If a company pays an energy consultant just for a set period to complete a

Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is avai

GalinKa [24]

Answer:

Ending inventory is $20,390

Cost of goods sold = $14,190

Explanation:

Given:

Unit sold in April = 450

Beginning inventory = 260 units × $29 = $7,540

Purchased on April 15 = 360 units × $35 = $12,600

Now goods sold is 450 units. Since company follows FIFO, it will sell 260 units @ $29 first and then 450 - 260 = 190 units from goods purchased on April 15.

Cost of goods sold = 7,540 + (190×35)

= $14,190

Closing inventory:

April 15 purchase = 35×(360 - 190)

= $5,950

April 23 purchase = 380×$38 = $14,440

Total closing inventory = 14,440 + 5,950 = $20,390

Cost of goods sold can be verified in the following manner:

Total cost of goods available for sale = $34,580

Ending inventory = $20,390

Cost of goods sold = 34,580 - 20390

= $141,90

6 0

3 years ago

Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information:

malfutka [58]

Answer:

$1,100

Explanation:

Computation for the Work-in-Process transferred to the finished goods warehouse on April 30

Work-In-Process Inventory, April 1 300

Direct materials used in production 225

Direct labor costs incurred 400

Manufacturing overhead costs 350

Less Work-In-Process Inventory, April 30 ($175)

Work-in-Process transferred to the finished goods warehouse $1,100

Therefore the Work-in-Process transferred to the finished goods warehouse on April 30 will be $1,100

4 0

3 years ago

Marc and michelle are married and earned salaries this year of $70,400 and $14,400, respectively. In addition to their salaries,

Fiesta28 [93]

Answer:

Since we are not given any specific year, I will use the 2020 tax schedule:

Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $70,400 + $14,400 + $1,300 = $86,100

they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)

<u>contribution to IRA = ($3,300)</u>

Marc and Michelle's taxable income = $58,400

Marc and Michelle's tax liability = $1,975 + [12% x ($58,400 - $19,750)] = $6,613

Alimony payments are not longer tax deductible and interests on municipal bonds is not taxable.

Since their income tax withholdings exceed their tax liability, they should get a refund for $6,665 - $6,613 = $52

Also, since they are allowed a $2,000 child tax credit, but they do not owe any more taxes, they are entitled to a $1,400 refund.

Total refund for 2020 = $1,452.

5 0

3 years ago

Suppose the demand function for good X is given by:

fiasKO [112]

Answer:

Explanation:

Q(8) =15 - 0.5 x 10 - 0.8 x 8 = 15-5-6.4=3.6

Q(10) =15 - 0.5 x 10 - 0.8 x 10 =15-5-8= 2

Cross Elasticity = -0.2 / 0.8 = -0.4

7 0

3 years ago

Equipment with a cost of $225,000 has an estimated salvage value of $15,000 and an estimated life of 4 years or 10,000 hours. It

elixir [45]

Answer:

The depreciation is $52,500

Explanation:

The formula to compute the depreciation under the straight-line method is shown below:

= $\dfrac{(original\ cost - salvage\ value )}{Number\ of\ years}$

= $\dfrac{(\$225,000 - \$15,000)}{4\years}$

= $52,500

Under the straight-line method, the depreciation expense should be the same for the remaining useful life. Life of the equipment or machine should always be expressed in years, not in hours.

So, these usage of hours should be ignored.

4 0

3 years ago