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Ahat [919]
3 years ago
6

The following information is available for the year ended December 31: Beginning raw materials inventory $ 3,900 Raw materials p

urchases 5,400 Ending raw materials inventory 4,400 Office supplies expense 2,400 The amount of raw materials used in production for the year is:
Business
1 answer:
love history [14]3 years ago
8 0

Answer:

Direct material used= $4,900

Explanation:

Giving the following information:

Beginning raw materials inventory $ 3,900

Raw materials purchases 5,400

Ending raw materials inventory 4,400

<u>To calculate the direct material used, we need to use the following formula:</u>

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 3.900 + 5,400 - 4,400

Direct material used= $4,900

You might be interested in
Equivalent-unit calculations are necessary to allocate manufacturing costs between: Multiple Choice cost of goods manufactured a
HACTEHA [7]

Answer:

units completed and ending work in process.

Explanation:

Process costing can be defined as a cost accounting method used for assigning manufacturing or production costs to the units of goods produced by a business firm over a specific period of time. It is mostly used by firms that produce a large quantity of homogeneous or similar products on a continuous basis. Process costing typically uses more than one Work in Process Inventory account because costing at each stage of production or manufacturing process.

Basically, when manufacturing overhead costs of a business firm or company are applied to the cost of production in a process costing system, they are debited to the Work-in-Process inventory account.

In the manufacturing process, partially or partly completed goods that are still in the process of being converted into a finish product are defined as work-in-process inventories.

Generally, the work-in-process inventories include the following raw materials cost, direct labor cost and factory overhead cost.

The equivalent-unit calculations is done by multiplying the number of partially completed physical goods by the percentage of completion.

Hence, equivalent-unit calculations are necessary to allocate manufacturing costs between units completed and ending work in process.

3 0
3 years ago
Blackberry syrup can be sold for $2.90 per​ unit, or it can be processed further into a specialty blackberry juice and then sold
Maksim231197 [3]

Answer:

The operating income would increase by $2.54 for each unit sold

Explanation:

If the blackberry syrup is further processed into the specialty blackberry juice, an extra income of $2.54 ($5.40 - $2.90 = $2.54) would be made on each unit sold

4 0
3 years ago
Oriole Realty Corporation purchased a tract of unimproved land for $132,000. This land was improved and subdivided into building
finlep [7]

Answer:

<em>Net income  29503</em>

<em></em>

Explanation:

First we need to allocate the land and improvement cost over the lots, we are going to do so based on the revenue:

groups NºLot $ per Lot Revenue Cost per Group Per lot

A         9         7200 64,800 44,937.4648 4,993.0516

B          15 9600      144,000 99,861.0329 6657.4022

C          17  5760  97,920 67,905.5023 3,994.4413

Total Revenue  306720  

We divide the group revenue over the total revenue and multiply by the land

and land improvements

Then we take the allocation per group and divde over the total number of lot

<u>We do the same with the allocate expenses:</u>

groups NºLot $ per Lot Revenue Cost per Group Per lot

A           9 7200 64800 9228.169 1025.3521

B          15 9600 144000 20507.0423 1367.1362

C          17 5760 97920 13944.7887 820.2817

Total revenue  306720

   

Next we solve for the sol lots:

A 9 lots less 5 unsold = 4

B 15 lots less 7 unsold = 8

C 17 lots less 2 unsold = 15

And we proceeds to do the income statement

Revenue sold x market price

Group A 4 28800

Group B 8 76800

Group C 15 86400

 192000

 

Cost lot sold x (allocate operating + allocate land and improvements)

group A     24073.6148

group B      48147.2296

group C         90276.0555

Total expenses 162496.8999

 

<em>Net income  29503</em>

3 0
3 years ago
Jon consulted with an accountant to prepare his tax return. He recommended the accountant to his friend saying that this year, t
miss Akunina [59]

Answer:

Jon's conclusion is not valid.

Explanation:

To a particular extent the tax to be paid by a person can be minimum 0. It can never happen that the tax is negative and tax department pays back to the client, with no tax liability.

Jon contends that from the previous year the tax paid by him is less by 150%, which cannot be true as the tax amount can be reduced by 100% making tax = 0.

Assuming tax paid last year = $100

Tax paid in current year = $100 - $100 \times 150%

= $100 - $150 = -$50

It means tax paid is negative $50, that concludes tax department paid $50 to Jon, which cannot be true.

Thus, Jon's conclusion is not valid.

8 0
3 years ago
grayson lives and works in Indiana, which has a flat state income tax of 3.4% If his annual salary is %49,255 and he get paid on
Ulleksa [173]

Answer:

139.56

Explanation:

The flat tax rate is at 3.4 %, which is 0.034

Grayson earns $49,255 but is paid monthly. His monthly is $49,255 divided by 12

=$49,255 / 12

=$4,104.5833

The tax per period will be 3.4% or 0.034 of $4,104.5833

=0.034 x $4, 104.58

=$139.55583

=$139.56

5 0
3 years ago
Read 2 more answers
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