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Alexandra [31]
3 years ago
12

Maxim Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1

Beginning Inventory 200 $ 140 6/5 Purchase 400 $ 160 11/10 Purchase 100 $ 200 During the year, Maxim sold 400 units. What is cost of goods sold using the average cost method
Business
1 answer:
aniked [119]3 years ago
5 0

Answer:

$64,000

Explanation:

Calculation to determine the cost of goods sold using the average cost method

First step is to calculate the Average cost

Average cost = [(200 × $140) + (400 × $160) + (100 × $200)] ÷ 700 units

Average cost= $160

Now let calculate the Cost of goods sold

Cost of goods sold = $160 × 400 units

Cost of goods sold = $64,000

Therefore the cost of goods sold using the average cost method will be $64,000

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Colina Production Company uses a standard costing system. The following information pertains to the current year. Direct labor h
mash [69]

Answer:

variable overhead efficiency variance= $562.5 unfavorable

Explanation:

Giving the following information:

The actual production of 5,500 units

Actual direct labor hours= 11,250

Standard direct labor for 5,500 units:

Standard hours allowed 11,000 hours

First, we need to determine the variable overhead rate:

Variable overhead rate= 22,500/10,000= $2.25 per direct labor hour

Now, using the following formula we can determine the variable overhead efficiency variance:

variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

variable overhead efficiency variance= (11,000 - 11,250)*2.25

variable overhead efficiency variance= $562.5 unfavorable

3 0
2 years ago
You were recently hired by RLM Inc. It is your job to prepare reports and analyze financial information related to the company.
Alex73 [517]

Answer:

d. management

Explanation:

Based on the job tasks described within the question it seems that you were recently hired as a management accountant. This role focuses on (like mentioned in the question) preparing reports and analyzing as much financial information as possible in order to best inform yourself, so that you can help you make the best and most strategic decisions for the organization. Which seems to by why RLM Inc. has hired you.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

4 0
2 years ago
PharmY, Inc., is a U.S. GAAP reporter that is in the pharmaceutical industry. In the current year, PharmY incurred expenditures
Whitepunk [10]

Answer with Explanation:

Tangible assets fall under the scope of International Accounting Standard IAS-36 Property, Plant and Equipment which says that assets that qualify following conditions, must be capitalized:

  • Assets that have life expectancy of more than a year.
  • Benefits of the Assets are controlled by the entity that will flow towards the company.

Now here, the life expectancy of laboratory equipment is unknown and also that we don't know if the asset can be resold in the market or not. This means, if the asset has life expectancy is no more than a year and that the future benefits will flow towards the company then it must be capitalized otherwise it must be expensed out as per the guidelines of International Accounting Standard IAS-38 Intangible Assets, which says that the research cost prior to the development expenditure must be expensed out.

The other two costs are revenue expenditure and must be expensed out under the name research and development cost as per the guidelines of IAS-38.

4 0
2 years ago
Suppose Nippon Technology had the following results related to cash flows for 2020: Net Income of $8,400,000 Adjustments from Op
Flauer [41]

Answer:

$9,800,000

Explanation:

                Statement of Cash Flows (Indirect Method)

Particulars                                                                           Amount

Net income                                                                      $8,400,000

Add: Adjustment for operating activities                      -<u>$1,300,000</u>

Net cash flow from Operating Activities (I)                    $7,100,000

Add: Net Cash Flow from Investing Activities (II)         -$1,300,000

Add: Net Cash Flow from Financing Activities (III)        <u>$4,000,000</u>

Net Cash Flow (I+II+III)                                                   <u>$9,800,000</u>

4 0
3 years ago
Bailee works approximately 60 hours each week as an account executive with an advertising agency and rarely has time to shop. Sh
Papessa [141]

Answer:

Correct option is (a)

Explanation:

Convenience is one the most important benefit offered by online shopping websites. Not every fashion store offers services round the clock. The biggest advantage of online shopping is that it is one stop destination to purchase all types of products. It offers anytime anywhere shopping experience with no extra efforts in terms of time and waiting in queues. Products are delivered to the customer's doorsteps.

Bailee works 60 hours a week and has no time for going out for shopping. She loves the convenience of shopping online as she can shop sitting at home even at midnight and the product is delivered to her within 24 hours.

6 0
2 years ago
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