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zhuklara [117]
3 years ago
11

During its most recent fiscal year, Dover, Inc. had total sales of $3,060,000. Contribution margin amounted to $1,430,000 and pr

etax income was $295,000. What amount should have been reported as fixed costs in the company's contribution margin income statement for the year in question?
Business
1 answer:
Ahat [919]3 years ago
7 0

Answer:

$1,135,000

Explanation:

Data provided as per the question

Contribution = $1,430,000

Income = $295,000

The calculation of fixed cost is shown below:-

Income = Contribution - Fixed cost

Fixed cost = Contribution - Income

= $1,430,000 - $295,000

= $1,135,000

Therefore, for computing fixed cost we simply deduct Income from contribution.

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maxonik [38]

Answer:

I think the answer is B.

Explanation:

6 0
3 years ago
Read 2 more answers
Royal Decking has five products in its inventory. Information about the December 31, 2021 inventory is below:
wariber [46]

Answer:

Royal Decking

A) Per unit value for each of Royal Decking's products, applying LCNRV:

Product   Cost   Sales Price   NRV                          LCNRV

A              $40      $60           $44 ($60 - 12 - 4)      $40

B                80       100           $72 ($100 - 20 - 8)    $72

C                40        80           $60 ($80 - 16 - 4)       $40

D               100      130           $84 ($130 - 26 - 10)   $84

E                 20       30           $22 ($30 - 6 - 2)       $20

B. Total Inventory on the balance sheet is:

$256,000

Explanation:

a) Data and Calculations:

Ending Inventory at December 31, 2021:

Product   Cost   Sales Price   NRV                          LCNRV  Inventory value

A              $40      $60           $44 ($60 - 12 - 4)      $40          $40,000

B                80       100           $72 ($100 - 20 - 8)    $72          $72,000  

C                40        80           $60 ($80 - 16 - 4)       $40          $40,000

D               100      130           $84 ($130 - 26 - 10)   $84           $84,000

E                 20       30           $22 ($30 - 6 - 2)       $20          $20,000

Total inventory value                                           $256       $256,000

= ($256 * 1,000)

Selling costs = 20% of selling price

Shipping costs = 10% of cost

5 0
2 years ago
Alana lives in a country in which the government does not impose quotas on what can be imported or on what businesses can produc
Elis [28]

Answer:

Free-market

Explanation:

As Alana can import without paying quotas to the government the economy i nthis country is of free-market. The government doesn't try to restrict their citizens from the goods and services offered fro manother countries.

Same is true for the sale of national product to abroa,there is no qupta, tariff or additional cost involved in trade thant those generated from the transactions. It is tax-free to import and export

5 0
3 years ago
Kingbird Windows manufactures and sells custom storm windows for three-season porches. Kingbird also provides installation servi
Umnica [9.8K]

Answer:

Kingbird Windows

July 1, 2017:

Debit Cash Account $1,940  

Credit Unearned Sales Revenue $1,940

To record the receipt of cash from customer.

Sept. 1, 2017:

Debit Unearned Sales Revenue $1,940

Credit Sales Revenue $1,940

To record the sale of windows.

Debit Inventory $1,050

Credit Cost of Goods Sold $1,050

To record the cost of goods sold.

Oct. 15, 2017:

Debit Cash Account $530

Credit Service Revenue $530

To record the service revenue earned for installation of windows.

Explanation:

The data state that Kingbird Window's selling price is equal to $1,940, which its customer pays in advance of performance.  Therefore, this amount is taken as the sales revenue.  The stand-alone price of installation is estimated to be $580, but only $530 is recorded as revenue for the installation since the difference had been captured under the actual costs.

5 0
3 years ago
Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner for $43,000 of cash. The PPZ Partnership h
jolli1 [7]

Answer:

The right answer is a.

Explanation:

In order to calculate Daniel's basis in his partnership interest, first we have to calculate daniel share of the partnership liabilities.

According to the details, Daniel acquires a 30% interest in the PPZ Partnership from Paolo, and The PPZ Partnership has borrowed $14,000 of recourse liabilities as of the date Daniel bought the interest, hence

daniel share of the partnership liabilities = 14,000 * 30% = $4,200

Hence, Daniel's basis in his partnership interest= 43,000 + 4,200 = $47,200

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3 years ago
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