1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
adoni [48]
3 years ago
7

Lucas Diving Supplies Company, in its first year of business, had labor costs of $57,000, overhead costs of $88,000, materials p

urchases of $25,000, and ending Materials and Work-in-Process Inventories of $3,000 and $5,000, respectively. What is the amount of cost of goods manufactured in the first year of operations
Business
1 answer:
WARRIOR [948]3 years ago
7 0

Answer:

$162,000

Explanation:

The amount of cost of goods manufactured is computed as

= Labor cost + Direct materials purchased + overhead costs - ending balance of materials - ending balance of work in process

= $57,000 + $25,000 + $88,000 - $3,000 - $5,000

= $162,000

Hence, the cost of goods manufactured is $162,000

You might be interested in
Refer to the following trial balance. ​ Debit Credit Cash $19,000 ​ Accounts Receivable 40,000 ​ Merchandise Inventory 62,000 ​
Kryger [21]

Answer:

The answer is B.

Explanation:

Gross profit is the difference between a company's net sales or total revenue and cost of sales or cost of goods sales.

Sales revenue is $433,000

Cost of Goods Sold is $240,000 ​

Remember that Gross profit is Sales revenue - cost of goods sold.

Sales revenue----------------------------$433,000

Minus: Cost of Goods Sold----------$240,000

Gross profit--------------------------------<u>$193,000</u>

5 0
3 years ago
Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, Apri
Oduvanchick [21]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Barrington Bears has developed the following sales forecasts for January 500 units.

BB has 80 bears on hand on Dec. 31. The normal ending inventory policy is to hold 20% of next month’s sales.

Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overheads total $21 per direct labor hour. Fixed overheads amount to $25,000 per month.

First, we need to calculate the production for January.

Sales= 500 units

Ending inventory= (600*0.2)= 120 units

Beginning inventory= 80 (-)

Total= 540 units

Conversion costs= direct labor + manufacturing overhead

Direct labor= [(40/60)*540]*$18= $6,480

Variable overhead= 21*360 hours= $7,560

Fixed overhead= $25,000

Total conversion costs= $39,040

5 0
3 years ago
Suppose that during the Great Depression long-run aggregate supply shifted left. To be consistent with what happened to the pric
slavikrds [6]

Answer:

The aggregate demand will fall

Explanation:

The aggregate supply measures the quantity of real GDP that can be supplied by in the economy at different price levels. it measures planned output if both prices and average wage rates can change, the Long run aggregate supply curve is assumed to be vertical (this means it remains constant when the general price level changes).

The leftward shift in aggregate supply means that at the same price levels the quantity supplied of real GDP has decreased. This is mostly due to natural disasters or other supply shocks like economic depression, when there is leftward shift in aggregate there would be fewer workers available to produce goods at any given price.

4 0
3 years ago
Among those not working, the most recent job-search activity for 2.90 million happened less than two weeks ago, while 1.72 milli
Firdavs [7]

Answer:

A. 24.05

B. 4.62

C. 66.99%

D. 19.21%

Explanation:

A). Calculation to determine the Laborland's total labor force

Using this formula

Total Labor Force = Employed + Unemployed

Let plug in the formula

Total Labor Force = (4.9+ 14.53) + (2.9 + 1.72)

Total Labor Force = 19.43 + 4.62

Total Labor Force = 24.05

Therefore the Laborland's total labor force is 24.05

(B). Calculation to determine the Laborland's labor force participation rate

Unemployed = 2.90 + 1.72

Unemployed = 4.62

Therefore the Laborland's labor force participation rate is 4.62

(C). Calculation to determine How many people are unemployed in Laborland

Using this formula

Labor force participation rate = Labor force / Total working age population

Let plug in the formula

Labor force participation rate= $24.05 / 35.9

Labor force participation rate= 66.99%

Therefore How many people are unemployed in Laborland will be 66.99%

(D). Calculation to determine Laborland's unemployment rate

Using this formula

Unemployment Rate = Unemployed / Labor force

Let plug in the formula

Unemployment Rate = 4.62 / 24.05

Unemployment Rate= 0.1921 * 100

Unemployment Rate= 19.21%

Therefore Laborland's unemployment rate is 19.21%

4 0
3 years ago
Suppose that in your first year of college you spend $3,700.00 more than you earn. In your second year, your expenses increase a
Artist 52 [7]

The deficit in my third year of college is $600.

Deficit is the amount by which expenditures exceed income. Deficits increases the level of debt because deficit spending has to be funded through borrowing.

Deficit in the third year of college = gap in the third year - gap in the second year

$4,800 -  $4,200 = $600

To learn more, please check: brainly.com/question/1800332

5 0
2 years ago
Other questions:
  • 9. Assume that Cane expects to produce and sell 97,000 Alphas during the current year. A supplier has offered to manufacture and
    10·1 answer
  • Around which latitude(s) would you expect to find rainforests, and why? ( you may enter up to 150 characters. )
    6·2 answers
  • Workers typically get dirty if they work at a job site for
    10·2 answers
  • Suppose the price level and value of the U.S. Dollar in year 1 are 1 and $1, respectively. Instructions: Round your answers to 2
    6·1 answer
  • NDP Mp will be equal to:
    6·1 answer
  • Lamar has just gotten a new job and is attending a company party where he will meet his colleagues for the first time. His boss
    9·1 answer
  • Before 1860, most of the U.S. population lived _____ and most workers _____ .
    10·1 answer
  • By identifying and investing early in a potential future economic star, international firms can ________ and gain experience in
    11·1 answer
  • The normal rate of return on equity capital is also known as
    14·1 answer
  • about how many years will it take for $100,000 placed in a bank account at 7% interest rate compounded annually to double?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!