Please given correct answer general accounting During its first year of operations, the Bloomington Cornbelters Corporation(BCC) paid $4,000 for direct materials and $8,500 for production workers'wages. Lease payments and utilities on the production facilities amountedto $7,500 while general, selling, and administrative expenses totaled$3,000. The company produced 5,000 units and sold 4,000 units at a priceof $7.50 a unit.What was BCC's net income for the first year in operation?

Step 1: Define Net IncomeNet income is calculated as sales revenue minus the cost of goods sold and…

Answered: During its first year of operations,…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter11: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 4CDQ: How would each of the following costs be classified if units produced is the activity base? a....

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During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What was Silverman's net income for the first year in operation? Group of answer choices $7,000 $12,000 $28,000 $37,000
During its first year of operations, Silverman Company paid $16,360 for direct materials and $10,300 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,300 while general, selling, and administrative expenses totaled $4,800. The company produced 6,200 units and sold 3,800 units at a price of $8.30 a unit. What is Silverman's cost of goods sold for the year?
During its first year of operations, Silverman Company paid $14,000 for direct materials and $ 19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What was Silverman's net income for the first year in operation? Multiple Choice $37,000 $12,000 $ 7,000 $28,000
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During its first year of operations, Silverman Company paid $9,160 for direct materials and $9,700 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,700 while general, selling, and administrative expenses totaled $4,200. The company produced 5,300 units and sold 3,200 units at a price of $7.70 a unit. What is Silverman's cost of goods sold for the year? Multiple Choice O $27,560 $13,923 $16,640 $23,060
what is Gross margin?
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general account
Example Ltd is a manufacturer. It produced 2,000 units in April. The following cost information is available: Advertising costs: $6,000 per month Depreciation on factory equipment: $3,000 per month Factory supervisor salary: $20,000 per month Metal used in the product: $10 per unit Research and development: $8,000 per month Wages of manufacturing equipment operators: $8 per unit Assume any materials used in production is direct material. What is the total conversion costs for Example Ltd in April? 39,000 36,000 20,000 14,000
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The Hammer Division of Excel Company produces hardened sledge hammers. One-third of Hammer's output is sold to the Government Products Division of Excel; the remainder is sold to outside customers. Hammer's estimated operating profit for the year is: Government Products Division Outside Customers Sales $ 15,000 $ 40,000 Variable costs (10,000 ) (20,000 ) Fixed costs (3,000 ) (6,000 ) Operating profits $ 2,000 $ 14,000 Unit sales 10,000 20,000 The Government Products Division has an opportunity to purchase 10,000 hammers of the same quality from an outside supplier on a continuing basis. The Hammer Division cannot sell any additional products to outside customers. Should the Excel Company allow its Government Products Division to purchase the hammers from the outside supplier at $1.25 per unit? Multiple Choice Yes; buying the hammers will save Excel $2,500. No; making the…

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