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Vitek1552 [10]
3 years ago
13

Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $500,000; Purchase Retur

ns and Allowances $14,000; Purchase Discounts $9,000; and Freight-in $15,000. Determine net purchases and cost of goods purchased.
Business
1 answer:
romanna [79]3 years ago
3 0

Answer:

Net purchases:

= Purchases - Purchase Returns and Allowances - Purchase Discount

= 500,000 - 14,000 - 9,000

= $477,000

Cost of goods sold:

= Net purchase + Freight-in

= 477,000 + 15,000

= $492,000

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Activity based costing _____________
Ilia_Sergeevich [38]

Answer:

1. groups costs into meaningful buckets that are then distributed based on the activity or product they support.

Explanation:

Activity based costing basically categorizes various overheads into different activities, that leads to charge of overheads based on different activities.

In this manner overheads that shall be charged on some standard products based on the activities involved is charged accordingly, and not based on standard overhead allocation rate.

Basically the overheads are divided into various activities and then distributed  to each product based on the volume of activity in the manufacturing process of such activity.

7 0
3 years ago
Problem 4-4 Calculation of Gain or Loss (LO 4.3) Jocasta owns an apartment complex that she purchased 6 years ago for $750,000.
NemiM [27]

Answer:

$671,300

Explanation:

The calculation of adjusted basis in the building is shown below:-

Adjusted basis = Original cost of the property + Cost of capital improvements - Depreciation claimed

= $750,000 + $50,000 - $128,700

= $800,000 - $128,700

= $671,300

Therefore for computing the adjusted basis we simply add original cost of the property with cost of capital improvements and deduct depreciation claimed.

5 0
3 years ago
Ashton Construction assembles residential houses. It uses a​ job-costing system with two​ direct-cost categories​ (direct materi
Dimas [21]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

In December 2016​, Ashton budgeted 2017 ​assembly-support costs to be $8,300,000 and 2017 direct​ labor-hours to be 166,000.

With this information, we can calculate the budgeted indirect cost rate. <u>However, we can't calculate the actual indirect cost rate. I will provide the formula for both and a small example of the actual indirect cost rate.</u>

To calculate the budgeted indirect cost rate, we need to use the following formula:

Budgeted indirect cost rate= total estimated indirect costs for the period/ total amount of allocation base

Budgeted indirect cost rate= 8,300,000/166,000= $50 per direct labor hour.

Let's suppose that actual indirect cost was of 8,000,000 and actual direct labor hours of 175,000:

Actual indirect cost rate= total actual indirect costs for the period/ total amount of allocation base

Actual indirect cost rate= 8,000,000/175,000= $45.71 per direct labor hour

7 0
3 years ago
After having problems with her Mitsubishi car, sandra salazar had santa Fe Mitsubishi install a used LO1 motor in it. when she p
ehidna [41]

Answer:

The statement is not an express warranty, because it doesn't involve a negotiation of terms between Salazar and Mitsubishi. It is an employee of the company that imploy Salazar to bring the car should the car gives problem, and didn't involve an agreement between the two parties ( Salazar and Mitsubishi)

Explanation:

What is express warranty?

An express warranty arises from the parties’ negotiations in a sales transaction. Express warranties are often included in the written terms of a contract. An “express” warranty by a seller is created by:

Any statement of fact or promise relating to the goods sold which becomes part of the basis of the bargain between the parties, creating a warranty that the goods will conform to the statement or promise.

Any description of the goods sold which becomes part of the basis of the bargain between the parties, creating a warranty that the goods will conform to the description.

Any sample or model, which becomes part of the basis of the bargain between the parties, creating a warranty that the goods will conform to the sample or model.

An express warranty may be created even if the seller does not use formal words such as “warranty” or “guarantee,” and even if the seller does not have a specific intention to make a warranty. However, an express warranty is not created merely because the seller makes a statement as to the value of the goods, or as to seller’s opinion of the goods. Generally, statements made by a seller during the course of contract negotiations are treated as statements of fact, unless it can be shown that the buyer could only have reasonably considered the statement to be an opinion.

6 0
3 years ago
An industry leader may be joining the project team and can potentially provide additional expertise. What strategies should the
lesya692 [45]

Answer:

1) Finalizing Project Details

2) Setting Clear Expectation

3) Choosing the right team and system

4) Defining milestones

5) Establishing clear communication

6) Managing project risks

7) Avoiding scope creep

8) Evaluating the project after compilation

Explanation:

The project manager is responsible for achieving the project objectives. The main objectives of project management are:

- Establish clear, useful and achievable goals and establish contacts

- Providing project requirements, such as the workforce, required information, various contracts, materials or technologies required to achieve the project objectives

- Elimination of cost, time, scope and quality constraints of the project management triangle

The project manager is a client representative and with the support of the organization they represent, it is necessary to identify and fulfill the client's needs. Installation ability, cost, time, quality and above all are essential to customer satisfaction.

Main functions:

- To be sure why the project is so important

- Determine the quality of the project products

- Engineer supplies

- time of formation

- Investment, partnership agreement and welding

- Adapt the management plan to the project

- Creation and motivation

- Project risk assessment and change

-Development

- Shareholder management

- Good governance

- Completion of the project

The main strategies which are appeared as result of the actions and functions of the project manager is:

1) Finalizing Project Details

2) Setting Clear Expectation

3) Choosing the right team and system

4) Defining milestones

5) Establishing clear communication

6) Managing project risks

7) Avoiding scope creep

8) Evaluating the project after compilation

7 0
3 years ago
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