Answer:
Absorption Cost $192,000
Variable Cost $52,000
Explanation:
Areojet Corporation
Absorption Costing
Unit Product Cost
Direct materials 40,000
Direct labor 10,000
Variable manufacturing overhead 2,000
Fixed manufacturing overhead $ 140,000
Absorption Cost $192,000
Areojet Corporation
Variable Costing
Unit Product Cost
Direct materials 40,000
Direct labor 10,000
Variable manufacturing overhead 2,000
Variable Cost $52,000
Retained Earnings = $86,000
Accounting Equation…Assets= Liabilities + Owners Equity
Assets (Cash, acct rec, equipment, building, land) = $421,000
Liabilities (Notes payable, accounts payable)= $260,000
Equity (capital stock) = $75,000
Liabilities + Equity= $335,000
Retained Earnings flows into equity
$421,000-$335,000= $86,000
$335,000+86,000= $421,000
So the equation balances.
Answer:
$14,333.33
Explanation:
Depreciation is the systematic allocation of the cost of an asset to P/l as a measure of use. It is added over the years as accumulated depreciation which is deducted from cost to get the net book value of the asset. Salvage value is the estimated realizable cost of an asset after its useful life.
Depreciation = (cost - salvage value)/useful life
Cost of an asset includes all cost incurred to make the asset available for use.
Depreciation = ($86000 + $7000 - $5000)/6
= $88000/6
= $14,333.33
Roman may buy 23 tomato and 9 radish, for the school garden.
<h3><u>Calculation:</u></h3>
Let (r) represent the cost of one packet of radish seeds, and
Let (t) represent the cost of one packet of tomato seeds.
Amount spent by roman = $62.75
It denotes that;
Roman bought 32 packets of seeds and one packet of radish seeds costs = $ 1.75.
One packet of tomato seeds costs = $ 2.50.
It denotes that,
Substitute t=9 , and r= 23, we have
In eq. 1
In eq.2
Here, both the equations are satisfied, therefore, option [C] is correct.
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Answer:
$800
Explanation:
The computation of the tax saving from using LIFO is shown below:
= Cost of goods sold under LIFO × tax rate - Cost of goods sold under FIFO × tax rate
= $10,000 × 40% - $8,000 × 40%
= $4,000 - $3,200
= $800
By applying the above formula, the tax saving resulted from using the LIFO is $800 and the same is to be considered
