Answer:
$252,000
Explanation:
Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.
First step is to calculate the Net Purchase
Purchases 259,000
Less Purchase discounts (7,900)
Less Purchase returns (11,900)
Add Freight-in 20,800
Net purchase 260,000
Now let calculate the cost of goods sold
Inventory, 7/1/2020 33,900
Add 260,000
Less inventory balance ($41,900)
Cost of goods sold $252,000
Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000
Answer:
Check the explanation
Explanation:
a) Dan is a "Supplier" of funds.
b) Jon is a demanded of funds.
c) Savers save more when the real interest rate is "increase" and the supply of the loanable fund slopes "upward".
d) Borrowers like JOn are likely to borrow more when the interest rate is "decreasing " adn therefore, the demand for loanable funds slope "Downward".
Answer:
a. Finished Goods 360,000
Work in Process 360,000
Explanation:
During transfer, de-recognize the cost of finished and transferred production from the Work In Process Account of the Mixing Department (Credit) and accumulate the cost in the Finished Goods Account (Debit).
When the units are <em>finally sold</em>, Cost of Goods Sold is recognized (Debit) and the Finished Goods Account is De-recognized (Credit).
Answer:
$458,000
Explanation:
The computation of the total production cost in case of 85,000 toys are produced
The fixed cost is
= Total manufacturing cost - total variable cost
= $360,000 - $140,000
= $220,000
And, the variable cost per unit is
= $140,000 ÷ 50,000 toys
= $2.8
So for 85,000 toys, the total production cost is
= Fixed cost + Variable cost × variable cost per unit
= $220,000 + 85,000 toys × $2.8
= $220,000 + $238,000
= $458,000
Answer:
The correct answer is $7,056.46
Explanation:
Giving the following information:
You want to save sufficient funds to generate an annual cash flow of $55,000 a year for 25 years as retirement income. How much do you need to save each year if you can earn 7.5 percent on your savings?
Final value= 55,000*25= 1,375,000
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (1,375,000*0.075)/[(1.075^38)-1]= $7,056.46