Answered: nit of product sold. During March, the…

nit of product sold. During March, the rep sold 140 units. Required Calculate the total monthly cost of the sales representativ

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Normal hours are 40 hours Calculate gross pay for each of the following employees. All are paid an overtime wage rate that is 1.5 times their respective regular wage rates.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Bruce Wright earns both $13.50/hour and a(n) 20% commission on all sales. During the most recent week, he worked 41 hours and made total sales of $15,200.Gross Pay = $
Buffo Company fabricates metal folding chairs. Data concerning the company's revenue and cost structure follow: Selling price per unit $35 Manufacturing cost $4,000 per month plus $17 per unit Administrative expense $2,500 per month plus $2.50 per unit Sales commissions 15% of sales Advertising expense $2,000 per month If Buffo expects to produce and sell 2,000 units next month, compute the total expected manufacturing cost.
Manuel Soto's regular hourly rate is $12. He receives 1½ times the regular rate for hours worked in excess of 40 hours a week and double the rate for work on Sunday. During the past week, Soto worked 8 hours each day Monday through Thursday, 11 hours on Friday, and 5 hours on Sunday. Compute Soto's gross pay for the past week.
Genuine Spice Inc. began operations on January 1 of the current year. The company produces8-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in12-bottle cases for $100 per case. There is a selling commission of $20 per case. The Januarydirect materials, direct labor, and factory overhead costs are as follows: Part A—Break-Even AnalysisThe management of Genuine Spice Inc. wishes to determine the number of cases required tobreak even per month. The utilities cost, which is part of factory overhead, is a mixed cost. Thefollowing information was gathered from the first six months of operation regarding this cost: Instructions1. Determine the fixed and variable portions of the utility cost using the high-low method.2. Determine the contribution margin per case.3. Determine the fixed costs per month, including the utility fixed cost from part (1).4. Determine the break-even number of cases per month.
Domestic
Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,600. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of $230, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. May 31 fill in the blank f06e6df38fa3f84_2 fill in the blank f06e6df38fa3f84_3 fill in the blank f06e6df38fa3f84_5 fill in the blank f06e6df38fa3f84_6 fill in the blank f06e6df38fa3f84_8 fill in the blank f06e6df38fa3f84_9 fill in the blank f06e6df38fa3f84_11 fill in the blank f06e6df38fa3f84_12 fill in the…
Journallze employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, es. 15.25. Credit account titles are qutomatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 15 eTextbook and Media List of Accounts Journalize the payment on March 31 of the FICA taxes and federal income taxes payable only. (Round answers to 2 decimal places, es 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 31
Western Industries pays employees on a weekly basis on Tuesday for the week ended the previous Friday. Employees compensation is earned evenly each day over a 5-day work week. This year, April 30 fell on Thursday. Payroll costs for the week ended May 1 follow: Non Factory: Sales $ 5,000 Administrative 10,000 $15,000 Factory: Direct labor $25,000 Overtime premium Indirect labor 2,500 15,000 $42, 500 $57,500 Excluding payroll taxes, how much of the accrued payroll at April 30 should be charged to Factory Overhead?
A sale's man has a fixed salary of birr 200 a week in addition, he receives a sales commission that is 20%of his total volume of sales. State the relationship between the sales Man's total weekly salary and his sales for the week
Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of S 1,507 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $937 per month Sales salaries and commissions $4,790 per month, plus 5% of sales Delivery of pianos to customers $61 per piano sold Utilities $645 per month Depreciation of sales facilities $5,027 per month Administrative: Executive salaries $13,534 per month Insurance $710 per month Clerical $2,535 per month, plus $41 per piano sold Depreciation of office equipment $928 per month During August, Marwick's Pianos, Incorporated, sold and delivered 63 pianos. Required: Prepare a traditional format income statement for August. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per - unit basis down through contribution margin.
Casey Na's average workweek during the first quarter of the year (13 weeks) was 43 hours. As part of his company's perfect attendance program, he earned a bonus of $975. Determine the extra overtime pay due Na for the first quarter. Note: For each calculation, round to 2 decimal places before continuing to next computation. At next step, round to 2 decimal places. And then, round your final answer to the nearest cent. Extra overtime pay $
Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $2,450 each from the manufacturer. Marwick's Pianos Inc, sells pianos to its customer at an average price of $3,125 each. The selling and administrative costs that the company incurs in a typical month are presented below:Costs Cost FormulaSelling:Advertising $700 per monthSales salaries asnd commissions $950 per month, plus 8% of salesDelivery of pianos to customers $30 per piano soldUtilities $350 per monthDepreciation of sales facilities $800 per monthAdministrative:Executive salaries $2,500 per monthInsurance $400 per monthClerical $1,000 per month, plus $20 per piano soldDepreciation of office equipment $300 per monthDuring August, Marwick's Pianos, Inc., sold and delivered 40 pianos.Required:1. Prepare an income statement for Marwick's Pianos, Inc. for August. Use the traditional format, with costs organized by function.2. Redo (1) above, this…