Answer:
<u>Slapshot Company</u>
<u>Income statement for the month of June</u>
Sales ( 1,890 x $360) $680,400
Less Costs of Sales ($378,000)
Gross Profit $302,400
Selling Costs :
Commissions $68,040
Other Selling Expense $64,700
Administrative Expense $53,800 ($186,540)
Net Income $115,860
Explanation:
The Income statement shows the <em>Profit</em> earned during the reporting period. This is determined as Gross Profit (Sales - Cost of Sales) minus the Operating Expenses.
Answer:
<em>Just Meaningful Difference
</em>
Explanation:
The Just meaningful difference
, or simply JMD, Symbolizes the slightest amount of stimulation shift which would impact consumption and preference of consumers.
Example will include, when a price of a can of soda increases slightly from $2.36 to $3.28
Answer:
1. 780,000 pints
2. $1
3. $780,000
Explanation:
1. The computation of the equivalent units of production is shown below:
= Units completed and transferred out + completed units in ending inventory × completion percentage
= 700,000 pints + 200,000 pints × 40%
= 780,000 pints
2. The computation of the unit cost for January month is shown below:
= (Beginning Work in process + Costs added during January) ÷ equivalent units
= ($156,000 + $624,000) ÷ (780,000 pints)
= $1
3. The computation of the assigned units is shown below:
= Units completed and transferred out × unit cost + completed units in ending inventory × completion percentage × unit cost
= 700,000 pints × $1 + 200,000 pints × 40% ×$1
= $780,000
