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AfilCa [17]
3 years ago
7

On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs ne

cessary to prepare the mine for extraction of the coal totaled $5,640,000. The company expects to extract 940,000 tons of coal during a four-year period. During 2021, 244,000 tons were extracted and sold immediately.
Required:
1. Calculate depletion for 2021.
Business
1 answer:
Setler79 [48]3 years ago
7 0

Answer:

$1,464,000

Explanation:

The computation of the depletion expense is shown below:

Purchase price plus additional cost = $5,640,000

Extracted tons during four year period = 940,000 tons

Current year tons extracted = 244,000 tons

So,

Depletion expense = Purchase price plus additional cost ÷ extracted tons during four year period × current year tons extracted

= $5,640,000 ÷ 940,000 tons × 244,000 tons

= $1,464,000

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A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $9 per lb.) 60,000 lbs
PilotLPTM [1.2K]

Answer:

price variance       12,000 U

quantity variance  4,500 U

Explanation:

(standard\:cost-actual\:cost) \times actual \: quantity= DM \: price \: variance

std cost  $9.00

actual cost  $9.20

quantity 60,000

These are givens so no calculation needed.

(9-9.20) \times 60,000= DM \: price \: variance

difference  $(0.20)

price variance  $(12,000.00)

The difference is negative, we purchase at a higher price, so the variance is unfavorable

(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity        59500.00 (7 lbs per unit x 8,500 untis manufactured)

actual quantity 60000.00

std cost                         $9.00

(59,500-60,000) \times 9 = DM \: quantity \: variance

difference                       -500.00

efficiency variance  $(4,500.00)

The difference betwene standard lbs and the actual lbs used into production is negative, we use more lbs than standard. This variance is also unfavorable.

5 0
3 years ago
Miranda is an executive for a company that manufactures dental tools. Her company prefers to measure progress by what percentage
kvv77 [185]

Answer: Market Share

Explanation:

Market Share is the the percentage of the total market that a business or a product controls.

For a company, it is the ratio of the company's total sales to the total sales of the industry it operates in. For example, if Miranda's company made a total sales of $10 million and the dental tool market is worth $100 million, Miranda's company controls 10% of the market and has 10% market share.

7 0
2 years ago
Despite ongoing debates about the appropriateness of macroeconomic policies, many macroeconomists have reached a modern consensu
ser-zykov [4K]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

7 0
3 years ago
The Volt Battery Company has forecast its sales in units as follows: January 2,900 February 2,750 March 2,700 April 3,200 May 3,
goblinko [34]

Answer:

(the image attached) for the monthly production budget for january through June

Explanation:

1st We will list each month sales

Then, we will calcualte the desired ending inventory as 110% of next month sales:

february sales 2,750

So, January ending inventory: 2,750 x 1.10 = 3,025

And so on with all the months.

Then we subtract the beginning inventory as those units are already produced/ in company's stocks

Giving as a result the units to be produced.

3 0
3 years ago
Outsourcing means that :
g100num [7]

Answer:

B

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It is the correct answer and outsourcing is were another company hires a company to essentially do their job. But done by a different company.

7 0
3 years ago
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