The following data from the just completed year are taken from the accounting records of Mason Company: Sales$658,000 Direct labor cost$83,000 Raw material purchases$135,000 Selling expenses$106,000 Administrative expenses$46,000 Manufacturing overhead applied to work in process$202,000 Actual manufacturing overhead costs$224,000 InventoriesBeginningEnding Raw materials$8,800$10,200 Work in process$5,900$20,500 Finished goods$74,000$25,100 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
Answers
Answer:
1. Prepare a schedule of cost of goods manufactured
schedule of cost of goods manufactured
Direct labor cost $83,000
Raw Materials $133,000
Manufacturing overhead $202,000
Add Beginning Work In Process $5,900
Less Ending Work In Process ($20,500)
cost of goods manufactured $403,400
2. Prepare a schedule of cost of goods sold
schedule of cost of goods sold
Begining Finished goods $74,000
Add cost of goods manufactured $403,400
Less Ending Finished goods ($25,100)
Add Under- Applied Overheads $22,000
cost of goods sold $473,300
3. Prepare an income statement.
Sales $658,000
Less cost of goods sold ($473,300)
Gross Profit $184,700
Less Operating Expenses
Selling expenses ($106,000)
Administrative expenses ($46,000)
Net Income $ 32,700
Explanation:
1. Prepare a schedule of cost of goods manufactured
Raw Materials Consumed in Production
Begining Raw Materials Inventory $8,800
Add Raw material purchases $135,000
Less Ending Raw Materials Inventory ($10,800)
Raw Materials Consumed in Production $133,000
schedule of cost of goods manufactured
Direct labor cost $83,000
Raw Materials $133,000
Manufacturing overhead $202,000
Add Beginning Work In Process $5,900
Less Ending Work In Process ($20,500)
cost of goods manufactured $403,400
2. Prepare a schedule of cost of goods sold
Actual manufacturing overhead costs ($224,000) > Applied Manufacturing overhead($202,000)
Under- Applied Overheads
Applied Manufacturing overhead $202,000
Actual manufacturing overhead costs $224,000
Under- Applied Overheads $22,000
schedule of cost of goods sold
Begining Finished goods $74,000
Add cost of goods manufactured $403,400
Less Ending Finished goods ($25,100)
Add Under- Applied Overheads $22,000
cost of goods sold $473,300
3. Prepare an income statement.
Sales $658,000
Less cost of goods sold ($473,300)
Gross Profit $184,700
Less Operating Expenses
Selling expenses ($106,000)
Administrative expenses ($46,000)
Net Income $ 32,700
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Answer:
one sec i can help
Explanation:
Answers
Answer:
z = 0.96, standard deviations to the right of the mean 170 cm
Explanation:
z=
x = 176 cm is 0.96, standard deviations to the right of the mean 170 cm
Answers
Answer: Time period
Explanation:
From the question, we are informed that Johanna recently took over her father's business and she considered changing the date when she records and reports the business' financial results but her accountant advised her not to do this.
The accounting principle that is the basis of the accountant's advice is time period principle. The time period principle states that information regarding a particular transaction shouldn't be changed when it has been reported for at a particular time period.
Answers
Answer:
A). A real estate development company wants to estimate the probable sales of construction services on the basis of marriage rates, population movement in the region, and interest rates on construction loans.
Explanation:
Multiple regression is elucidated as the statistical technique employed to determine the association between two or more dependent or response and independent/explanatory variables.
As per the question, the multiple regression can be employed in the first situation where 'a real estate company wishes to forecast the probable sales of construction on the basis of....loans.' Multiple regression analysis would help in representing the linear relationship between these two variables that helps in ensuring effective analysis and making predictions and ensuring optimum output. Thus, option A is the correct answer.
How does restricting the number of hospitals correct this inefficiency? Explain briefly.
Answers
Answer: The answer is provided below
Explanation:
The certificate of need, is a legal document in the United States that is required in many states and federal jurisdictions before proposed expansion, acquisitions, or the creations of healthcare facilities will be allowed.
a. The market inefficiencies which will be eliminated by the certificate of needs laws are that:
The absence of certificate of needs laws will have resulted in an unregulated market competition among the hospitals. This competition could result into medical providers over-investing in medical equipments and facilities. This will lead to an increase in the demand for the equipments which in turn, leads to rise in the equipments costs and the burden caused by the rise in price is shifted to the patients in form of high prices which could lead to exploitation.
b. Restricting the number of hospitals can correct this inefficiency because the laws will help reduce competition among the hospitals which will help reduce demand for healthcare equipments.
This will help in pushing the market toward equilibrium over time whereby healthcare delivery are more affordable to people.
b. Calculate Jia's benefits associated with going out to dinner with her friend.
Answers
Answer:
a. Jia's cost associated with going out to dinner with her friend
= $58
b. Jia's benefit associated with going out to dinner with her friend
= $47
Explanation:
a) Data and Calculations:
Expected cost of meal = $40
Tips (20%) 8
Transport to & from = 10
Total cost of going out = $58
Benefits with going out:
Value of restaurant meal = $25
Amount Jia is willing to pay = $30
Less of eating at home ($8)
Total benefits with going out $47
Jia's cost associated with going out to dinner is $58 and her benefits are $55.
To calculate Jia's cost associated with going out to dinner with her friend, we need to add up the cost of the meal, the tip, and the Uber rides. The meal cost is $40, the tip is 20% of the meal cost (0.2 * 40 = $8), and the Uber rides cost $5 each way, so the total cost is $40 + $8 + $5 + $5 = $58.
To calculate Jia's benefits associated with going out to dinner with her friend, we need to consider the value of the restaurant meal and the enjoyment she gets from spending time with her friend. The value of the meal is $25, and Jia is willing to pay $30 just to spend time with her friend, so the total benefits are $25 + $30 = $55.
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