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Keith_Richards [23]
3 years ago
11

Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses

for the month: Direct materials $ 79,000 Direct labor $ 40,000 Variable manufacturing overhead $ 19,000 Fixed manufacturing overhead 31,000 Total manufacturing overhead $ 50,000 Variable selling expense $ 14,000 Fixed selling expense 22,000 Total selling expense $ 36,000 Variable administrative expense $ 5,000 Fixed administrative expense 27,000 Total administrative expense $ 32,000 Required: 1. With respect to cost classifications for preparing financial statements: a. What is the total product cost
Business
1 answer:
Mice21 [21]3 years ago
7 0

Answer:

Total product cost= $169,000

Explanation:

<u>The product cost is calculated using the direct material, direct labor, and manufacturing overhead:</u>

<u></u>

Direct materials $ 79,000

Direct labor $ 40,000

Variable manufacturing overhead $ 19,000

Fixed manufacturing overhead 31,000

Total product cost= $169,000

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pychu [463]

The correct answer is "ending inventory of one period is the beginning inventory of the next period."

An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets, and equity, but also the next period's statements because ending inventory of one period is the beginning inventory of the next period.

That is why the manager has to be strict regarding the inventory of a company. Inventory has a cost that can be translated into money. So accountants have to be perfect regarding the inventory. So yes, ann error in keeping the inventory affects the company in that the ending inventory of one period is the beginning inventory of the next period. An internal audit can reveal the mistakes in accurately keeping the inventory. So it is better to put extra attention in the process so nothing wrong would be revealed after the audit.

7 0
3 years ago
Exercise 4-15A Calculate net cash flows (LO4-7) Below are several transactions for Meyers Corporation for 2021. Issue common sto
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Answer:

$12,600

Explanation:

Particulars                                                              Amount

a. Issue common stock for cash                            $40,000

b. Purchase building and land with cash,            -$25,000

c. Provide services to customers on account       $6,000

d. Pay utilities on building                                      -$500

e. Collect $4,000 on account from customers     $4,000

f. Pay employee salaries                                        -$8,000

g. Pay dividends to stockholders                          -<u>$3,900</u>

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7 0
3 years ago
the increasing cost and volatile prices of natural resources is a key driver of sustainable marketing. the increasing cost and v
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The increasing cost and volatile prices of natural resources is a key driver of sustainable marketing. the increasing cost and volatile prices of natural resources are key drivers of sustainable marketing. False

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Learn more about Sustainable marketing here:

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8 0
1 year ago
What is the IRS method of allocating expenses between rental use and personal use?
lidiya [134]

Answer:

Schedule E- Allocation of Rental and Personal Expenses.  

Explanation:

Hello so I am gonna assume your talking about what I said above if you use your dwelling unit for both rental and personal purposes, divide your expensive  between the rental use and the personal use based on the number of days used for each purpose.

Hope this helps :)

3 0
3 years ago
A recent news story reported that the Organization of Petroleum Exporting Countries is expected to decrease the supply of oil ne
erastovalidia [21]

Answer:

Option "C" is the answer.

Explanation:

Option "C" is the answer.

The decrease in the supply of oil will shift the supply curve leftwards. Similarly, the increases in the demand will shift the demand curve rightwards. The leftwards shift in the supply and rightward shift in the demand curve will result in an increase in price but the change in quantity can not be predicted because the magnitude of change will depend on the shift in the curves.

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