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KatRina [158]
2 years ago
5

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured

of $437,000. Suppose that on June 1, Slapshot had 350 units in finished goods inventory costing $80,000 and on June 30, 370 units in finished goods inventory costing $84,000. 1. Prepare a cost of goods sold statement for the month of June.
Business
1 answer:
Alexxx [7]2 years ago
8 0

Answer:

Answer is $135,000...

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Managerial accounting is different from financial accounting in that: Multiple Choice Managerial accounting is more focused on t
miss Akunina [59]

Answer:  Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.

Explanation: Managerial accounting is the type of accounting under which the managers use the accounting estimates and make several assumptions to make decisions that can affect future results of business operations.

Under financial accounting recording, summarizing and presentation of data in a financial statement is done. It is used to keep track of the past transactions hence no assumptions are needed to make for important aspects.

8 0
2 years ago
Octavia Corporation uses perpetual FIFO throughout the year to maintain internal records but at the end of the year adjusts thes
Dmitriy789 [7]

Answer:

The journal entry as at the end of the year will be

End of year   Debit Cost of Goods Sold   $110,000

                                  Credit LIFO Reserve account     $110,000

Explanation:

A FIFO method of inventory maintenance is when the first in first out(FIFO) method for inventory utilizations is followed. Here, the oldest inventory is used first followed by the next oldest inventory. Suppose I have in stock inventory purchased in March and May, when the demand for use of inventory arises, the March inventory purchased will be utilized first.

LIFO method works the opposite way. In the above case, when the demand for use of inventory arises, the May inventory purchased will be utilized first.

In this case, FIFO is changed to LIFO method which gives rise to and LIFO reserve account of $50,000/- at the beginning of the year. Through the year, the difference in inventory maintenance method, further increases the LIFO reserve by $60,000/-. Hence the total reserve created due to inventory method change is $50,000+$60,000 = $110,000/-.  The change in inventory maintenance will have a direct impact on cost of goods sold(COGS). Hence COGS is debited.

4 0
2 years ago
Read 2 more answers
The financial statements for Dividendosaurus, Inc., for the current year are as follows: Balance Sheet Statement of Income and R
MakcuM [25]

Answer:

Option D,50% is the correct answer.

Explanation:

Dividend payout ratio is an important financial measure which measures the ratio of company's dividends payment to net income of the company.

This implies the portion of income earned in a year given to shareholders as dividends while the remains is kept in the business as source of further growth.

Dividend payout ratio=dividends/net income=$100/$200=50%

4 0
2 years ago
Cost-volume-profit analysis can also be used in making personal financial decisions. For example, the purchase of a new car is o
jek_recluse [69]

Answer:

A) 0.08; 0.12

B) 0.04

C) 150,000 miles

D) Insurance cost, carbon emission, Second hand value, Licensing fee, E. t. C

Explanation:

A)

What is the variable gasoline cost of going one mile in the hybrid car?

The variable gasoline cost = ( cost per gallon / total miles per gallon)

Cost per Gallon = $2.40

Miles per gallon(hybrid car) = 30

Variable gasoline cost(hybrid car) =( 2.40/30) = 0.08

What is the variable cost of going one mile in the traditional car?

The variable gasoline cost = ( cost per gallon / total miles per gallon)

Cost per Gallon = $2.40

Miles per gallon(traditional car) = 20

Variable gasoline cost(hybrid car) =( 2.40/20) = 0.12

B.) variable cost savings on a per-mile basis.

Variable cost difference (0.12 - 0.08) = 0.04

C.) break even point in miles

(additional fixed cost / cost saving per mile)

(6000 / 0.04) = 150,000 miles

D) other factors may include ;

Insurance cost

carbon emission

Second hand value

Licensing fee and so on

8 0
2 years ago
ichael McNamee is the proprietor of a property management​ company, Apartment​ Exchange, near the campus of Penscola State Colle
sertanlavr [38]

Answer:

Option "A" is the correct answer to the following statement.

Explanation:

Business Entity Assumption state that businessman and business are a different entity.

Under the Business Entity Assumption, Personal assets and Company assets are always different, Personal assets will never show in the Company's balance sheet.

In the case of Michel McNamee his bank account and personal home in not recorded in the company's book.

5 0
2 years ago
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