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maw [93]
3 years ago
14

First​ Class, Inc., expects to sell 20 comma 000 pool cues for $ 14.00 each. Direct materials costs are $ 2.00​, direct manufact

uring labor is $ 6.00​, and manufacturing overhead is $ 0.84 per pool cue. The following inventory levels apply to​ 2019: Beginning inventory Ending inventory Direct materials 26 comma 000 units 26 comma 000 units Workminusinminusprocess inventory 0 units 0 units Finished goods inventory 1 comma 700 units 3 comma 500 units On the 2019 budgeted income​ statement, what amount will be reported for cost of goods​ sold?
Business
1 answer:
Gnom [1K]3 years ago
5 0

Answer:

COGS= $176,800

Explanation:

Giving the following information:

Direct materials costs are $2.00

Direct manufacturing labor is $6.00

Manufacturing overhead is $0.84 per pool cue.

Direct materials:

Beginning inventory= 26,000

Ending inventory= 26,000

Finished goods inventory

Beginning inventory= 1,700

Ending inventory= 3,500

First, we need to calculate the units produced:

Production= sales + desired ending inventory - beginning inventory

Production= 20,000 + 3,500 - 1,700

Production= 21,800

Now, the cost of goods sold:

COGS= (2 + 6 + 0.84)*20,000= $176,800

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Answer:

Check the explanation

Explanation:

a. Gains from being nice = $60

reason: outcome for being nice = $100; outcome for being mean = $40 So the gains from being nice = 100 - 40 = 60

b. Average mean server earnings = $40 (given)

Average nice server earnings = $ 100 (given)

  Change in tips per server if all of the servers switch from being mean to being nice = $60 (100 - 40)

c. Individual payoff of my becoming nice = $6

reason: Total number of servers = 10

Change to the tip pool with my change in behavior from mean to nice = $60

My share in this change = 60/ 10 =6

d.  1-I am more likely to be nice when I keep my own tips.

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4 0
3 years ago
ABC Co. performs $200 of services for a customer, but does not get paid right away. Demonstrate how ABC Co. would record this tr
Burka [1]

Answer:

Account receivable and revenue account

Explanation:

Since it is given that

The service was performed on the account so the journal entry to record this transaction is shown below:

Account receivable A/c Dr $200

             To Service revenue A/c $200

(Being the service is performed recorded)

Both accounts are increases that means the account receivable and the service revenue is increased for $200 each

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2 years ago
Which field deals with behavioral issues as well as technical issues surrounding the development, use, and impact of information
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7 0
1 year ago
Fitness Bands Corporation gathered the following information for Job​ #928: Standard Total Cost Actual Total Cost Direct materia
Eduardwww [97]

Question:                                      

                                                            standard total cost        Actual total cost

Direct material

Standard  2000 pints  $3.50/pint                   $7,000

Actual      2,500 pints   $5.00/pint                                                       $12,000

Answer:

Materials quantity​ variance= $1,750 unfavorable

Explanation:

<em>Material quantity variance occurs when the actual quantity used to achieved a given level of output is more or less than the standard quantity.  </em>

<em>It is determined by the difference between the actual and standard quantity of material for the actual level of output multiplied by the the standard price  </em>

                                                                                               pints

Standard quantity allowed                                                  2,000

Actual quantity used                                                           <u> 2,500</u>

Quantity variance                                                                 500 unfavorable

Standard price                                                                     <u> $3.50 </u>

Materials quantity​ variance                                               <u>1,750  </u>unfavorable

Materials quantity​ variance= $1,750 unfavorable

8 0
3 years ago
Tatham Corporation produces a single product. The standard costs for one unit of its Clan product are as​ follows:
Alla [95]

Answer:

$3,500 Unfavorable

Explanation:

The computation of variable overhead efficiency variance for Clan for November Year 2 is shown below:-

Variable overhead efficiency variance

=  (Standard labor hours - actual labor hours) × (Standard variable overhead rate)

= (3,500 × 2 - 7,500) × $7

= (7,000 - 7,500) × $7

= $3,500 Unfavorable

Therefore for computing the Variable overhead efficiency variance we simply applied the above formula.

3 0
2 years ago
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