T/F There may be occasional reasons to go into debt, like real emergencies.

After a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that back

Naily [24]

Answer: The answers are given below

Explanation:

a. Find the finished goods inventory, January 1.

The cost of good sold will be:

= (cost of good manufactured + finished good inventory beginning) - finished good inventory ending

$21,900 = $21,940 + finished good inventory beginning - $3500

Finished good inventory beginning will now be:

=$21900 - $21,040 + $3500

Finished good inventory January 1 = $4,360

b. Find the direct materials used for the year.

The total manufacturing cost will be:

= direct material + direct labour + manufacturing overhead

$19,460 = direct material + $3160 + $5710

Direct material = $19,460 - $3160 - $5710

Direct material = $10,590

c. Find the Sales revenue.

Gross margin will be :

= Sales revenue - cost of good sold

Let the sales revenue be y

Therefore,

37% of y = y - $21,900

0.37y = y - $21,900

y - 0.37y = $21,900

0.63y = $21,900

y = $21,900/0.63

y = $34,761.9

y = $34,762 approximately

The sales revenue is $34,762

7 0

3 years ago

The following labor standards have been established for a particular product: Standard labor-hours per unit of output 9.9 hours

topjm [15]

Answer:

-$30,250 favorable

Explanation:

labor efficiency variance = (standard quantity - actual quantity) x standard labor cost

actual quantity = 7,700 hours
standard quantity = 9.9 hours x 1,000 units = 9,900
standard labor cost = $13.70

labor efficiency variance = (7,700 - 9,900) x $13.70 = -$30,250 favorable variance

the variance is favorable, because less hours were actually used than forecasted

5 0

2 years ago

A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operat

Advocard [28]

Answer: False

Explanation:

The statement in the question that a classified income statement has four major sections which are the operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables is not true.

It should be noted that a classified income statement is made up of the revenue, the expenses and the non operating revenues and expenses.

3 0

3 years ago

What does Trump want to do with outer space?<br> this is a cx debate question<br> I'm desperate!!!!

Advocard [28]

He wants to put all mexians in space

3 0

3 years ago

St. Mark's Square is a beautiful plaza in Venice that is often frequented by both tourists and pigeons. Ringing the piazza are

Artist 52 [7]

Answer and explanation:

Location is one of the many factors businesses must consider at the moment of starting operations. Commercial areas tend to have higher rent and property prices. Typically, businessmen deal with it by increasing their products price so they can cover expenditures and make a profit. At the same time, most consumers are willing to pay the higher price for the product because it removes the need for relocation even if it could imply moving one or two blocks away.

5 0

2 years ago