. For these associations or organizations, sustainability can likewise be an end in itself without additional explanations.

5 0

3 years ago

Read 2 more answers

What is the principal?

Lunna [17]

The principal might be the party who gives legal authority for another party to act on the principal's behalf.

5 0

3 years ago

Read 2 more answers

Colil Computer Systems, Inc., manufactures printer circuit cards. All direct materials are added at the inception of the produc

Natasha2012 [34]

Answer:

D. $246,000

Explanation:

As per the given question the solution of direct material cost assigned to good units completed is provided below:-

To reach Cost transferred out we need to follow some steps which is following below:-

Step 1. Cost per unit = cost of material used ÷ Units started

= $300,000 ÷ 12,500

= $24

Now,

Step 2. Goods units completed = Started units × Cost per unit

= 6,250 × $24

= $150,000

Step 3. Normal spoilage = Cards units × Cost per unit

= 4,000 × $24

= $96,000

and finally

Cost transferred out = Goods units completed + Normal spoilage

= $150,000 + $96,000

= $246,000

To reach allocation of Cost transferred out we simply put the values into formula.

7 0

3 years ago