Answer:
Dollar amount of ending Finished Goods Inventory = $1,073
Explanation:
The first step is to calculate the cost per unit.
Using absorption costing, the cost of one unit is
Cost per unit = direct materials + direct labor + variable manufacturing overhead + fixed manufacturing overhead per unit.
Now, the number of units left in inventory should be defined
Finished Goods Inventory (FGI) = Beginning Finished Goods Inventory + Units produced - units sold
The dollar amount of ending Finished Goods Inventory is FGI multiplied by the cost per unit.
The required journal entries are:
Income statement:
Operating expense:
Bad debts expense-----------------------$1,125
Balance sheet:
Current assets:
Accounts receivable $29,300
Less: allowance for doubtful accounts ($325)
Net realizable value $28,975
Where,
Ending accounts receivable = Beginning balance + Credit sales - Cash collection - Written-off
= $16,000 + $75,000 - $60,000 - $1,700
= $29,300
Ending allowance for doubtful accounts = beginning balance + Bad debts expense - written-off
= $900 + $1,125 - $1,700
= $325
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Answer:
$0.6 per pounds
Explanation:
The computation of the standard unit materials cost per pound is shown below:-
Whole Tomatoes = 5,000 × $0.75
= $3,750
Vinegar = 350 × 0.90
= $315
Corn syrup = 40 × 7.50
= $300
Salt = 125 × 1.80
= $225
Total cost = Whole Tomatoes + Vinegar + Corn syrup + Salt
= $3750 + $315 + $300 + $225
= $4,590
Standard Unit Materials cost per pound = Total cost ÷ ketchup pounds
= $4,590 ÷ 7,650 pounds
= $0.6 per pounds
The herfindahl-hirschman index is calculated by summing the square of each company's market share.
In this case, the two firms separately would account for 628 of the herfindahl-hirschman index (12*12+22*22)
If the firms merge, they would account for 1,156 of the herfindahl-hirschman index (34*34)
This is an increase of 528 meaning the market is more concentrated.