1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Leni [432]
3 years ago
6

The Step Company has the following information for the year just ended: Budget Actual Sales in units 15,000 14,000 Sales $ 150,0

00 $ 147,000 Less: Variable Expenses 90,000 82,600 Contribution Margin $ 60,000 $ 64,400 Less: Fixed Expenses 35,000 40,000 Operating Income $ 25,000 $ 24,400 The Step Company's sales-price variance is: Multiple Choice $7,000 unfavorable. $7,500 unfavorable. $7,500 favorable. $7,000 favorable. $3,000 unfavorable.
Business
1 answer:
alekssr [168]3 years ago
5 0

Answer:

$7,000 Favourable

Explanation:

Calculation to determine what The Step Company's sales-price variance is:

Using this formula

Sales Price Variance = (Actual Sales Price – Budgeted Sales Price) * Actual Sales Volume

Let plug in the formula

Sales Price Variance=[($ 147,000÷14,000)-(150,000/15,000)]*14000

Sales Price Variance = ($10.5 – $10) * 14000

Sales Price Variance = $7,000 Favorable

Therefore The Step Company's sales-price variance is: $7,000 Favorable

The Step Company has the following information for the year just ended: Budget Actual Sales in units 15,000 14,000 Sales $ 150,000 $ 147,000 Less: Variable Expenses 90,000 82,600 Contribution Margin $ 60,000 $ 64,400 Less: Fixed Expenses 35,000 40,000 Operating Income $ 25,000 $

You might be interested in
Starr Company reports the following information for August. Raw materials purchased on account $ 76,200 Direct materials used in
il63 [147K]

Answer:

1. Raw materials purchased.

Raw Materials Account $ 76,200 (debit)

Account Payable $ 76,200 (credit)

2. Direct materials used in production.

Work In Progress Account $48,000 (debit)

Raw Materials Account $48,000 (credit)

3. Direct labor used in production.

Work In Progress Account $15,350 (debit)

Wages and Salaries $15,350 (credit)

4. Applied overhead.

Work In Progress Account $18,360 (debit)

Manufacturing Overhead Account $18,360 (credit)

Explanation:

1. Raw materials purchased.

Raw Materials Account $ 76,200 (debit)

Account Payable $ 76,200 (credit)

Recognise the Assets of Raw Materials and a Liability - Account Receivable

2. Direct materials used in production.

Work In Progress Account $48,000 (debit)

Raw Materials Account $48,000 (credit)

De-recognise the Raw Materials used in production and recognise the cost in Work In Progress Account

3. Direct labor used in production.

Work In Progress Account $15,350 (debit)

Wages and Salaries $15,350 (credit)

Recognise the labor cost in Work In Progress Account and de-recognise the Wages and Salaries Account with the amount applied to production

4. Applied overhead.

Work In Progress Account $18,360 (debit)

Manufacturing Overhead Account $18,360 (credit)

De-recognise the Manufacturing Overheads used in production and recognise the cost in Work In Progress Account

4 0
2 years ago
Suppose there are 70 million people in the labor force, out of which 60 million are employed, then the unemployment rate is?
ZanzabumX [31]

Suppose there are 70 million people in the labor force, out of which 60 million are employed, then the unemployment rate is: 14.28%.

An unemployed person is someone who does not have a job but is actively looking for one. Employed or Not Employed? You are employed part-time. If you work as a student, the university cafeteria is employed.

Labor force participation rate = (labor force/working age population) x 100 where labor force = employment + unemployment. To solve this problem, we need to know the number of people employed, the number of job seekers, and the working age population.

Learn more about the labor force at

brainly.com/question/24939447

#SPJ4

8 0
2 years ago
Compared to stocks, mutual funds offer investors a relatively limited range of choices true or false
Elenna [48]

Compared to stocks, mutual funds offer investors a relatively limited range of choices - false

Answer is False

What are mutual funds?

A mutual fund is a business enterprise that swimming pools money from many buyers and invests the cash in securities which include stocks, bonds, and quick-term debt. The blended holdings of the mutual fund are known as its portfolio. buyers purchase stocks in mutual finances.

Are mutual funds safe?

Mutual funds are in large part a secure investment, seen as being an excellent manner for investors to diversify with minimum hazard. but there are circumstances in which a mutual fund isn't always a great choice for a marketplace player, especially on the subject of costs.

What's mutual funds and types?

A mutual fund is a basket of numerous investments, together with shares, bonds, and cash. There are three primary styles of mutual funds: equity finances, constant-profits budget, and cash market budget. every of those sorts has a distinctive risk stage associated with it. There are two predominant blessings to mutual funds.

Can I get monthly income from mutual funds?

Sure, you may get month-to-month earnings from mutual funds. The first-class way for that is to opt for SWP or Systematic Withdrawal Plan in a mutual fund scheme. via SWP, you could withdraw a set quantity on a monthly or quarterly foundation from the investment you've got made in any mutual fund scheme.

Learn more about Mutual funds here:-  brainly.com/question/4521829

#SPJ4

8 0
1 year ago
If a computer virus spreads rapidly through a company's computer system and threatens to shut down all internal and external lin
lorasvet [3.4K]
If a computer virus spreads rapidly through a company's computer system and threatens to shut down all internal and external lines of communication, the company will likely put a contingency <span>plan into effect. 
</span>A contingency <span>plan is part of the risk management that deals with risks that</span> have catastrophic consequences. In this case the computer virus is a risk with catastrophic consequences: shut down communication. 
6 0
3 years ago
g Westvaco Inc. manufactures two different sizes of monitors: small and large. Currently, its total manufacturing overhead cost
umka2103 [35]

Answer:

Allocated overhead= $30,000

Explanation:

<h3>First, we need to calculate the plantwide predetermined overhead rate:</h3>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 80,000/16,000

Predetermined manufacturing overhead rate= $5 per <u>direct labor hour</u>

<u>Now, we can allocate overhead to Small Monitors:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Small Monitors:

Allocated overhead= 5*6,000= $30,000

5 0
3 years ago
Other questions:
  • Our company is deciding whether to invest in a new machine. The new machine will increase cash flow by $324,000 per year. You be
    5·1 answer
  • Suppose a bout of severe weather drives up agricultural costs, increases the costs of transporting goods and services, and incre
    10·1 answer
  • Uncle John's Pipe Company has been experiencing several years of financial difficulty and, thus, has considered maintaining its
    13·2 answers
  • Crane Company purchases a patent for $161,900 on January 2, 2022. Its estimated useful life is 5 years. (a) Prepare the journal
    8·1 answer
  • The assembly department had beginning work in process of 18,000 units, ending work in process of 22,000 units, and units transfe
    10·1 answer
  • You are scheduled to receive a $490 cash flow in one year, a $790 cash flow in two years, and pay a $390 payment in three years.
    14·1 answer
  • For how long should a certified personal trainer maintain accurate contract and appointment records?
    14·1 answer
  • To have an effective marketing exchange process, you must make sure it involves a customer, a provider, a product, and a:
    7·1 answer
  • "A customer directs his broker to "Sell 100 shares of ABCD stock and use the proceeds to buy 100 shares of XPDQ stock." This is
    11·1 answer
  • Because of growth in team capability, over time the team becomes more ________ and over time can perform the same service for le
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!