Answers
Answer:
Cost of goods will be $4670325
Explanation:
We have given current liabilities = $407000
A quick ratio = 1.90
Current ratio is 3.40 and inventory turnover = 4.50
We know that current ratio is the ratio of current assets and current liabilities
So
So current assets = $1383800
Now quick ratio is equal to =
So
Inventory = $1037850
Inventory turnover is given 4.5
So
So cost of goods sold = 4.5×$1037850 = $4670325
Related Questions
Which strategy below helps an organization choose its business focus? three generic strategies swot analysis value chain analysis the five forces model?
A market segment is less attractive when ________. A) there are few aggressive competitors in the segmentB) it is difficult for new entrants to enter the segmentC) it contains powerful suppliers who can control pricesD) substitute products are unavailable in the segmentE) buyers in the market segment have weak bargaining powers
Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows: For Sammy $16,000 For Monica (spouse) 4,000 For Chuck (son) 2,500For Carter (Monica’s father) 5,000 Sammy and Monica’s 2019 AGI is $130,000. They file a joint return. Chuck and Carter are Sammy and Monica’s dependents. What is Sammy and Monica’s medical expense deduction for regular income tax purposes?
The RST Company makes 38,000 parts to be used in its main products. The cost per part at this activity level is: Direct materials $ 6.50 Direct labor $ 6.60 Variable manufacturing overhead $ 3.75 Fixed manufacturing overhead $ 3.45 An outside supplier offered to supply RST Company this part at $18 per unit. If RST Company decides not to make the parts, there would be no other use for the production facilities and none of the fixed manufacturing overhead cost could be avoided. Direct labor is a variable cost. The annual financial advantage (disadvantage) for the company as a result of buying these parts from the outside supplier rather than making them internally would be: ($186,200) ($87,400) ($43,700) $87,400
Answers
Answer and Explanation:
The computation of the number of equivalent units for direct material and conversion cost is shown below:
For materials
= units started and completed × completion percentage + ending work in process inventory × completion percentage
= (24,400 - 1,160) × 100% + 1,280 units × 100%
= 23,240 units + 1,280 units
= 24,520 units
For conversion
= Opening work in process inventory × remaining percentage + units started and completed × completion percentage + ending work in process inventory × completion percentage
= 1,160 units × 70% + (24,400 - 1,160) × 100% + 1,280 units × 60%
= 812 units + 23,240 units + 768 units
= 24,820 units
Answers
Answer:
FV= $6,308.12
Explanation:
Giving the following information:
Semiannual deposit= $1,000
Number of periods= 6
Interest rate= 4%= 0.04= 0.04/2= 0.02
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= semiannual deposit
FV= {1,000*[(1.02^6) - 1]} / 0.02
FV= $6,308.12
In a financial calculator:
Function: CMPD
Set: End
n= 6
i= 2
PV= 0
PMT= 1,000
FV= solve= 6,308.120963
Answers
Answer:
Williams Construction’s payment would be $57.4 million
Explanation:
According to the given data we have the followng:
cost of new facility=$45 million
money borrowed=$42 million
interest rate=8%
Therefore, to calculate the amount of Williams Construction’s payment we would have to calculate the following formula:
amount of Williams Construction’s payment=P(1+r)∧n
amount of Williams Construction’s payment=$42 million(1+0.08)∧4
amount of Williams Construction’s payment=$57.4 million
Williams Construction’s payment would be $57.4 million
Answers
Answer:
a. estimate the cost of inventory from incomplete records.
Explanation:
The gross profit method is used to estimate the cost of inventory from incomplete records. This is done by determining the amount of gross profit using the Sales Revenue and the Gross Profit Margin. Then finding the difference between the Cost of Goods available for sale and this Gross Profit to reach to the estimated cost of inventory.
Answers
Answer:
Dr. Retained Earning $86,000,000
Cr. Common Stock $860,000
Cr. Paid-in-Capital excess of par $85,140,000
Explanation:
Stock dividend is the payment of dividend to stockholder in the form of stock/shares of the company. Stock are issued at the market price and the value of the dividend is transferred from the retained earning to the add-in-capital accounts.
Dividend Value = 860,000 x 100 = $86,000,000
Par Value of Stocks = $1 x 860,000 = $860,000
Add-in-capital excess of par common stock = ($100-$1) x 860,000 = $85,140,000
Final answer:
To record a large stock dividend, debit the Retained Earnings by the total market value of the dividend, then credit the Common Stock by the par value part, and credit the Paid-In Capital in Excess of Par by the remaining part.
Explanation:
To record a large stock dividend, you need to debit (decrease) Retained Earnings and credit (increase) Common Stock and Paid-in Capital in Excess of Par. Here's an example using Shriver Food Systems, Inc. data:
- Calculate the total market value of the dividend: 260,000 shares * $100 per share = $26,000,000
- Deduct the par value: $26,000,000 - (260,000 shares * $1 par value) = $25,740,000
- Make the journal entry: Debit Retained Earnings for $26,000,000. Credit Common Stock for $260,000 (this represents the par value). Credit Paid-In Capital in Excess of Par for $25,740,000 (this represents the remainder).
Learn more about Large Stock Dividend here:
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Answers
Answer:
True
Explanation:
Given a certain production level, cost minimization is equal to product maximization. Cost minimization refers to the production level where average total cost per unit is lowest. On the other hand, production maximization refers to maximizing product output given certain restraints, e.g. amount of raw materials, number of labor hours, etc. Product maximization basically refers to the efficiency of production.
If someone can achieve product maximization and cost minimization, they should be maximizing profit.