MindTap Business Communication, 1 term (6 months) Printed Access Card for Guffey/Loewy's Essentials of Business Communication, 11th
11th Edition
ISBN: 9781337386555
Author: Mary Ellen Guffey, Dana Loewy
Publisher: Cengage Learning
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Question
Chapter 5, Problem 5.6AAC
Summary Introduction
To prepare:
A memorandum to the staff.
Introduction:
A memo refers to a type of letter that is hand written in most of the cases for the purpose of internal communication within an organization. It is opposed to a typical letter that is used for external communication.
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Bedrock Company reported a December 31 ending inventory balance
of $412,000. The following additional information is also available:
-The ending inventory balance of $412,000 included $72,000 of
consigned inventory for which Bedrock was the consignor.
-The ending inventory balance of $412,000 included $22,000 of office
supplies that were stored in the warehouse and were to be used by the
company's supervisors and managers during the coming year.
Based on this information, the correct balance for ending inventory on
December 31 is:
A) $362,000
B) $390,000
C) $412,000
D) $318,000
E) $340,000
need answer in this questions
Kenzi Kayaking, a manufacturer of kayaks, began operations this year.
During this first year, the company produced 1,000 kayaks and sold 750.
at a price of $1,000 each. At this first year-end, the company reported
the following income statement information using absorption costing.
Sales (750 $1,000) $750,000
Cost of goods sold (750 $450) 337,500
Gross margin 412,500
Selling and administrative expenses 240,000
Net income $172,500
Additional Information:
a. Production cost per kayak totals $450, which consists of $350 in
variable production cost and $100 in fixed production cost the latter
amount is based on $100,000 of fixed production costs allocated to the
1,000 kayaks produced.
b. The $240,000 in selling and administrative expense consists of
$95,000 that is variable and $145,000 that is fixed.
Required:
Prepare an income statement for the current year under variable
costing.
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MindTap Business Communication, 1 term (6 months) Printed Access Card for Guffey/Loewy's Essentials of Business Communication, 11th
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