Lucas Diving Supplies Company, in its first year of business, had labor costs of $66,000, overhead costs of $98,000, materials purchases of $22,000, and ending materials and work-in-process inventories of $1,000 and $2,000, respectively. What is the amount of cost of goods manufactured in the first year of operations

Answers

Answer 1

Answer:

the cost of goods manufactured is $183,000

Explanation:

The computation of the cost of goods manufactured is shown below:

Cost of goods manufactured = Labor cost + direct material purchased + overhead cost - ending balance of material - ending balance of work in process

= $66,000 + $22,000 + $98,000 - $1,000 - $2,000

= $183,000

Hence, the cost of goods manufactured is $183,000


Related Questions

how do i make spaghetti?

Answers

boil noodles. add sauce. make meat balls. add it together. yummy.

The 90 days have now passed, and it is obvious to many policymakers that a recession exists because consumers are spending less. As a result of these data, the government passes a law that creates an office that will give everyone $3,000 they must spend. This office will take 9 months to create and for hiring the necessary personnel. How would the economy change in this second time period, where the data now have convinced all the policymakers that a recession exists and where the government passed a law to start expansionary fiscal policies, but the money hasn't been distributed yet

Answers

Answer:

In this second time period, people would have more positive expectations about their personal economy, and the overall economy, because they would expect the stimulus check of $3,000 to reach their accounts very soon.

This would make people a bit less cautious with their spending, despite the economic recession. Some people would even use a larger proportion of their regular salary to either pay outstanding debt, or to acquire more expensive consumer goods or assets, because they would set aside the $3,000 for daily expenses.

Consider an incentive system that simply rewards production output. How can this system hurt an organization with a distinct bottleneck operation? What part of the organization will be hurt the most?

Answers

Answer:

The department with the bottleneck output will suffer the most.

Explanation:

A bottleneck operation is a point in the organization where everything is filtered, for example in the textile industry, it is usually where the clothes are branded, meaning the tags are sewed or printed into the clothing, and no matter how hard the other departments work, that bottleneck part of the operation can only do so much, so when you reward output for other departments instead of efficiency or searching for other parameters the only thing you'll end up with is a bottleneck department filled up with work to do and no real change in your final production output.

Assuming no change in the nominal wage and a significant increase in human capital, the output per worker will

Answers

Answer:

B. Increase and the real wage will increase.

Explanation:

In the case when there is a rise in population so the labor supply also rises and the equilibrium labor quantity would also rise

So it would result in rise in capital market due to which the labor would become more productive and there is a rise in the labor demand

This leads to greater real wages rate and rise in full labor quantity employment

Hence, the option b is correct

Consider Pacific Energy Company and U.S. Bluechips, Inc., both of which reported earnings of $966,000. Without new projects, both firms will continue to generate earnings of $966,000 in perpetuity. Assume that all earnings are paid as dividends and that both firms require a return of 12 percent.
a.
What is the current PE ratio for each company?
b.
Pacific Energy Company has a new project that will generate additional earnings of $116,000 each year in perpetuity. Calculate the new PE ratio of the company.
c.
U.S. Bluechips has a new project that will increase earnings by $216,000 in perpetuity. Calculate the new PE ratio of the firm

Answers

Answer:

a. 8.333

b. 9.334

c. 10.196

Explanation:

a. To find price = earnings

                                 R

                price = 966,000

                                .12

                price = $8,050,000

   P/E ratio =    price  

                      earnings

   P/E ratio = 8,050,000

                      966,000

   P/E ratio = 8.3333

b. Price = new earnings + current earnings

                                     R

   Price = 116,000 + 966,000

                         .12

   Price = 9,016,666.6666

   P/E ratio =      New Price      

                       initial earnings

   P/E ratio = 9,016,666.6666

                          966,000

   P/E ratio = 9.334

c. Price = new earnings + current earnings

                                     R

   Price = 216,000 + 966,000

                           .12

   Price = 9,850,000

   P/E ratio =     New Price    

                       initial earnings

   P/E ratio = 9,850,000

                       966,000

   P/E ratio = 10.196

               

Which group contains only liabilities? Select one: a. Bank overdraft, trade payables, unpaid wages b. Trade payables, cash at bank, unpaid rates c. Trade payables, inventory, unpaid wages d. Bank loan, trade payables, prepaid rent

Answers

Group A contains only liabilities.

An enterprise having a bank overdraft means they owe money to the bank.

An enterprise having trade payables means they owe money to a supplier or vendor.

An enterprise having unpaid wages means they owe money to their staff.

Which of the following is true of marginal product? Select one:
a. When marginal product is negative, total product is increasing
b. When marginal product is increasing, total product is decreasing.
c. When marginal product is positive and decreasing. total product is decreasing.
d. When marginal product is positive and decreasing. total product is increasing by increasing amounts.
e. When marginal product is increasing, total product is increasing by increasing amounts.

Answers

Answer: When marginal product is increasing, total product is increasing by increasing amounts.

Explanation:

The marginal product is simply referred to as the additional output that is created due to the fact that an additional input has been placed into that particular organization or company.

The option thst is true of marginal product is option E "When marginal product is increasing, total product is increasing by increasing amounts".

We should also note that when the marginal product is reducing, but is still positive, then the total product will be increasing even though it'll now be at a decreasing rate.

A corporation has annual sales of $20 million, total assets of $6 million, a debt ratio of 60%, depreciation expenses of $100,000, and a tax rate of 40%. The corporation's total stockholders' equity is equal to: Group of answer choices $2,800,000 $1,800,000 $2,400,000 $5,600,000

Answers

Answer:

$2,400,000

Explanation:

Calculation for what The corporation's total stockholders' equity is equal to

Total stockholders' equity=$6million -(.60 * $6million)

Total stockholders' equity = $6million - 3.6 million

Total stockholders' equity = $2.4million

Therefore The corporation's total stockholders' equity is equal to $2,400,000

1. What are the four components of the output expenditure model? Explain each of the four in your own words.

Answers

Answer:

The four components of gross domestic product are personal consumption, business investment, government spending, and net exports. 1  That tells you what a country is good at producing. GDP is the country's total economic output for each year. It's equivalent to what is being spent in that economy.

Explanation:

Compute the direct material costs for the year.B.Compute the indirect labor costs for the year.C.Compute the total factory overhead costs for the year.D.Compute the cost of goods manufactured for the year.E.Compute the cost of goods sold for the year.F.Compute the gross profit for the year.

Answers

Answer:

Hi, your question is incomplete, I tried to look for it online but i could not find it.

Here are some explanations on ways to calculate the required amounts.

Part A

Direct Material Cost

This is a component used in manufacturing a product and is found in the manufacturing account.

To calculate the Direct Material costs, we deduct the Ending Material Inventory amount from the Total of Beginning Material Inventory and Material Purchases made during the period

Part B

Indirect Labor Cost

This is also a component found in the manufacturing Account.

Indirect labor costs are calculated by deducting the direct labor costs from the total labor costs incurred during the manufacturing period.

Part C

Total Overheads Costs

This is also a component found in the manufacturing Account.

Overheads are manufacturing expenses that can not be directly traced to the product being produced. Examples are electricity, water and factory rent. So add up these expenses to arrive at the amount overheads.

Part D

Costs of Goods Manufactured

This is an amount reported in the manufacturing account.

To calculate the cost of goods manufactured we add the Opening Work In Process Inventory to the Total Manufacturing Costs incurred during the period then deduct the Ending Work In Process Balance.

Part E

Cost of Goods Sold

This is an amount reported in the Trading account for profit determination.

To calculate the Cost of Goods Sold, we add the Beginning Finished Inventory Balance to the amount of Cost of Goods Manufactured then deduct the Ending Balance in Finished Inventory.

Part F

Gross Profit

This is an amount reported in the Trading account for profit determination.

To calculate the Gross Profit , we deduct the Cost of Goods Sold from the Total Sales made during the Trading period.

In which scenario do most homeowners use the equity in their home?

to pay off student loans

when they have children

when they sell it to buy a new one

when they're threatened with foreclosure

Answers

Answer: to pay off loans

If the adoption of a new product will reduce the sales of an existing product, then the projected sales should:_______.
a) reflect only the sales of the new product
b) include only the reduction amount.
c) equal the incremental increase in total sales.
d) be adjusted upward by the reduction amount.

Answers

Answer:

C. equal the incremental increase in total sales.

Explanation:

This analysis is mostly used in a lot of cases by companies in checking the profitability of all their dealings which is been done in segments here. In the case above equalling total sale increment comes on if reduction will be seen in the old stock value when the new product comes on board. This is seen to be done by companies mostly when it puts its attached statement from their income to the earned total.

Also, summations of this kind is also seen to manipulate the revenue change percentage which is dependent on when these events were been documented.

What are the portfolio weights for a portfolio that has 145 shares of Stock A that sell for $45 per share and 110 shares of Stock B that sell for $27 per share

Answers

Answer:

Portfolio weight A = 0.6872

Portfolio weight B = 0.3128

Explanation:

Calculation for What are the portfolio weights

First step is to calculate the Top Value

Top Value = 145(45) + 110(27)

Top Value = 9495

Calculation for Portfolio weight A

Portfolio weight A = 145(45)/9495

Portfolio weight A = 0.6872

Calculation for Portfolio weight B

Portfolio weight B = 110(27)/9495

Portfolio weight B = 0.3128

Therefore the portfolio weights are :

Portfolio weight A = 0.6872

Portfolio weight B = 0.3128

Which of the following statement best describes about quantitative research method.
Quantitative research is aimed at understandings the rich, complex and idiosyncratic nature of human phenomenon.
Quantitative research relies on the researcher being a ‘human as an instrument’ both to gather and to analyse the information.
Quantitative research relies on the ability of the researcher to measure the phenomenon under investigation and the use of statistics to analyse the raw data.
Quantitative research is aimed at generating the hidden tacit knowledge of the respondents.​

Answers

I think it’s the third one - ....to measure the the phenomenon....

10 POINTS HELP HELP HELP

Answers

thank you for the points man ;)

When reviewing a Profit and Loss report in QuickBooks Online, which report option will quickly show a client income and expenses incurred over the past two years? > Collapse / expand Compare another period > Year-to-date (YTD) Compare another period > Previous year (PY) Group by O Sort ​

Answers

Answer: Compare another period > Previous year (PY)

Explanation:

QuickBooks Online is an accounting service provided to small and medium businesses to help them with their accounting needs even with the most rudimentary of knowledge.

Should you want to view a client's income and expenses over the past two years, use the compare another period and then the Previous year option. The income and expenses will be shown for the current year and the last one making it 2 years.

Corporate philanthropy: Group of answer choices is defined by none of the above is not a way that many companies today express their social responsibilities can be either a cash or a noncash donation is defined as the corporation's responsibility to satisfy the needs of its investors is the practice of limiting investments to companies that behave in accordance with the investors' code of ethics

Answers

Answer:

None of the above.

Explanation:

Philanthropy, whose initial meaning is "love for humanity", is the practice through which the private sectors allocate part of their economic funds to charity or the performance of public works, through foundations or charitable funds that finance works that meet the needs of society or a sector of it. In this context, corporate philanthropy is the exercise of this type of activity by business or corporate groups, which use part of their earnings for the development of charities or public works.

Over the past 40 years, technological advances have reduced the cost of computer chips. This has led to _____ in the supply of computers, causing the price of computers to _____. Because computers and computer software are _____ , this change in price causes the demand for computer software to_____. However, computers and typewriters are _____ , so the charge in the price of computers _____ the demand for typewriters.

Answers

Answer:

an increase

fall

complements

increase

substitutes

reduces

Explanation:

computer chips are inputs used in the production of computers. If the cost of computer chips decreases, the cost of making computers reduces. This would increase the supply of computers.

When supply exceeds demand, price falls

Complement goods are goods used or consumed together. computers and computer software are complement goods. Due to the rise in computers, the demand for computer software would increase also.

Substitute goods are goods that can be used in place of other goods. Computers and typewriters are substitutes. Since the demand for computers have increased due to the fall in price of computer chips, less typewriters would be demanded for .

Beatrice Markets is expecting a period of intense growth and has decided to retain more of its earnings to help finance that growth. As a result, it is going to reduce its annual dividend by 30 percent a year for the next 2 years. After that, it will maintain a constant dividend of $2.50 a share. Last year, the company paid $3.60 as the annual dividend per share. What is the market value of this stock if the required rate of return is 14.5 percent?

Answers

Answer: $16.69

Explanation:

Using the Dividend growth model, the value is:

= [Dividend 1/ (1 + required return)] + [Dividend 2/ (1 + required return)²] + [Terminal value / (1 + required return)²]

Terminal value = Dividend after 2 years / (required return - growth)

= 2.50/ (14.5% + 0%)

= $17.24

Dividend 1 = 3.60 * ( 1 -30%)                                Dividend 2 = 2.52 * ( 1 -30%)

= $2.52                                                                                     = $1.76

Market value = (2.52 / 1.145) + (1.76 / 1.145²) + (17.24/1.145²)

= $16.69

WHO IS THE FATHER OF ACCOUNTANCY ?​

Answers

Answer:

Luca Pacioli

Explanation:

Luca  Pacioli  a European accountant is known as The Father of accountancy.

Luca Pacioli  introduced the use of journals and ledgers in accounting systems.

His work in accounting was appreciated worldwide. His first book was based on double- entry accounting. He has introduced the concept of Dual Aspects  which has paved the way for the double-entry system .

Which of the following describes a saturated market?
A. The prices of competitors are very high.
B. Many people want this product and haven't purchased it yet.
C. Most potential buyers have not heard of the product and don't know it exists.
D. Most potential buyers already have a product that satisfies this need or want.

will give brainliest

Answers

Answer:

D. Most potential buyers already have a product that satisfies this need or want.

Explanation:

A saturated market is one that is not creating additional demand for a product. It means demand for a particular product has reached its optimal level. In a saturated market, the sales growth of a product stagnates.  All potential buyers have a product they are happy to consume. New entrants will have a challenge penetrating a saturated market.

Answer:

D. Most potential buyers already have a product that satisfies this need or want.

Explanation:

Which of the following is likely to INCREASE your monthly payment?

Increasing the size of your down payment
Qualifying for a lower APR
Decreasing the number of months in your term

Answers

Answer: the anwser is c

Explanation:

the decreasing the number of months is what shows you the payment issue

How did business and government use the concept of personal liberty to attack unions and the freedoms of American labor

Answers

Answer:

they believed collective bargaining infringed on the liberties of management and argued that prosperity depended on complete freedom for business

Explanation:

that's it

What is the square root of 7

Answers

Answer:

2.64575131106

Explanation:

the square root of 7 is 2.64575131106

Answer:

Square root of 7= 2.64575131106 :)

Explanation:

The United States has maintained a trade embargo against Cuba since February 1962 in response to actions taken by the Cuban government. The primary idea behind an embargo of this nature is to punish to Cuban government by restricting trade with a large economy such as that of the United States, but embargos tend to have other repercussions as well. What I'd like you to do, in 400-600 words, is explain what some of these repercussions have been, who they have impacted, and briefly explain whether or not you feel that the embargo is beneficial in the year 2020.

Answers

Answer:

In 1962, during the government of J.F. Kennedy, the United States imposed a trade embargo against Cuba, by means of which American companies and individuals were prohibited from trading or investing (even traveling) to Cuba, in retaliation for the actions carried out by the government of Fidel Castro, that he had expropriated assets of American companies and individuals on the island, in addition to aligning himself politically with the Soviet Union and threatening the national security of the United States.

This embargo has prevented Cuba from accessing a large series of goods and services that were provided directly by American companies, or with American components by companies from other nations. This has led to a serious shortage of the Cuban domestic market, causing an economic and social crisis in the Caribbean nation.

However, on the political level, this embargo has not achieved its objective of weakening the Cuban dictatorial government, but rather allows it an excuse to justify the failure to fulfill its objectives.

Why should a global marketing manager consult local attorneys in other countries before creating a marketing campaign abroad?

Answers

Because it could be against the law and they can help you with marketing

Short-term notes payable: Rarely involve interest charges. Are a conditional promise to pay. Can be issued in return for money borrowed from a bank. Are not negotiable. Cannot replace an account payable.

Answers

Answer:  Can be issued in return for money borrowed from a bank.

Explanation:

Short term notes payable are liabilities issued by a company indicating that they have an obligation to pay a certain amount (including interest) within the a year which makes it a current liability.

It can be issued in lieu of money borrowed from a bank as well as an accounts payable.

Atlantic Fisheries has an EBIT of $3,280, depreciation of $1,850, cost of goods sold of $6,920, dividends paid of $750, interest expense of $860, and sales of $6,500. What is the taxable income

Answers

Answer: $2420

Explanation:

The following can be deduced from the question:

EBIT = $3,280

Depreciation = $1,850

Cost of goods sold = $6,920

Dividends = $750

Interest expense = $860,

Taxable Income will be calculated as:

= EBIT - Interest Expense

= $3280 - $860

= $ 2420

Charlie wants to register a name for his company. He wants a name that is specific to the company and makes the company easily identifiable. Which category would Charlie use to register his company?
A.
Keep Business As
B.
Doing Business As
C.
Name Business As
D.
Launch Business As

Answers

Answer:

The name of the company isLaunch Business As

Answer:

Name Business As

Explanation:

Plato

Sheridan Corp. had total variable costs of $224,200, total fixed costs of $143,500, and total revenues of $380,000. Compute the required sales in dollars to break even.

Answers

Answer:

$350,000

Explanation:

Computation for the required sales in dollars to break even.

First step is to calculate the Contribution margin

Revenues $380,000

less Variable costs $224,200

Contribution margin $155,800

Contribution margin ratio = 155,800 / 380,000= 41%

Break even sales in dollars = Total fixed costs / CM Ratio = $143,500/ 41% = $350,000

Therefore the required sales in dollars to break

even is $350,000

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