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Artist 52 [7]
3 years ago
13

Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income stat

ement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $64,900 $18,800 (e) Cost of goods manufactured 331,000 (c) 65,800 Cost of finished goods available for sale (a) $178,600 $103,400 Finished goods inventory, June 30 76,800 37,500 (f) Cost of goods sold
Business
1 answer:
WARRIOR [948]3 years ago
7 0

Answer;

Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

Cost of goods sold = Cost of finished goods available for sale - Ending finished goods

a. Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

331,000 = a - 64,900

a = 331,000 + 64,900

= $395,900

b. Cost of goods sold = Cost of goods manufactured - Ending finished goods

b = 395,900  - 76,800

= $319,800

c. Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

c = 178,600 - 18,800

= $159,800

d. Cost of goods sold = Cost of finished goods available for sale - Ending finished goods

d = 178,600 - 37,500

= $141,100

e. Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

65,800 = 103,400 - e

e = 103,400 - 65,800

= $37,600

f. Cost of goods sold = Cost of finished goods available for sale - Ending finished goods

- missing figure (ending finished goods).

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Assuming that the federal reserve banks sell $40 million in government securities to commercial banks and the reserve ratio is 2
sdas [7]

The reserve requirement when the federal reserve banks sell $40 million in government securities to commercial banks is $8 million.

<h3>How to calculate the reserve requirement?</h3>

From the information given, the the federal reserve banks sell $40 million in government securities to commercial banks and the reserve ratio is 20 percent.

Therefore, the reserve requirement will be:

= 20% × $40 million

= $8 million.

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8 0
1 year ago
Which of the following is the Federal Reserve unable to directly do
Alja [10]

Answer:

Increase and decrease the interest rate in the economy by a certain percentage

Explanation:

The Federal Reserve can influence the prevailing interest rates. However, it cannot increase or decrease the interest rate in the economy by a certain percentage. The Federal Reserve influences interests rate by adjusting the fed funds rate.  The feds fund rate is the interest rate that banks charge each other when they borrow from each other.

The Federal Reserve can lend to commercial banks, Adjust reserve requirements, and buy and sell U.S. securities.

3 0
3 years ago
. Zoe Corporation has the following information for the month of March: Purchases $ 92,000 Materials inventory, March 1 6,000 Ma
rodikova [14]

Answer:

1. Cost of goods manufactured = $150,500

2. Net income = $36,500

3. Total Inventory = $61,500

Explanation:

Requirement 1

                   Zoe Corporation

Schedule of cost of goods manufactured

     For the month ended March 31

Direct Materials:

Beginning Materials inventory             $6,000

Add: Raw materials purchases         <u>    92,000</u>

Raw materials available for use          $98,000

<u>Less: Ending Raw Materials                    8,000</u>

Direct materials used                          $90,000    

<u>Direct Labor                                           25,000</u>

Prime Cost                                          $115,000

<u>Factory overhead                                   37,000</u>

Total manufacturing cost                 $152,000

Add: Work in process, March 1              22,000

<u>Less: Work in process, March 31          (23,500)</u>

Cost of goods manufactured           $150,500

Requirement 2

                        Zoe Corporation

Income Statement for manufacturing company

            For the month ended March 31

Sales revenue                                                                $257,000

<em>Less: Cost of goods sold</em>

Beginning finished goods inventory           $   21,000

Add: Cost of goods manufactured (Req.1)   <u>  150,500</u>

<em>Finished goods available for sale                   171,500</em>

Less: Ending finished goods inventory     <u>     (30,000)</u>

<u>Cost of goods sold                                                            141,500</u>

Gross Profit                                                                     $115,500

<u>Less: Sales and administrative expenses                         79,000</u>

Net operating Income                                                    $36,500

Requirement 3

                        Zoe Corporation

                          Balance Sheet

                          As at March 31

Inventory:

Materials                           $8,000

Work-in-process               23,500

<u>Finished goods                 30,000</u>

Total Inventory                $61,500

Inventory consists of all the ending materials, ending work-in-process, and ending finished goods. All the ending items need to be shown in the balance sheet because those inventories will remain at hand at the end of the period.

5 0
3 years ago
Makers Corp. had additions to retained earnings for the year just ended of $261,000. The firm paid out $194,000 in cash dividend
gladu [14]

Answer:

a. $3.5 per share

b. $1.49 per share

c. $38.38 per share

d. 1.93 times

Explanation:

The computation is shown below:

a. Earning per share = (Net income) ÷ (Number of shares)

where,

Net income =  Additions to retained earnings + cash dividends

                    = $261,000 + $194,000

                    =  $455,000

So, the earning per share equal to

= $455,000 ÷ 130,000 shares

= $3.5 per share

b. Dividend per share = (Total dividend) ÷ (number of shares)

= ($194,000) ÷ (130,000 shares)

= $1.49 per share

c. Book value per share = (Total equity) ÷ (number of shares)

= ($4,990,000) ÷ (130,000 shares)

= $38.38 per share

d. Market to book ratio = (Market price per share) ÷ (book value per share)

= $74 ÷ $38.38

= 1.93 times

7 0
3 years ago
Yellco Inc., a toy manufacturer, provided the following information: Domestic unit sales price $50 Unit manufacturing costs: Var
aleksley [76]

Answer:

$540,000

Explanation:

Calculation for The company's differential revenue from the acceptance of the offer

Using this formula

Differential revenue = Number of units of export order * Offer price per unit

Let plug in the formula

Differential revenue=9,000*$60

Differential revenue= $540,000

Therefore the company's differential revenue from the acceptance of the offer is $540,000

4 0
2 years ago
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