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GaryK [48]
3 years ago
9

Jamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Pro

duct X at a total cost of $1,100 per unit, of which $750 is product cost and $350 is selling and administrative expenses. In addition, the total cost of $1,100 is made up of $630 variable cost and $470 fixed cost. The desired profit is $143 per unit.
Required:
Determine the mark up percentage on total cost.
Business
1 answer:
vlada-n [284]3 years ago
8 0

Answer:

The mark up percentage on total cost is 13%.

Explanation:

Mark up percentage on total cost refers to the profit as a percentage of the total cost.

Therefore, the mark up percentage on total cost can be calculated using the following formula:

Mark up percentage on total cost = (Desired profit / Total cost) * 100 ......... (1)

Where;

Desired profit = $143

Total cost = $1,100

Substituting the values into equation (1), we have:

Mark up percentage on total cost = ($143 / $1,100) * 100 = 0.13 * 100 = 13%

Therefore, the mark up percentage on total cost is 13%.

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An auditor should perform alternative procedures to substantiate the existence of accounts receivable when:
Anastasy [175]

Answer:C

Explanation: Collectability of the receivables is in doubt

8 0
3 years ago
During the current period, Department A finished and transferred 50,000 units to Department B. Of the 50,000 units, 20,000 were
antoniya [11.8K]

Answer:

A. $1,615

Explanation:

Provided information,

Total transferred units = 50,000

Opening units = 20,000 which were 1/5 th complete

Equivalent units = 4,000

That means on the remaining 20,000 - 4,000 = 16,000 units full overheads were applied.

30,000 units were started and completed during the month, for which entire overheads will be added.

Newly started = 10,000 units 3/5th complete = 6,000 units completed in closing inventory.

Therefore total equivalent completed units on which overheads applied = 16,000 + 30,000 + 6,000 = 52,000 units

Ending goods in inventory = 10,000 units which are 6,000 equivalent units completed

Total overheads for the month = $14,000

Overheads = $14,000/52,000 = 0.269 per unit

For 6,000 units = $1,615 .38

Therefore correct option is

A. $1,615

8 0
3 years ago
You are investing $500 today. If it is compounded semi-annually at an annual interest rate of 13% for the next 5 years, your inv
Ilya [14]

Answer:

Explanation:

In this question, we are expected to know the amount a certain investment would have grown to after 5 years.

Mathematically, the amount is calculated by the formula below:

A = P(1 + r/n)^nt

The parameters have the following values: A = ? P = $500 r = 13% = 13/100 = 0.13 n = 2 ( semi-annually means two times a year) and t = 5 years

A = 500( 1 + 0.13/2)^(2 * 5)

A = 500(1 + 0.065)^10

A = 500( 1.877)

A = 938.56 or simply $939

4 0
3 years ago
Jamison Company reports depreciation expense of $48,000 for Year 2. Also, equipment costing $164,000 was sold for a $5,800 gain
V125BC [204]

Answer:

The correct answer is (a) $41,800.

Explanation:

Solution:

Given that:

The first step taken is to calculate for depreciation on sold equipment:

                                                                       Amount($)

Accumulated depreciation in Year -1  (a) = 540000

Depreciation for the year 2 (b) =  48000

Accumulated depreciation to be in year 2 c=(a+b)=588000

Reported accumulated depreciation in year 2(d)=460000

Thus,

Depreciation on sold Equipment e= (c-d) = 128000

Now,

The second step is to calculate sale proceeds:

Cost (a)= 164000  

Depreciation(b) =128000

The written dawn value c=(a-b) = 36000

Gain on sale of equipment (d)=5800  

The Sale Price (c+d)=41800

Therefore, the sale of the equipment is $41,800

5 0
3 years ago
If the price of sugar (ps) falls by $5, how does this affect the equilibrium price?
Dennis_Churaev [7]

If the price of sugar falls it will affect the quantity supplied of the sugar. As it will lead to the decrease in the supplied quantity.

<h3>What causes a fall in the equilibrium price?</h3>

A decrease in equilibrium demand and an increase in equilibrium supply will lead to a drop in equilibrium price, but the effect on equilibrium quantity is unpredictable.

Prices will drop because producers are ready to accept a lower price and consumers now place less value on the product, regardless of the amount.

Reduced demand will cause the equilibrium price to fall and the supply to increase.

Thus, it leads to the decrease in supplied quantity.

For more details about fall in the equilibrium price, click here:

brainly.com/question/14480835

#SPJ1

3 0
1 year ago
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