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ira [324]
3 years ago
7

a company incurred the following costs: Selling and administrative expenses: $45,000; Direct materials: $15,000; income tax expe

nse: $10,000, direct labor: $30,000; factory overhead: $5,000. Total manufacturing costs reported on the schedule of cost of goods manufactured
Business
1 answer:
Aloiza [94]3 years ago
4 0

Answer:

Cost of good manufactured= $50000

Explanation:

Total manufacturing cost is the aggregate amount of cost incurred by a business to produce goods in a reporting period.

Generally accepted accounting principles require that the cost of goods sold shall consist of:

the cost of direct materials

the cost of direct labor

the cost of manufacturing overhead

<u>Expenses that are outside of the manufacturing facilities, such as selling, general and administrative expenses, are not product costs. </u>They are reported as expenses on the income statement in the accounting period in which they occur.

In this exercise:

<u>Cost of goods manufactured:</u>

Direct materials= $15000

Direct Labor=$30000

Factory overhead=$5000

Total= $50000

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Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer becaus
Grace [21]

Answer:

B. Holly's statement is normative, but Ben's is positive.

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Normative statements are subjective and based on individual values and judgement. In her statement Holly appears to be biased against drinking much. She says "taxes should be increased on beer because college students drink too much." Is a normative statement.

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2 years ago
In its simplest form, amdahl's law maintains that if a given program would take one hour to run to completion with one processor
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4 0
2 years ago
Aaron Company has 80,000 shares of $10 par common stock outstanding. On May 25, Aaron Company declared a $1.50 cash dividend. Th
Finger [1]

Answer:

a.a debit to Cash Dividends for $120,000.

Explanation:

The amount of dividend paid is dependent on two function; the number of shares and the amount declared for payment per share.

When it is paid, a credit is posted to cash account and the corresponding debit is posted to the dividend paid account.

As such, since the company has  80,000 shares and the declared dividend  was $1.50,

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3 0
2 years ago
A severe freeze has damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of
EastWind [94]

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D. the demand curve, resulting in a price ceiling in the market.

Answer:

B. the supply curve, resulting in a higher equilibrium price.

Explanation:

In this scenario, a severe freeze has damaged the Florida orange crop. Thus, the impact on the market for orange juice will be a leftward shift of the supply curve, resulting in a higher equilibrium price.

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Additionally, the equilibrium price is generally said to be stable because at this price, the quantity of goods or services demanded is equal to the quantity of goods or services supplied to the consumers.

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2 years ago
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