Managerial accounting primarily serves the needs of a firm sAnswer
suppliers.
customers.
managers.
investors.

Answers

Answer 1

Answer: managerial accounting serves the needs of a firms; managers

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Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials included in manufacturing overhead $ 4,680 Direct labor $ 59,300 Manufacturing overhead applied to work in process $ 87,100 Underapplied overhead $ 4,100 Inventories Beginning Ending Raw materials $ 11,200 $ 20,000 Work in process $ 56,000 $ 68,500 Finished goods $ 34,900 $ 43,700 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

Answers

Answer and Explanation:

1. The Preparation of schedule of cost of goods manufactured for the month is prepared below:-

Primare Corporation

Schedule of Cost of Goods manufactured

Particulars Amount

Direct Materials:

Beginning Raw Material $11,200

Add: Raw Material purchases

during the month $32,000

Total Raw Material available $43,200

Less: Ending Raw material $20,000

Raw Material used in production $23,200

Less: Indirect Material included in

manufacturing Overhead $4,680 $18,520

Add: Direct labor $59,300

Add: Manufacturing overhead

applied to work in process $87,100

Total Manufacturing Costs $164,920

Add: Beginning Work In Process $56,000

Less: Ending Work in Process $68,500

Cost of Goods manufactured $152,420

2. The Preparation of schedule of cost of goods sold for the month is prepared below:-

Primare Corporation

Schedule of Cost of Goods Sold

Particulars Amount

Beginning finished Goods Inventory $34,900

Add: Cost of Goods Manufactured $152,420

Goods available for sale $187,320

Less: Finished Goods Inventory, Ending $43,700

Unadjusted cost of goods sold $143,620

Add: Under-applied Overhead $4,100

Cost of Goods Sold adjusted $147,720

(Under-applied overhead refers that there was less overhead applied that is Actual overheads are more than the overhead applied, thus adding to the cost of the goods sold)

Final answer:

To compute the cost of goods manufactured, figure out the cost of raw materials used, and sum it with the direct labor costs and manufacturing overhead costs, and adjust for work in process inventory. To determine the cost of goods sold, begin with the cost of goods manufactured, adjust for finished goods inventory, and account for under or overapplied overhead.

Explanation:

Firstly, to calculate the schedule of cost of goods manufactured, begin with the raw materials purchased ($32,000) and add the beginning inventory for raw materials ($11,200), then subtract the ending inventory for raw materials ($20,000). This will give you the cost of raw materials used. Then add the direct labor cost ($59,300) and manufacturing overhead cost ($87,100) to get the total manufacturing cost. Add it to the beginning work in process inventory ($56,000) and subtract the ending work in process inventory ($68,500). This ultimately yields the cost of goods manufactured.

Secondly, to determine the cost of goods sold (COGS), start with the cost of goods manufactured from the previous calculation, add beginning finished goods inventory ($34,900) and subtract ending finished goods inventory ($43,700). Finally, adjust for the underapplied overhead ($4,100).

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A firm is reviewing an investment opportunity that requires an initial cash outlay of $336,875 and promises to return the following irregular payments: Year 1: $100,000 Year 2: $82,000 Year 3: $76,000 Year 4: $111,000 Year 5: $142,000 If the required rate of return for the firm is 8%, what is the net present value of the investment? (You'll need to use your financial calculator.)

Answers

Answer:

The NPV of this investment is $64,581.75

Explanation:

Hi, we need to discount to present value all the future cash flows, the formula to use is as follows:

$NPV=-Investment+(CF1)/((1+r)^(1) )+(CF2)/((1+r)^(2)) +(CF3)/((1+r)^(3)) +(CF4)/((1+r)^(4)) +(CF5)/((1+r)^(5))$

Where

NPV = Net Present Value

CF = The cash flow stated in the problem by year

r= discount rate (in our case, 0.08 or 8%)

Now, let´s solve this.

$NPV=-336,875+(100,000)/((1+0.08)^(1) )+(82,000)/((1+0.08)^(2)) +(76,000)/((1+0.08)^(3)) +(111,000)/((1+0.08)^(4)) +(142,000)/((1+0.08)^(5))$

$NPV=-336,875+ 92,592.59 + 70,301.78 + 60,331.25 + 81,588.31+96,642.81$

$NPV=64,581.75$

So, the net present value of this project is $64,581.75

Best of luck.

Smart employers recognize that innovative ideas are worth the risk agree or disagree

Answers

Answer: Agree

It is true that only those real smart employers will recognize and realize that innovative ideas are worth the risk. At first glance, these innovations may not be easy to accept however, when this will be considered in strategic planning employers realize that even if it's going to be a risk it is going to be worth it.

Nicolette Garrison works part-time at an independent record store. Whenever her friend, Jacob Barker, comes into the store during one of her shifts, he picks up a CD and brings it to the register where Nicolette is stationed. After ringing a "no sale" transaction on the cash register, Nicolette pretends to swipe Jacob's credit card for payment. She puts the CD in a bag and gives it to Jacob, who walks out without actually paying for the merchandise. What kind of scheme is being committed?a. Cash larceny
b. Sales skimming
c. Fake sale
d. False refund

Answers

c. Fake sale
there’s no other possible answer.

Design of experiments is a technique that helps identify which variables have the most influence on the overall outcome of a process. Understanding which variables affect outcome is a very important part of quality planning.

Answers

Answer:

True.

Explanation:

Design of experiments can be defined as a systematic approach used to determine the relationship between factors (variables) affecting a process and its overall outcome or end result.

Generally, design of experiments involves the process of planning, conducting, evaluating and interpretation of controlled data to yield valid and objective outcomes.

Hence, design of experiments is a technique that helps identify which variables have the most influence on the overall outcome of a process.

This ultimately implies that, in order to achieve greater success and optimum level of output in an organization; design of experiments can be used to find cause-and-effect relationships of a process.

In conclusion, understanding which variables affect outcome is a very important part of quality planning.

When consumption of a good generates a positive externality, which of the following must be true at the market equilibrium? A. Marginal social benefit is less than marginal private cost. B. Marginal social benefit is greater than marginal private benefit. C. Marginal social cost is greater than marginal social benefit. D. Marginal social cost is less than marginal private benefit.

Answers

Answer:

B. Marginal social benefit is greater than marginal private benefit.

Explanation:

When consumption of a good generates a positive externality, the statement is true at the market equilibrium is marginal social benefit is greater than marginal private benefit. As we hold a perception of this permanence concerning some positive externality signifies that marginal social benefit remains higher aside from marginal private benefit. Ended consuming simply quantity Q, marginal social benefit is a higher marginal social cost, including higher of the good, should be absorbed.

Final answer:

In a situation of positive externality, the marginal social benefit of a good or service exceeds the marginal private benefit at the market equilibrium, leading to societal underconsumption of the good or service.

Explanation:

When consumption of a good generates a positive externality, the correct statement would be that the marginal social benefit is greater than the marginal private benefit. A positive externality occurs whenever the consumption of a good or a service by an individual has a beneficial impact on others who are not directly involved in the transaction.

The marginal private benefit essentially represents the individual user's private gain from consuming an additional unit of a good or service. On the other hand, the marginal social benefit reflects the total benefit to society, considering not only the individual's private benefit but also the positive impact on others.

Thus in the case of a positive externality, the marginal social benefit exceeds the marginal private benefit at the market equilibrium, effectively leading to an underconsumption of the good from a societal perspective, because individuals account only for their private benefit and not for the external benefits generated by their consumption.