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PSYCHO15rus [73]
3 years ago
7

Porter Corporation makes and sells a single product called a Yute. The company is in the process of preparing its Selling and Ad

ministrative Expense Budget for the last quarter of the year. The following budget data are available: Variable Cost Per Yute Sold Monthly Fixed Cost Sales commissions $ 5.90 Shipping $ 5.30 Advertising $ 8.90 $ 32,000 Executive salaries $ 178,000 Depreciation on office equipment $ 7,000 Other $ 0.60 $ 20,000 All of these expenses (except depreciation) are paid in cash in the month they are incurred. If the company has budgeted to sell 14,000 Yutes in November, then the total budgeted selling and administrative expenses for November would be:
Business
1 answer:
anzhelika [568]3 years ago
7 0

Answer:

$519,800

Explanation:

Variable cost per unit = $5.90 + $5.30 + $8.90 + $0.60

Variable cost per uni= $20.70

Fixed cost total = $32,000 + $178,000 + $7,000 + $20,000

Fixed cost total = $237,000

Cash disbursements for December = (Variable selling and administrative cost per unit*Number of unit (Yutes) sold) + (Fixed manufacturing overhead less depreciation)

= (14,000 * $20.70) + ($237,000 − $7,000)

= $289800 + $230,000

= $519,800

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Consider the following information for Maynor Company, which uses a periodic inventory system:
katrin [286]

Answer:

A. FIFO - 78 units and $7,770 and Cost of Goods Sold $12,738

B. LIFO - Inventory Valuation $7,312 and Cost of Goods Sold $13,196

C. Weighted Average - inventory Valuation $7,304 and Cost of Goods Sold $13,204

Explanation:

Detailed calculation as under:

<u>A. FIFO</u>

First 73 Units are sold from the inventory on May 1. Therefore, we first take the beginning inventory units and then we take the next in line purchases made during the period. In this case the first 34 units are completely taken and then out of the 44 units only 39 units are taken.

Next 68 units are sold from the inventory on October 28. Now we will take the remainder 5 units bought on March 28 (which are not yet sold). Then we take 63 units out of the 68 units purchased on August 22.

The company's ending inventory on FIFO Basis is remaining 5 units bought on 22 August and 73 units bought on 14 October. There total value is (5 x 94) + (73 x 100) = $7,770

Cost of Goods Sold = Total Goods Cost available for sale - Inventory ending valuation

$12,738 = $20,508 - $7,770

<u>B. LIFO</u>

First 73 Units are sold from the inventory on May 1. Therefore, we first take the units purchased on 28 March and then we take the beginning inventory. In this case the first 44 units are completely taken and then out of the 34 units only 29 units are taken.

Next 68 units are sold from the inventory on October 28. Now we will take the units bought on 14 October i.e. 68 units out of the 73 units bought.

The company's ending inventory on LIFO Basis is remaining 5 units in the beginning inventory, remaining 5 units bought on 14 October and 68 units bought on 22 August. There total value is (5 x 84) + (5 x 100) + (68 x 94) = &7,312

Cost of Goods Sold = Total Goods Cost available for sale - Inventory ending valuation

$13,196 = $20,508 - $7,312

<u>C. Weighted Average</u>

In order to calculate Weighted average cost method we divide the total cost of inventory (Beginning and Purchased) with the total units, this yields average cost per unit. Then we multiple the average cost per unit with the units remaining after sales. As shown below:

$20,508 / 219 = $93.64 per unit

$93.64 x 78 units = $7,304

8 0
3 years ago
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$119.66 is the answer for apex

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3 years ago
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You deposit $3000 into an account which earns 5.1% interest per year, compounded annually. your friend simultaneously deposits $
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3000 (1+0.051)^(t)=2000 e^(0.075t)
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On September 30, Silver Corporation, a calendar year taxpayer, sold a parcel of land (basis of $400,000) for a $1 million note.
nadya68 [22]

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Sam must report $700,000 distribution from Silver on his Income report.

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The basis of $200,000 is not income but cost and subtracted on the distribution income as is for Sam.

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