Zero-tolerance laws exist in all states prohibiting those under 21 from drinking and driving.

At May 31, 2017, the accounts of Lopez Company show the following.

frosja888 [35]

Answer:

a. cost of goods manufactured schedule.

Direct materials $62,400

Direct labor $50,000

Manufacturing overhead applied $40,000

Add Opening work in process Inventory $14,700

Less Closing work in process Inventory ($15,900)

Cost of goods manufactured $151,200

b. income statement for May

Sales Revenue $215,000

Less Cost of Goods Sold :

Opening finished goods Inventory $12,600

Add Cost of goods manufactured $151,200

Less Closing finished goods Inventory ($12,600) ($176,400)

Gross Profit $38,600

c.presentation of the manufacturing inventories

raw materials $7,100

work in process $15,900

finished goods $9,500

Total Inventory $32,500

Explanation:

a.Cost of Goods Manufactured schedule included all the manufacturing costs incurred during production.

b.The Income statement is used to calculate gross profit as Sale less Cost of Sales.

c.The manufacturing inventories are presented in the balance sheet in their older of liquidity starting with the least liquid category.

7 0

3 years ago

Discount Mart Corporation contracts with companies in developing nations to produce goods, because the wage rates in those natio

Mariulka [41]

Answer:

not acting unethically

Explanation:

Ethical conduct appears to have been good for the company and includes showing some respect for key moral values including sincerity, impartiality, equal rights, integrity, uniqueness and personal rights.

Both in personal relationships or professional relationships ethical practices can be established. The definition can be extended as entities also to corporations. This assesses the moral consequences of measures taken for each of the above listed circumstances.

4 0

4 years ago

Find the breakeven point, given the following data:

tekilochka [14]

The formula to find profit is

$q \: (p - vc) - fc = \pi$

where, q refers to quantity of output in units, p is the price per unit of output, vc is the variable cost per unit of output, fc is fixed cost and pi is profit. At the breakeven point profit is equals to zero, therefore:

$q(10.5 - 2.5) = 7 0000 \\ q = \frac{70000}{(10.5 - 2.5)} \\ q = 8750 \: units$

When we minus the variable cost from the price, this gives us the "contribution", which refers to the portion of the price of each unit sold that can cover the fixed cost. At the breakeven point, profit is zero because the business sell the amount that is just enough to cover their fixed cost, without making any loss or profit.

Hope this helps!

8 0

4 years ago

Grey Corp owns 100% of Blue Company. On January 1, 2017 Grey sold Blue a machine for $66,000. Immediately prior to the sale, the

kicyunya [14]

Answer:

Journal 1 - Eliminate gain on sale :

Debit : Other Income ($66,000 - $25,000) $41,000

Credit : Machinery $41,000

Journal 2 - Eliminate the unrealized profit from the sale :

Debit : Accumulated depreciation $4,556

Credit : Depreciation $4,556

Explanation:

Grey Corp and Blue Company are in a group of Companies. Grey Corp is the Parent and should prepare Consolidated Financial Statements . Blue Company is a subsidiary (Grey owns more that 50 % of voting rights in Blue Company).

When preparing Consolidated Financial Statements, intragroup transaction must be eliminated. As they happen, a Company trades within its-self that is the reason they should be eliminated.

Concerning the sale of machine by Grey (Parent) to Blue (Subsidiary), we must first eliminate the Income (gain on sale) in Parent as well as the asset that sits in the Subsidiary.

Debit : Other Income ($66,000 - $25,000) $41,000

Credit : Machinery $41,000

Also, we have to eliminate the unrealized profit on the gain of the asset sold.

Debit : Accumulated depreciation $4,556

Credit : Depreciation $4,556

Deprecation calculation :

Deprecation = $41,000 ÷ 9 = $4,556

6 0

3 years ago

Gear Corporation had the following common stock record during the current calendar year: Outstanding-January 1 104,000 Additiona

GrogVix [38]

Answer:

Gear Corporation

The number of shares to be used in computing basic EPS is:

6,654,400 shares

Explanation:

a) Data and Calculations:

January 1 Outstanding shares = 1,104,000

March 31 Issued shares 5,040,000

Total outstanding before June 6,144,000

June 30 10% Stock Dividend 614,400

Total before reacquisition in Sept. 6,758,400

Sept. 30 Treasury Stock 104,000

Total outstanding for EPS computing 6,654,400

b) The outstanding number of shares on December 31 equals 6,654,400 shares. This will be used to calculate Gear's EPS.

5 0

3 years ago