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lora16 [44]
3 years ago
10

Inez is compensated based on a plan that pays a base salary, with commission in addition. Inez receives $40,000/year salary (and

is paid monthly); additionally, she receives 8% on all sales in excess of $50,000 in sales/month. In April, Inez sold $69,500 of product. Calculate her monthly earnings.
Business
1 answer:
belka [17]3 years ago
5 0

Answer:

$4,893.33

Explanation:

Inez's monthly earnings in April comprises of her monthly salary and the performance bonus which are both computed as shown below:

monthly salary=annual salary/12 months

annual salary

monthly salary=$40,000/12

monthly salary=$3,333.33

Note that the performance bonus is not based on the entire sales revenue generated by her but on the sales revenue above the threshold of $50,000

sales performance bonus=($69,500-$50,000)*8%

sales performance bonus=$1,560

monthly earnings=$3,333.33+$1,560

monthly earnings=$4,893.33

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Edgar, Inc. has a materials price standard of $2.00 per pound. Six thousand pounds of materials were purchased at $2.20 a pound.
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Answer:

materials quantity variance: 1,200 unfavorable

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(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity 5400.00

actual quantity 6000.00

std cost  $2.00

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6 0
3 years ago
Ponzi Products produced 100 chain-letter kits this quarter, resulting in a total cash outlay of $10 per unit. It will sell 50 of
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Answer:

a) Ponzi Products

Income statement

For quarters 1, 2, 3 and 4 of year 202x

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Sales revenue                $0                   $550             $600              $0

COGS                              $0                   $500             $500              $0

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Since no products are sold during the first and fourth quarter, their respective revenues, COGS and operating income is $0.

b) Ponzi Products

Schedule of Expected Cash Receipts

For quarters 1, 2, 3 and 4 of year 202x

                                       Q1                     Q2                  Q3                Q4

Sales revenue                $0                    $0                $550            $600

Cost of goods man.  ($1,000)                $0                   $0               $0

Net cash receipts     ($1,000)                 $0                $550            $600

c) This question is incomplete, it should say what is Ponzi's net working capital for each quarter?

NWC = current assets - current liabilities

NWC Q1 = $1,000 (Merchandise inventory account, no liabilities)

NWC Q2 = $500 (Merchandise inventory account, no liabilities)

NWC Q3 = $550 (Cash account, no liabilities)

NWC Q4 = $1,150 (Cash account, no liabilities)

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Explanation:

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