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Lunna [17]
3 years ago
5

The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw material

s were $16,000 and $20,000 and for work in process were $40,000 and $44,000. Raw material purchases and direct labor costs incurred were $72,000 each, and manufacturing overhead applied amounted to $40,000. Determine the total cost of goods manufactured during the period.
Business
1 answer:
Sholpan [36]3 years ago
8 0

Answer:

cost of goods manufactured= $176,000

Explanation:

Giving the following information:

Direct materials:

Beginning inventory= $16,000

Ending inventory= $20,000

Purchase= $72,000

WIP:

Beginning inventory= $40,000

Ending inventory= $44,000

Direct labor= $72,000

Manufacturing overhead applied= $40,000

T<u>o calculate the cost of goods manufactured, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 16,000 + 72,000 - 20,000= 68,000

cost of goods manufactured= 40,000 + 68,000 + 72,000 + 40,000 - 44,000

cost of goods manufactured= $176,000

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Using supply/demand analysis and words, demonstrate what a weakly enforced antiscalping law would likely do to the price of tick
erastova [34]

Full question:

In some states and localities, scalping is against the law although enforcement is spotty

A. Using supply/demand analysis and words, demonstrate what a weakly enforced antiscalping law would likely do to the price of tickets.

B. Using supply/demand analysis and words, demonstrate what a strongly enforced antiscalping law would likely do to the price of tickets

Answer and Explanation:

A. For the first scenario, a weakly enforced antiscalping law would still allow the resale of tickets as it is not enforced properly. Therefore it's effect on price would remain as though there were no laws restricting scalping( scalping: price increase created by artificial shortage and bulk resale of tickets) . See the attached diagram for the supply and demand curve and price increase as a result of a weak antiscalping law

B. For the second scenario, scalping has no effect on price as antiscalping laws are strong and therefore there is no scalping. Price remains the same and does not change.

In diagram A for first scenario price increases from p1 to p2 and quantity decreases from q1 to q2 to indicate increase in price and quantity decrease for shortage respectively. This shows the effect of scalping on the market with weak antiscalping laws

In diagram B, price and quantity remain the same to show strong antiscalping laws

7 0
2 years ago
Suppose that the Town of Mapledale is considering hiring an additional firefighter. The expected benefit is estimated to be wort
Radda [10]

Answer:

(B) Hire the firefighter if the cost of the new firefighter is less than $75,000.

Explanation:

The city should hire the Firefighter only if the cost of new firefighter is less than $75,000.

Since $5 x 15000 residents = $75, 000.

Therefore it is still beneficial to hire a new firefighter if the cost is less than $75, 000

5 0
3 years ago
Assume it costs Lady Marion Seafood, Inc. $30 to each catch, process, freeze, package, and ship 5 pound packages of Alaskan Salm
saul85 [17]

Answer:

Standard markup pricing

Explanation:

Standard markup is a quick and easy way to find out how much you pay for your goods or services.

After calculating the actual cost of the product, the seller or business owner adds a percentage of the actual cost of the product to arrive at its selling price.

so here

Actual cost =  $30  

Markup =  60% of actual cost

Markup  = 0.6 × $30

Markup  = $18

so selling price is

selling price = $(30 + 18)

selling price = $48

4 0
3 years ago
ABC Company owns 30% of the outstanding shares of Teal Company. At the beginning of the current year, the carrying value of Teal
BabaBlast [244]

Answer:

$69,000

Explanation:

Percentage of shares owned by ABC in Teal's company = 30%

This is an example of equity method investment , and a portion of the attributable income at the end of the year is earned and added to the initial stock.

Attributable income is the remaining income after dividends have been settled.

<u>Workings</u>

The opening carrying value of the shares on ABC balance sheet = 60,000

Profit made at the end of the period = 40,000

Dividends paid = 10,000

Attributable income to share holders = 40000-10000 = 30,000

ABC portion of attributable profit = 30000*30% = 9,000

Carrying value at the end of the year = opening carrying value + portion of the attributable profit

=60000+9000=69000

6 0
3 years ago
Private enterprise is run mainly to?
saw5 [17]
Most private enterprise mainly run to gain profit
8 0
3 years ago
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