Answer:
We should pay $243.3 each month to pay of the loan.
Explanation
The present value of the loan is 8,000, the number of compounding periods are (3*12) =36 because payment is going to be made monthly for 3 years, the future value of the loan is 0 as there will be no lump sum payment at the end of the loan and equal payments each month, the monthly interest rate is 6%/12= 0.5%. We input these 4 values to find the monthly payment.
PV= 8,000
FV=0
N=36
I=0.5
Compute PMT= 243.3
The contract in the scenario is considered to be valid even
if the contract is unauthorized because both of the parties have agreed on the
contract and therefore, it is considered to be valid and made use of even if
there is no authorized personnel involved.
Answer: D
Explanation: Another name for Statement of Financial Performance is a Balance Sheet and it shows the Financial Position of firms as at a particular date and with the appropriate currency.
Answer:
Total manufacturing cost will be $291500
Explanation:
We have given work in progress inventory on December 31 of current year is $44000
It is given that work in progress inventory is increased by 60% during the year
So in beginning work in progress inventory $
We have given cost of goods manufactured = $275000
Cost of goods manufactured = work in progress inventory + total manufacturing costs incurred - Ending work in progress inventory
So 275000 = 27500 + total manufacturing costs incurred - 44000
Total manufacturing costs incurred = 275000 - 27500 +44000 = $291500
Answer:
direct material, direct labor, and variable manufacturing overhead
Explanation:
Under variable costing of the product cost, it includes only three costs i.e direct material cost, direct labor cost, and the variable manufacturing overhead
In mathematically,
Product cost = Direct material cost + direct labor cost + variable manufacturing overhead
And, in case of the period cost, it includes fixed manufacturing overhead, variable selling, and administration expenses, and fixed selling and administration expenses