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konstantin123 [22]
3 years ago
5

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accountin

g records.
Cost of Goods Sold $ 65,000
Work-in-Process Inventory, Beginning 10,500
Work-in-Process Inventory, Ending 9,000
Selling and Administrative Expense 15,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning?
Direct Materials Used ?
Factory Overhead Applied 12,000
Operating Income 14,000
Direct Materials Inventory, Beginning 11,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 60,000
Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Fisher, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials used?
Business
1 answer:
Anastaziya [24]3 years ago
3 0

Answer:

See below

Explanation:

Direct materials used = Cost of goods manufactured - work in process inventory, beginning - factory overhead applied - direct labor + work in process inventory, ending

= $60,000 - $10,500 - $12,000 - (1.5 × $12,000) + $9,000

=

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Assume an economy is currently engaged in free trade but considering implementing a tariff on its main import, athletic shoes. W
UNO [17]

Answer:

Price - increase

Domestic production- increase

Import- reduces

Producer surplus- increase

Explanation:

A tariff is a form of tax on import or export.

When a tariff is imposed on a good , the price of the good increases.

As a result of the tariff , the amount of the goods imported falls as the imported good is now more expensive. The quantity produced by domestic producers increases as consumers would now start demanding for the domestic good. Tariffs are sometimes enacted to discourage importation and encourage domestic production.

As a result of the price increase, producer surplus increases. The increase in price also increases output. The producer surplus is the difference between the price of a product and the least amount the producer is willing to sell his product.

I hope my answer helps you.

7 0
3 years ago
Boards and commissions, such as the ________ for example, are in charge of overseeing specific industries.
Ostrovityanka [42]
Independent Regulatory Boards and Commissions, Government organizations that direct different businesses, businesses or financial segments. They are shaped and concurred by power by Congress to control a particular industry, and there are 38 of these offices some of which includes the FCC and the FAA
5 0
2 years ago
As it relates to international trade, dumping: A. is defined as selling more goods than allowed by an import quota. B. constitut
amid [387]

Answer:

C. is the practice of selling goods in a foreign market at less than cost.

Explanation:

As it relates to international trade, dumping <u>is the practice of selling goods in a foreign market at less than cost</u>. Dumping is the practice of selling a product in a foreign market at an unfairly low price (a price that is lower than the cost in the home market) or in order to gain some advantage over the other suppliers.

6 0
3 years ago
Current Attempt in Progress Suppose at December 31 of a recent year, the following information (in thousands) was available for
alex41 [277]

Answer:

                                           OAKLEY

INVENTORY TURNOVER  2,66  

Cost Of Goods                 395,010  

Average Inventory            148,500  

DAYS IN INVENTORY        137  

Explanation:

To calculate the Inventory Turnover ratio it's necessary to calculate the average inventory of the year , the take the Total Cost of Goods and divide it by the Average Inventory, the result it's the Inventory Turnover of the company, in this case 2,66  

To find the days in inventory we have to divide 365 (days of the year) and divide it by the Inventory Turnover, 2,66, the result is 137 days.

      END  START

$172,000   $125,000  Inventory

$ 768,000  Sales Revenue

$ 395,010  Cost of Goods Sold

OAKLEY

INVENTORY TURNOVER  2,66  

Cost Of Goods  395,010  

Average Inventory  148,500  

DAYS IN INVENTORY  137  

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