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2 years ago

11

Mike wants to purchase an $11,350 car with a loan from a credit union that requires a 20% down payment. what amount will Mike bo

rrow from the credit union?

1 answer:

djyliett [7]2 years ago

4 0

He will borrow 80% of the cost of the car.
80/100*11350= <span>$ 9080</span>

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Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion

Evgesh-ka [11]

Answer:

$5,000

Explanation:

<em>Note that Lakeland Chemical manufactures uses weighted-average method of process costing</em>

Equivalent units

Materials = 9,000

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1 year ago

Recharge corporation makes batteries. Sol is injured when the recharge battery in his phone burst into flames. Sold product liab

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<u>Answer:</u>

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2 years ago

Read 2 more answers

La Femme Accessories Inc. produces women's handbags. The cost of producing 800 handbags is as follows: Direct materials$18,000 D

SSSSS [86.1K]

Answer:

A. Desired Profit = $55,000

B. Product cost = $40

C. The product cost markup percentage = 225%

D. The sale price of handbags = $130 for 1 bag, $104,000 for 800 bags.

Explanation:

Requirement A

Here,

Desired Profit ($) = Invested assets x Desired profit in percentage

Given,

Invested assets = $250,000

Desired profit in percentage = 22%

The amount of desired profit from the production and sale of 800 handbags

= $250,000 x 22%

= $55,000

Requirement B

Product Cost = When the cost is directly related to the production of a specific product, it is called product cost. It means the materials, direct labor, and factory related costs are added to determine the product cost. No selling and administrative expenses are added in calculating product cost.

Given,

Direct materials $18,000

Direct labor $ 8,500

Factory overhead $ 5,500

Total manufacturing cost $32,000

Product cost = $\frac{Total Manufacturing Cost}{Number of bags}$

Product cost for 800 handbags will be = $\frac{32,000}{800}$

Product cost = $40.

Requirement C & D

We know,

The product cost markup percentage = $\frac{Selling price - Product cost}{Product Cost}$ x 100

We get product cost for each bag (from requirement B) = $40

We need to find total selling price for 800 bags =

Product cost + Selling and administrative expenses + desired profit

= $32,000 + $17,000 + $55,000

= $104,000

The sale price for 1 bag = $\frac{104,000}{800}$ = $130

Therefore,

The product cost markup percentage = $\frac{130 - 40}{40}$ x 100

The product cost markup percentage = $\frac{90}{40}$ x 100

The product cost markup percentage = 225%

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2 years ago

The University Store, Inc. is the major bookseller for four nearby colleges. An income statement for the first quarter of the ye

Effectus [21]

Answer: $30,000

Explanation:

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= 800,000/40

= 20,000 units

Sales $ 800,000

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Less : Variable Costing

Selling Expenses (20,000 units X $3.00) ($60,000)

Administrative Expenses (5% of $ 800,000) ($40,000)

Contribution Margin <u> $140,000</u>

Less: Fixed Cost

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Administrative Expenses ($110,000 -$40,000) ($70,000)

Net Operating Income <u> $30,000</u>

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2 years ago

Consider the market for pens. Suppose that a new educational study has proven that the practice of writing, erasing, and rewriti

Zielflug [23.3K]

Answer: Quantity of pens fall, Change in price ambiguous

Explanation:

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Moreover, the price of plastic, an important input in pen production, has increased considerably. This will increase the cost of production of pens, inducing producers to reduce pen supply in the market. The supply curve shifts up to the left.

Both these shifts lead to a fall in the quantity of pen in the market. However, the effect on price cannot be determined as it depends on the magnitude of the two shifts.

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2 years ago