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VikaD [51]
3 years ago
11

Last quarter, RP Enterprises earned $220,000 in sales revenue and had $90,000 cost of goods sold (at standard). RP also experien

ced these variances: Materials price: $2,400 F Materials quantity: $1,400 U Labor price: $2,000 U Labor quantity: $1,000 F Overhead: $1,500 F
What was RP’s actual gross profit?
Business
1 answer:
Rudik [331]3 years ago
4 0

Answer:

Gross profit= 131,500

Explanation:

Giving the following information:

Last quarter, RP Enterprises earned $220,000 in sales revenue and had $90,000 cost of goods sold (at standard). RP also experienced these variances: Materials price: $2,400 F Materials quantity: $1,400 U Labor price: $2,000 U Labor quantity: $1,000 F Overhead: $1,500 F

To calculate the cost of goods sold, we use actaul costs and quantity of direct labor and direct materials. Therefore, the only estimated cost is overhead.

Gross profit= 220,000 - 90,000 + 1,500= 131,500

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C. Citizens have more wants than they can fulfill with their available resources.

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3 0
1 year ago
Punitive damages: a. are a small amount of compensation given to the plaintiff. b. are like actual damages but do not seek to de
lukranit [14]

Answer:

The correct answer is letter "D": are damages in excess of the plaintiff's injuries, awarded to punish the defendant.

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6 0
3 years ago
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Rashid [163]

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