Whit Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $380 per month plus $94 per job plus $11 per meal. A typical job involves serving a number of meals to guests at a corporate function or at a host's home. The company expected its activity in October to be 20 jobs and 216 meals, but the actual activity was 19 jobs and 221 meals. The actual cost for catering supplies in October was $4,790. The catering supplies in the flexible budget for October would be closest to:

Answers

Answer 1

Answer:

$4,636

Explanation:

The calculation of catering supplies in the flexible budget for October is shown below:-

Catering supplies in the flexible budget for October = Catering supplies + Per Job × October jobs + Per meal × October Meals

= $380 + $94 × 20 + $11 × 216

= $380 + $1,880 + $2,376

= $4,636

Therefore for computing the catering supplies in the flexible budget for October we simply applied the above formula.


Related Questions

Management in Life Annabelle and Bettina share a dorm room. They like each other, but they disagree about how often to clean. Eventually, Annabelle says to Bettina, "I'm afraid that if we clean the room only once a month, we're going to get bugs. Bettina replies, "Maybe, but this physics course is killing me, so I don't have time to clean more often than that." Annabelle and Bettina are engaged in conflict, based on Which of the following outcomes are likely in this situation?
A) Annabelle and Bettina will learn from each other.
B) The roommates will come up with a creative solution.
C) The roommates will stop speaking to each other.
D) Annabelle and Bettina will be angry at each other.

Answers

Answer:

A). Annabelle and Bettina will learn from each other .

B). The roommates will come up with a creative solution."

Explanation:

Anabelle and Bettina are involved in a 'cognitive' conflict as it occurs when they both experience a mental as well as emotional discomfort when they are confronted with the information that challenges their existing ideas or beliefs. The most likely outcomes of this situation would be that they 'both would learn from each other' by accepting each other's point of view and adapting with the new information that would help them 'reach a creative solution' to resolve their conflict over the cleaning of their room. Therefore, options A and B are the correct answers.

The Converting Department of Hopkinsville Company had 1,200 units in work in process at the beginning of the period, which were 75% complete. During the period, 25,200 units were completed and transferred to the Packing Department. There were 1,360 units in process at the end of the period, which were 25% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".

Answers

Answer:

Equivalent Units

Material cost = 26,560

Conversion Cost= 25,540

Explanation:

We would assume the company uses  weighted average method of valuation.

Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked.

Equivalent units = Degree of completion (%) × Number of units

Material cost

Item                                 Unit                                  Equivalent unit

Completed                    25,200      100% ×25200  = 25,200

Closing WIP                   1,360           100%× 1,360       1360

Total equivalent units                                                 26,560

Conversion Cost

Item                                 Unit                                  Equivalent unit

Completed                    25,200      100% ×25200  = 25,200

Closing WIP                   1,360           25%× 1,360        340

Total equivalent units                                                  25,540

Bass Accounting Services expects its accountants to work a total of 26 comma 000 direct labor hours per year. The​ company's estimated total indirect costs are $ 390 comma 000. The company uses direct labor hours as the allocation base for indirect costs. What is the indirect cost allocation​ rate? A. $ 18.00 per hour B. $ 30.00 per hour C. $ 15.00 per hour D. $ 150.00 per hour

Answers

Answer:

C) $ 15.00 per hour

Explanation:

total labor hours 26,000 per year

total indirect costs $390,000

if the company allocates indirect costs according to labor hours employed, the cost allocation rate should be:

$390,000 / 26,000 = $15 per direct labor hour

This means that for every labor hour employed, $15 will be allocated as indirect costs, e.g. a client requires 50 labor hours per year and $750 (= 50 x $15) in indirect costs.

Answer:

The correct answer is option (c) $15 per hour

Explanation:

Solution

Recall that:

Expected wok for accountants = 26,000

The company estimated total indirect costs - 390,000

The next step is to find the allocation base cost for indirect cost.

Now,

The indirect labor cost is calculated as follows:

indirect cost allocation​ rate:

= Total indirect costs/Labor hours

= $390,000/26,000

= $15 per hours

Pharoah Corporation had the following activities in 2020. 1. Payment of accounts payable $843,000 4. Collection of note receivable $104,000 2. Issuance of common stock $256,000 5. Issuance of bonds payable $466,000 3. Payment of dividends $333,000 6. Purchase of treasury stock $45,000 Compute the amount Pharoah should report as net cash provided (used) by financing activities in its 2020 statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Answers

Answer:

The amount Pharoah should report as net cash provided (used) by financing activities in its 2020 statement of cash flows is $344,000.

Explanation:

Pharoah Corporation

Statement of cash flows (extract)

Proceeds from common stock                $256,000

Proceed from bond payable                    $466,000

Dividend paid                                           ($333,000)

Purchase of treasury stock                        ($45,000)

Net cash flows from financing activities    $344,000

Note that the payment of accounts payable and collection of notes receivable only affect the operating activities section of the cash flows.

It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, and discontinuation of shirt production is considered their __________. opportunity cost; production cost production cost; resource cost production cost; opportunity cost resource cost; production cost

Answers

Answer:

production cost; opportunity cost

Explanation:

The  $15 is the production cost and the shirt is the opportunity cost

What is opportunity cost?

Simply put, opportunity cost is the alternative forgone, it is the benefit forfeited for another.

In this case, the shirt was forfeited for the production of jeans, despite the possibility of still making a profit in shirt production.

Learn more about opportunity costs here:

https://brainly.com/question/481029

#SPJ2

The three service departments (indirect costs) are payroll, sales supervision and maintenance. The actual costs of these service departments are as follows:

Payroll Sales Supervision Maintenance
Salaries and wages $41,000 $80,000 $52,000
Office supplies $3,500 $1,600 $400
Supplies 0 $2,400 $7,500

The two operating departments and their statistics are as follows:

Square Footage Number of Employees Net Assets
Machining 14,500 78 $ 420,000
Assembly 46,000 42 280,000

If you allocate payroll department costs by number of employees then how much payroll cost is allocated to the Machining Department?

Answers

Answer:

$26,700

Explanation:

The solution of allocation of cost to machining department is provided below:-

First we need to find out the total payroll cost and total number of employees to reach the allocation of cost to machining department which is here below:-

Total Payroll costs = Payroll of salaries and wages + Payroll of office supplies

= $41,000 + $3,500

= $44,500

Total Number of employees = Machining number of employees + Assembly number of employees

= 78 + 52

= 130

Allocation of cost to Machining Department = Total Payroll costs ÷ Total Number of employees × Machining number of employees

= 44,500 ÷ 130 × 78

= $26,700

To reach allocation of cost to machining department we simply put the values into formula.

The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Heidi invested an additional $8,000. During the year, Heidi and Moss withdrew $40,000 and $32,000, respectively. Revenues were $540,000 and expenses were $420,000 for the year. The articles of partnership make no reference to the division of net income. Required: 1. Prepare a statement of partners' equity for the partnership of Heidi and Moss. If an amount box does not require an entry, leave it blank. Enter all amounts as positive numbers. Heidi and Moss Statement of Partners' Equity For the Year Ended December 31 Heidi Moss Total Capital, January 1 $ 90,000 $ 65,000 $ 155,000 Net income for the year 60,000 60,000 120,000 $ $ $ $ $ $ Withdrawals during the year Capital, December 31 $ 118,000 $ 93,000 $ 211,000 2. Journalize the entries to: Close the revenue and expenses account. Close the drawing accounts. If an amount box does not require an entry, leave it blank. a. Revenues 540,000 Heidi, Capital 540,000 Moss, Capital 420,000 Heidi, Capital 40,000 Moss, Capital Moss, Drawing b. Heidi, Capital 40,000 Moss, Capital 32,000 Heidi, Drawing 40,000 Moss, Drawing 32,000

Answers

Answer:

The statement and journal are attached

Explanation:

Finch Company began its operations on March 31 of the current year. Finch has the following projected costs:

April May June
Manufacturing costs* $157,400 $193,400 $200,500
Insurance expense** 1,180 1,180 1,180
Depreciation expense 2,140 2,140 2,140
Property tax expense*** 450 450 450
*Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month.
**Insurance expense is $1,180 a month; however, the insurance is paid four times yearly in the first month of the quarter, (i.e., January, April, July, and October).
***Property tax is paid once a year in November.

The cash payments expected for Finch Company in the month of May are

a.$223,750

b.$184,400

c.$145,050

d.$39,350

Answers

Answer:

b.$184,400

Explanation:

Finch Company

                                          April         May                 June

Manufacturing costs*    $157,400      $193,400        $200,500

Payment of April 1/4                            $ 39350

Payment of May 3/4                             $145050

Insurance expense,Depreciation expense , Property tax expense,None of these will be paid in the month of May .

The insurance is paid four times yearly in the first month of the quarter, (i.e., January, April, July, and October).

Depreciation is not paid . It is deducted from the value of the asset.

Property tax is paid once a year in November.

Total Payments in May are   $ 39350 +$145050= $184,400

Choice B is the correct answer.

While Mary Corens was a student at the University of Tennessee, she borrowed $9,000 in student loans at an annual interest rate of 9%. If Mary repays $1,700 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number.

Answers

Answer:

The time required to repay the loan is 8 years.

Explanation:

The  loan amount that the student borrowed = $9000

Annual interest rate = 9%

Repayment amount per year or annuity amount = $1700 per year

Use the below formula to calculate the number of years to repay the loan amount.

A = annuity amount

r = interest rate

n = number of years

PVF =  present value of annuity

[tex]\rm PVF = \frac{A\left [1-\left ( 1+r \right )^{-n} \right ]}{r} \\[/tex]

[tex]9000 = \frac{1700\left [1-\left ( 1+ 0.09 \right )^{-n} \right ]}{0.09} \\[/tex]

[tex]9000 = 18888.9(1-1.09^{-n}) \\[/tex]

[tex]n = 7.51 \ years \ or \ 8 \ years.[/tex]

So, the time taken to repay the loan amount is 8 years.

Option A has an expected value of $2,000, a minimum payoff of -$4,000, and a maximum payoff of $18,000. Option B has an expected value of $2,200, a minimum payoff of -$1,000, and a maximum payoff of $6,000. Option C has an expected value of $1,900, a minimum payoff of $100, and a maximum payoff of $2,000. In this situation, a risk-averse decision maker would pay __________ for his risk aversion, and a risk-seeking decision maker would pay __________ for his risk seeking.

Answers

Answer:

Option A is the answer

Explanation:

A risk-averse decision maker will go for the option with the least chance of loss incurred (the highest minimum payoff of $100) and settle for an expected value of 1900. He'll pay for his risk avoidance in this way (2200-1900 = 300) while a risk-seeking decision maker will go for the option with the highest payoff chances ($18,000), regardless of the possibility of failure. This would make the risk-seeking decision maker go for option A.

The focused differentiation strategy differs from the differentiation strategy in that Group of answer choices a. the focused differentiators have a broader competitive scope b. the value-creating activities of focused differentiators are more constrained. c. focused differentiators target a narrower customer market d. there are fewer risks with the focused differentiation strategy.

Answers

Answer:

The answer is option C) The focused differentiation strategy differs from the differentiation strategy in that focused differentiators target a narrower customer market.

Explanation:

Product differentiation is a marketing strategy that creates competitive advantage with designing a product superior to that of rivals, priced higher and sometimes created for exclusive users.

However, the focused differentiation strategy takes it a step further by targeting a small group of customers with ostensible goods.

The bourgeoisie are the main target for focused differentiators. They have the economic power to foot the bill and they enjoy the exclusivity of being the few to consume such products. A good example of such products is the Bugatti and Ferrari.

(Ignore income taxes in this problem.) Assume you can invest money at a 14 percent rate of return. How much money must be invested now to be able to withdraw $5,000 from this investment at the end of each year for eight years, the first withdrawal occurring one year from now

Answers

Answer:

the original amount invested = $285,714.29

Explanation:

Let original amount invested be x

Amount to be withdrawn per year = $5,000

Total number of years = 8

Total amount to be withdrawn = 5,000 × 8 = $40,000

Next, we are told that 14% return on x is realized,

∴ 14% return on x = $40,000

0.14 × x = 40,000

x = 40,000 ÷ 0.14 = $285,714.29

Therefore, the original amount invested = $285,714.29

Pharoah Company has had 4 years of record earnings. Due to this success, the market price of its 500,000 shares of $4 par value common stock has increased from $15 per share to $55. During this period, paid-in capital remained the same at $6,000,000. Retained earnings increased from $4,500,000 to $30,000,000. CEO Don Ames is considering either (1) a 15% stock dividend or (2) a 2-for-1 stock split. He asks you to show the before-and-after effects of each option on (a) retained earnings, (b) total stockholders’ equity, and (c) par value per share.

Answers

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

1) 15% Stock Dividend-

Retained Earnings = Increase Value of Retained Earnings - (Total Shares × 15% Stock Dividend × Increase Value of Per Share)

= $30,000,000 - (500,000 × 15% × $55)

= $30,000,000 - $4,125,000

= $25,875,000

2)  2-for-1 stock split-

Retained earnings = $30,000,000

The 2-for-1 stock split will not impact retained earnings.

a and b) The before, after effects of each option are shown in the attachment below

c) Par value per share  

Par value per share of stock dividend = $4

Par value per share of 2-for-1 stock split = $4  ÷ 2 = $2

According to the analysis, stock dividend will not make any impact.

       

Your firm is a U.K.-based importer of bicycles. You have placed an order with an italian firm for €1,000,000 worth of bicycles. Payment (in euro) is due in 12 months.
1. Use a money market hedge to redenominate this one-year receivable into a pound-denominated receivable with a one-year maturity.
Contract size Country U.S. $ Equiv. Currency per U.S. $
£ 10,000 Britain (pound) $ 1.9600 £ 0.5102 interest APR rates
12 months forward $ 2.0000 £ 0.5000
€ 10,000 Euro $ 1.5600 € 0.6410 i$ = 1 %
12 months forward $ 1.6000 € 0.6250 i€ = 2 %
SFr. 10,000 Swiss franc $ 0.9200 SFr. 1.0870 i£ = 3 %
12 months forward $ 1.0000 SFr. 1.0000 iSFr. = 4 %
The following were computed without rounding. Select the answer closest to yours.
a. €1,244,212.10
b. €1,225,490.20
c. €1,219,815.78
d. €1,250,000

Answers

Answer:

A. €1,244,212.10

Explanation:

Contract Size Country U.S. $ equiv. Currency per U.S. $

£ 10,000 Britain (pound) $ 1.9600 £ 0.5102 interest APR

12 months forward $ 2.0000 £ 0.5000 rates

€ 10,000 Euro $ 1.5600 € 0.6410 i$ = 1 %

12 months forward $ 1.6000 € 0.6250 i€ = 2 %

SFr. 10,000 Swiss franc $ 0.9200 SFr. 1.0870 i£ = 3 %

12 months forward $ 1.0000 SFr. 1.0000 iSFr. = 4 %

he income statement of Sarasota Company is shown below. SARASOTA COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,890,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,410,000 Goods available for sale 6,320,000 Ending inventory 1,620,000 Cost of goods sold 4,700,000 Gross profit 2,190,000 Operating expenses Selling expenses 460,000 Administrative expenses 700,000 1,160,000 Net income $1,030,000 Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $300,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $50,000. Prepare the operating activities section of the statement of cash flows using the direct method.

Answers

Answer:

Cash flow from operating activities

Cash Receipts from Customers                    $7,240,000

Cash Paid to Suppliers and Employees      ($6,460,000)

Net Cash from Operating Activities                 $780,000

Explanation:

Prepare a statement of cash flows` operating activities section as follows :

Cash flow from operating activities

Cash Receipts from Customers                    $7,240,000

Cash Paid to Suppliers and Employees      ($6,460,000)

Net Cash from Operating Activities                 $780,000

Cash Receipts from Customers Calculations

Sales revenue                                             $6,890,000

Add Decrease in Accounts Receivables      $350,000

Cash Receipts from Customers                 $7,240,000

Cash Paid to Suppliers and Employees Calculations

Cost of goods sold                                       $4,700,000

Add

Selling expenses                                            $460,000

Administrative expenses                                $700,000

Less depreciation expense of                         $50,000

Decrease in Accounts Payable                     $300,000

Decrease in Accrued Expenses                      $90,000

Increase in  Prepaid expenses                       $160,000

Cash Paid to Suppliers and Employees    $6,460,000

"Vaughn Corporation is considering the issue of commercial paper and would like to know the yield it should offer on its commercial paper. The corporation believes that a 0.2 percent credit risk premium, a 0.1 percent liquidity premium, and a 0.3 percent tax adjustment are necessary to sell its commercial paper to investors. Furthermore, annualized T-bill rates are 7 percent. Based on this information, Vaughn should offer ____ percent on its commercial paper."

Answers

Answer:

7.6 percent

Explanation:

Vaughn should offer 7.6 percent on its commercial paper.

This is calculated by adding the 0.2 credit risk premium to 0.1 percent liquidity premium + 0.3 percent tax adjustment + 7 percent annualized t bills rate.

= 0.1 + 0.2 + 0.3 + 7

= 7.6

Based on this Vaughn would offer 7.6 percent on its commercial paper.

A Company manufactures coffee tables. The Company has a policy of adding a 20% markup to full costs and currently has excess capacity. The following information pertains to the company's normal operations per month: Output units 30,000 tables Machine-hours 6000 hours Direct manufacturing labor-hours 10,000 hours Direct materials per unit $50 Direct manufacturing labor per hour $12.00 Variable manufacturing overhead costs $322,500 Fixed manufacturing overhead costs $1,200,000 Product and process design costs $600,000 Marketing and distribution costs $1,290,000 For long-run pricing of the coffee tables, what price will most likely be used by the Company

Answers

Answer:

$201.30

Explanation:

Direct materials = $50

Total Direct manufacturing labor =  $12.00 * 10,000 = $120,000

Variable manufacturing overhead costs = $322,500

Fixed manufacturing overhead costs = $1,200,000

Product and process design costs = $600,000

Marketing and distribution costs = $1,290,000

Total cost apart from direct material = $120,000 + $322,500 + $1,200,000 + $600,000 + $1,290,000 = $3,532,500

Cost per unit apart from direct material = $3,532,500 / 30,000 = $117.75

Total cost per unit = $117.75 + $50 = $167.75

Mark up per unit = $167.75 * 20% = $33.55

Price per unit = $167.75 + $33.55 = $201.30

Answer: $201.30

Explanation:

To solve this all the expenses incurred per unit need to be included in the unit.

Direct Materials $50

Direct Manufacturing Labour Hours per unit

= (10,000/30,000 units) * 12 (direct Manufacturing Labour per hour)

= $4

Variable Manufacturing Overhead Cost

= 322,500/30,000

= $10.75

Fixed manufacturing overhead costs

= 1,200,000/30,000

= $40

Product and process design costs

= 600,000/30,000

= $20

Marketing and distribution costs

= 1,290,000/30,000

= $43

Adding everything up,

= 50 + 4 + 10.75 + 40 + 20 + 43

= $167.75

Company adds 20% to costs so,

= 167.75 * ( 1 + 20%)

= $201.30

Company will most likely sell at $201.30

Present Value of Bonds Payable; Premium Moss Co. issued $100,000 of four-year, 12% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Note: Round final answer to the nearest dollar. $ Feedback Remember, the selling price of a bond is the sum of the present values of: the face amount of the bonds due at the maturity date and the periodic interest to be paid on the bonds. The market rate of interest is used to compute the present value of both the face amount and the periodic interest.

Answers

Answer:

The present of value of the bonds payable is $ 109,893.83  

Explanation:

The present value of the bonds payable is the present of semiannual coupon payments as well as the repayment of face value in year 4.

coupon payments =$100,000*12%*6/12=$6,000

Face value receivable in year 4 is $100,000

Find attached spreadsheet detailing the computation of present value

i. Lawyers are changing their pay structures. It used to be that they would bill hourly (top dollar for top lawyers, less experienced helpers had cheaper rates). Now they’re beginning to price like consultants—per project. Thus they must begin assessing the value-added to the client firm of the legal expertise and assistance. What advice would you give a law firm to proceed fairly and profitably?

Answers

Answer:

Prominent conjoint analysis is said to be the only thing that I would recommend to the law firming order in order to ensure that the order has proceed fairly and as well as profitably .

Due to the fact that this method of payment is said to offers different prices for different projects to both the top lawyers and the less experienced help.

Explanation:

The mode of payment that lawyers have made had turned to be the best and most interesting mode of payment structures, because before reading the above article I was not actually aware of the payment strategy to be in paying most individuals due to the fact that the most prominent conjoint analysis is said to be the only thing that I would recommend to the law firming order in order to ensure that the order has proceed fairly and as well as profitably .

Due to the fact that this method of payment is said to offers different prices for different projects to both the top lawyers and the less experienced help.

The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,000 Indirect labor 140,000 Property taxes, factory 9,000 Utilities, factory 80,000 Depreciation, factory 251,500 Insurance, factory 11,000 Total actual manufacturing overhead costs incurred $ 507,500 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 410,000 Direct labor cost $ 70,000 Inventories: Raw materials, beginning $ 21,000 Raw materials, ending $ 31,000 Work in process, beginning $ 41,000 Work in process, ending $ 71,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,700 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year.

Answers

Answer and Explanation:

The computation of given question is shown  below:-

The difference between the actual accumulated manufacturing overhead and the applied overhead measured on the basis of actual activity carried out at standard cost is the overhead expense under or over applied.

When applied overheads, the overheads are considered underapplied less than the actual overhead.

When overheads are applied, the overheads are considered overapplied higher than the real overhead.

So, we need to compute the applied overhead to find out the under or over applied overhead.

Applied Manufacturing Overhead = Total Machine Hours actually recorded × Predetermined Overhead Rate

= 20,700 MHs × $25

= $517,500

As we can see that the applied overheads are greater than the actual incurred overhead, so, Overheads are overapplied.

Over-Applied Overhead Cost = Applied Overhead – Actual Overhead

= 517,500 – 507,500

= $10,000

2. The preparation of schedule of cost of goods manufactured for the year is shown below:-

Chang Company

Schedule of Cost of Goods Manufactured

Direct materials:

Raw material, beginning           $21,000

Raw material, purchases

(excluding indirect material  

($410,000 - $16,000)               $394,000

Raw materials available

for use                                        $415,000

Less: Raw materials, ending    ($31,000)

Raw materials use

in production                             $799,000

Add: Direct labor cost                $70,000

Add: Applied Manufacturing

Overhead

(20,700 MHs × $25)                 $517,500

Total manufacturing costs        $1,386,500

Add: Work in process,

beginning                                   $41,000

Less: Work in process, ending  ($71,000)

Cost of goods manufactured   $1,356,500

Opera Corp uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $10 each. During the month, the company made two purchases: 4,000 units at $13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month

Answers

Answer:

$159,057

Explanation:

The computation of cost of goods sold is shown below:-

Total cost of goods available for sale = (7,200 × $10) + (4,000 × $13) + (12,000 × $13.50)

= $72,000 + $52,000 + $162,000

= $286,000

Total units = 7,200 + 4,000 + 12,000

= 23,200

Average cost per unit = Total cost of goods available for sale ÷ Total units

= $286,000 ÷ 23,200

= $12.33

So,

Cost of Goods sold = Sold units during the month × Average cost per unit

= 12,900 × $12.33

= $159,057

Therefore for computing the cost of goods sold for the month we simply applied the above formula.

After graduating from college with a bachelor's degree in business administration,Joe sent an email,with his resume attached,to the Media Blitz Company (MBC).In his email,he was only inquiring about an entry level position at the firm.When he found out that MBC had hired two of his classmates who were not of his race,Joe filed a discrimination complaint against MBC under Title VII of the Civil Rights Act.Which of the following is true of this scenario?
A) Joe has a good case against MBC because his email was clear that he was interested in the entry level position at the firm, and they did not even consider him.
B) Joe does not have a valid case because employment laws do not permit people to apply for a job via the Internet or related electronic data technologies.
C) Joe does not have a valid case because sending an email inquiry about a job does not qualify the sender as an applicant.
D) Joe would have had a valid case against MBC had he submitted his resume via a third-party job board.

Answers

Answer:

C) Joe does not have a valid case because sending an email inquiry about a job does not qualify the sender as an applicant.

Explanation:

Joe after graduating from the college with a degree in business administration, sent an enquiry email with his resume attached to the Media Blitz Company (MBC).

Joe would most likely not prevail in his case because sending an email inquiry about a job does not qualify the sender as an applicant.

As a job seeker, you're expected to send an application for a job position advertised with your resume attached. This would serve as an evidence of interest or desire to work with the organization.

In this scenario, Joe wasn't being discriminated at by the Media Blitz Company (MBC).

Hence, Joe's case against MBC on the ground of discrimination under Title VII of the Civil Rights Act becomes an invalid one.

Please help ASAP giving BRAINLIEST , Did I get this correct?

Answers

Answer:

No, in my opinion I would choose:

A) the properties of free-market system that determine what the outcomes will be.

Explanation:

That would be my answer because the definition of market forces is "the economic factors affecting the price of, demand for, and availability of a commodity."(off the internet) and the answer which fits that definition the most in my opinion is A.

That would be my answer at least.

Hope this helps!

The standards for product V28 call for 8.2 pounds of a raw material that costs $19.00 per pound. Last month, 2,100 pounds of the raw material were purchased for $39,480. The actual output of the month was 230 units of product V28. A total of 2,000 pounds of the raw material were used to produce this output.The direct materials purchases variance is computed when the materials are purchased.Required:a. What is the materials price variance for the month

Answers

Answer:

$420 favorable

Explanation:

The computation of the material price variance is shown below:

Material price variance = Actual quantity × (Actual price - standard price)

= 2,100 pounds × ($39,480 ÷ 2,100 pounds - $19)

= 2,100 pounds × ($18.8 - $19)

= 2,100 pounds × $0.20

= $420 favorable

Since the standard price is greater than the actual price so it would lead to favorable variance

Last year Kruse Corp had $380,000 of assets (which is equal to its total invested capital), $403,000 of sales, $28,250 of net income, and a debt-to-total-capital ratio of 39%. The new CFO believes the firm has excessive fixed assets and inventory that could be sold, enabling it to reduce its total assets and total invested capital to $252,500. The firm finances using only debt and common equity. Sales, costs, and net income would not be affected, and the firm would maintain the same capital structure (but with less total debt). By how much would the reduction in assets improve the ROE (percentage point change)

Answers

Answer:

 =6.154%

Explanation:

                               Original                                New

Assets                   $380,000                              $252,500

Sales                      $403,000                              $403,000

Net income            $28,250                                $28,250

Debt ratio                39.00%                                39.00%

Debt = Assets × debt % = $148,200                    $98,475

Equity = Assets − Debt =  $231,800                   $154,025

ROE = NI/Equity =      12.187%                               18.341%

Increase in ROE = 18.341%-12.187%

                        = 6.154%

Therefore,  the reduction in assets improve the ROE  (percentage point change)  is 6.154%

On January 1, 2021, Cobbler Corporation awarded restricted stock units (RSUs) representing 29.7 million of its $1 par common shares to key officers, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $5.2 per share. Required: 1. Determine the total compensation cost pertaining to the RSUs. 2. to 6. Prepare the appropriate journal entries.

Answers

Answer and Explanation:

The computation and the journal entries are shown below:

1)  Total compensation cost

= Common shares × market price per share

= 29,700,000 × $5.2

= $154,440,000

2)The journal entries are shown below:  

On Jan 1 2021

No  journal entry is required for awarded the restricted stock units  

On Dec 12 2021

Compensation expense (154,440,000 ÷ 3 years) $5,1480,000  

         Paid-in capital- restricted stock  $51,480,000

(Being the compensation expense is recorded)  

For recording this we debited the compensation expense as it increased the expenses and credited the paid in capital as it increased the equity

On Dec 31 2022

Compensation expense (154,440,000 ÷ 3 years) $5,1480,000  

         Paid-in capital- restricted stock  $51,480,000

(Being the compensation expense is recorded)  

For recording this we debited the compensation expense as it increased the expenses and credited the paid in capital as it increased the equity

On Dec 31 2023

Compensation expense (154,440,000 ÷ 3 years) $5,1480,000  

         Paid-in capital- restricted stock  $51,480,000

(Being the compensation expense is recorded)      

For recording this we debited the compensation expense as it increased the expenses and credited the paid in capital as it increased the equity

On Dec 31 2023

Paid-in capital - restricted stock $154,440,000  

         Common stock (29.7 million × $1)  $29,700,000

         Paid-in capital- excess of par  $124,740,000   (Balancing figure)

(Being the lifting of restrictions and issuance of the shares is recorded)  

For recording this we debited the paid in capital as it decreased the equity and credited the paid in capital and common stock as it increased the equity

HI Corporation is considering the purchase of a machine that promises to reduce operating costs by the same amount for every year of its 5-year useful life. The machine will cost $211,980 and has no salvage value. The machine has a 14% internal rate of return. (Ignore income taxes.) Click here to view Exhibit 13B-1 and Exhibit 13B-2 to determine the appropriate discount factor(s) using the tables provided. Required: What are the annual cost savings promised by the machine? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

Answers

Answer:

Annual savings = 61,746.

Explanation:

The Net Present Value (NPV) is the difference between the present value (PV) of cash outflows  and PV of cash inflow

At the internal rate of return the PC of annual cash savings will be equal to the investment cost

Initial cost = 211980

PV = annual cash savings = A× (1- (1+r)^(-n)/ r

A=?  r-internal rate of return, 14%, n-number of years- 5

211980 = A  (1- (1.14)^(-5)/ 0.14

211,980 = A× 3.433080969

A= 211,980/3.43308

A= 61746.28619

Annual savings = 61,746.

elb Company currently manufactures 50,000 units per year of a key component for its manufacturing process. Variable costs are $2.95 per unit, fixed costs related to making this component are $67,000 per year, and allocated fixed costs are $61,500 per year. The allocated fixed costs are unavoidable whether the company makes or buys this component. The company is considering buying this component from a supplier for $3.90 per unit. Calculate the total incremental cost of making 50,000 units and buying 50,000 units. Should it continue to manufacture the component, or should it buy this component from the outside supplier

Answers

Answer: Please refer to Explanation

Explanation:

Incremental Cost of Making Product

Variable costs are $2.95 per unit and 50,000 units are to be made. Total Variable Cost is therefore,

= 2.95 * 50,000

= $147,500

Fixed costs associated with the production are$ 67,000 so added tl the variable costs is,

= 147,500 + 67,000

= $214,500

$214,500 is the cost making the product.

Cost of Buying Product

Component can be bought for $3.90 per unit. 50,000 units to be bought gives,

= 50,000 * 3.9

= $195,000

Cost of buying is $195,000

Decision

Company should buy the component as it spends less in buying it than I making it.

Note - Allocated fixed costs were not included in calculation because they will be there regardless of the decision. Hence the term, incremental costs.

Answer:

elb Company

a) Incremental Cost of making 50,000 units:

Variable costs = $2.95 x 50,000 = $147,500

Avoidable fixed costs = $67,000

Total = $214,500

b) Incremental Cost of buying 50,000

Buy-in costs =- $3.90 x 50,000 = $195,000

c) The company should buy this component from the outside supplier.

Explanation:

In make or buy decisions, only variable and avoidable costs are taken into consideration.  Unavoidable fixed costs are sunk costs which must be incurred irrespective of the choice made.

Therefore, the unavoidable allocated fixed costs of $61,500 should not be taken into consideration.  Afterall, no matter the decision, it would still be incurred and allocated.

Colil Computer​ Systems, Inc., manufactures printer circuit cards. All direct materials are added at the inception of the production process. During​ January, the accounting department noted that there was no beginning inventory. Direct materials of $ 300 comma 000 were used in production during the month. Workminusinminusprocess records revealed that 12 comma 500 card units were started in​ January, 6 comma 250 card units were​ complete, and 4 comma 000 card units were spoiled as expected. Ending workminusinminusprocess card units are complete in respect to direct materials costs. Spoilage is not detected until the process is complete. What is the direct material cost assigned to good units​ completed? A. $ 258 comma 621 B. $ 150 comma 000 C. $ 96 comma 000 D. $ 246 comma 000

Answers

Answer:

D. $246,000

Explanation:

As per the given question the solution of direct material cost assigned to good units​ completed is provided below:-

To reach Cost transferred out we need to follow some steps which is following below:-

Step 1. Cost per unit = cost of material used ÷ Units started

= $300,000 ÷ 12,500

= $24

Now,

Step 2. Goods units completed = Started units × Cost per unit

= 6,250 × $24

= $150,000

Step 3. Normal spoilage = Cards units × Cost per unit

= 4,000 × $24

= $96,000

and finally

Cost transferred out = Goods units completed + Normal spoilage

= $150,000 + $96,000

= $246,000

To reach allocation of Cost transferred out we simply put the values into formula.

The following costs are included in a recent summary of data for a company: advertising expense, $85,000; depreciation expense - factory building, $133,000; direct labor, $250,000; direct material used, $300,000; factory utilities, $105,000; and sales salaries expense, $150,000. Determine the dollar amount of conversion costs.

Answers

Answer:

Conversion costs= $488,000

Explanation:

Giving the following information:

depreciation expense - factory building, $133,000

direct labor, $250,000

factory utilities, $105,000

The conversion costs are the sum of direct labor and manufacturing overhead.

Manufacturing overhead= 133,000 + 105,000= 238,000

Direct labor= 250,000

Conversion costs= $488,000

Other Questions
what is the greatest common factor of 13, 15 How to convert 100 inches per minute to feet per minute? Name two groups that have benefited from changes in India. When setting goals for a research plan, it is best to consider PLEASE ANSWER I WILL MARK BRAINLIEST!!!!!!!!!!!!!! Terry has 3 pairs of pants: black, khaki, and brown, and 4 shirts: yellow, red, blue, and white. He does not care which colors he wears together. If Terry chooses one pair of pants and one shirt at random, what is the probability that his outfit will be the black pants with the yellow shirt? 3. What is the impact on the type of government a country has andit's literacy rates or standard of living? Read the sentences.Thecalls for ice and snow. You had better besure your car has enoughWhich choice completes the sentence correctly?A.forcast, antefreezeB.forecast antefreezeC.forcast, antifreezeD.forecast antifreeze Who has the comparative advantageLOADING... in producing oil? A. Norway has a comparative advantage producing oil because its opportunity cost of producing oil is lower. B. Neither country has a comparative advantage producing oil because their opportunity costs of producing oil are equal. C. The United Kingdom has a comparative advantage producing oil because its opportunity cost of producing oil is lower. D. Norway has a comparative advantage producing oil because it can produce more oil. E. The United Kingdom has a comparative advantage producing oil because it can produce more oil. Which statements describe floods and wildfires? Check all that apply. (Select all that apply)A.Both are natural hazards that affect Florida.B.Both may affect coastal and inland regions.C.Both are caused by drought conditions.D.Both are made worse by the presence of muckE.Both may be caused by thunderstorms.F.Both may cause property destruction. Surface area of a cylinder radius is 2 and height is 3 What's the difference between an herbivore, a predator and an omnivore? PLEASE ANSWER WILL GIVE BRAINLIEST In The Stolen Party, Rosaura believed and trusted that all people are good and nice. How does her opinion change at the end? sucer la chatte de ma mre Para qu va Mirta a la peluquera? solve system of linear equations by substitution -2x+9y=15x+7=4 Please Help!!Answer the following questions. Follow the modle.MODLE: Qu'est-ce que tu vas faire aujourd'hui (nager la piscine)-Je vais nager la piscine.1. Qu'est-ce que vous allez faire? (Manger)2. Qu'est-ce qu'elle va faire? (Tlphoner Antoine)3. Qu'est-ce qu'ils vont faire? (Surfer sur internet)4. Qu'est-ce que les filles vont faire dans la classe de gym? (Danser)5. Qu'est-ce que Thierry va faire? (Jouer avec l'quipe de foot)6. Qu'est-ce que tu vas faire mercredi quatre heures et demie? (Sortir avec Amlie)7. Qu'est-ce que vous allez faire aprs la classe de Franais ? (Aller au cinma)8. Qu'est-ce que tu vas faire ce soir dix heures ? (Dormir) PLEASE HELP I WILL MARK BRAINLIEST Right to expressions that are equivalent to the expression below.(9-c) + (9-c) + (9-c) + (9-c) Sumara Kato's savings account has a balance of $1663. After 19 years, how much interestwill she have earned if her rate is 5.5% compounded annually?(1) $3159.70 (2) $2936.27 (3) $2942.27(4) $2925.27 What is one technological development in automobiles?