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Eddi Din [679]
2 years ago
11

Operating income is one of the most important items reported by a company. Depending on the decision-making needs of management,

operating income can be determined using absorption costing or variable costing. Select whether the following characteristics are most often associated with absorption costing or variable costing.
a. Required under generally accepted accounting principles (GAAP)
b. Often used for internal use in decision making
c. Cost of goods manufactured includes only variable manufacturing costs
d. Used in reports prepared for external users
e. Fixed factory overhead costs are not part of cost of goods manufactured
f. Both fixed and variable factory costs are included in cost of goods sold and inventory
Business
1 answer:
Tpy6a [65]2 years ago
3 0

Answer:

Determining Operating Income using Absorption Costing or Variable Costing

a. Absorption costing

b. Variable costing

c. Variable costing

d. Absorption costing

e. Variable costing

f. Absorption costing

Explanation:

Absorption costing is also regarded as full costing.  An income statement prepared using absorption costing includes both fixed and variable manufacturing costs in the costs of goods sold and ending inventory.  Fixed manufacturing cost is not regarded as period cost that must be expensed in the period when it is incurred as some elements of the fixed cost are carried forward to the next accounting period through the ending inventory.  This is unlike variable or marginal costing, where the fixed costs are expensed in the period they are incurred.

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Explanation:

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3 years ago
The W. J. Clinton Company issued 750 shares of $1 stated value common stock in exchange for land from the Whitewater Investment
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Explanation:

The journal entry is as follows:

Land  Dr $70,000

Additional paid in capital  $5,000

             To Common stock $75,000

(Being the common stock is issued in exchanged for cash)

The computation of the additional paid in capital is shown below:

= Common stock - the appraised value of land

where,

The common stock = 750 shares × $100 = $75,000

And, the  appraised value of land is $70,000

So, the remaining balance is

= $75,000 - $70,000

= $5,000

The $5,000 would be recorded as an additional paid in capital

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Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of mone
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The statement " An economist would look for data on past changes in the money supply, and note the resulting changes in the price level " is correct.

Explanation:

In the past, the knowledge economist will research price-money ties and observe trends; then analyse data, and establish the theory.

Financial experts analyse the market activity of economists. Their main responsibility includes the compilation and review of economic and socio-economic data, guidance on economic choices for companies and governments and the creation of models for economic predictions.

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homeworklib Assume the following for White Top Inc. for the current fiscal year. White Top applies overhead on the basis of unit
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Answer:

50,500 Units

Explanation:

The computation of the number of units produced is shown below:

Overhead rate is

= $200,000 ÷ 50,000 units

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The Actual overhead is $222,000

So,

Under applied overhead is $20,000

Now

Applied overhead is

= $222,000 - $20,000

= $202,000

And, finally

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Productivity is the combination of
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