The Lyons Company's cost of goods manufactured was $130,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $35,000, the beginning inventory of finished goods must have been__.Need answer

The Lyons Company's cost of goods manufactured was $130,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $35,000, the beginning inventory of finished goods must have been__.Need answer

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 3CE: Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods...

See similar textbooks

Related questions

Q: Financial Accounting

A: Step 1: Define Overhead AllocationOverhead is allocated to products or services based on the…

Q: Need this question answer general Accounting

A: Step 1: Information providedChildren:Child's earnings = $3Groceries purchased = $100Store:Net income…

Q: General accounting

A: Step 1: Define Net Profit MarginNet profit also called the bottom line, is the difference between…

Q: Want your help with probelm

A: Given, Deposit amount for month is : $24,000Deposit is 40% of contract amount. Let's denote the…

Q: Please give me true answer this financial accounting question

A: Step 1: Definition of Key TermsGrowth Rate (g): Represents the rate at which a company's dividends…

Q: ?!

A: Alternatively, we can compute DOL using the formula:\text{DOL} = \frac{\text{Contribution…

Q: Question 1. Pearl Leasing Company agrees to lease equipment to Martinez Corporation on January 1,…

A: The lease liability at the commencement of the lease is the present value of the lease payments.…

Q: 2 POINTS

A: Step 1:Direct materials used can be calculated by subtracting direct labor from prime costs.The…

Q: Help

A: Option a: This option is incorrect because the prudence convention does not ignore potential losses.…

Q: Please given answer

A: Current EPS = Net Income / Shares Outstanding= $9,750,000 / 5,500,000= $1.77Forecasted Net Income =…

Q: What is the current price of the stock?

A: Step-by-Step Solution: Given Data:Assets = $414,000Current liabilities = $41,000Long-term…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of Inventory ShrinkageInventory shrinkage refers to the loss of inventory due to…

Q: What amount of net sales must Lincoln have recorded in 2024 on these general accounting question?

A: Step 1: Introduction to cash flow statementCash flow statement refers to a financial statement…

Q: Collect on its sales ? General accounting

A: Step 1: Definition of Accounts ReceivableAccounts receivable represents the claims the company has…

Q: None

A: Step 1: Identify the Given ValuesStep 2: Identify the Required Rate of Return FormulaStep 3:…

Q: Financial accounting question

A: Step 1: Define Future ValueThe amount invested today in any of the investment products that are…

Q: If the federal government spends 12% of GDP and collects revenues of 10% of GDP, what is the deficit…

A: Given:Government spending: 12% of GDPGovernment revenues: 10% of GDP Government Deficit:Deficit =…

Q: Ans plz

A: Final Answer:The Price-Earnings Ratio is:30 (Option D)

Q: Determine the firm fixed cost? General accounting

A: Step 1: Meaning of fixed costFixed cost is the cost incurred regardless of the level of production.…

Q: Explain in your own words the Tax Practitioner Board’s view on what constitutes a conflict of…

A: A conflict of interest, in the context of the Tax Practitioner Board (TPB), refers to a situation…

Q: Provide answer general accounting

A: Step 1: Definition of Absorption CostingUnder absorption costing, all manufacturing costs, including…

Q: Given correct answer financial accounting question

A: Step 1: Define High-Low MethodThe high-low method is used to separate fixed and variable costs from…

Q: I want correct answer general accounting

A: Step 1: Define Fixed costsFixed costs, commonly referred to as indirect costs or overhead costs, are…

Q: Sound Peak Ltd. Is producing new speaker.... Please answer the financial accounting question

A: Step 1: Define Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) is a…

Q: General accounting

A: Step 1: Definition of Lower of Cost or Market (LCM)Lower of Cost or Market (LCM) is an inventory…

Q: The per unit manufacturing cost under absorption costing is......

A: To calculate the per-unit manufacturing cost under absorption costing, we need to include all…

Q: Good Times Restaurant estimates the following costs for next year: fixed costs $120,000, variable…

A: Step 1: Calculation of contribution margin per mealContribution margin per meal = Selling price per…

Q: None

A: For this problem, we are tasked to compute for the capital gains yield. A capital gains yield…

Q: What is the net income under absorption costing for this general accounting question?

A: Step 1: Define Variable and Absorption CostingUnder variable costing, fixed manufacturing overhead…

Q: What is the return on equity?

A: To calculate the Return on Equity (ROE), use the formula: ROE = Net Income / Equity Step 1:…

Q: Provide answer general accounting

A: Direct MaterialsSeptember: $2,500October: $3,000Total Direct Materials:Direct Materials = 2,500 +…

Q: General Accounting

A: The Manufacturing Cycle Efficiency (MCE) is calculated using the following formula: MCE = (Process…

Q: None

A: Step 1: Define Manufacturing OverheadThe manufacturing overhead represents the indirect production…

Q: MCQ

A: Explanation of Planned Sales:Planned sales represent the total number of units that a company…

Q: Please help me this question solution

A: Overhead cost = 543,000 + 1.34XFixed overhead cost = 543,000Variable overhead cost per unit =…

Q: General Accounting

A: Explanation: The formula to calculate the activity rate under activity based costing is = Estimated…

Q: Compute 2018 cash basis net income

A: Explanation of Cash-Basis Net Income:Cash-basis net income is the profit or loss calculated based on…

Q: How much is net cash provided

A: The question requires the determination of the net cash provided by financing activities. Cash Flow…

Q: Don't use ai given answer accounting questions

A: Each unit requires 3 pounds of raw material. Calculation of Raw Material RequirementsMarch…

Q: Twin peaks cash conversion cycle is how many days? General accounting

A: The cash conversion cycle (CCC) is calculated using the formula: Cash Conversion Cycle (CCC) =…

Q: What are some advantages and disadvantages of the single-step income statement?

A: A single-step income statement is a simpler alternative to the multi-step income statement. It…

Q: The payback period method (a) Considers time value of money (b) Ignores cash flows after payback (c)…

A: The payback period method measures how long it takes to recover the initial investment, but it does…

Q: 3 Read the text below. Choose a word that best fits each gap. Summer is a popular time for…

A: The adjectives given in the brackets are 'simple', 'small', 'large', 'many', 'permanent',…

Q: What is the firm's debt to equity ratio on these financial accounting question?

A: Step 1: Define Debt-to-Equity RatioThe debt-to-equity ratio indicates the proportion of debt a…

Q: Accurate Answer

A: Given:Equity at the beginning of the year: 500,000Equity at the end of the year: 650,000Return on…

Q: MCQ

A: Explanation of Process Costing System: A process costing system is a method used in manufacturing…

Q: Given the following information how much raw material was transferred to work in progress on January…

A: Explanation of Raw Materials Transferred to Work in Progress (WIP):The Raw Materials Transferred to…

Q: At the beginning of the recent period there were 1,080 units of product in a department, one-third…

A: Explanation of Equivalent Units of Production (EUP):Equivalent Units of Production (EUP) represent…

Q: What is Anderson Technologies' TIE ratio on these financial accounting question?

A: Step 1: Define TIE RatioThe Times Interest Earned (TIE) ratio measures a company's ability to meet…

Q: Question 1. Pearl Leasing Company agrees to lease equipment to Martinez Corporation on January 1,…

A: Lease liability is the present value of all future lease payments. It is calculated at the…

Question

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

The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Take a look at the following company information: Sales (000s) Direct Materials (000s) Direct Labour (000s) Gross Profit (000s) Selling and Admin Expense (000s) Net profit $ 1566 $554 $ 211 $801 Answer: $ 162.5 $ If we decrease the direct materials cost by 2%, what is the new Net Profit? Show your answer to 2 decimals and include the correct unit.
provide the cost of good sold per unit, gross profit per unit and operating income
s
need help with this accounting question
Assume the following costs in each of the categories identified in question one are: Packaged (Cans & Bottles) $163,251 Kegs $76,063 Shrinkage/WIP Loss $42,000 Contract Labor $9,000 Direct Labor $240,000 Freight $18,000 Consumer Advertising $30,000 Trade Promotion $30,000 Sales Promotion $18,000 Salaries & Benefits $180,000 What is Shannon's cost of goods sold?
Can you answer this financial Accounting Question?
I believe there is something missing on my chart above the "Total Cost" line. Please help! Thank you! :)
Need help with this accounting question
A review of Parson Corporation's accounting records found that at a volume of 138,000 units, the variable and fixed cost per unit amounted to S5 and $2. respectively. On the basis of this information, what amount of total cost would Parson anticipate at a volume of 128,800 units?
The following information is included below for Golden Gadgets: Raw Materials Inventory $7,500, COGS(Product) $42,140, Depreciation $11,253, Work-in-Process inventory $13,489, Cash $19,710, Revenues (Product) $105,328, SG&A $6,840, Finished Goods Inventory $18,190, Accounts Receivable $7,140. Compute the Gross Margin for Golden Gadgets
The following data relate to Lobo Corporation for the year just ended: Sales revenue $750,000 Cost of goods sold: Variable portion 370,000 Fixed portion 110,000 Variable selling and administrative cost 50,000 Fixed selling and administrative cost 75,000 Which of the following statements is correct? A. Lobo’s variable-costing income statement would reveal a gross margin of $270,000. B. Lobo’s variable costing income statement would reveal a contribution margin of $330,000. C. Lobo’s absorption-costing income statement would reveal a contribution margin of $330,000. D. Lobo’s absorption costing income statement would reveal a gross margin of $330,000. E. Lobo’s absorption-costing income statement would reveal a gross margin of $145,000.