Answer:
Minimum selling price is $ 37
Explanation:
Computation of minimum selling price
Direct materials per unit $ 15
Direct labour per unit - existing $ 19
Additional for modification <u>$ 3</u>
Direct Labor per unit <u>$ 22</u>
Variable cost per unit $ 37
Since the Company has sufficient idle capacity to produce the additional order, no incremental fixed manufacturing capacity is considered.
The minimum selling price should be one which covers the variable costs ( modified for labor increase)
Answer:
A
B
C
D
Explanation:
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold
Weighted average cost method calculates the cost of goods sold as the weighted average of cost of inventory
In periods of rising prices, later purchased goods would have a higher price. As a result, LIFO would report a lower net income while companies using FIFO would report the highest gross profit and net income.
Because of the high net income reported under FIFO, tax paid would be the highest too
Answer:
Question a:
The non-controlling interest of Rockne´s 2018 net income is $111,000.- calculated by taking 30% of Rockne´s net income of $370,000.-
Question B:
There are 3 entries required to eliminate te sale of goods form rochne to doone.
The first entry eliminates the sales recorded by rockne against te inventory or cost of goods sold by recorded by doone. To consider, the 60% of the purchases went trhough cost of good sol d and 40% of the purchases remain in inventory until the following year. Here is the engru:
Debit/sales/$530
Credit/COGS/ ($318) 60%
Credit inventory ($212) 40%
The next entry has to do with the amount of inventory that remained from the last intercompany transaction. This is caclulated usin 40% of 2017 sales, which were $430. So:
Debit inventory $172
Credit Cogs ($172)
The last part is to eliminate the recievable on the book of rockne when they made te sale
Debit Payable $530
Credit receivable ($530)
Answer:
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A compound document contains linked data from different applications.
