Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used Direct labor Manufacturing overhead $285,000 150,000 315,000 The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $ 29,000 Work in process Finished goods 38,000 44,000 Each of these inventory balances was 10 percent higher at the end of the year.

Q: What does inventories /sales ratio mean?

A: An accounting metric used to measure liquidity, solvency, efficiency etc. of a business entity is…

Q: How is Day Sales in Inventory calculated?

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: How are days’ sales in inventory calculated, and what does it measure?

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Q: Determine the gross profit from sales for the period.

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A: Data is unprocessed facts or figures that are not organzied.Information is processed and organized…

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Q: How to calculate total selling expense

A: Selling expenses are the expenses incurred to sell a product to the customer.

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Q: Why is the net income .90

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Q: compute the gross profit percentage

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Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: How did you come up the number for Income before income tax, why did you subtract the quipment cost.

A: Income before tax=Tax expenseTax rate-Depreciation expense

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A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the…

Q: What is the formula for calculating sales tax? A. Amount of Purchase x Sales Tax Rate = Sales Tax B.…

A: Sales tax : Sales tax is the amount that the merchant must charge to customers who purchase the…

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Q: purchase Returns & Allowances appears where on an Income Statement?

A: The income statement is the financial statement of the business which shows about the profitability…

Q: How do you calculate gross profit as a percentage of sales?

A: Gross profit as a percentage of sales, also known as gross profit margin, is a financial metric used…

Q: s the cost of goods sold from the income statement part include the cost of goods in inventory?

A: Cost of Goods Sold=Beginning Inventory+Purchases for the period-Ending Inventory

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Q: Based on the above, what is the following: (e)   Gross profit rate      %

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.