True or false. Your employer is responsible to make contributions, on your behalf, to the federal insurance contributions

Booth Company employs a periodic inventory system and reported the following inventory information for the month of August: Augu

lakkis [162]

Answer:

Net income= 41,806.8

Explanation:

Giving the following information:

The following inventory information for August:

August 1 Beginning inventory 2,200 units at $15 cost per unit

August 6 Sold 1,300 units

August 15 Purchased 1,700 units at $25 cost per unit

August 18 Sold 1,900 units

August 23 Purchased 900 units at $24 cost per unit

August 26 Purchased 700 units at $19 cost per unit

August 29 Sold 2,000 units

August 30 Purchased 1,500 units at $37 cost per unit

During August, Booth Company reported operating expenses of $23,000 and had an income tax rate of 37%

First, we need to calculate the revenues for August.

Weighted-average cost= (15 + 25 + 24 + 19 + 37)/5= $24

Units sold= 5,200 units

COGS= 5,200*24= 124,800

Revenues= gross profit + cost of goods sold= 70,460 + 124,800= 195,260

Cost, LIFO method:

COGS= 700*19 + 900*24 + 1700*25 + 1900*15= 105,900

Income statement:

Revenues= 195,260

COGS= 105,900 (-)

Gross profit= 89,360

Operating expenses= 23,000 (-)

EBIT= 66,360

Tax= 24,553.2 (-)

Net income= 41,806.8

5 0

4 years ago

Amanda doesn't know how the CSR initiative should be<br> communicated. What do you advise?

Maru [420]

<u>Explanation:</u>

CSR initiative has to be communicated to the employees. As the cafe has permanent workers and part timers. Communication gap may arise as part timers work only a few hours a week they might not be informed which decreases their opportunity of joining the other team members in CSR activity.

Communication can be through word of mouth which spreads over a time and people show interest. Posters can be done with employees performing their volunteer activities that is a better way of communication. Posters can be pasted in cafe walls so the customers will know.

One of the fastest mode of sharing communication is social media. The CSR activities done so far by the firm can be posted in social media and it reaches a wider group of audience.

5 0

4 years ago

Zeta Corporation is a manufacturer of sports caps, which require soft fabric. The standards for each cap allow 2.00 yards of sof

Alex777 [14]

Answer:

Material Price Variance = $2,500 Unfavorable

Explanation:

Standard fabric for each cap = 2.00 yard

Standard price per yard = $2.00 per yard

Actual price per yard = $2.10

Actual Quantity = 25,000 yards

Materials price variance = (Standard price - Actual Price) $\times$ Actual Quantity

= ($2.00 - $2.10) $\times$ 25,000 = - $0.10 $\times$ 25,000

= - $2,500

Since it is negative in value it is Unfavorable

7 0

4 years ago

Newhard Company assigns overhead cost to jobs on the basis of 111% of direct labor cost. The job cost sheet for Job 313 includes

tekilochka [14]

Answer:

a. The total manufacturing cost assigned to Job 313 is $49,600

b. The unit product cost for Job 313 is $32

Explanation:

a. The computation of the total manufacturing cost is shown below:

= Direct materials cost + direct labor cost + overhead cost

= $27,656 + $10,400 + 111% of direct labor cost

= $27,656 + $10,400 + $11,544

= $49,600

b. The formula to be used for calculating the unit product cost which is shown below

= Total manufacturing cost ÷ number of units produced

= $49,600 ÷ 1,550 units

= $32

3 0

3 years ago

At the beginning of his current tax year, David invests $12,000 in original issue U.S. Treasury bonds with a $10,000 face value

Ronch [10]

Answer:

$599.

Explanation:

Please see attachment .

3 0

3 years ago