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Fed [463]
3 years ago
8

During its first year of operations, Silverman Company paid $7,000 for direct materials and $9,500 for production workers' wages

. Lease payments and utilities on the production facilities amounted to $8,500 while general, selling, and administrative expenses totaled $4,000. The company produced 5,000 units and sold 3,000 units at a price of $7.50 a unit. What is the amount of finished goods inventory on the balance sheet at year-end?
Business
2 answers:
r-ruslan [8.4K]3 years ago
5 0

Answer:

Closing Inventory would be standing at $10000

Explanation:

The cost that forms part of the cost of inventory are all those production costs that are necessary to convert it into finished goods which in this case is:

Production cost = All direct costs are production costs

And

All Direct Cost = $7000 Direct Mat + $9500 Production Workers Wages + $8500 Direct Utilities bills = $25000

And the production cost incurred was for 5000 units which means the unit production cost was $5 ($25000 / 5000 units).

So closing inventory value would be = 2000 closing inventory units * $5

= $10000

evablogger [386]3 years ago
4 0

Answer:

The amount of finished goods inventory on the balance sheet at year-end would be $10,000

Explanation:

Cost making different part of the cost of inventory are the cost use to make all those production costs that are necessary for the purchase of materials to make them into finished goods which we have in these case as;

Cost production = All direct costs use for production

These cost includes

All Cost of production = $7000 + $9,500+ $8500 = $25000

And the production cost is for 5000 units meaning production cost was which we have as

=$25000 / 5000

=5$

Therefore closing inventory value which would be = 2000×5

= $10000

The amount of finished goods inventory on the balance sheet at year-end would be $10,000

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When Larry purchased a Jet Ski personal watercraft for $4,999, he was also given free financing and three hours of free lessons
stellarik [79]

Answer:

Value added

Explanation:

Value-added - it is the total difference that comes out between the product value in the market and the cost of producing that product. cost of a product is based on the survey which gives the idea that how much cost may be assigned to the product.

The value of this difference help to determine the profit on products.

Higher the value of add, higher will be the charges of product and higher will be the revenue collected.

4 0
3 years ago
Parsley Corporation had 250,000 shares of common stock and 5,000 shares of 8%, $100 par, preferred stock outstanding on December
lianna [129]

Answer:

Explanation:

Calculation of total loss:

Net loss 320,000

Preferred dividend [5000*8%*100] 40,000

Total loss 360,000

Calculation of shares:

Common shares 250,000

Additional common stock [36,000*7/12] 21,000

Total shares 271,000

Loss per share = 360,000/271,000 = $1.328

7 0
3 years ago
Restricting imports of Brazilian shoes will__________.
KatRina [158]

Answer:

a. raise the price of both Brazilian and domestically produced shoes

Explanation:

Restricting imports of Brazilian shoes will raise the price of both Brazilian and domestically produced shoes

5 0
3 years ago
Matt accepts a job offer as a chemical engineer in the R&D department of Tulip Inc., paint-manufacturing company. After acce
diamong [38]

Answer:

Option A    

Explanation:

In simple words, the innovative technology that Matt has invented is the intellectual property of the organisation he works for due to the clause of the agreement he has signed under their employment.

Matt is contract bound and therefore he has no legal remedy. However, he should be happy for his promotion and incremental package as the company has no need to do so for him whatsoever.

3 0
3 years ago
Tee Time Golf Resort plans to use famous Kauri wood from New Zealand for parts of the interior of the magnificent clubhouse at i
Tju [1.3M]

Answer:

correct option is C. it's a good time to buy the wood.

Explanation:

given data

slab = 10 feet

cost Tee Time =  $5,000

$500 US dollars = $738 NZ dollars

solution

If they import timber from New Zealand. Tea Golf Resort pays less than $ 5000 to import Wood from New Zealand at the current exchange rate. This is a good time for them to import forests

we get here current exchange rate of 1 dollar that is as

US $500 = NZ $738

so $1 = \frac{738}{500}  

$1 = NZ  $1.476

current exchange rate is $1 = NZ $1.476

so

10 foot slab costs $5000

so Tee Golf Resort will pay is

Tee Golf Resort pay = \frac{5000}{1.476}  

Tee Golf Resort pay = $3387.53

so correct option is C. it's a good time to buy the wood.

3 0
3 years ago
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