What is the main aim of business office

ncome Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engine

Mnenie [13.5K]

Answer:

Income statement according to the absorption costing

Sales 2,600,000

Less Cost of Goods Sold

Opening Stock 0

Add Cost of Goods Manufactured

Direct materials 1,218,000

Direct labor 522,000

Variable factory overhead 87,000

Fixed factory overhead 130,500

Less Closing Stock (1,957,500/4,350)×350 (157,500) 1,800,000

Gross Profit 800,000

Less Period Costs :

Selling and administrative expenses:

Variable selling and administrative expenses (60,000)

Fixed selling and administrative expenses (25,000)

Net Income 715,000

Explanation:

Product/Manufacturing Cost - Absorption Costing = Direct Materials + Direct Labor + Variable Overheads + Fixed Overheads

Period Cost - Absorption Costing = All Non - Manufacturing Costs

7 0

3 years ago

What health care business decisions are based on financial statements? And what are some examples?

mario62 [17]

Answer:

Only certain decision-making offered here is determined by the financial proclamations of that same healthcare institution.

Explanation:

Whether we should start reversing this same healthcare services doorstep.
If the amount needed is satisfactory again for the expansion of the company or even if the investments would have to be established.
Accessibility of capital expenditures for the seamless functioning of the organization and the fulfillment of simple terms obligations.

5 0

3 years ago

Which of the following terms refers to using wooden structures or mechanical or hydraulic systems to support the sides of an exc

MakcuM [25]

The answer is shoring

5 0

3 years ago

Read 2 more answers

Bold Stapler Sales Company (BSS) began 2019 with cash of $80,000, inventory of $7,200 (400 staplers that cost $18 each), $2,000

viva [34]

Answer:

Bold Stapler Sales Company (BSS)

FIFO LIFO Weighted Average

Ending inventory $4,500 $3,240 $4,122

Cost of goods sold $96,300 $97,560 $96,678

Explanation:

a) Data and Calculations:

Beginning balances in 2019:

Cash $80,000

Inventory $7,200

Common stock $2,000

Retained earnings $2,000

Description Units Unit Cost Total

Beginning inventory 400 $18 $7,200

The first purchase 1,600 $21 33,600

The second purchase 2,400 $25 60,000

Goods available 4,400 $100,800

Sales of units (4,220) $45 $189,900

Ending inventory 180

FIFO:

Ending inventory = $4,500 ($25 * 180)

Cost of goods sold = $96,300 ($100,800 - $4,500)

LIFO:

Ending inventory = $3,240 ($18 * 180)

Cost of goods sold = $97,560 ($100,800 - $3,240)

Weighted Average:

Weighted average cost per unit = $22.91 ($100,800/4,400)

Ending inventory = $4,122 (22.91 * 180)

Cost of goods sold = $96,678 ($100,800 - $4,122)

8 0

3 years ago

The acquisition cost of a certain raw material changes frequently. The book value of the inventory of this material at year end

kkurt [141]

Answer: B. FIFO method

Explanation: The inventory prices of goods as calculated by a firm will remain the same at year end if a firm's inventory price is automatically updated on account of any additional inventory purchase and also if done on a periodic basis. This will occur only when the inventory pricing system is based on First-in-First-out method, whereby the prices of first inventory purchase is first associated or applied on goods sold until the unit in the inventory is exhausted. This allows prices of goods to move based on period of purchase where older prices gets precedence over the newer inventory purchase.

5 0

3 years ago

What is the main aim of business office​

What is the main aim of business office