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artcher [175]
2 years ago
8

A salesperson earns a weekly salary of $600 plus a commission of 1 percent of sales over $2,000. If he earned $650 in a certain

week, what was the amount of his sales?
Business
1 answer:
scoundrel [369]2 years ago
3 0

Answer:

$ 7000

Explanation:

Given data;

Weekly salary of the salesperson = $ 600

Commission earned = 1 % on the sales over $ 2000

The amount earned by the salesman in the week = $ 650

Thus, the commission received = $ 650 - $ 600 = $ 50

Now,

let the amount over $ 2000 for which the commission of $ 50 paid be 'x'

therefore,

1 % of x = $ 50

or

0.01x = $ 50

or

x = $ 5000

Hence, the total sales was of $ 2000 + $ 5000 = $ 7000

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Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a pr
diamong [38]

Answer:

a. Metal used for rims: Product - DM- Prime

b. Sales salaries: Period - Selling

c. Rent on factory: Product - MOH - Conversion

d. Wages of assembly workers: Product - DL - Prime - Conversion

e. Salary of production supervisor: Period - Admin

f. Depreciation on office equipment: Period

g. Salary of CEO: Period - Admin

h. Delivery expense: Period - Selling

Explanation:

- Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.

- Direct labor is production or services labor that is assigned to a specific product, cost center, or work order.  

- Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured.

- Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

- Product costs are the direct costs involved in producing a product. A manufacturer, for example, would have production costs that include: Direct labor, Raw materials, Manufacturing supplies, Overhead that's directly tied to the production facility such as electricity.

- Prime cost= direct material + direct labor

- Conversion cost= direct labor + MOH

I<u>n this exercise:</u>

a. Metal used for rims: Product - DM- Prime

b. Sales salaries: Period - Selling

c. Rent on factory: Product - MOH - Conversion

d. Wages of assembly workers: Product - DL - Prime - Conversion

e. Salary of production supervisor: Period - Admin

f. Depreciation on office equipment: Period

g. Salary of CEO: Period - Admin

h. Delivery expense: Period - Selling

8 0
2 years ago
Kirkwood acquires 100 percent of the outstanding voting shares of Soufflot Company on January 1, 2018. To obtain these shares, K
lesya [120]

Answer:

$555,000

Explanation:

Calculation for the amount that will be reported for consolidated cash after the acquisition is completed

Cash at Kirkwood Inc $475,000

(900-400-15-10)

Add Cash at Soufflot Company $80,000

Consolidated cash after acquisition is completed $555,000

Therefore the amount that will be reported for consolidated cash after the acquisition is completed will be $555,000

4 0
2 years ago
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencil
bezimeni [28]

Answer:

Part (a) Cost of goods sold

Sales                        $792,000

<em>Less Gross profit    </em>$462,000

Cost of goods sold $330,000

Part (b) Finished goods inventory at the end of the month

Opening Finished Goods                                   0

<em>Add</em> Cost of goods manufactured              396,000

Available for Sale                                         396,000

<em>Less</em> Cost of goods sold                              330,000

Finished goods inventory                              66,000

Part (c) Direct materials cost

Opening Materials                                           0

<em>Add</em> Materials purchased                         244, 200

Available for production                           244, 200

<em>Less</em> Materials inventory, ending                33,000

Direct Materials Cost                                   211,200

Part (d) Direct labor cost

Total manufacturing costs for the period          455, 400

<em>Less</em> Direct Materials Cost                                   211,200

<em>Less </em>Indirect labor                                                171, 600

<em>Less </em>Factory depreciation                                   26, 400

Direct labor cost                                                    46,200

Part (e) Work in process inventory at the end of the month

Total manufacturing costs for the period          455, 400

<em>Less </em>Cost of goods manufactured                     396,000

Work in process inventory                                   59,400

Explanation:

Part (a) Cost of goods sold

Cost of goods sold = Sales <em>Less </em>Gross profit

Part (b) Finished goods inventory at the end of the month

Finished goods inventory = Opening Finished Goods <em>Add</em> Cost of goods manufactured  <em>Less</em> Cost of goods sold                    

Part (c) Direct materials cost

Direct Materials Cost  = Opening Materials <em>Add</em> Materials purchased <em>Less</em> Materials inventory, ending                                    

Part (d) Direct labor cost

Direct labor cost  =Total manufacturing costs for the period Less all other manufacturing costs      

Part (e) Work in process inventory at the end of the month

Work in process inventory = Total manufacturing costs for the period <em>Less </em>Cost of goods manufactured        

7 0
2 years ago
After reading the article, select the statements that are correct. Choose one or more: A. The cost-of-living adjustment for 2020
Mama L [17]

Answer:

  • B. The former program trustee argues that the current inflation measure overcompensates seniors since it ignores the substitution effect.
  • C. According to advocates for seniors, the 2020 COLA is not enough to compensate for rising healthcare costs.
  • D. Elizabeth Warren has proposed using a new inflation measure that outpaces the current one used.

Explanation:

The article is, ''<em>Social Security checks to rise modestly amid push to expand benefits '' </em>by<em> Associated Press. </em>

Blahous is a former program trustee who believes that the current inflation adjustment rate at which Social security is increasing is overcompensating seniors because it does not take into account that seniors could be switching to buying cheaper products which is the Substitution effect.  

Advocates and the seniors themselves have complained that the 2020 COLA is not enough to meet their current needs especially given the rising cost of healthcare.

Elizabeth Warren and Bernie Sanders both proposed using a new measure for inflation that will adequately compensate the seniors because it outpaces the current one used.

8 0
2 years ago
Suppose you decide to open a copy store. You rent store space​ (signing a​ one-year lease), and you take out a loan at a local b
Vlad [161]
No. Hope that helps
4 0
2 years ago
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