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3 years ago

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.

Business

1 answer:

nasty-shy [4]3 years ago

7 0

Answer:

Clarkson Company

Income statement for the year ended June 30, 2020

Sales Revenue $555,000

Less Costs of Goods Sold :

Opening Finished Goods Inventory $96,100

Add Cost of Goods Manufactured $390,520

Less Closing Finished Goods Inventory ($19,900) ($466,720)

Gross Profit $83,280

Explanation:

First prepare a Schedule of Manufacturing Costs to determine the Cost of Goods Manufactured.

Schedule of Manufacturing Costs

Factory Insurance $4,700

Raw Materials ($48,100 + $96,500 - $39,700) $104,900

Factory Machinery Depreciation $16,100

Factory Utilities $28,700

Direct Labor $139,350

Plant Manager’s Salary $61,100

Indirect Labor $24,560

Factory Property Taxes $9,610

Factory Repairs $1,500

Add Opening Work In Process Inventory $19,900

Less Closing Work In Process Inventory ($19,900)

Cost of Goods Manufactured $390,520

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Your Competitive Intelligence team reports that a wave of product liability lawsuits is likely to cause Digby to pull the produc

anzhelika [568]

Answer:

The total capacity of the market in core products less the Digby's Deft is 10860 thousand units.

Explanation:

In order to completely answer the question, the complete question is found online. This question was missing some table attachments which are attached with it.

From the table, it is first noted that the core products are listed which are as below:

Axe
Bolt
Buzz
Deft
Dim

Now as mentioned in the question, deft is to be ignored so the remaining options are:

Axe
Bolt
Buzz
Dim

Now the capacities of these are included which are found from the table and are as follow:

Axe=2050

Bolt=1040

Buzz=1040

Dim=1300

So the total capacity of 1 shift is

Axe+Bolt+Buzz+Dim=2050+1040+1040+1300=5430 units

As there are two shifts running so the total capacity is 5430x2=10860

So the total capacity of market in core products less the Digby's Deft is 10860 thousand units.

3 0

3 years ago

The countries that have made the least use of securities markets are ________ and ________; in these two countries finance from

netineya [11]

Answer:

<u>Germany</u> and <u>Japan</u>

Explanation:

Financial intermediaries refer to the institutions which serve as a link between spenders and savers. Examples of financial intermediaries are banks, investment banks, pension funds, etc.

Securities markets refer to the markets which deal with the issuance of equity, debt and derivatives securities. Such issue of securities facilitates the raising of capital by businesses.

Direct finance usually takes place in capital markets dealing in securities with maturity period of more than an year, such as equity and bonds.

Indirect finance takes place through financial intermediaries such as banks, pension funds, etc. Such intermediaries remove the operation of middlemen between lenders and borrowers.

Germany and Japan have utilized their nation's bank credit based financial system.

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3 years ago

Vaughn Manufacturing can sell all the units it can produce of either Plain or Fancy but not both. Plain has a unit contribution

Annette [7]

Answer:

Vaughn should produce Plain as it makes greater profit.

Explanation:

Vaughn Manufacturing can sell all the units it can produce of either Plain or Fancy but not both.

Plain has a unit contribution margin of $86 and takes two machine hours to make and Fancy has a unit contribution margin of $111 and takes three machine hours to make.

There are 2400 machine hours available to manufacture a product.

Profit per machine hour for Plain

= $\frac{86}{2}$

= $43

Profit per machine hour for Fancy

= $\frac{111}{3}$

= $37

The difference in profit

= $43 - $37

= $6

Plain makes $6 more profit per machine hour than Fancy.

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3 years ago

Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe t

erik [133]

Answer:

False The statement does not correlate

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3 years ago

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,

saul85 [17]

Answer:

Explanation:

The journal entries are shown below:

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3 years ago