1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
arsen [322]
3 years ago
11

Compute the Cost of Goods Sold for 2016 using the following information:Direct Materials, Jan. 1, 2016 $40,000Work-in-Process, D

ec. 31, 2016 69,000Direct Labor 48,500Finished Goods, Dec. 31, 2016 105,000Finished Goods, Jan. 1, 2016 128,000Manufacturing Overhead 72,500Direct Materials, Dec. 31, 2016 43,000Work-in Process, Jan. 1, 2016 87,000Purchases of Direct Material 75,000A) $211,000B) $234,000C) $198,000D) $244,000
Business
1 answer:
guapka [62]3 years ago
6 0

Answer:

Cost of Goods Sold = $234,000

Option B is correct ($234,000)

Explanation:

First we will calculate total direct material used in production:

Total Direct material=Starting Direct Material+ Purchases of Direct Material+ Ending Direct material

Total Direct material=$40,000+$75,000-$43,000

Total Direct material=$72,000

Calculating Cost of goods Manufactured:

Cost of goods Manufactured=Total Direct material+Direct labor+ Manufacturing Overhead+Beginning WIP inventory-Ending WIP inventory

Cost of goods Manufactured=$72,000+$48,500+$72,500+$87,000-$69,000

Cost of goods Manufactured=$211,000

Cost of Goods Sold = Cost of goods Manufactured+ Starting Finished Goods-Ending Finished Goods

Cost of Goods Sold = $211,000+$128,000-$105,000

Cost of Goods Sold = $234,000

Option B is correct ($234,000)

You might be interested in
Mid- and long-term goals are less likely to require adjustments than short-term goals.
lutik1710 [3]

Answer: False

Explanation: Because it's best for you to do your small goals first and then go big.

4 0
3 years ago
In a CVP income statement, cost of goods sold is generally:
Nadya [2.5K]

Answer:

d) partly a variable cost and partly a fixed cost.

Explanation:

CVP income statement is also known as cost volume profit income statement, it is generally a product of CVP analysis and it include five elements:

  • Price of products.
  • Volume of activity.
  • Variable cost per unit.
  • Total fixed cost.
  • Mix of product sold.

CVP analysis are conducted to know how changes in cost and volume would impact company´s operating income and net income. It require all the cost of company should be segregated into variable and fixed cost. It also calculate contribution margin, which help to identify the profit of company before deducting fixed cost.

3 0
3 years ago
Assume that laws have been passed that require the federal government to run a balanced budget. During a recession, the governme
Gnom [1K]

Answer:

Expansionary fiscal policy; lead to a budget deficit

Explanation:

A balanced budget is when the income of the government equals government's spending

A recession is when the GDP of a country for two consecutive quarters is negative. It is a period of slowdown in economic activities.

If there is a recession, the government would want to increase money supply by conducting an expansionary fiscal policy but would be prevented from doing so because of the balanced budget rule as an expansionary fiscal policy would lead to a budget deficit.

A budget deficit is when government spending exceeds income

3 0
3 years ago
Fred Flintlock wants to earn a total of 10% on his investments. He recently purchased shares of ABC stock at a price of $20 a sh
svlad2 [7]

Answer:

Option (C) is correct.

Explanation:

Return on the stock = (Dividend ÷ Investment) + (capital gain ÷ investment )

= (Dividend ÷ Investment) + (Final price of the stock - initial price of the stock) ÷ Investment

10 = (1 ÷ 20) × 100 + ((final price - 20) ÷ 20) × 100

10 = 5 + 5 × ( final price - 20)

Final price = 21

Therefore, the stock price should increase by [(21 - 20) ÷ 20] × 100

                                                                            = 5%

6 0
3 years ago
Speakers usually use a(n) ______________ outline as a rough draft they revisit and revise continually throughout the preparation
Nikitich [7]
<span>Speakers usually use a(n) rough draft outline or a preparation outline as a rough draft they revisit and revise continually throughout the preparation of their speeches.

The name of these outlines accurately describe their duty. They are the first stage in the process of developing and writing a clear and concise speech. These outlines help keep their topic on track and their speech organized. </span>
4 0
3 years ago
Other questions:
  • Unlike a product advertisement, an institutional advertisement may have __________ as an objective? select one:
    14·1 answer
  • What is the corruption perceptions index (cpi)?
    13·1 answer
  • Summarize the internal control principle of establishing responsibility by completing the following sentence. Proper internal co
    15·1 answer
  • An investor short sells 200 shares of a stock for ​$19 per share. The initial margin is 53​%. How much equity will be initially
    7·1 answer
  • Justin signed a finance agreement for his rent purchase what is the total amount he will pay back under this agreement?
    13·2 answers
  • Pioneer Chicken advertises "lite" chicken with 30% fewer calories than standard chicken. When the process for "lite" chicken bre
    9·1 answer
  • The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 12.25% bonds having a face amount of
    7·1 answer
  • The supplies inventory on August 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the s
    13·1 answer
  • If your liquid assets equal $15,000 and your total current debts equal $50,000, your liquidity ratio is:
    9·2 answers
  • What would you like to be when you grow up?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!