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miss Akunina [59]
3 years ago
11

The following information was taken from the 2011 income statement of Ultimate Sales: Pretax income, $12,000; Total operating ex

penses (not including income taxes), $21,000; Sales revenue, $120,000; Beginning inventory, $11,000; and Purchases, $90,000. Compute the amount of the ending inventory for the company:
Business
1 answer:
Hitman42 [59]3 years ago
3 0

Answer:

Ending inventory = 14,000

Explanation:

First, we must clear the COSG from the Pretax Income calculation:

Pretax income = Sales revenue - COSG - Total operating expenses

COSG = Sales revenue - Total operating expenses - Pretax income

COSG = 120,000 - 21,000 - 12000

COSG = 87,000

With this data we can clear the ending inventory of the COSG formula:

COSG = Beginning inventory + Purchases - Ending inventory

Ending inventory = Beginning inventory + Purchases - COSG

Ending inventory = 11,000 + 90,000 - 87,000

Ending inventory = 14,000

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The Nelson Company's radio division currently is purchasing transistors from the Charlotte Co. for $3.50 each. The total number
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Answer:

The correct answer is C.

Explanation:

Giving the following information:

The Nelson Company's radio division currently is purchasing transistors from the Charlotte Co. for $3.50 each. The total number of transistors needed is 8,000 per month. Nelson Company's electronics division can produce the transistors for a cost of $4.00 each and they have plenty of capacity to manufacture the units. The $4 is made up of $3.25 in variable costs, and $0.75 in allocated fixed costs.

Because there is unused capacity, we will not have into account the fixed costs.

Unitary cost= $3.25

It is more convenient to produce in house. The indifference price is $3.50.

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Answer:

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Explanation:

Based on the information given we were told that during the month, the corporation had to purchased an additional raw materials of the amount of $93,000 which means that the journal entry to record the purchase of raw materials would include a:

Dr Raw materials $93,000

Cr Accounts payable $93,000

(To record purchase of raw materials)

4 0
3 years ago
Accrued Revenues are a/an
mamaluj [8]
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According to the Uniform Commercial Code's rule, when forms are not exchanged, _____. acceptance cannot materially vary from the
Likurg_2 [28]

Answer:

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Then UCC code was established because it was becoming increasingly difficult for companies to transact business across state lines given the various state laws.

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