Answered: Bennett Electronics Inc. manufactured…

Bennett Electronics Inc. manufactured 60,000 units of a product at a cost of $540,000. The company sold 55,000 units at $18 each. What is the gross profit?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 5EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

See similar textbooks

Related questions

Q: Need answer

A: The reorder point (R) is an essential inventory management statistic that guarantees stock…

Q: I don't need ai answer general accounting question

A: Step 1:Units that were started and completed with respect to direct materials can be calculated by…

Q: compute the asset turnover ratio in

A: Step 1: Definition of Asset Turnover RatioThe Asset Turnover Ratio measures how efficiently a…

Q: Don't use ai given answer accounting questions

A: Given Data:Beginning Inventory: 80 units at a total cost of $9,600Cost per unit = $9,600 / 80 =…

Q: accounting questions answer

A: To calculate the Times Interest Earned (TIE) ratio and the Return on Invested Capital (ROIC) for…

Q: Market value per share of this company's stock? Accounting

A: To find the market value per share, we use the formula:Market Value per Share=Earnings per…

Q: our firm has been the auditor of Caribild Products, a listed company, for a number of years. The…

A: (b) Matters to Consider in Audit Planning & Further ActionsRevenue and Profit TrendsFor the 10…

Q: choose best answer account questions

A: Calculation of Total IncomeTotal Income = Income from Wages + Unemployment Income + Gambling…

Q: Accurate Answer

A: Explanation of Total Manufacturing Cost:Total manufacturing cost is the sum of all expenses incurred…

Q: None

A: Gross Profit is calculated using the formula:Gross Profit=Net Sales-Cost of Goods SoldStep 1: Find…

Q: the income statement should report net income of

A: Step 1: Definition of Net IncomeNet income represents the profit a company earns after deducting…

Q: Ans plz

A: To estimate the market price of XYZ Corporation's common stock, we use the Price-to-Earnings (P/E)…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of MarginMargin is a financial metric that represents the percentage of sales…

Q: What is brightwood total cost of work in process for the year?

A: Step 1: Definition of Total Cost of Work-in-Process (WIP)The Total Cost of Work-in-Process (WIP)…

Q: Question related to Financial Accounting : A company had average total assets of $897,000. Its gross…

A: Step 1: Definitions Related to the Question1. Total Asset Turnover RatioThe total asset turnover…

Q: Give me Answer

A: Step 1: Understand the cost structureIndirect Costs (overhead): This is the overhead that Xantra…

Q: ??

A: Concept of Net IncomeNet income is the amount of profit a company earns after deducting all expenses…

Q: provide correct answer general account

A: To calculate the Weighted Average Cost of Capital (WACC), we use the formula:WACC = (E/V × Re) +…

Q: hello teacher please solve questions

A: To calculate Sunrise Coffee's beta and the risk premium in the market, we use the Capital Asset…

Q: Give true answer this financial accounting question

A: Step 1: Definition of Gross ProfitGross Profit is the amount a company retains after subtracting the…

Q: Accounting

A: Concept of Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures a…

Q: provide correct answer is accounting

A: Step 1: Definition of Equity MultiplierThe Equity Multiplier is a financial leverage ratio that…

Q: Provide answer

A: Let's calculate Whisp Nation's deficit.Understanding DeficitA deficit occurs when a government's…

Q: I need answer

A: Step by step solution:Current Sales = $50 millionCurrent Variable Operating Costs = $33.75…

Q: what should be the balance in Francisco lease liability at December 31, 2012?

A: Step 1: Definition of Lease LiabilityA lease liability represents the present obligation to make…

Q: How long, on average, does it take the firm to collect on its sales?

A: Concept of Annual SalesAnnual sales represent the total revenue generated by a company from selling…

Q: Answer? General accounting question

A: Step 1: Define Cash Proceeds from Bond IssuanceCash Proceeds from bond issuance refer to the amount…

Q: ??

A: Concept of Variable CostsVariable costs are expenses that change in direct proportion to the level…

Q: Brightwood Furniture provides the following financial data for a

A: Solution:Part (a): Contribution Margin (CM) RatioThe CM Ratio is calculated as:CM Ratio =…

Q: hi expert please help me account questions

A: MEANING OF P/E Ratio Calculation in DetailThe Price-to-Earnings (P/E) Ratio is a key financial…

Q: answer plz

A: MEANING OF Debt-to-Equity Ratio The Debt-to-Equity (D/E) Ratio is a financial metric that measures…

Q: I want Solution with correct option

A: Step 1: To allocate joint costs using the value basis, you can use the relative market values of the…

Q: Financial accounting

A: Step 1: Define Cash BalanceThe cash balance refers to the amount of cash a company has available at…

Q: I don't know answer please help me this question solution

A: Part aStep 1 - Value at Retirement Given data:A = 39,000 (Annual withdrawal)n = 20 (Retirement…

Q: what is the selling price to the consumer account

A: 1. Wholesaler's Selling PriceManufacturer's Selling Price (Cost to Wholesaler): $35Wholesaler's…

Q: What is the estimated amount of inventory on hand at September 30 for this financial accounting…

A: Step 1: Define Ending InventoryEnding Inventory is the value of goods that remain unsold at the end…

Q: please provide answer general accounting question

A: Step 1: Definition of Target Selling PriceThe target selling price is the price at which a company…

Q: Compute the labor Quality variance

A: Concept of Labor Quantity VarianceLabor quantity variance, also known as labor efficiency variance,…

Q: provide answer of this General accounting question

A: Step 1: Definition of Interest ExpenseInterest expense is the cost incurred by a company for…

Q: provide Overhead applied to production totaled?

A: Step 1: Definition of Overhead AllocationOverhead Allocation is the process of assigning…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Gross Profit MarginGross profit margin is a financial metric that indicates…

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of Patent Amortization ExpensePatent amortization expense refers to the…

Q: Step by step answer

A: Approach to solving the question: substitution method Detailed explanation: Examples: Key…

Q: Vaughn applies overhead based on machine hours

A: Step 1: Definition of Overhead CostsThe manufacturing overhead costs are the indirect manufacturing…

Q: Not Ai Solution

A: Concept of Manufacturing OverheadManufacturing overhead refers to indirect costs incurred in the…

Q: What is Dant's gross profit at Standard

A: Concept of Gross ProfitGross profit is the financial result of a company's sales revenue minus the…

Q: What is the amount of the ending inventory?

A: Explanation of Perpetual Inventory System: The perpetual inventory system is an accounting method…

Q: Accounting question

A: Question 1Bright Orange, Inc. applies overhead using direct labor hours. The overhead rate is…

Q: what is the gross profit answer financial accounting

A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…

Q: Need correct option general accounting

A: Step 1: Define Carrying Amount of BondsThe carrying amount of bonds (also known as the book value)…

Question

What is the gross profit for these general accounting question?

Bennett Electronics Inc. manufactured 60,000 units
of a product at a cost of $540,000. The company sold
55,000 units at $18 each.
What is the gross profit?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

What is the net income of this general accounting question?
Pharoah Corp. has annual sales totaling $1218000 and an average gross profit of 20% of cost. What is the dollar amount of the gross profit? $304500. $203000. $182700. $243600.
What is its net income?
Alder Inc. produced and sold 2,000 units of one product during the year. The company's net income was $40,000, its fixed cost per unit was $60, and the variable cost ratio was .25. What must the company's sales revenue be if it wants to earn $50,000 next year? $192,000 O $208,000 $226,667 $211,111 None of the above
Neptune Electronics had sales of $520,000 and a cost of goods sold (COGS) of $310,000. Calculate its gross profit.i want answer
The weighted-average cost method is used by Mendez, Inc. Sales are $80,000, the number of units available for sale is 100, the number of units sold during the period is 75, and the weighted average cost of the goods available for sale is $200 each. How much is gross profit for the company?
Gross profit?
Neptune Electronics had sales of $520,000 and a cost of goods sold (COGS) of $310,000. Calculate its gross profit.solve this?
Bloom Enterprises has fixed costs of $825,400. The selling price per unit is $210, and the variable cost per unit is $120. How many units must the company sell in order to earn a profit of $190,000?
Brad Gravel Pitt Company has sales of $495,000 and cost of goods sold of $302,000. Selling and administrative costs are $100,000. Taxes are $40,000. a. What is the Choose.. gross profit?
Pedaci Corporation produces and sells a single product. Data concerning that product appear below: Assume the company's monthly target profit is $15,000. The unit sales to attain that target profit is closest to: 3,212B. 5,265C. 8,235D. 5,571 Assume the company's monthly target profit is $17,000. The dollar sales to attain that target profit is closest to: $387,392B. $635,069C. $671,925D. $993,313
A company invests $16,000 to produce a product that will sell for $45.60. Each unit costs $8.35 to produce. How many units must the company sell to break even? How many units must the company sell to make a profit of $95,000?