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3 years ago

Rextacular Manufacturing Company reported the following materials data for the month ending June 30, 2016:

Business

1 answer:

dimulka [17.4K]3 years ago

4 0

Answer:

Material used = $855,000

Explanation:

The computation of the cost of direct material used is shown below;

Material purchased = $828,000

Add:

Opening Inventory = $279,000

Less:

Closing Inventory = ($252,000)

Material used = $855,000

we simply applied the above formula so that the cost of direct material used could come

Hence, the cost of direct material used in production is $855,000

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Suppose an economy’s entire output is cars. in year 1, all manufacturers produce cars at $15,000 each; the real gdp is $300,000.

adelina 88 [10]

Formula for the Real GDP:
RGDP = Quantity in the current year x Price of the output in the base year
The base year should be the 1st year:
RGDP 1 = $300,000, P 1 = $15,000
Q 1st = $300,000 : $15,000 = 20 cars
In the 2nd year we also have: Q 2nd = 20,produced at $16,000 each.
The Nominal GDP = 20 x $16,000 = $320,000 ( market value )
But the Real GDP = 20 x $15,000 = $300,000.
Answer: The real GDP in the year 2 is $300,000.

3 0

3 years ago

Read 2 more answers

Based on an annual disposable income of $40,000, calculate the average amount o money a person would save in japan; in the unite

Gekata [30.6K]

Answer:

Japan $760

The United States $1,600

France $6,320

Explanation:

Total personal revenue is the disposable income less personal taxes. Employee earnings minus employee actual taxes in terms of national reports reflect net established income.

The household saving rate is specified as total saving divided by disposable income.

Household saving = Disposable income * Households saving rate

Japan:

$40,000*1.9% = $760

United States :

$40,000*4% = $1,600

France :

$40,000*15.8% = $6,320

7 0

4 years ago

On June 1, 2020, Forde Auto Manufacturer sells a 4-door sedan to a dealer for $6,000, which includes three years of maintenance.

hichkok12 [17]

Answer:

Part a

Allocation based on Stand Alone Selling Prices :

4 - door Sedan and the 3 years maintenance contract = $6,400
Cash incentive = $100

Part b

Journal entry :

Debit : Cash $130,000

Credit : Revenue - 4 - door Sedan $128,000

Credit : Revenue - Cash incentive $2,000

Explanation:

It is important to identify the step in IFRS 15 - Revenue from Contracts with Customers, which is affected by the question.

Here, Step 2 - Identify the performance obligation in the contract, Step 3 - Determine the Transaction Price, Step 4 - Allocate the Transaction Price to the Performance obligation and Step 5 - Recognize the Revenue as or when the Performance Obligation is Satisfied. These are explained and applied as follows :

Step 2 - Identify the performance obligation in the contract.

Here, identify the individual promises (Performance Obligations) that the entity has committed to transfer to the customer.

Also the entity identifies each performance obligation that is distinct, or a series of distinct Goods or Services that are substantially the same and have the same pattern of transfer to the customer.

So, the performance obligations are as follows :

4 - door Sedan and the 3 years maintenance contract(these can not be consumed independently from one another)
Cash incentive (can be consumed independently from the rest of the performance obligations)

Step 3 - Determine the Transaction Price

Transaction price is the consideration the entity expects to be entitled to in exchange of goods or services transferred to the customer.

Transaction Price is $6,500 ($6,000 + $400 + $100)

Step 4 - Allocate the Transaction Price to the Performance obligation

Allocation of Transaction Price is done based on Stand Alone Selling Prices.

Stand alone selling prices have already been identified :

4 - door Sedan and the 3 years maintenance contract = $6,400
Cash incentive = $100

Step 5 - Recognize the Revenue as or when the Performance Obligation is Satisfied

Stand alone for 20 vehicles :

4 - door Sedan and the 3 years maintenance contract = $6,400 x 20 = $128,000
Cash incentive = $100 x 20 = $2,000

Journal entry :

Debit : Cash $130,000

Credit : Revenue - 4 - door Sedan $128,000

Credit : Revenue - Cash incentive $2,000

8 0

3 years ago

A market for the trading of assets is established by individuals buying and selling shares from inventory. These individuals sta

Paladinen [302]

Answer:

Dealer market

Explanation:

The reason is that the person who mediates between the seller and the buyer is the called dealer and this person never owns the asset, what he does is that he mediates between two parties to increase the chance of purchase at a reasonable price and by doing so he earns commission. Such a market is known as dealer market.

7 0

3 years ago

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3 years ago