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Bingel [31]
3 years ago
11

Compute the Cost of Goods Sold for 2016 using the following information: Direct Materials, Jan. 1, 2016$50,000 Work-in-Process,

Dec. 31, 2016 74,500 Direct Labor 58,500 Finished Goods, Dec. 31, 2016 125,000 Finished Goods, Jan. 1, 2016 158,000 Manufacturing Overhead 79,500 Direct Materials, Dec. 31, 2016 63,000 Work-in Process, Jan. 1, 2016 107,000 Purchases of Direct Material 95,000
Business
1 answer:
fiasKO [112]3 years ago
3 0

Answer:

COGS= $154,500

Explanation:

<u>First, we need to calculate the cost of goods manufactured:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 50,000 + 95,000 - 63,000= $82,000

cost of goods manufactured= 74,500 + 82,000 + 58,500 + 79,500 - 107,000

cost of goods manufactured= $187,500

<u>Now, the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 125,000 + 187,500 - 158,000

COGS= $154,500

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Use each of these key terms to best complete the following sentences. Use each term no more than once. Agreeableness
Lilit [14]

Answer:

4

1

3

2

Explanation:

The big 5 personality traits include

Openness - it includes people who are open to new things and enjoy learning new things.

Ted is high on this trait

Extraversion - it includes people who enjoy meeting new people and are very sociable.

Betty is high on this trait  

Conscientiousness - includes people that are organised and pay attention to details. Aiden is low on this trait

Agreeableness - includes people that trust people easily and are kind

Neuroticism - includes people that are usually moody or sad

3 0
3 years ago
Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient is rea
ElenaW [278]

Answer: B. Jean

Explanation:

Having Absolute Advantage in the production of a good means that you can produce more of that good given the same resources or at least the same Quantity as others given lower resources.

From the scenario above therefore, Jean has the Absolute Advantage in producing Cakes as Jean can bake 12 cakes in an hour while Vincent can only bake 10.

6 0
3 years ago
The Perry Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of
steposvetlana [31]

Answer:

Volume variance= $1,800 unfavorable

Explanation:

Giving the following information:

Standard fixed overhead per direct labor hour $3​

Standard direct labor hours per unit 0.75​

Budgeted production 3100​

Budgeted fixed overhead costs $6975.00​ ​ ​

Actual production in units 3900​

Actual fixed overhead costs incurred $2200.00​

To calculate the fixed overhead volume variance, we need to use the following formula:

Volume variance= budgeted fixed overhead - fixed overhead applied

Volume variance= 6,975 - [3*(3,900*0.75)]

Volume variance= 6,975 - 8,775= $1,800 unfavorable

8 0
3 years ago
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,200 of federal in
iragen [17]

Answer:

Tax Due by Jeremy is $218

Explanation:

Step 1: Calculate Jeremy's total Income

$100,000 (Salary) + $6,000 (Interest Income) + $4,000 (long term capital gain)=  $110,000

Jeremy's exclusion at this point is 0.

Therefore, Jeremy's Gross income = $110,000, This is also Jeremy's Adjusted Gross Income (AGI).

Step 2: Calculate Taxable Income after deductions.

AGI= $110,000

Deductions from AGI= $23,000 (The greater of standard or itemized deduction).

Qualified Business Income Deductions (QBI)= $0 (Jeremy did not declare any personal business).

Taxable Income= AGI-Deductions- QBI Deductions

= $110,000-$23,000-0

= $87,000

Step 3: Calculate Jeremy's Tax Liability as follows:

Capital Gain is included as part of Gross Income, therefore finding the tax liability will necesitate that the capital gain be deducted and only the taxable percentage be added back.

Jeremy's tax liability = (87,000-4,000) + (4,000 x 0.15)

= ($83,000 x 15.4%) + 600

=$12,818 + 600

=$13,418

Jeremy's total tax Liability= $13,418 - $0 (non refundable tax credit) + 0 (other taxes)

Jeremy's total tax liability = $13,418

The total tax payment made by Jeremy

=(2,000 + 11,200)= $13,200

Therefore the tax due by Jeremy is Total Tax Liability - Tax Payment mande

= $13,418 - $13,200

= $218

7 0
3 years ago
Which of the following statements are TRUE about credit scores?
Andreas93 [3]
I agree with the person above - the correct answer as to which statements are true about credit scores is C. both A and B, which means that c<span>redit scores indeed do reflect how likely individuals are to repay their debts and o</span><span>nly the credit bureaus know exactly how credit scores are calculated.</span>
3 0
3 years ago
Read 2 more answers
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