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Alex777 [14]
3 years ago
14

XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 D

irect materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions .......................................
Business
1 answer:
Zanzabum3 years ago
7 0

Answer:

Complete question is:

XYZ Company recorded the following information related to their inventory

accounts for 2020:

                         January 1, 2020        December 31, 2020

Direct materials               37,000                   50,000

Work in process                38,000                   41,000

Finished goods                 22,000                   34,000

The following information was taken from XYZ Company's accounting records

for 2020:

Sales revenue ...........................................   $630,000

Direct materials purchased ..............................       ?

Depreciation, factory equipment .........................     34,000

Prime costs .............................................    250,000

Utilities (60% for factory; 40% for office building) ....     20,000

Sales commissions .......................................       ?

Indirect materials ......................................     25,000

Depreciation, office equipment ..........................     30,000

Rent, factory building ..................................     56,000

Net income ..............................................     10,000

Direct labor ............................................       ?

Advertising .............................................     75,000

Production supervisor's salary ..........................     81,000

Additional information:

1.  Direct labor comprised 35% of the conversion costs for 2020.

2.  The actual overhead cost for 2020 was equal to the overhead applied

   to production. Thus there was no overhead variance for 2020.

A) Calculate XYZ Company's direct labor cost for 2020.

B) Calculate the direct materials purchased by XYZ Company in 2020.

C) Calculate XYZ Company's sales commissions for 2020.

Answer is:

a) Total overhead = 34000+12000+25000+56000+81000 = 208000

Direct labor = 208000*35/65 = 112000

b) Direct material used = 250000-112000 = 138000

Direct material purchase = 138000+50000-37000 = 151000

c) Sales and administrative expense other than sales commission = 113000

Sales commission = 630000-443000-113000-10000 = 64000

Explanation:

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1. If money is deposited in a bank that pay's simple interest of 4.5 %, bow much will have to be deposited to earn $90 of intere
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The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

Explanation:

The given is,

                       Simple interest of 4.5 %

                       Earn $90 of interest for 8 months​

Step:1

            Formula to calculate the simple interest method,

                                            F=P(1+iN)...................................(1)

           Where,

                           F - Future amount

                           P - Initial investment

                            i - Rate of interest

                           N - Number of years

            From given,

                          i - 4.5%

          Let, X - Initial investment, P = X

                                                      F = P + Interest amount

                                                      F = X + 90

         From the equation (1),

                                           (X+90)=X(1+(0.045)(0.667))

                               (∵ N = 8 months = \frac{8}{12} = 0.667 year )

                                            (X+90)=X(1+(0.03))

                                             (X+90)=X(10.03)

                                             (X+90)=1.03 X

                                                        90=1.03X-X

                                                        90=0.03X

                                                             = \frac{90}{0.03}

                                                             = 3000

                                                  P = X = $ 3000

          From the X value.

                                                   F = P + 90

                                                      = 3000 + 90

                                                  F = $ 3090

Result:

The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

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