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kirill [66]
2 years ago
9

Inspection costs at one of Ratulowski Corporation's factories are listed below: Units Produced Inspection Costs April 906 $ 16,3

12 May 951 $ 16,700 June 912 $ 16,365 July 896 $ 16,210 August 918 $ 16,394 September 903 $ 16,280 October 920 $ 16,432 November 860 $ 15,850 December 899 $ 16,238 Management believes that inspection cost is a mixed cost that depends on units produced. Using the high-low method, the estimate of the fixed component of inspection cost per month is closest to:
Business
1 answer:
-Dominant- [34]2 years ago
7 0

Answer:

$7,816.9943

Explanation:

Using the high-low method;variable cost per unit=[Total cost at highest level-Total cost at lowest level]/(Highest level-Lowest level)

= $16,700 - $15,850 / 951 - 860

= $850 / 91

= $9.340659340659341

= $9.3407

Hence, total fixed cost = $16,700 - ($9.3407*951) = $16,700 - $8,883.0057 = $7,816.9943

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Sheffield Company has $145,000 of inventory at the beginning of the year and $131,000 at the end of the year. Sales revenue is $
notka56 [123]

Answer:

Sheffield Company

Inventory Turnover Ratio = Cost of goods sold/Average Inventory

= $1,145,400/$138,000

= 8.3 times

Explanation:

a) Data and Calculations:

Beginning inventory = $145,000

Ending inventory = $131,000

Average inventory = (Beginning inventory + Ending inventory)/2

= ($145,000 + 131,000)/2

= $138,000

Sales revenue = $1,972,800

Cost of goods sold = $1,145,400

Net income = $248,400

b) The inventory turnover ratio for Sheffield Company  is an efficiency ratio that shows how inventory is managed and the number of times Sheffield sells or consumes the inventory during an accounting period.   This is why Sheffield Company takes the average of the inventories in order to smoothen seasonal fluctuations in the inventory level during the year.  When this ratio divides the number of days in the accounting period, Sheffield will get the days it takes for inventory to be purchased or produced, and then sold or consumed.

7 0
2 years ago
On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 using the retail method?
Misha Larkins [42]

Answer: The ending inventory is $43,500

Explanation:

Cost. Retail

$ $

Beginning inventory. 125,000 166,667

Add :Purchases 235,000 313,333

-------------------- -----------------------

Cost of good available for sale 360,000 480,000

Cost to retail ratio

360,000 ÷ 480,000

= 0.75

Cost. Retail

$ $

Cost of good available for sale 360,000 480,000

Less:Sales. 230,000 250,000

360,000. 172,500

187,500

-------------------- ----------------

(417,500) 58,000

Ending inventory × 0.75 (58,000 × 0.75) = 43,500

Cost to retail ratio.

Ending inventory. $43,500

3 0
3 years ago
If a fishing boat owner brings 10,000 fish to market and the market price is $7 per fish, she will have $70,000 in total revenue
Alex777 [14]

Answer:

$10,000

Explanation:

Given that

Total revenue is $70,000

Total fixed cost is $40,000

And, the total variable cost is $10,000

According to the given situation, the computation of profit is shown below:-

Profit = Total Revenue - Total Fixed cost - Total variable cost

= $70,000 - (10,000 × $4) - 10,000

= $70,000 - 40,000 - 10,000

= $10,000

Therefore for computing the profit we simply applied the above formula.

6 0
3 years ago
To demonstrate respect in communicating with indiduals with access and functional needs, you should:
s2008m [1.1K]

To demonstrate respect in communicating with individuals with access and functional needs you should have good communication skills

6 0
3 years ago
An offer is made to sell a house, and the offeree has deposited an acceptance letter in the mailbox, but it has not been receive
mash [69]

Answer:

False

Explanation:

As the contract was formed when the offeree has deposited acceptance letter in the mailbox, hence the offeror is bond to sell the house.

4 0
3 years ago
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