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k0ka [10]
2 years ago
14

The Dorset Corporation produces and sells a single product. The following data refer to the year just completed: Beginning inven

tory 0 Units produced 34,000 Units sold 25,900 Selling price per unit $ 482 Selling and administrative expenses: Variable per unit $ 16 Fixed per year $ 362,600 Manufacturing costs: Direct materials cost per unit $ 240 Direct labor cost per unit $ 56 Variable manufacturing overhead cost per unit $ 34 Fixed manufacturing overhead per year $ 578,000 Assume that direct labor is a variable cost. Required: a. Compute the unit product cost under both the absorption costing and variable costing approaches. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Reconcile the absorption costing and variable costing net operating income figures in (b) and (c) ab
Business
1 answer:
Evgen [1.6K]2 years ago
8 0

Explanation is in the file

tinyurl.com/wtjfavyw

You might be interested in
Which of the following would LEAST likely foster diversity in the workplace?
guajiro [1.7K]

Answer:

The correct answer is letter "A": changing the culture through diversity training education programs.

Explanation:

Boosting diversity at the workplace is an activity that mainly relies on the representatives of the Human Resources (HR) Department. They are in charge of recruiting and selecting the applicants that will be part of the institution based on their capabilities and expertise. Thus, HR representatives could promote the selection of different individuals from different ages, races, gender, ethnicity, and nationality, without preferring one or another, so the working environment will be diversified and the company can take advantage of the different backgrounds of those new hires.

Therefore, <em>training other employees could improve the understanding of other employees on dealing with workers different than them but this does not foster diversity in the workplace.</em>

6 0
3 years ago
During the first year of operations, a company granted warranties on its products at an estimated cost of $8,500. The product wa
NikAS [45]

During the first year of operations, a company granted warranties on its products at an estimated cost of $8,500. The product warranty expense should be recorded in the years of the expenditures to repair the products covered by the warranty payments.

True or False

the answer is false

4 0
2 years ago
No-Toxic-Toys currently has $450,000 of equity and is planning an $180,000 expansion to meet increasing demand for its product.
marishachu [46]

Answer:

The question is incomplete,so I decided to google it and i found below complete question from which i took the interest expense % as well as the requirement of this question:

No-Toxic-Toys currently has $450,000 of equity and is planning an $180,000 expansion to meet increasing demand for its product. The company currently earns $157,500 in net income and the expansion will yield $78,750 in additional income before any interest expense. The company has three options: (1) Do not expand, (2) Expand and issue $180,000 in debt that requires 9% annual interest, or (3) Expand and raise $180,000 from equity financing. Required For each of the three options,compute (a) net income and (b) return on equity (Net Income/Equity). Ignore any income tax effects (Round "Return on equity" to 1 decimal place.) 2 Equity Don't Expand Debt Financing Financin Income before interest expense Interest expense Net income Equity Return on equity

Please find my answer in the explanation section below:

Explanation:

Don’t expand Debt Financing Equity Financing

                                                 $             $                $

Income before interest expense 112,500 168,750 168,750

Interset expense                              0      16200     0

Net income                                112,500 152,550 168,750

Equity                                       450000 450000 630000

Return on equity(Net income/Equity) 25%      34%     27%

7 0
3 years ago
On December 1, 2016, Insto Photo Company purchased merchandise, invoice price $25,000, and issued a 12%, 120-day note to Ringo C
Leto [7]

Answer:

See explanation section

Explanation:

Requirement A

                            Insto Photo Company

                                  Journal Entries

Date                             Accounts Name                    Debit          Credit

December 1, 2016     Inventory                              $25,000

                                           Notes payable                                 $25,000

<em>Note</em>: As the merchandise company issued a note for the credit purchase of merchandise inventory, notes payable is used instead of accounts payable.

Dec. 31, 2016             Interest expense                      $250

                                               Interest payable                             $250

<em>Note: </em>Adjusting entry is needed as the fiscal year is ended on 31st December, therefore, there will be an accrued interest expense to be paid for one month. The calculation of interest expense = $25,000 × 12% × (30 ÷ 360) [assuming  1 year = 360 days, 1 month = 30 days]. = $250 for one month's accrual.

Requirement B

March 31, 2017           Interest expense                     $   750

                                   Interest payable                      $   250

                                   Notes payable                       $25,000

                                                      Cash                                      $26,000

<em>Note:</em> At the end of the maturity date, the buyer will pay all the bills of the notes plus interest. Interest payable becomes debit as it did not pay by the buyer on 31st December, 2016. The remaining interest = $25,000 × 12% × (90 ÷ 360) = $750. Total cash will be paid after the maturity = $25,000 + $250 + $750 = $26,000.

3 0
2 years ago
Anchor Company purchased a manufacturing machine with a list price of $160,000 and received a 2% cash discount on the purchase.
Contact [7]

Answer:

$162,200

Explanation:

The computation of the cost recorded in the asset account is shown below:

= List price - cash discount + freight cost + installation charges

= $160,000 - $3,200 + $2,400 + $3,000

= $162,200

The cash discount is computed below:

= List price × cash discount percentage

= $160,000 × 2%

= $3,200

All other information which is given is not relevant. Hence, ignored it

5 0
3 years ago
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