Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies: - Ending finished goods inventory should be 40 percent of next month's sales. - Ending direct materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: March 305
April 310
May 360
June 460
July 435
August 485
Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ( $600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold.
Iguana, Incorporated, had $13,600 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materiais purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreciation. During Aprii, lguana plans to poy $3,600 for a piece of equipment.
Answers
The answer is option C. $5,401.33.
Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies:
- Ending finished goods inventory should be 40 percent of next month's sales.
- Ending direct materials inventory should be 30 percent of next month's production.
Expected unit sales (frames) for the upcoming months follow:
March 305
April 310
May 360
June 460
July 435
August 485
Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,500 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold.
Iguana, Incorporated, had $13,600 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct material purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreciation. During April, Iguana plans to pay $3,600 for a piece of equipment.
What is the budgeted cost of goods sold for April?
A. $4,786.67
B. $5,226.00
C. $5,401.33
D. $4,306.00
First, we need to calculate the production needs for April. To do so, we can use the following formula:
Production needs = Expected Sales + Ending Finished Goods Inventory - Beginning Finished Goods Inventory
Production needs = 310 * 1.4 - 305 = 379 units (rounded to the nearest whole number)
Next, we calculate the total cost of direct materials needed to manufacture 379 units:
Total cost of direct materials = 379 * 4 * 3.5 = $5,267.00
Note that we multiplied by 4 as each unit requires 4 linear feet of bamboo.
Now, we can calculate the total manufacturing costs per unit:
Total manufacturing cost per unit = Direct Materials + Direct Labor + Variable Manufacturing Overhead + Fixed Manufacturing Overhead per unit
Total manufacturing cost per unit = 14.00 + 6.00 + 0.40 + (7200/4500) = $21.60
Then we multiply the total manufacturing cost per unit by the production needs:
Total manufacturing costs = 379 * 21.60 = $8,182.40
Now, we need to calculate the cost of goods sold for April. We use the following formula:
Cost of goods sold = Beginning inventory + Manufacturing costs - Ending inventory
Cost of goods sold = 0 + 8,182.40 - (379 * 0.3 * 4 * 3.5)
Cost of goods sold = $5,401.33
Therefore, the answer is option C. $5,401.33.
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Related Questions
why do firms grow in economics
Answers
Explanation:
Firms grow in order to achieve their objectives, including increasing sales and maximising profits
A study showed that 47 percent of entrepreneurs were under age 35 when they started their businesses. The same study showed 16 percent were
under the age of 25. If there were 1,855 total entrepreneurs, how many were under the age of 35 when they started their businesses?
Answers
Answer:
872 entrepreneurs
Explanation:
Total number of entrepreneurs was 1855. 47 % were under 35 years. 25% were under 25. the age bracket of under 35 includes people under 25 years.
Entrepreneurs under the age of 35 were 47 percent of 1855
=47/100 x 1855
=0.47 x 1855
=871.85
=872 entrepreneurs
Angelo has a savings account worth $1000 that earns 2% interest, a student loan of $40,000 that charges 4.6% interest, and a credit card bill that has $1500 on it with a 23.4% interest rate. He has a budget surplus of $300 at the end of the month. What should he do with the $300?
Answers
Based on the information given what he should with the $300 is: Pay it toward his credit card bill, because it has the highest interest rate.
What is interest rate:
Interest rate can be defined as the amount that is charge on the amount borrowed or loan amount.
Based on the given details the interest rate given are;
Saving account=2% of $1,000
Student loan=4.6% of $40,000
Credit card bill=23.4% of $1,500
We can see that credit card bill has the highest interest rate of 23.4%, therefore the budget surplus amount of $300 should be paid toward the credit card bill because it has the highest interest rate.
Inconclusion what he should with the $300 is: Pay it toward his credit card bill, because it has the highest interest rate.
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When it comes to safeguarding confidential information pertaining to the account(s) of an individual customer or family, the rules deal primarily with what is called a covered account. A key factor in determining if an account meets the definition is
Answers
When determining if an account meets the definition of a covered account for safeguarding confidential information, there are several key factors to consider. One of the key factors is whether the account is primarily for personal, family, or household purposes.
Covered accounts are typically accounts that are used for personal finance, such as credit card accounts, mortgage accounts, and checking or savings accounts. These accounts contain sensitive information about an individual or family's financial transactions and must be protected to prevent unauthorized access or misuse of the information.
Other factors that may determine if an account is considered a covered account include whether the account has a reasonably foreseeable risk of identity theft, such as accounts that involve multiple payments or transactions, or accounts that allow access to personal identifying information.
In summary, when it comes to safeguarding confidential information pertaining to the accounts of an individual customer or family, the rules primarily focus on determining if the account meets the definition of a covered account, which involves factors such as the account's purpose and the risk of identity theft. This helps ensure that appropriate measures are taken to protect the sensitive information contained in these accounts.
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Consider Emily's balance statement:
Emily's supervisor asked her to revise the balance statement. What does she need to revise? Why?
A B
1 Assets FY 2014
2 Accounts Payable $2,000
3 Wages $75,000
4 Taxes Payable $10,000
5 Mortgage Payable $15,000
6 Total $102,000
7
8 Liabilities FY 2014
9 Cash $800
10 Inventories $36,000
11 Investments $25,000
12 Accounts Receivable $61,800
13 Total $122,800
14
15 Balance -$20,800
Answers
Answer:
see below
Explanation:
A balance sheet is prepared following the accounting principles of assets equal to liabilities plus equity. Assets are left side while equity and liabilities on the other.
Assets are valuable that a business owns. Liabilities refer to the debts or loans of the business. It is what the business owes others. Equity is the owner's contribution to the business.
In this balance sheet, Emily has confused assets and liabilities.
The column labeled as liabilities represents assets. She should change that. This column should be the topmost column. She has interchanged the labels for liabilities and assets. The difference between assets and liabilities should be equity.
Answer:
Emily has mixed up the assets and liabilities. All the cells under “assets” are really liabilities and vice versa.
Explanation:
what kind of business organization are caleb and anna operating under now?
Answers
Answer:
Sole proprietorship
Explanation:
Sole proprietorship, general partnership or limited partnership
28) In which phase of the SDLC are the system requirements studied and structured?A) ImplementationB) AnalysisC) DesignD) Planning
Answers
In the SDLC (Software Development Life Cycle), the system requirements are studied and structured during the Analysis phase.
The Analysis phase is the second phase of the SDLC and is focused on gathering and analyzing the business requirements of the system. This phase involves conducting interviews with stakeholders, analyzing existing processes, and defining system requirements.During the Analysis phase, the project team identifies the project scope, defines the goals and objectives of the system, and determines the business and technical requirements. The team also considers the constraints and risks associated with the project.Once the system requirements are studied and structured in the Analysis phase, the project team moves on to the Design phase where they create a detailed design for the system based on the requirements identified during the Analysis phase. The Implementation and Planning phases follow the Design phase.
So, the correct answer is (B) Analysis.
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Which type of specialized fire company generally has the primary duty of searching for victims and removing them from areas of danger or entrapment
Answers
The type of specialized fire company that has the primary duty of searching for victims and removing them from areas of danger or entrapment is the Rescue company.
What is a Fire Agency?This refers to a government or private agency that has the job of assisting in fire situations and also removing trapped people in buildings,
Hence, we can see that in the fire company, there is a specialized company that rescues victims from fire and removes them from areas of danger or entrapment and they are known as the rescue company.
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A summary budget, one that contains the combined information of the flexible and operating budgets and is compiled
annually for the consideration of upper management, is called a____
-master
-operating
-industry standard
-start up
-accounting
Answers
Answer:
master
Explanation:
A master budget is an integration of all other functional budgets such as sales, purchases, marketing, and production. It is prepared when all the other budgets have been completed. The master budget is a summary budget that indicates the planned activities of the business for the coming period.
Master budgets have to be approved by the top management before implementation. A Master Budget shows the projected operating profit of the company for the coming financial period. It also portrays how the balance sheet will be at the close of the period.
how to figure out if a comapny is a monopoly an oligopoly monopolistically competitve or perfectly competitive
Answers
In a monopolistic market, there is only one company that has complete market dominance and sets the prices and levels of supply for goods and services whereas a perfectly competitive market is made up of numerous firms.
Companies are price makers in a monopolistic market because they set the prices for goods and services. Prices for goods and services are typically high in this type of market because businesses enjoy complete market dominance.
Buyers are aware of the nature of the goods being offered and the prices each firm charges, and the industry is characterized by freedom of entry and departure. In a completely competitive market, all firms sell the same product and are price takers.
The market is dominated by a small number of large suppliers in an oligopoly. Other less significant suppliers with a minor fraction of the oligopoly market share are possible. Oligopoly may stock, produce, or differentiate identical or similar goods.
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blake has just written an e-mail message to his colleagues. before sending it, he wants to make sure that it has high skim value. in doing so, he is checking . a. format b. clarity c. punctuation d. conciseness
Answers
The correct option is a. While writing the email Blake will be checking the format of the email.
The exchange of communications using electronic devices is known as electronic mail. Thus, during a time when mail primarily referred to physical mail, email was conceptualised as the electronic equivalent of or counterpart to mail. Later, email spread like wildfire as a means of communication, to the point where it is now commonly accepted that having an email address is a fundamental requirement for many activities in business, marketing, government, schooling, entertainment, and other areas of daily life in most developed nations. The medium is email, and each message transmitted through it is referred to as an email. It also has a particular format.
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how does nike's financial statements compare to industry standards in terms of legally and ethically communicating necessary information to stakeholders?
Answers
To determine how Nike's financial statements compare to industry standards in terms of legally and ethically communicating necessary information to stakeholders, you should obtain their financial statements, identify relevant industry standards, compare financial statement elements, assess financial disclosures, and compare Nike's reporting to its competitors.
1. Obtain Nike's financial statements: Access Nike's recent financial statements, usually available on their investor relations website or through financial platforms like Yahoo Finance or Bloomberg.
2. Identify industry standards: Determine the industry standards for financial reporting, which include Generally Accepted Accounting Principles (GAAP) in the United States or International Financial Reporting Standards (IFRS) for international companies. These standards set the guidelines for legal and ethical financial reporting.
3. Compare financial statement elements: Evaluate each component of Nike's financial statements, such as the balance sheet, income statement, and cash flow statement, to ensure they comply with the relevant accounting standards.
4. Assess financial disclosures: Review Nike's financial statement notes, management discussion and analysis (MD&A), and any other accompanying disclosures to ensure that they provide transparent, accurate, and relevant information to stakeholders.
5. Compare with competitors: Analyze Nike's financial statements and disclosures in comparison to its competitors in the industry. This comparison helps determine if Nike's communication of financial information is consistent with industry practices.
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Which of the following terms describes the level of harm that can result from a threat exploiting a vulnerability in an asset?
A. Threat
B. Likelihood
C. Impact
D. Damage
Answers
C. Impact describes the level of harm that can result from a threat exploiting a vulnerability in an asset.
A person or group is deemed vulnerable when there is a risk of suffering or injury, most often as a result of being exposed to a threat. A range of variables, including social, political, economic, and environmental vulnerability, can be used to rank the top 100 most vulnerable nations in the world.
Rankings, on the other hand, may fluctuate depending on how vulnerability is calculated and which specific symptoms are considered. To insert a malicious file into the vulnerable a, malicious software would need to exploit the weaknesses.
The Cityzens were susceptible due to Laporte's knee injury early in the season.
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Dr. Peabody recorded $6,820 in services provided to clients who make monthly payments. Which of the following statements is correct?
A. The dental revenues account is debited $6,820; accounts receivable is credited $6,820.
B. Accounts receivable is credited $6,820; the dental revenues account is credited $6,820.
C. Accounts receivable is debited $6,820; the dental revenues account is debited $6,820.
D. Accounts receivable is debited $6,820; the dental revenues account is credited $6,820.
Answers
Answer:
D. Accounts receivable is debited $6,820; the dental revenues account is credited $6,820.
Explanation:
The two accounts that are affected here are accounts receivables ( Assets) and the revenue account ( affects capital). The accounts receivable will increase as payment is expected at the end month. Since receivable are assets, an increase in receives is recorded as a debit of the account receivable account. $ 6,820 will be debited on the accounts receivables.
The services rendered increases the revenue to Dr. Peabody. Revenue is considered a capital account because it increases the owner's equity. An increase in a capital account is credited. Dr. Peabody will credit the dental revenue account with $6,820.
Cast Away Electronics paid a sum of $25,000 to an official of a foreign government to ensure that the company obtained exclusive preferential treatment for the plant it is building. The $25,000 can be classified as:____________
Answers
The payment by Cast Away Electronics to an official of a foreign government can be classified as a bribe.
Why is it a bribe?A bribe is a payment made by an entity to another entity in order to gain an unfair advantage or favor.
Cast Away Electronics wanted to gain an unfair advantage in the treatment of a plant and so paid a government official. This is therefore a bribe.
In conclusion, this is a bribe.
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List three forms of Material Handling Equipment. Describe the
function and purpose of this equipment
Answers
One of the forms of material handling equipment is the industrial trucks, I will show you the other 2.
Material handling equipment is any type of machinery or tools that are used to move, store, or control materials in industrial and manufacturing settings. The three most common forms of material handling equipment are conveyors, cranes, and industrial trucks.
Conveyors: are machines used to move materials from one location to another. These machines can be used to move materials horizontally, vertically, and/or on an incline. Their purpose is to reduce manual labor and improve efficiency.Cranes: are machines used to move and lift heavy materials or items. They are used in construction, transportation, and manufacturing industries to safely and quickly move materials or items. Industrial Trucks: are vehicles used to transport materials or items in industrial or manufacturing settings. They come in different types, such as forklifts, pallet jacks, and platform trucks, which are used to transport different types of materials.Another question about equipment in https://brainly.com/question/22097711
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1.
Consider the market for personal computers. Suppose that
demand is stable: The demand curve doesn't change. Predict
the effects of the following changes on the on the equilibrium
price of computers. Illustrate your answers with a supply and
demand diagram. (Hint: Needs 2 Graphs; one for "a" and one for
"b")
a.
b.
The cost of memory chips decreases.
The government imposes a $100 tax on personal
computers
Answers
Note that a decrease in the cost of memory chips will shift the supply curve to the right, leading to an increase in the quantity supplied and a decrease in the price of computers.
On the other hand, the imposition of a $100 tax will shift the supply curve to the left, reducing the quantity supplied and increasing the price of computers. As a result, the price of computers will decrease in the first case and increase in the second case.
What is the rationale for the above response?In economics, the equilibrium price is the price at which the quantity of a good or service supplied is equal to the quantity demanded by consumers.
When the cost of memory chips decreases, there will be an increase in the supply of personal computers, as it becomes cheaper for manufacturers to produce them.
This shift in supply will cause the price of personal computers to decrease, reaching a new equilibrium price at which the quantity supplied equals the quantity demanded.
On the other hand, if the government levies a $100 tax on personal computers, this will increase the price for consumers, causing a decrease in demand.
The shift in demand will cause the price to increase, reaching a new equilibrium price at which the quantity supplied equals the quantity demanded.
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1. When would a corporation make sense for a business, such as a construction company?
Answers
Answer:
when they can make profits
Explanation:
A corporation simply refers to a company that can be for-profit or non-profit that is authorized and recognized to act as a separate entity in law.
Thus, for a corporation to be categorized or make sense as a business it needs to fulfill the main objective of a business, which is profit-making. By so doing, the construction company would make sense for a business.
How does technology trends affect a pharmacy business?
Answers
Answer: Artificial Intelligence or Machine Learning.
Explanation:
Artificial Intelligence or Machine Learning offers multiple benefits such as data processing, enabling pharmacists to make quicker data-backed decisions, and improving customer service. With the Internet of Things, drug inventory management will be more accurate and faster; through device-to-device communication.
What Economic Issue arises in this graphic due to the Max Price being below Equilibrium?
Answers
As u asked in ur question which food we should have before exercise : ANSWER is - Option (B)
cross check if u have doubt it's correct..
How much is a standard tip?
•10-15 percent
•15-20 percent
•20-25 percent
•25-30 percent
Answers
How can an employee best help to maintain a positive work environment?
ОА.
Avoid interacting with other staff members.
OB.
Focus on the good things.
O C.
Socialize every evening with other staff members.
OD.
Maintain good relations with the management.
Answers
D. Maintain good relations with the management.
Answer:
it is (C)
Explanation:
Discuss the unique selling proposition and value proposition.
Answers
The Unique Selling Proposition (USP) and Value Proposition are two essential marketing concepts. Both concepts aim to attract and convince customers, but they approach it from different angles.
The Unique Selling Proposition (USP) is a marketing concept that emphasizes the unique qualities or features of a product or service that set it apart from competitors in the market. It answers the question, "Why should customers choose this product over others?" The USP focuses on identifying and communicating the distinct advantages and benefits that make a particular offering stand out. This could be achieved through factors such as superior quality, innovative features, competitive pricing, exceptional customer service, or a specialized niche focus.
On the other hand, the Value Proposition is a broader concept that encompasses the overall value and benefits that a product or service provides to customers. It goes beyond the unique aspects and delves into the core value that customers derive from using a particular offering. The Value Proposition communicates how the product or service addresses customer needs, solves their problems, or fulfills their desires. It emphasizes the benefits, outcomes, or experiences that customers can expect, such as time savings, cost reduction, convenience, improved performance, increased productivity, or enhanced satisfaction.
While the USP focuses on highlighting the unique features and advantages that differentiate a product or service, the Value Proposition aims to convey the overall value and benefits that customers can expect. Both concepts play a crucial role in marketing strategies, as they help businesses attract and persuade customers to choose their offerings.
The USP captures attention by showcasing distinct qualities, while the Value Proposition appeals to customers by demonstrating the tangible and intangible value they will gain. Together, they form a powerful combination to communicate the competitive advantages and benefits of a product or service, ultimately influencing customer buying decisions.
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The final step in attaching dollar values to jobs using the point method is to establish: Question options: the relationship of points to a salary survey. job descriptions. the relative worth of jobs. pay grades.
Answers
The final step in attaching dollar values to jobs using the point method is to establish the relative worth of jobs. The correct answer is C. This involves comparing the point totals for each job to determine the hierarchy of job worth and their corresponding salaries.
The point method enables organizations to establish a systematic and objective process for assigning pay based on the specific skills and responsibilities required for each job. This process helps to ensure that jobs are paid equitably and that employees are fairly compensated for their contributions to the organization.
It is important for organizations to periodically review and update their point system to ensure it remains relevant and reflective of the changing job market.
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Pierre Computer Company is considering purchasing two different types of servers. Server A will generate net cash inflows of $20,000 per year and have a zero residual value. Server A 's estimated useful life is three years, and it costs $36,000. Server B will generate net cash inflows of $20,000 in year 1,$12,000 in year 2 , and $4,000 in year 3 . Server B has a $5,000 residual value and an estimated useful life of three years. Server B also costs $36,000. Pierre Computer Company's required rate of return is 12%.
Calculate payback, accounting rate of return, net present value, and internal rate of return for both server investments. Use Microsoft Excel to calculate NPV and IRR.
Assuming capital rationing applies, which server should Pierre Computer Company invest in?
Answers
Assuming capital rationing applies, Pierre Computer Company should invest in Server A because it has a higher NPV of $11,019.
Given that, Server A will generate net cash inflows of $20,000 per year and have zero residual value. Its estimated useful life is three years, and it costs $36,000.
Server B will generate net cash inflows of $20,000 in year 1, $12,000 in year 2, and $4,000 in year 3.
Server B has a $5,000 residual value and an estimated useful life of three years.
It also costs $36,000.
Pierre Computer Company's required rate of return is 12%.
1) Payback period calculation:
Server A: $36,000/$20,000 = 1.8 years
Server B: Year 1: ($36,000 - $20,000) / $20,000
= 0.8
Year 2: ($20,000 - $12,000) / $12,000
= 0.67
Year 3: ($12,000 + $5,000 - $4,000) / $4,000
= 3.25 Payback period
= 0.8 + 0.67 + 3.25
= 4.72 years.
2) Accounting rate of return calculation:
Server A: Average annual income = $20,000/3
= $6,666 ARR
= $6,666 / $36,000
= 0.185 = 18.5%
Server B:
Average annual income = ($20,000 + $12,000 + $4,000) / 3
= $12,000 ARR
= $12,000 / $36,000
= 0.333 = 33.3%
3) Net present value calculation:
Server A:
Year 1: $20,000 / (1 + 12%)^1
= $17,857
Year 2: $20,000 / (1 + 12%)^2 = $15,938
Year 3: $20,000 / (1 + 12%)^3 = $14,224
NPV = -$36,000 + $17,857 + $15,938 + $14,224
= $11,019
Server B:
Year 1: $20,000 / (1 + 12%)^1 = $17,857
Year 2: $12,000 / (1 + 12%)^2 = $9,751
Year 3: $4,000 + $5,000 / (1 + 12%)^3
= $4,343
NPV = -$36,000 + $17,857 + $9,751 + $4,343
= -$4,049.
4) Internal rate of return calculation:
Server A:IRR = 16.09%
Server B:IRR = 5.79%
As a result, assuming capital rationing applies, Pierre Computer Company should invest in Server A because it has a higher NPV of $11,019.
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х
The account debited when payment is made for equipment purchased previously on account is
A accounts receivable.
O
B. cash.
C. accounts payable.
D. equipment
Answers
Answer: It is A. Accounts Receivable.
I NEED HELP ASAP 50 POINTS
List and compare the four components of the expenditure approach to calculating GDP.
Answers
what is the most money you get in a job?
Answers
Answer:
it depends on the job but it is a Anesthesiologists
Answer:
I think being a rapper or being in the NBA OR NFL OR MLB
Explanation:
In
, people invest money in a company in exchange for the company’s
.
Answers
Answer:
In equity crowdfunding, people invest money in a company in exchange for the company’s shares
Explanation:
Equity crowdfunding is the process in which people invest in start up companies and early stage companies that have not been listed on a stock market in exchange for shares in that company. As a result of the investment, the person becomes a shareholder and makes profit when the company do well but if the company fails, shareholders make losses.
Startups and early-stage companies use this method to raise capital.
A big crowd is watching a football game. Suddenly, everyone jumps to their feet and starts cheering. The home team scored a touchdown. They are now in the lead. What is the stimulus in this scenario?
A) They are now in the lead.
B) The home team scored a touchdown.
C) A big crowd is watching the game.
D) Suddenly, everyone jumps to their feet and starts cheering.
Answers
B)
Explanation:
the definition of stimulus is something that causes a reaction so b is the only one that makes sense