Chapter 21, Problem 32Q

Please provide the accurate answer to this general accounting problem using valid techniques.

For the current fiscal year, Purchases were $380,000, Purchase Returns and Allowances were $12,000, Purchase Discounts were $5,500, and Freight-In was $52,000. If the beginning merchandise inventory was $75,000 and the ending merchandise inventory was $102,000, what is the Cost of Goods Sold (COGS)? Help

A corporation purchases land and a warehouse on the land. The land is appraised at $150,000, and the warehouse at $250,000. If the cost of the property is $380,000 in total, then the portion of the cost allocable to the land is _____. Answer

Atlas Interiors sold office equipment costing $15,800 with accumulated depreciation of$12,400 for $2,600 cash. The entry to record the sale would include a gain or loss of what amount? Answer

Financial Accounting Question

General accounting

I am trying to find the accurate solution to this general accounting problem with appropriate explanations.

Atlas Interiors sold office equipment costing $15,800 with accumulated depreciation of$12,400 for $2,600 cash. The entry to record the sale would include a gain or loss of what amount?

Vortex Manufacturing is a start-up company that produces specialized computer chips. Vortex Manufacturing has budgeted four hours of direct labor per chip, at a standard cost of $22 per hour. During September, technicians actually worked 320 hours completing 85 chips. All 85 chips actually produced were sold. Vortex paid the technicians $21.50 per hour. What is Vortex's direct labor cost variance for September?