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ANSWERED

Luke Humphrey verified

Numerade educator

berge Company's manufacturing overhead is 60% of its total conversion costs. If direct labor is $38,000 and if direct materials are $21,000, the manufacturing overhead is: $25,333 $31,500 $57,000 $88,500

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Luke Humphrey verified

Numerade educator

JO Sales, Incorporated, a merchandising company, reported sales of 7,100 units in September at a selling price of $682 per unit. Cost of goods sold, which is a variable cost, was $317 per unit. Variable selling expenses were $44 per unit and variable administrative expenses were $22 per unit. The total fixed selling expenses were $157,200 and the total administrative expenses were $338,000.The contribution margin for September was:$3,878,400$1,627,700$2,591,500$2,122,900

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Luke Humphrey verified

Numerade educator

In September direct labor was 40% of conversion cost. If the manufacturing overhead for the month was $66,000 and the direct materials cost was $20,000, the direct labor cost was: $ 44,000 $ 13,333 $ 30,000 $ 99,000

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INSTANT ANSWER

A Corporation's net income last year was $114,000. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases)Asset and Contra-Asset Accounts: Cash and cash equivalents $ (15,800)Accounts receivable $ (30,000)Inventory $ 11,000Prepaid expenses $ (18,200)Long-term investments $ 96,000Property, plant, and equipment $ 87,000Accumulated depreciation $ 90,000Liability and Equity Accounts: Accounts payable $ 0Accrued liabilities $ 22,480Income taxes payable $ (13,680)Bonds payable $ (54,000)Common stock $ 36,000Retained earnings $ 49,200$185,200$98,200$359,680$163,000

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Luke Humphrey verified

Numerade educator

Which of the following would be considered a product cost for external financial reporting purposes? Cost of sand spread on the factory floor to absorb oil from manufacturing machines.Cost of guided public tours through the company's facilities.Cost of a warehouse used to store finished goods.Cost of travel necessary to sell the manufactured product.

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ANSWERED

Nick Johnson verified

Numerade educator

Kelsh estimates that 5,000 direct labor-hours and 10,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be: $3.40$6.40$8.20$6.80

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ANSWERED

Luke Humphrey verified

Numerade educator

Kelsh Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overbead to jobs. The company has provided the following estimatedcosts for next yearDirect materials............$10,000Direct labor$30,000Sales commissions.$40,000........Salary of production supervisor$20,000Indirect material..........$4,000Advertising expense ...$8,000Rent on factory equipmen..............$10,000Kelsh estimates that 5,000 direct labor-hours and 10,000 machine-hours willbe worked during the year. The predetermined overhead rate per hour will be:$3.40 $6.40 $8.20 $6.80

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ANSWERED

Luke Humphrey verified

Numerade educator

A Corporation has provided the following data concerning last month’s operations.Purchases of raw materials $ 33,000Indirect materials included in manufacturing overhead $ 4,000Direct labor cost $ 58,000Manufacturing overhead applied to Work in Process $ 78,000Underapplied overhead $ 5,000 Beginning EndingRaw materials inventory $ 10,000 $ 15,000Work in process inventory $ 56,000 $ 72,000Finished goods inventory $ 41,000 $ 49,000Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?$185,000$141,000$136,000$144,000

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ANSWERED

Luke Humphrey verified

Numerade educator

For the past 8 months, Jinan Corporation has experienced a steady increase in its cost per unit even though total costs have remained stable. This cost per unit increase may be due to _____________ costs if the level of activity at Jinan is _______________. variable, increasing fixed, increasingfixed, decreasingvariable, decreasing

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ANSWERED

Breanna Ollech verified

Numerade educator

A person is interested in constructing a portfolio. Two stocks are being considered. Let x = percent return for an investment in stock 1, and y = percent return for an investment in stock 2. The expected return and variance for stock 1 are E(x) = 8.45% and Var(x) = 20.The expected return and variance for stock 2 are E(y) = 3.20% and Var(y) = 9.The covariance between the stock returns is σxy = −5.Compute the correlation coefficient for x and y.

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