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chubhunter [2.5K]
3 years ago
12

Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price $ 78 Units in beginning inventory 0 Units produced 8,800 Units sold 8,700 Units in ending inventory 100 Variable costs per unit: Direct materials $ 18 Direct labor $ 10 Variable manufacturing overhead $ 4 Variable selling and administrative expense $ 5 Fixed costs: Fixed manufacturing overhead $ 255,200 Fixed selling and administrative expense $ 87,000 What is the net operating income for the month under variable costing
Business
1 answer:
Tpy6a [65]3 years ago
8 0

The net operating income as per the variable costing method is $14500

<u>Explanation:</u>

The unit product cost is = $18 + $10 + $4 = $32

Sales revenue ( $78 multiply with 8700 units) = $678600

Variable cost:

Variable cost of goods sold ( 8700 units multiply $32) = $278400

Variable selling and administartive (8700 units multiply $5) = $43500

contribution margin = $356700

fixed manufacturing overhead = $255200

Fixed selling and adminstrative expenses = $87000

Net operating income = $14500

<u>Note:</u> contribution margin is calculated after deducting sales revenue with variable cost

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The question is incomplete:

The staffing policy that seeks the best people for key jobs throughout the organization, regardless of nationality, is called:

a. Ethnocentric staffing policy

b. Polycentric staffing policy

c. Geocentric staffing policy

d. None of the above

Answer:

Geocentric

Explanation:

-Ethnocentric staffing policy is when a business that has global operations seeks the people for key positions from the home country.

-Polycentric staffing policy is when a company seeks employees in the home country for positions in the headquarters and people from other places for the other offices abroad.

-Geocentric staffing policy is when a company seeks the best person for each position without considering the nationality or culture.

According to this, the answer is that the staffing policy that seeks the best people for key jobs throughout the organization, regardless of nationality, is called geocentric staffing policy because the company only focuses on the person that best fits the position without considering the nationality.

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3 years ago
Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on insta
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Answer:

See the journal entry below.

Explanation:

Before preparing the journal entry, the following are calculated first:

Income tax expense in 2019 = (Taxable income in 2019 * Tax rate in 2019) + (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($158,000 * 40%) + ($195,000 * 45%) + ($92,100 * 45%) = $193,395

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Income tax payable in 2019 = Taxable income in 2019 * Tax rate in 2019 = $158,000 * 40% = $63,200

Income tax payable in 2020 = Taxable income in 2020 * Tax rate in 2020 = $195,000 * 45% = $87,750

Income tax payable in 2021 = Taxable income in 2021 * Tax rate in 2021 = $92,100 * 45% = $41,445

The journal entry will look as follows:

<u>Date                  General journal                  Debit ($)         Credit ($)    </u>

31 Dec 2019      Income tax expense          193,395  

                             Deferred tax liability                                129,195      

                             Income tax payable                                 63,200

<u><em>                            (To record income tax payable.)                                 </em></u>

31 Dec 2020     Deferred tax liability            87,750      

                             Income tax payable                                 87,750

<u><em>                            (To record income tax payable.)                                 </em></u>

31 Dec 2021     Deferred tax liability            41,445      

                             Income tax payable                                41,445

<u><em>                            (To record income tax payable.)                                 </em></u>

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Cost flow is in the order in which costs were incurred when using
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Answers : last in, first out

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