In your own words define accounting.

Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater

Delvig [45]

Answer:

Zoe Company

a) Statement of Cost of Goods Manufactured:

Direct materials cost $90,000

Direct labor 25,000

Factory overhead 37,000

Work in process, March 1 22,000

Work in process, March 31 (23,500)

Cost of goods manufactured $150,500

b) Income Statement for the month ended March 31:

Sales $257,000

Finished goods inventory, March 1 $21,000

Cost of goods manufactured 150,500

Finished goods inventory, March 31 (30,000)

Cost of goods sold $141,500

Gross profit $115,500

Sales and administrative expenses 79,000

Net Income $36,500

c) Inventory Section of the Balance Sheet as of March 31:

Current Assets:

Inventory:

Materials inventory, March 31 $8,000

Work in process, March 31 23,500

Finished goods inventory, March 31 30,000

Total inventory $61,500

Explanation:

a) Data and Calculations:

Purchases $92,000

Materials inventory, March 1 6,000

Materials inventory, March 31 8,000

Direct labor 25,000

Factory overhead 37,000

Work in process, March 1 22,000

Work in process, March 31 23,500

Finished goods inventory, March 1 21,000

Finished goods inventory, March 31 30,000

Sales 257,000

Sales and administrative expenses 79,000

b) Materials inventory, March 1 $6,000

Purchases 92,000

Materials inventory, March 31 8,000

Direct materials cost $90,000

4 0

3 years ago

The United States has the largest merchandise trade imbalance with ________, while the U.S.'s largest trading partner is _______

katrin2010 [14]

Answer:

Canada, China

Explanation:

3 0

3 years ago

Read 2 more answers

What will be the nominal rate of return on a perpetual preferred stock with a $100 par value, a stated dividend of 8% of par, an

Marrrta [24]

Answer:

a. 13.33%

b. 10%

c. 8%

d. 5.71%

Explanation:

The computation of nominal rate of return is given below:-

Rate of return = Dividend ÷ Current market price

For the first case

= $8 ÷ $60

= 13.33%

For the second case

= $8 ÷ $80

= 10%

For the third case

= $8 ÷ $100

= 8%

For the fourth case

= $8 ÷ $140

= 5.71%

Note :- To get $8 you need to multiply by $100 by the 8%

8 0

3 years ago

Thompson company is a consulting firm and applies indirect overhead costs based on billing hours. the firm expects to have $7,70

maksim [4K]

The total cost of the consulting job = (Indirect cost per hour + Direct cost per hour ) * Total hours

The total cost of the consulting job = ( $11 per hour + $60 per hour ) * 20 hours

= $ 71 * 20 = $ 1,420

Here , the Indirect cost per hour is $ 11 ( 7,700 / 700 )

Direct cost per hour is $ 60

And the total number of hours billed is 20

8 0

3 years ago

Cool Fan Company sells 10,000 units to wholesalers each year at $60 per unit. The materials cost $10 per fan and unit labor cost

eimsori [14]

Answer:

e. $ 350,000

Explanation:

Given: Total number of units= 10000.

Selling price= $60 per unit.

The material cost= $10 per fan

Labor cost= $15 per unit.

Promotion and marketing cost= $100000.

Facility expense= $80000.

Other overhead cost= $20,000.

Now, finding the variable cost of fan.

Variable cost= $Total\ material\ cost + Labor\ cost$

Variable cost= $(\$ 10\times 10000+ \$ 15 \times 10000)$

⇒ Variable cost= $\$ 100000+\$ 150000= \$ 250000$

∴ Variable cost= $250000.

Selling price= $(\$ 60\times 10000)= \$ 600000$

∴ Selling price of fan is $600000.

Unit contribution= $(selling\ price - variable\ cost)$

Next find the unit contribution of each fan.

⇒ Unit contribution= $(\$ 600000 - \$ 250000)$

∴ Unit contribution of each fan is $350000.

8 0

3 years ago