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Leni [432]
3 years ago
11

MC Qu. 134 Mustang Corporation has accumulated... Mustang Corporation has accumulated the following accounting data for the mont

h of April: Finished goods inventory, April 1$32,800 Finished goods inventory, April 30 26,800 Total cost of goods manufactured 124,700 The cost of goods sold for the year is:
Business
1 answer:
stiv31 [10]3 years ago
5 0

Answer:

The cost of goods sold for the year is $130,700

Explanation:

Finished goods inventory, April 1$32,800

Finished goods inventory, April 30 26,800

Total cost of goods manufactured 124,700

Use the following formula to calculate the cost of goods sold

Cost of goods sold = Total cost of goods manufactured + Finished goods inventory, April 1 - Finished goods inventory, April 30

Where

Finished goods inventory, April 1 = $32,800

Finished goods inventory, April 30 = $26,800

Total cost of goods manufactured = $124,700

Placing values in the formula

Cost of goods sold = $124,700 + $32,800 - $26,800

Cost of goods sold = $130,700

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During its first year of operations, a company entered into the following transactions: Borrowed $5,000 from the bank by signing
fiasKO [112]

Answer:

The amount of total assets at the end of the year is $15,600

Explanation:

The computation of the total assets is shown below:

= Borrowed amount + issued stock to owners + purchase of supplies - paid to supplies

= $5,000 + $10,000 + $1,000 - $400

= $15,600

We considered all the items which are given in the question. The payment made to supplies should be deducted as it reduced the balance of cash So, the remaining items would be added

8 0
3 years ago
Anthony is deciding between different savings accounts at his bank. He has four options, based on how frequently interest compou
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Answer: D) Daily Compounding

Explanation:To earn as much interest as possible, Anthony should open a savings account that earns compound interest and has the highest interest rate.

Daily compounding is compounded every day, hence Anthony will get the best rate of return on his interest with this.

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3 years ago
Neon Light Company of Kansas City ships lamps and lighting appliances throughout the country. Ms. Neon has determined that throu
Brilliant_brown [7]

Answer:

a. The amount of dollars will the cash management system free up is $10,220,000

b. The income will be of $1,022,000

Explanation:

a. According to the given data in order to calculate the amount of dollars will the cash management system free up we would have to make the following calculation:

Freed-up fund = $3,200,000 * 3 + $1,240,000 * 1/2

Freed-up fund = $10,220,000

The amount of dollars will the cash management system free up is $10,220,000

b. To calculate the income If Neon Light Company can earn 10 percent per annum on freed-up funds we would have to make the following calculation:

Interest on freed-up cash = $10,220,000 * 10%

Interest on freed-up cash=$1,022,000

The income will be of $1,022,000

7 0
3 years ago
Solomon has a balance of $4,000 on his credit card account, which has a minimum payment requirement of 4 percent. What is the mi
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Answer:

$1,000

Explanation:

8 0
3 years ago
Read 2 more answers
he following labor standards have been established for a particular product: Standard labor-hours per unit of output 9.0 hours S
Arisa [49]

Answer:

Direct labor rate variance= $2,430 favorable.

Explanation:

Giving the following information:

Standard labor rate $ 15.10 per hour

Actual hours worked 8,100 hours

Actual total labor cost $ 119,880

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Actual rate= 119,880/8,100= $14.8

Direct labor rate variance= (15.1 - 14.8)*8,100= $2,430 favorable.

<u>It is favorable because the actual rate for direct labor was lower than the estimated rate.</u>

4 0
3 years ago
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