Answer: d. She will be easily distracted.
Explanation:
When one is said to be conscientious, it means that they are very dedicated to their duty. They value their duty and they want to do it well. A conscientious person is focused on their duty with the aim of fulfilling it to the best of their ability and so are reliable and trustworthy.
If a person is said to be low in conscientiousness, it means that they do not value their duty as well as they should and like Jane Simpson can get easily distracted from said duty.
Answer:
Revision of wordy, unorganized paragraphs
Our organization's dress code allows suitable office dresses. Find below the guidelines for allowed dresses:
Explanation:
The use of bulleted or numbered lists can help to organize wordy paragraphs. They also eliminate some of the unnecessary wordings that have been included, thereby reducing the overall length.
Answer:
Income statement is prepared below.
Explanation:
Partial income statement
income from continuing operations = 978,750
Discontinued operations:
income from operations of discontinued component = 200,000
income tax expenses 25% of 200,000 = -50000
income from operations of discontinued component =150000
Net income = 1,128,750
Income from continuing operations
income before additional items = 1,400,000
less: restructuring cost -95000
Income before tax = 1305,000
less: tax 25% = -326,250
Income from continuing operations = 978,750
Answer:none of above
Explanation:
Selling price per pair of skis $ 450
Variable selling expense per pair of skis $ 46
Variable administrative expense per pair of skis $ 19
Total fixed selling expense $ 140,000
Total fixed administrative expense $ 115,000
Beginning merchandise inventory $ 75,000
Ending merchandise inventory $ 120,000
Merchandise purchases $ 315,000
1. Prepare a traditional income statement for the quarter ended March 31.
2. Prepare a contribution format income statement for the quarter ended March 31.
3. What was the contribution margin per unit?
(1) The traditional format income statement for Alpine House, Inc for the quarter ended March 31 is shown below:ParticularsAmount ($)Sales1,350,000Less: Cost of Goods Sold:Beginning merchandise inventory 75,000 Add: Merchandise purchases 315,000 Goods available for sale390,000Less: Ending merchandise inventory 120,000 Cost of goods sold270,000Gross Profit1,080,000Less:
Operating Expenses:Variable selling expense46* units soldVariable administrative expense19* units soldTotal Variable Expenses65 Fixed Selling Expenses 140,000Fixed Administrative Expenses115,000Total Operating Expenses255,000Net Operating Income 825,000*Calculation of variable expenses:Variable selling expense per unit= $46Variable administrative expense per unit= $19Total variable expense per unit= $65($46 + $19)
(2) The contribution format income statement for the quarter ended March 31 is shown below:ParticularsAmount ($)Sales1,350,000Less: Variable Expenses:Variable selling expense (46*3,000 units)138,000Variable administrative expense (19*3,000 units)57,000
Total Variable Expenses195,000Contribution Margin1,155,000Less: Fixed Expenses: Fixed selling expenses140,000 Fixed administrative expenses115,000Total Fixed Expenses 255,000Net Operating Income900,000*Calculation of units sold: 3,000 units were sold (Sales/ Selling price per pair of skis = 1,350,000/450 = 3,000 units)
(3) The contribution margin per unit is $195. ($450 - $255) = $195.Contribution margin per unit is calculated as follows:Contribution margin per unit = Selling price per unit - Total variable expenses per unitSelling price per unit = $450Variable expenses per unit = $65 ($46 + $19)Contribution margin per unit = $450 - $65 = $385
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Answer:
$5,600
Explanation:
Data provided in the question:
Number of units of inventory sold = 400 units
Selling cost of the inventory = $40 each
Original cost of the inventory = $26 each
Now,
Total inventory cost of the units sold = 400 × $26
= $10,400
Total selling cost of the inventory sold = 400 × $40
= $16,000
Therefore,
Elenor’s gross profit on this transaction
= Total selling cost of the inventory sold - Total inventory cost of the units sold
= $16,000 - $10,400
= $5,600
Elenor's gross profit is calculated by subtracting the total cost of inventory from the total sales revenue. With 400 units sold at $40 each and a cost of $26 each, the gross profit is $5,600.
To calculate Elenor's gross profit on the transaction, we need to deduct the total cost of the inventory from the total sales revenue. First, we calculate the total sales revenue: 400 units sold at $40 each gives us $16,000. Next, we calculate the total cost of the inventory: 400 units purchased at $26 each costs Elenor $10,400.
Now, to find the gross profit, we subtract the total cost from the sales revenue: $16,000 - $10,400 = $5,600.
Therefore, Elenor's gross profit on this transaction is $5,600.
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2. Incurred manufacturing overhead costs as follows: indirect materials $17,000 (including broom polish and specially crafted scissors to trim stray twigs), indirect labor $20,000 (Hansel and Gretel clean the shop and run errands for the elves), depreciation expense on equipment $12,000 (Broomhilda has multiple molding stations for each broom she creates), and various other manufacturing overhead costs on account $16,000.
3. Assigned direct materials and direct labor to jobs as follows:
Job no. Direct Materials Direct Labor
50 10,000 5,000
51 39,000 25,000
52 30,000 20,000
Required:
a. Calculate the predetermined overhead rate for September, assuming Broomhilda estimates total manufacturing overhead costs of $840,000 and direct labor costs of $700,000 for September.
b. Open job cost sheets for Jobs 50, 51, and 52. Enter the September 1 balances on the job cost sheet for Job 50.
c. Prepare the journal entries to record the purchase of raw materials, and the manufacturing overhead costs incurred during the month of March.
d. Prepare the summary journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning overhead costs, use the overhead rate calculated in (1). Post all costs to the job cost sheets as necessary.
e. Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry (or entries) to record the completion of any job(s) during the month.
f. Prepare the journal entry (or entries) to record the sale of any job(s) during the month.
g. What is the balance in the Finished Goods Inventory account at the end of the month? What job(s) does this balance consist of? 8. What is the amount of over- or underapplied overhead? Prepare the journal entry to close this to Cost of Goods Sold
Answer:
Broomhilda
a. Predetermined overhead rate = overhead costs/direct labor costs
= $840,000/$700,000
= $1.20 per direct labor cost
b. Job Cost Sheets for Job 50 Job 51 Job 52
Beginning balances:
Direct materials $20,000
Direct labor $12,000
Manufacturing overhead $16,000
c. Journal Entries for the purchase of raw materials and manufacturing overhead costs:
Debit Raw materials $90,000
Credit Accounts Payable $90,000
To record the purchase of raw materials on account.
Debit Manufacturing overhead $65,000
Credit Raw materials $17,000
Credit Wages $20,000
Credit Depreciation expense $12,000
To record the manufacturing overhead incurred.
d. Debit Job 50 $21,000
Credit Raw materials $10,000
Credit Direct labor $5,000
Credit Manufacturing overhead $6,000
To record the assignment of direct materials, direct labor, and manufacturing overhead costs to Job 50.
Debit Job 51 $94,000
Credit Raw materials $39,000
Credit Direct labor $25,000
Credit Manufacturing overhead $30,000
To record the assignment of direct materials, direct labor, and manufacturing overhead costs to Job 51
Debit Job 52 $74,000
Credit Raw materials $30,000
Credit Direct labor $20,000
Credit Manufacturing overhead $24,000
To record the assignment of direct materials, direct labor, and manufacturing overhead costs to Job 52
e. Job Cost Sheets for Job 50 Job 51 Job 52
Beginning balances:
Direct materials $20,000
Direct labor $12,000
Manufacturing overhead $16,000
Direct materials $10,000 $39,000 $30,000
Direct labor $5,000 $25,000 $20,000
Manufacturing overhead $6,000 $30,000 $24,000
Total $69,000 $94,000
f. Debit Accounts Receivable $280,000
Credit Sales Revenue $280,000
To record the sale of goods (Jobs 49 and 50 for $122,000 and $158,000, respectively).
Debit Cost of Goods Sold $159,000
Credit Job 49 $90,000
Credit Job 50 $69,000
To record the cost of goods sold for Jobs 49 and 50.
g. Finished Goods Inventory balance = $94,000
This balance consists of Raw materials $39,000, Direct labor $25,000, and Manufacturing overhead $30,000 for Job 51.
h. The amount of over-or underapplied overhead:
Overhead incurred = $65,000
Overhead applied = $60,000
Underapplied = $5,000
Debit Cost of Goods Sold $5,000
Credit Manufacturing overhead $5,000
To close the underapplied overhead to the cost of goods sold.
Explanation:
Jobs 50 costs prior to September:
direct materials $20,000,
direct labor $12,000, and
manufacturing overhead $16,000
Total costs so far = $$48,000
Job 49 completed at a cost of $90,000
Beginning balance of Raw Materials Inventory = $15,000
Started Jobs 51 and 52, completed Jobs 50 and 51
Sold Jobs 49 and 50 on account for $122,000 and $158,000, respectively.
Additional events:
Raw materials purchased on account = $90,000
Manufacturing overhead incurred:
indirect materials $17,000
indirect labor $20,000
depreciation expense on equipment $12,000
Various manufacturing overhead = $16,000
Total = $65,000
Assignment of direct materials and direct labor to jobs:
Job no. Direct Materials Direct Labor Manufacturing overhead
50 10,000 5,000 $6,000
51 39,000 25,000 $30,000
52 30,000 20,000 $24,000
Estimated total manufacturing overhead costs = $840,000
Estimated direct labor costs = $700,000
Predetermined overhead rate = overhead costs/direct labor costs
= $840,000/$700,000
= $1.20 per direct labor cost