what is the gross profit earned?
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Q: True or False
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A: Hi student Since there are multiple subparts, we will answer only first three subparts.
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Two jobs were completed with total costs of $384,000 & $270,000 respectively. They were
sold on account at a margin of 33⅓% on sales.
what is the gross profit earned?
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- Accounting Alta Ltd. is manufacturing three products : A, B and C. The costs of manufacture are as follows Fixed costs of Alta Ltd. is $15,000. Calculate profit and do a CVP Analysis for Alta Ltd. Products Raw Material Labour Overheads Sales A 16,000 14,000 10,000 60,000 B 20,000 17,000 12,000 70,000 C 26,000 18,000 14,000 80,000The KC Services Company has the following data: Sales revenue $645 Managers salary $60 other sales $77 Depreciation $61 labor $80 Rent $82 Marketing costs $45 other costs $64 plant maintenance $35 Supervisory equal 27 of the labor Administrative costs $81 Calculate the gross margin Note Please give your answers with 2 numbers after the decimal point.At the end of the first year, the XYZ Team had incurred $550,000 of cost, with the total estimated cost of $1,050,000. Their total estimated revenue is $1,200,000. If the percentage of completion by labor hours expended is 60.8%, calculate the revenue to date for the labor hours expended method, using Alternative A.
- A business operated at 100% of capacity during its first month, with the following results: Sales (107 units) $502,900 Production costs (134 units): Direct materials $68,081 Direct labor 17,382 Variable factory overhead 30,419 Fixed factory overhead 28,972 144,854 Operating expenses: Variable operating expenses $5,613 Fixed operating expenses 4,372 9,985 What is the amount of the gross profit that would be reported on the absorption costing income statement?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 $23,060The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses = 1500, factory warden salaries = 2200, cleaning costs = 450, subscriptions = 150, maintenance costs = 320, indirect production materials = 750, factory maintenance costs = 1100, advertising costs = 5100, salaries of salesmen = 10000, utility costs = 4800, sample costs = 650, indirect work = 3600, interest debit & related financial expenses = 750, foreman salaries = 4100, other promotion costs = 390, lawyers' fee = 10000, accountants' fee = 11000, miscellaneous production consumables = 900. how much is the CBS?
- Calculate the profit(loss) for an accounting period using the following information; Food sales $600,000, Labor Costs $ 350,000, Operating Overhead (Operating Expenses) $250,000, Food Cost 40%, Total Sales $1,000,000, Beverage Sales 40%, Beverage Cost $80,000. Show all work in proper sequence and form.If the contribution margin ratio for Harrison Company is 38 %, sales were $425,000, and fixed costs were $100,000, what was the income from operations? A) $163,500 B) $161,500 C) $54,730 61,500If the contribution margin ratio for Martinez Company is 51%, sales were $707,000, and fixed costs were $248,790, what was the operating income?$fill in the blank 2
- 1. For The period just ended, the gross margin of Robin Company was P 3,840,000, the cost of goods manufactured was P 13,6000,000; the work in process inventory increased by P400,000 and finished goods ending inventories increased by P400,000 during the year, but the materials inventories decreased by P 120,000. Assuming that factory overhead is applied to production at 150% of direct labor cost but only 45% of material cost, how much is the total factory overhead applied to production? 2. A machine shop manufactures a stainless-steel part that is used in an assembled product. Materials charged to a particular job amounted to P6,000. At the point of final inspection, it was discovered that the material used was inferior to the specifications required by the engineering department; therefore, all units had to be scrapped. The revenue received for scrap is to be treated as a reduction in manufacturing cost but cannot be identified with a specific job. A firm price is not determinable for…Compute for the total cost per month using costing labor cost by the given data Compute for the percentage weight of the monetary benefit, non monetary benefit, and deferred monetary benefit Compute for the percentage of cost relevant to the sales of total labor cost, given that there are 40 employees in the company and the revenue of the company is 2,500,000 monthly.Assume that a company provided the following cost formulas for three of its expenses (where q refers to the number of hours worked): Rent (fixed) $ 3,000 Supplies (variable) $ 4.00q Utilities (mixed) $150 + $0.75q The company’s planned level of activity was 2,000 hours and its actual level of activity was 1,900 hours. If these are the company’s only three expenses and the company uses revenue formula of $8.40q for budgeting purposes, what net operating income would appear in the company’s flexible budget?
