You made a sale for $175,000. The customer paid in cash. Your gross margin is 48%. What is your cost of goods sold?

Q: General Accounting

A: Step 1: Define Interest EarnedThe return that a lender gets on the amount lent to the borrower is…

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A: To solve this question, we can use the formula for the real rate of interest: r=current consumption…

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A: 1. Determine the Depreciable Cost:Depreciable Cost = Cost of the Equipment - Residual…

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A: Step 1: Define Taxable IncomeTaxable income is the tax imposed on the gross income of individuals…

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A: The weighted average of the company's debt refers to the proportion of the company's total capital…

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A: To calculate Clearview Inc.'s net income for 2022 using accrual accounting, we need to consider…

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A: Step 1: Define Material CostMaterial cost can be defined as the total value of raw material used in…

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A: Explanation of Beginning Balance:The beginning balance in the office supplies account represents the…

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A: Part (a): Determine Unit Product Cost Under Variable CostingVariable Costing includes only the…

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A: Step 1: Define Net IncomeNet income can be defined as the ultimate profit made by a company by…

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A: Step 1: Define Standard CostingUnder standard costing, we compare actual and standard performance.…

Q: 1. Direct Materials 290 2. 225

A: To calculate the total manufacturing cost assigned to Job B-357, we need to consider the following…

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A: Step 1: Define Future ValueThe future value of a deposit represents its equivalent worth at a…

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A: To calculate the Return on Assets (ROA), we use the formula: ROA = (Net Income / Average Total…

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A: To determine the equity income Anderson Company would recognize, we use the equity method, since…

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A: To calculate the market value of shareholders' equity, use the basic relationship: Shareholders'…

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A: Step 1: Define Variance AnalysisThe difference between the standard and actual cost is calculated…

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A: Step 1: Definition of Federal Income Tax LiabilityFederal income tax liability is the amount owed to…

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A: Explanation of Net Income:Net Income represents the total earnings of a company after deducting all…

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A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…

Q: Viippro Systems is a start-up company that makes connectors for high-speed Internet connections.…

A: Direct Labor Cost Variance (DLCV) is the difference between the actual cost incurred for direct…

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A: Step 1: Organize the dataProductQuantityUnit CostMarket Value per UnitLower of Cost or Market (per…

Q: The equipment was sold for $60,000 The equipment was originally purchased for $33,000. At the time…

A: Step 1:First calculate the book value of equipment: Book value = Original cost - Accumulated…

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A: Step 1: Define High Low MethodThe high low method uses the highest activity period and the lowest…

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A: Step 1: Define Net IncomeThe net income of the company is calculated by deducting all the expenses…

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A: Step 1: Define Retention RatioThe retention ratio refers to the proportion of net income retained in…

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A: Step 1: Understand the ProblemThe problem requires calculating the present value of the interest tax…

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A: Explanation of Cost of Materials Used: Cost of materials used represents the total cost of direct…

Q: Question: Cost Account Many companies have switched from absorption costing to variable costing for…

A: The correct answer is:B) to reduce the undesirable incentive to build up inventories…

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A: Step 1: Define Gross Profit MarginThe gross margin and gross margin percentage are important…

Q: Pierce Corp., an accrual-basis, calendar-year C Corporation, had the following 2009 receipts: - 2010…

A: To determine the amount of gross income Pierce Corp. should report on its 2009 tax return, let's…

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A: Step 1: Define  Shareholders' EquityOn a balance sheet, one can see the composition of funds used to…

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A: Step 1: Define Income TaxIncome tax is a direct and progressive tax. It means that it needs to be…

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A: Step 1: Determine the annual cost of goods sold (COGS)Step 2: Determine the inventory valueStep 3:…

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A: Step 1: Definition of Overhead RateOverhead Rate: The predetermined overhead rate is calculated to…

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A: Explanation: In the given case, we are required to calculate the direct materials price variance…

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A: To solve these problems, we need to follow these steps: A. Calculate Net Income for 2014 Net income…

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A: Step 1: Definition of Key TermsCash Sales Revenue: The portion of total sales revenue that is…

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A: Step 1: Definition of Labor Rate VarianceLabor Rate Variance (LRV): The labor rate variance measures…

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A: Step 1: Definition of Free Cash Flow (FCF)Free Cash Flow (FCF) measures the cash a company generates…

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A: Step 1: Definition of Relevant SalesRelevant Sales: The sales figure that includes the new product's…

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A: Step 1: Define Standard CostAn estimated cost set as a target cost for different production outlays…

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A: Step 1: Define Direct Labor CostDirect labor cost refers to the wages paid to workers directly…

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A: Step 1: Identify the bond's par value, coupon payment, and time to maturity.Step 2: Calculate the…

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A: Step 1: Define Payback PeriodThe period or overall time that the investment will take to recoup the…

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A: Step 1: Define Net ProfitNet profit or net income is the difference between expenses and revenue.…

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A: Under variable costing, the treatment of fixed costs is fundamentally different from the approach…

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A: Step 1: Understand Concept of Mark-Up Percentage:Merchandisers typically calculate the selling price…

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A: To calculate the tax liability, we need to use the marginal tax rate because the firm's taxable…