1. A salesman's income consists of commission and base salary. His weekly income totals over the past 5 weeks have been $360, $390, $430, $415 and $450. What must his average income over the next two weeks be to increase his average weekly income to $460 over the 7-week period?

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

Q: Define product cost

A: Direct costs is referred to as the cost which can be traceable to a product directly. Example,…

Q: types of cost drivers with example?

A: Explain the types of Cost Drivers.

Q: Describe about concept of the GOODS ON CONSIGNMENT?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Define goods in transit? Explain?

A: Goods are the inventory of the seller and for purchaser, the goods can be the raw material, if the…

Q: Define Valuation allowance

A: Valuation allowances are reserves created, which can set off deferred tax assets. If it is probable…

Q: What is a component cost?

A: The most granular description of element costs is the cost components.  Types of cost components are…

Q: What is a merchandiser?

A: Merchandiser is a business that purchases goods  and resells to customers…

Q: What is Cost account payable

A: All variable costs are reduced from sales revenue to get at a contribution margin, from which all…

Q: A restaurant is the site for a large company party. The bill totals $3,400 and is charged by the…

A: Journal entries are created to keep track of the day-to-day operations of the business on a regular…

Q: What is profit contribution

A: The profit is calculated as difference between total revenue earned and total expenses incurred.

Q: Explain unit sales.

A: Sales: Sales means the goods and services sold by one company to their customers for a period.

Q: What is liability

A: Financial accounting includes recording, collecting, summarizing and interpreting the financial data…

Q: Define the term Raw-materials- inventory?

A: Inventory is the materials such as raw materials, finished products, in-process goods that are…

Q: Define what net sales?

A: Net sales means the amount of revenue earned from selling the goods or services in which business…

Q: Discuss the different types of income

A: Income can be described as the money or value received for the sale of goods or provision of…

Q: Distinguish between inventoriable costs and period costs.

A: Characterizations of expenses. Inventoriable expenses is characterised as prices that become a part…

Q: Distinguish between indirect costs and direct costs.

A: Direct Costs and Indirect Costs are two important costs. Direct costs are those costs which are…

Q: A transfer of a particular cost from one cost to another

A: Yes, We can transfer of a particular cost from one cost to another.

Q: Explain the Cost of Revenue vs. COGS.

A: INTRODUCTION: All costs and expenses directly associated to the manufacture of goods are included in…

Q: What is a functional expense statement?

A: The answer is explained as follows:

Q: What does indirect cost includes?

A: Indirect costs: The costs, which do not relate directly with the manufacturing of products, are…