A company's gross profit was $86,750 and its net sales were $352,600. Calculate its gross margin ratio.

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A: Explanation of Overapplied MOH: Overapplied Manufacturing Overhead (MOH) occurs when the applied…

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A: Step 1: Define Profit MarginProfit margin measures the percentage of sales revenue that translates…

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A: Explanation of Total Manufacturing Costs: Total Manufacturing Costs represent the combined expenses…

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A: Step 1: Given informationStandard Hours = 6,350Actual Rate = $17.55Standard Rate = $15.45Actual…

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A: Explanation: In the given case, we are required to calculate the amount of manufacturing overhead…

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A: Approach to solving the question: For better clarity of the solution, I have provided the…

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A: Step 1: Define Net IncomeNet income is the profit a company earns during a given period after…

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A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation evenly allocates the cost…

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A: Step 1: Define Drivers of Manufacturing Overhead CostsOverhead expenses are those expenses which are…

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A: Step 1: Define Stock Valuation Using the Gordon Growth ModelThe Gordon Growth Model (GGM), also…

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A: Present value of perpetuity = Annual inflows  / interest rate…

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A: Extracted Problem Information:During April, 47,000 units were in process at the beginning of April…

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A: Step 1: Define Gross Profit MarginIn financial accounting, the gross profit margin, also known as…

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A: a) Shareholders' EquityShareholders' equity can be calculated using the accounting…

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A: Step 1: Selling price = Cost/Cost ratioSelling price = Cost/(Sales ratio - Markup ratio)  Step 2:…

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A: Step 1: Define Cost of salesThe cost of sales is all the direct expenses necessary to bring goods to…

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A: Step 1: Define Accounts ReceivableThe amount owed to a company for goods or services provided or…

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A: Note: The question states that the entity is developing a golf course subdivision that includes 250…

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A: Step 1: Define InvestmentAn investment is the placement of funds into assets to earn a return or…

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A: Step 1: Define Differential CostDifferential cost is the additional cost incurred when a company…

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A: Step 1: Define Payback PeriodThe payback period is the time required to recover a project's initial…

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A: Step 1: Define Budget VariancesCompanies prepare budgets in fine detail, and then calculate a…

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A: Step 1: Define Net IncomeNet income shows the profit or loss that a corporation makes throughout the…

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A: Step 1: Define Payback AnalysisThe payback period for a project denotes the time period in which the…

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A: Step 1: Define Variance AnalysisVariance analysis is conducted by comparing the actual values of…

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A: To estimate the variable cost per unit using the high-low method, we need to analyze the cost…

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A: Step 1: Define Gross MarginGross margin is also known as gross profit which is the difference…

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A: Concept of Matching Principle: The matching principle is a fundamental accounting concept that…

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A: Step 1: Information givenCurrent Assets = $8,500Net Fixed Assets = $35,600Current Liabilities =…

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A: Step 1: Define Full Costing MethodFull costing or the Absorption costing is a method in which all…

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Q: What is the correcting entry on these general accounting question?

A: Purchase of Office Supplies = $5,000Supplies remain in hand at year-end = $2000Thus, Supplies…