What is an example of a 'Sunk cost" ? *

A the price of food when cooking a meal

B. the price of a video game when buying a birthday present

C. the price of last month's car repairs when getting your car fixed

D the price of college when getting a job​

Answers

Answer 1

Answer:

C. the price of last month's car repairs when getting your car fixed.

Explanation:

The correct option is - C. the price of last month's car repairs when getting your car fixed.

Reason -

A sunk cost is a past cost that you can’t recover.


Related Questions

Tiffany promised to sell Lillian her diamond necklace and Lillian promised to pay $2,000. What type of contract is this?

Answers

Answer:

This is a verbal agreement

Explanation:

not sure if that is what you wanted :)

Tiffany promised to sell Lillian her diamond necklace, and Lillian promised to pay $2,000 in a bilateral contract. Thus, option D is correct.

What is the contract?

A contract can be defined as an agreement that can be written or as well as oral which is considered a binding agreement between two or more parties, it is a legally enforced document regarding the promise that has been made.

A contract needs to be done by both parties with their concern and to be acceptable to them.

Tiffany and Lillian both have agreed to sell their necklace to another one as promises are being made, therefore this contract would be termed a bilateral contract in which promises are made by both parties, and later they have to oblige about the same. Therefore, option D is the correct option.

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the question is incomplete, the complete question will be:

A unilateral contract

A liquidated contract

A quasi-contract

A bilateral contract

An executed contract

Just before the year ended, a company offered to buy 4,120 units for $14.95 each. X Company had the capacity to produce the additional 4,120 units, but because the special order product was slightly different than the regular product, direct material costs were expected to increase to $2.40 per unit, and some special equipment would have to be rented for a total of $19,000.

Sales $1,225,500
Cost of goods sold 521,805
Gross margin $703,695
Selling and administrative costs 153,510
Profit $550,185

Fixed cost of goods sold for the year was $130,935, and fixed selling and administrative costs were $72,885. The special order product has some unique features that will require additional material costs of $0.90 per unit and the rental of special equipment for $3,000. Assume the following fact: regular variable selling and administrative costs include sales commissions equal to 4% of sales, but there will be no sales commissions on the special order. This will cause the special order profit to increase by:__________

Answers

Answer:

4%

Explanation:

Profit on special order = 7847.7     or   7848 Selling price 11 Variable cost   special material 0.72 Cost of goods sold 6.69 Selling and administrative cost 1.02 Total variable cost per unit Particulars Per Unit 64500 Units Sales 19 1225500 Less: Variable cost     Cost of Goods Sold (521805-130935) 6.06 390870 Sales commission (Sales*4%) 0

You are getting paid biweekly at the rate of $12 per hour. Calculate your net pay, the gross pay, and every deduction applicable utilizing the image above for reference.

Answers

Answer:

i need to quit that job if i'm only getting payed 12 bucks an hour hell i need a better job....

Explanation:

Is there an image or something I can see cause I don’t really understand the question

Journalize the entries to record the following:

a. Check No. 12-375 is issued to establish a petty cash fund of $500.
b. The amount of cash in the petty cash fund is now $40. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $212; miscellaneous selling expense, $156; miscellaneous administrative expense, $61. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.)

Required:
1. Journalize the entry to establish the petty cash fund.
2. Journalize the entry to replenish the petty cash fund.

Answers

Answer:

a. Dr Petty cash $500

Cr Cash $500

b. Dr Office supplies $212

Dr Miscellaneous selling expense $156

Dr Miscellaneous administrative expense $61

Dr cash over and short $31

Cr Cash $460

Explanation:

a. Preparation of the journal entry to establish the petty cash fund.

Dr Petty cash $500

Cr Cash $500

(To establish the petty cash fund)

b. Preparation of the journal entry to replenish the petty cash fund.

Dr Office supplies $212

Dr Miscellaneous selling expense $156

Dr Miscellaneous administrative expense $61

Dr cash over and short $31

($460-$212-$156-$61)

Cr Cash ($500-$40) $460

(To replenish the petty cash fund)

two obstacles you may face in your attempt to achieve your goals

Answers

Answer: Perfectionism, Expectations, Distrations, etc.

Explanation:

An act of Procrastinating and viewing of mistakes as failure are obstacles one might face in your attempt to achieve goals.

What is a goals?

A goals refers to a predetermined aim that an entity or group plans to to achieve in a set period of time.

However, some obstacles that one might face in an attempt to achieve your goals includes:

Procrastination: This obstacle delays the act of carrying out an action.Viewing mistakes as failure: This makes people to fear making mistake whereas they should stand as stepping stone for success.

Read more about goals

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If the spending multiplier equals 5 and equilibrium income is $2 billion below potential GDP, then _____ to reach the potential real GDP level. Group of answer choices total spending needs to increase by $0.1 billion nominal GDP needs to increase by $1.2 billion total spending needs to decrease by $6 billion nominal GDP needs to decrease by $12 billion total spending needs to increase by $0.4 billion

Answers

Answer:

total spending needs to increase by $0.4 billion

Explanation:

Calculation to determine how much total spending needs to increase or decrease

Using this formula

Increase or Decrease in total spending=Equilibrium income/Spending multiplier

Let plug in the formula

Increase or Decrease in total spending=$2 billion/5

Increase or Decrease in total spending=$0.4 billion

Therefore If the spending multiplier equals 5 and equilibrium income is $2 billion below potential GDP, then TOTAL SPENDING NEEDS TO INCREASE BY $0.4 BILLION to reach the potential real GDP level.

The Allied Corporation analyzes a project that requires an immediate investment of $440. Allied estimates that at the end of the first year the project will generate a cash flow of $660, but that at the end of the second year, when the project ends, it will generate a negative cash flow of $85. The project's required rate of return is estimated to be 7.50%. Calculate the NPV of Allied's project.

Answers

Answer:

NPV = $100.4002 rounded off to $100.40

Explanation:

The NPV or net present value is the present value of a project or business's cash flows which are calculated by deducting the cash outflows from the cash inflows. NPV is a tool or criteria used for investment and project appraisal. The NPV can be calculated as follows,

NPV = CF1 / (1+r)  +  CF2 / (1+r)^2  +  ....  +  CFn / (1+r)^n   -   Initial Outlay

Where,

CF1, CF2, ... represents the cash flows in Year 1, Year 2 and so on.r represents the discount rate

NPV = 660 / (1+0.075)  +  [ -85 / (1+0.075)^2]  -  440

NPV = $100.4002 rounded off to $100.40

The Maryville Construction Company occupies 105,800 square feet for construction of mobile homes. There are two manufacturing departments, finishing and assembly, and four service departments labeled S1, S2, S3, and S4. Information relevant to Maryville is as follows: Allocation Department Area used S1 S2 S3 S4 Finishing Assembly S1 18,600 --- 0.20 0.10 --- 0.10 0.60 S2 5,050 --- --- 0.40 0.40 --- 0.20 S3 10,100 0.20 0.20 --- 0.30 0.20 0.10 S4 5,050 0.20 0.10 0.20 --- 0.30 0.20 Finishing 30,150 --- --- --- --- --- --- Assembly 36,850 --- --- --- --- --- --- Rent paid for the area used is $736,000. How much rent is allocable to the assembly department using the direct method of allocation

Answers

Answer:

$404,800

Explanation:

Calculation to determine How much rent is allocable to the assembly department using the direct method of allocation

Using this formula

Rent =Area used by Assembly department / Total Area used by Manufacturing Departments x Total Rent paid

Let plug in the formula

Rent =36,850/ (36,850+30,150) x $736,000

Rent=36,850/67,000*$738,000

Rent=0.55*$736,000

Rent= $404,800

Therefore How much rent is allocable to the assembly department using the direct method of allocation is $404,800

On January 1, 2021, the Dayton Auto Parts Company acquired nine identical assembly robots for a total of $594,000 cash. The robots had an expected useful life of 10 years and an expected residual value of $54,000 in total. Dayton uses straight-line depreciation.1. What is the journal entry for the acquisition

Answers

Answer:

the journal entry for the acquisition

Debit : Assembly Robots $594,000

Credit:  Cash $594,000

Explanation:

First, identify if the item is an asset, liability, equity or income. The assembly robots represents Assets as economic benefits will flow into the entity as a result of their use.

Next, assets are initially measured at their cost which is purchase price plus any costs directly related to placing the asset in the location and condition intended for use by management.

Cost of the Assembly Robots is $594,000

Logistics Solutions provides order fulfillment services for dot merchants. The company maintains warehouses that stock items carried by its dot clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours.

In the most recent month, 160000 items were shipped to customers using 6,500 direct labor-hours. The company incurred a total of $20,800 in variable overhead costs. According to the company's standards, 0.03 direct lab0Fhours are required to fulfill an order for one item and the variable overhead

Required:
a. What is the Standard labor-hours allowed (SHI to ship 160,000 terms to customers?
b. What is the standard variable overhead cost allowed (SH SR) to ship 160,000 items to customers?
c. What is the variable overhead spending variance?
4. What is the variable overhead rate variance and the variable Overhead efficiency variance?

Answers

Answer: See explanation

Explanation:

a. What is the Standard labor-hours allowed (SHI to ship 160,000 terms to customers?

Actual output = 160,000 items

Standard labour hour per time = 0.03 per time

Standard labor hour allowed = 160,000 × 0.03 = 4800 hours

b. What is the standard variable overhead cost allowed (SH SR) to ship 160,000 items to customers?

Standard variable overhead rate per hour = $3.25

Standard variable overhead cost allowed = 4800 × $3.25 = $15600

c. What is the variable overhead spending variance?

= $15600 - $20800

= $5200 Unfavorable

d. What is the variable overhead rate variance and the variable Overhead efficiency variance

Variable overhead rate variance:

= (Actual hours × Standard rate per hour ) - Actual variable overhead

= (6500 hours × 3.25) - $20800

= $21125 - $20800

= $325 F

Variable overhead efficiency variance:

= $3.25 (4800 - 6500)

= $3.25 (-1700)

= $5525 Unfavorable

Assume the following: The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,800 pounds. The actual purchase price per pound of materials was $2.20. The company produced 13,000 units of finished goods during the period. What is the materials price variance

Answers

Answer:

Direct material price variance =$10,160 unfavorable

Explanation:

Direct material price variance occurs when the actual quantity of materials are purchased at an actual price per unit higher or lower than the standard price.

Direct material price variance                                            $

50,800 pounds should have cost (50,800× $2)      =   101,600

but did cost                                      (50,800× $2.20) = 111,760

Direct material price variance                                         10,160  unfavorable

Direct material price variance =$10,160 unfavorable

The materials price variance is $10,160 Unfavorable.

The difference between the standard cost and actual cost for the purchased actual quantity of material is the direct material price variance

The formulae for the direct Materials price variance is (Standard price – Actual price) * Actual quantity purchased

Direct Materials price variance = ($2.00 per pound – $2.20per pound) * 50800 pounds

Direct Materials price variance = ($0.20 * 50,800 pounds) Unfavorable

Direct Materials price variance = $10,160 Unfavorable

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Question II - Tina Technology is looking to raise $85,000 worth of capital, and she is looking to raise that money through the internet and still fall under an SEC exemption. How should Tina go about raising that money? Due to the amount of capital she is looking to raise, will Tina be subject to any other special requirements?

Answers

Answer and Explanation:

In the given case Tina Technology could use the funding as crowd funding and also can claim exemption from SEC

The provisions are shown below:

The Guideline Crowdfunding could empowered the organizations that should be qualified can offer and sell the protections via crownfunding

The principles are

1. It needs all exchanges that are under Regulation Crowdfunding to arise occur via SEC i.e. enrolled delegation it should be merchant vendor or a financing entrance

2. Permission made to organization for raising a highest measure of $1,070,000 via contributions related to the crownfunding

3. Control the sum of individual specialist that can put total contributions related to the crownfunding

4. It needs the data exposure in order to file with the commission, financial specialist & the middle person for motivating the contribution

The protection that could be purchased in the crowdfunding exchange could not be exchange also the guidelines related to Crowdfunding contributions are based upon the troublemaker that have exclusion arrangement

4. What do you think would happen if patents did not exist? Why?

Answers

Answer:

if parents didnt exist we wouldn't exist- but um we would be able to do anything we want but we gotta raise ourselves

how to use standard deviation, I don't really understand how to calculate and use the formula, someone can please give me an example with formula it would be great thank you so much. 

Answers

First, for each data value, find out how far the value is from the mean by taking the difference of the value and the mean. Then, square all of those differences. Then, take the average of those squared differences. Finally, take the square root of that average.

Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $63,000, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,071 credit balance before the adjustment. (b) a $315 debit balance before the adjustment.

Answers

Answer:

A. Dr Bad debt expense $2,079

Cr To Allowance for Doubtful Accounts

$2,079

B. Dr Bad debt expense $3,465

Cr To Allowance for Doubtful Accounts $3,465

Explanation:

(a) Preparation of the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: a $1,071 credit balance before the adjustment

Dr Bad debt expense $2,079

Cr To Allowance for Doubtful Accounts $2,079

(Being bad debt expense recorded)

Bad debt expense= (Outstanding accounts receivable × uncollectible percentage) - Credit balance

Bad debt expense= ($63,000 × 5%) - $1,071

Bad debt expense= $3,150 - $1,071

Bad debt expense= $2,079

(b) Preparation of the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:a $315 debit balance before the adjustment.

Dr Bad debt expense $3,465

Cr To Allowance for Doubtful Accounts $3,465

(Being bad debt expense recorded)

Bad debt expense= (Outstanding accounts receivable × uncollectible percentage) - Dredit balance

Bad debt expense= ($63,000 × 5%) - $315

Bad debt expense= $3,150 -+ $315

Bad debt expense= $3,465

One of two methods must be used to produce expansion anchors. Method A costs $80,000 initially and will have a $15,000 salvage value after 3 years. The operating cost with this method will be $30,000 per year. Method B will have a first cost of $120,000, an operating cost of $8,000 per year, and a $40,000 salvage value after its 3-year life. At an interest rate of 8% per year, the present worth of Method B is closest to:

Answers

Answer:

At an interest rate of 8% per year, the present worth of Method B is closest to:

=  $108,856.

Explanation:

a) Data and Calculations:

                                      Method A     Method B

Initial investment            $80,000     $120,000

Salvage value                    15,000        40,000

Period of investment       3 years        3 years

Annual operating costs $30,000       $8,000

Interest rate per year           8%               8%

Present value annuity factor = 2.577

Discounted present value factor = 0.794

Present worth:

                                                            Method B    Method A

Initial investment cost ($120,000 * 1) $120,000     $80,000

Operating costs = ($8,000 * 2.577) =     20,616         77,310

Salvage value = $40,000 * 0.794 =       (31,760)        (11,910)

Present worth =                                  $108,856    $145,400

b) Using the present worth analysis technique, Method B should be used to produce the expansion anchors, as it costs less than Method A.  The present worth analysis method is an equivalence method of discounting a project's cash flows to a single present value.  With this analysis, it becomes easier to determine the project that should be accepted or rejected based on their economic realities.

An office building is expected to create operating cash flows of $30,500 a year for three years, based on tenants' rental income. The purchase of the fixed assets for this building will cost $63,000. These assets will have no value at the end of the project. An additional $2,000 of net working capital will be required throughout the life of the project. Calculate the net present value of this project if the required rate of return is 14 percent

Answers

Answer:

The net present value of this project is $5,809.78.

Explanation:

Note: See the attached excel file for the calculation of net present value of this project.

In the attached excel file, the discounting factor is calculated as follows:

Discounting factor = 1 / (100% + required rate of return)^n

Where n is a particular year in focus.

From the attached excel file, we have:

Net present value = $5,809.78

Therefore, the net present value of this project is $5,809.78.

TB MC Qu. 10-149 (Algo) ABC Corporation makes a product ... ABC Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.7 grams $ 2.30 per gram Direct labor 0.5 hours $ 23.00 per hour Variable overhead 0.5 hours $ 7.30 per hour The company produced 5,500 units in January using 39,610 grams of direct material and 2,410 direct labor-hours. During the month, the company purchased 44,700 grams of the direct material at $2.00 per gram. The actual direct labor rate was $22.30 per hour and the actual variable overhead rate was $7.10 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for January is:

Answers

Answer:

Direct labor rate variance= $482 favorable

Explanation:

Giving the following information:

Variable overhead 0.5 hours $ 7.30 per hour

Actual direct labor hours= 2,410

The actual variable overhead rate was $7.10 per hour.

To calculate the variable overhead rate variance, we need to use the following formula:

Variable manufacturing overhead rate variance= (standard rate - actual rate)* actual quantity

Variable manufacturing overhead rate variance=  (7.3 - 7.1)*2,410

Variable manufacturing overhead rate variance=  $482 favorable

Based on the segment income statement below, Chips, Inc. is considering eliminating its Barbecue Division line. Revenue from Barbecue Division sales $ 510,000 Salaries for Barbecue Division workers (110,000 ) Direct material (315,000 ) Sunk costs (equipment depreciation) (77,500 ) Allocated company-wide facility-sustaining costs (55,000 ) Net loss $ (47,500 ) If Barbecue Division were eliminated, profitability would

Answers

Answer: Decrease by $70000

Explanation:

Before the Barbecue Division is eliminated, the profit gotten will be:

Revenue from Barbecue Division sales = $510,000

Less: Salaries = $110000

Less: Direct material = $315000

Profit = $70000

Therefore, based on the analysis above, If Barbecue Division were eliminated, profitability would decrease by $70000

Journalize the entry for Hot Rod Service using the following data from the payroll register:

Regular earnings $16,370
Overtime earnings 903
Federal income tax withheld 2,268
Social Security tax withheld 827
Medicare tax withheld 194
Pension contribution from employees 711
Health insurance premiums 807

If an amount box does not require an entry, leave it blank.

Date Description Post Ref. Debit Credit

Answers

Answer: See explanation

Explanation:

Debit: Wages and Salaries Expense = $17,273

Credit: Employee Income tax payable = $2,268

Credit: Social Security tax payable = $827

Credit: Medicare tax payable = $194

Credit: Pension plan deduction payable = $711

Credit: Health Insurance premium payable = $807

Credit: Cash (Balancing Figure) = $12,466

Note that wages and salaries expense was calculated as:

= Regular earnings + Overtime earnings

= $16,370 + $903

= $17,273

Exercise 8-4A (Static) Determining sales and variable cost volume variances LO 8-3 Cherokee Manufacturing Company established the following standard price and cost data. Sales price $ 12.00 per unit Variable manufacturing cost $ 7.20 per unit Fixed manufacturing cost $ 3,600 total Fixed selling and administrative cost $ 1,200 total Cherokee planned to produce and sell 2,000 units. Actual production and sales amounted to 2,200 units. Required Determine the sales and variable cost volume variances. Classify the variances as favorable (F) or unfavorable (U). Determine the amount of fixed cost that will appear in the flexible budget. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.

Answers

Answer:

Cherokee Manufacturing Company

a. Sales volume variance is:

= $2,400 F

b. Variable cost volume variance is:

= $1,440 U

c. Fixed cost in the flexible budget = $4,800

d. Fixed cost per unit:

1. Planned activity = $2.40

2. Actual activity = $2.18

Explanation:

a) Data and Calculations:

Standard price and cost data:

Sales price $ 12.00 per unit

Variable manufacturing cost $ 7.20 per unit

Fixed manufacturing cost $ 3,600 total

Fixed selling and administrative cost $ 1,200 total

Planned production and sales = 2,000 units

Actual production and sales = 2,200 units

Sales volume variance = Actual sales - Standard sales multiplied by Standard price

= 2,200 - 2,000 * $12

= 200 * $12

= $2,400 F

Variable cost volume = Actual production - Standard production multiplied by Standard Variable Cost

= 200 * $7.20

= $1,440 U

Flexible fixed costs:

Fixed manufacturing cost = $ 3,600 total

Fixed selling and administrative cost = $ 1,200 total

Total fixed costs = $4,800

Fixed cost per unit:

Planned activity = $2.40 ($4,800/2,000)

Actual activity = $2.18 ($4,800/2,200)

Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $33,400 in the refund liability account. Sales during 2021 were $740,000. Rusty estimates that 7% of all sales will be returned. During 2021, customers returned merchandise for credit of $30,800 to their accounts. What is the balance in the refund liability account at the end of 2021

Answers

Answer:

$54,400

Explanation:

The balance in the refund liability account would be calculated as;

Ending balance of sales return allowance = Opening balance of allowance + Expected sales return - Actual sales return

Given that;

Opening balance = $33,400

Expected return = $740,000 × 7% = $51,800

Actual return = $30,800

Therefore,

Ending balance of sales returns = $33,400 +$51,800 - $30,800 = $54,400

The balance in the refund liability account at the end of 2021 is $54,400

Wildhorse Co. just began business and made the following four inventory purchases in June: June 1 168 units $1008 June 10 224 units 1568 June 15 224 units 1792 June 28 168 units 1512 $5880 A physical count of merchandise inventory on June 30 reveals that there are 224 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

Answers

Answer:

Ending inventory= $1,848

Explanation:

Giving the following information:

June 1: 168 units $1,008

June 10: 224 units 1,568

June 15: 224 units 1,792 ($8)

June 28: 168 units 1,512 ($9)

A physical count of merchandise inventory on June 30 reveals that there are 224 units on hand.

To calculate the ending inventory using the FIFO (first-in, first-out) method, we need to use the cost of the last units incorporated into inventory.

Ending inventory= 168*8 + 56*9

Ending inventory= $1,848

Abigail does not feel that the company is paying her enough money to live on, despite the fact that she works hard. The quality of this_____________ (lack of belongingness, motivator, lack of power, hygiene factor) will make her dissatisfied with her work, according to Frederick Herzberg.

Answers

Answer:

hygiene factor

Explanation:

Since in the question it is mentioned that Abigail was not feel that the company would not pay sufficient money accrding to her work so here the quality of the hygiene factor would dissatisfied with her work

As the attributes that are along with the job satisfaction is known as hygiene factor

So as per the given situation, the above represent the answer

Brent is a full-time exempt employee in Clark County, Indiana. He earns an annual salary of $39,360 and is paid semimonthly. He is married with 3 withholding allowances. His state income tax is $52.97, and Clark County income tax is $29.52 per pay period. What is the total of FICA, Federal, state, and local deductions per pay period, assuming no Pre-Tax Deductions

Answers

Answer:

Federal Income tax ⇒ $80FICA ⇒ $125.46 State income tax ⇒ $52.97Local deduction - Clark County Income tax ⇒ $29.52

Explanation:

Brent gets paid semi-monthly so his pay per period is:

= 39,360 / (12 months *2)

= $1,640

Based on the table therefore, his federal tax is:

= $80

This figure is based on the intersection between income of $1,640 and 3 withholding allowances.

FICA tax rate is 7.65% so his FICA tax is:

= 1,640 * 7.65%

= $125.46

State income tax = $52.97

Local deduction - Clark County Income tax = $29.52

Total deductions:

= Federal tax + FICA + State income tax + Clark County income tax

= 80 + 125.46 + 52.97 + 29.52

= $287.95

Problem 8-27A (Static) Computing standard cost and analyzing variances LO 8-5, 8-6 Spiro Company manufactures molded candles that are finished by hand. The company developed the following standards for a new line of drip candles. Amount of direct materials per candle 1.6 pounds Price of direct materials per pound $ 1.50 Quantity of labor per unit 1 hour Price of direct labor per hour $ 20 /hour Total budgeted fixed overhead $ 390,000 During Year 2, Spiro planned to produce 30,000 drip candles. Production lagged behind expectations, and it actually produced only 24,000 drip candles. At year-end, direct materials purchased and used amounted to 40,000 pounds at a unit price of $1.35 per pound. Direct labor costs were actually $18.75 per hour and 26,400 actual hours were worked to produce the drip candles. Overhead for the year actually amounted to $330,000. Overhead is applied to products using a predetermined overhead rate based on estimated units.

Answers

This question asks us to:

a. Determine the standard cost per candle for direct products, direct labor, and overhead.

b. Calculate the total standard cost of one drip candle.

c. Determine the direct materials, direct labor, and overhead actual costs per candle.

d. The total actual cost of each candle

Answer:

Explanation:

a.

Cost                          Computation      Standard cost per unit

Direct material    [tex]\$1.50 \times 1.6[/tex]                     2.4

Direct Labor        [tex]\$20 \times 1[/tex]                           20

Overhead           [tex]\dfrac{\$390,000}{30000}[/tex]                        13

b.

To find the total average standard cost for 1 drip candle

The total standard cost per dip candle = $(2.4+20+13)

=$35.40

c. The actual cost per candle for direct materials, direct labor, and overhead can be computed as:

Cost                          Computation          Standard cost per unit

Direct material    [tex](\dfrac{40000}{24000}\times 1.35)[/tex]                           2.25

Direct Labor         [tex]\dfrac{26400}{24000} \times 18.75[/tex]                          20.63

Overhead            [tex]\dfrac{\$330,000}{24000}[/tex]                                    13.75

d. The total actual cost per candle = $(2.25 + 20.63 + 13.75)

= $36.63

Rizio Co. purchases a machine for $12,500, terms 2/10, n/60, FOB shipping point. The seller prepaid the $360 freight charges, adding the amount to the invoice and bringing its total to $12,860. The machine requires special steel mounting and power connections costing $895. Another $475 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $180 in damages occurred. Also, $40 of materials is used in adjusting the machine to produce a satisfactory product. The adjustments are normal for this machine and are not the result of the damages.

Required:
Compute the cost recorded for this machine.

Answers

Answer:

$14,020

Explanation:

The amount included in the cost of equipment:

The Invoice price of the machine $ 12.500

Less: Discount  250

Net purchase price  12,250

Assembly 475

Freight charges 360

Materials used in adjusting 40

Mounting and power connections 895

0

0

Total cost to be recorded $14,020

To compute the cost recorded for the machine, we need to add up all the relevant costs incurred in its acquisition and preparation. Here's the breakdown:

Purchase price: $12,500

Freight charges: $360

Special steel mounting and power connections: $895

Assembly and installation: $475

Damages during movement: $180

Materials for adjustments: $40

Now, let's calculate the total cost recorded for the machine:

Purchase price + Freight charges + Steel mounting + Assembly + Damages + Materials

= $12,500 + $360 + $895 + $475 + $180 + $40

= $14,450

Therefore, the cost recorded for the machine is $14,450.

Learn more about freight charges here:

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Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget: Rumble Thunder Estimated inventory (units), June 1 284 79 Desired inventory (units), June 30 327 69 Expected sales volume (units): Midwest Region 4,300 4,800 South Region 5,050 4,400 Unit sales price $95 $225

Answers

Answer:

Sonic Inc.

a. Sales Budget for the month of June:

                                                         Rumble     Thunder          Total

Midwest Region                               4,300           4,800             9,100

South Region                                   5,050           4,400            9,450

Total units sold                                9,350           9,200           18,550

Sales price                                          $95            $225

Expected Sales Revenue         $888,250 $2,070,000  $2,958,250

b. Production Budget for the month of June:

                                                              Rumble     Thunder    Total

Desired inventory (units), June 30        327               69          396

Total units sold                                   9,350          9,200     18,550

Total units available for sale             10,287          9,269     19,556

Estimated inventory (units), June 1      284                79          363

Units to be produced                       10,003           9,190      19,193

Explanation:

a) Data and Calculations:

                                                        Rumble     Thunder

Estimated inventory (units), June 1     284             79

Desired inventory (units), June 30     327             69

Expected sales volume (units):

Midwest Region                               4,300        4,800

South Region                                   5,050        4,400

Unit sales price                                   $95        $225

Rizzo Company has debentures ($1,000 par) outstanding that are convertible into the company's common stock at a price of $25. The convertibles have a coupon interest rate of 8% and mature in 12 years. In addition, the convertible debenture is callable at 110% of the par value. Straight debt of equivalent risk is yielding 12%. The company's common stock is selling at $22 per share. The company has a marginal tax rate of 40%. Determine the conversion value of the issue

Answers

Answer:

A. $880

B. -$752.23

Explanation:

Calculation to determine the conversion value of the issue

First step is to calculate the Conversion ratio using this formula

Conversion ratio=Per value of security/ Conversion price

Let plug in the formula

Conversion ratio=$1,000/$25

Conversion ratio=40

Now let determine the Conversion value using this formula

Conversion value =Conversion ratio*Conversion price

Let plug in the formula

Conversion value=40*$22 per share

Conversion value=$880

Therefore the conversion value of the issue is $880

B. Calculation to determine the Straight bond value of the issue

Using financial calculator to the Present Value (PV)

PMT=8%*1,000=80

N=12 years

1/Y=12%

FV=1,000

PV=-$752.23

Therefore the Straight bond value of the issue is -$752.23

Colonnade Corporation purchased a machine for use in the firm's manufacturing process. The original cost of the machine was $1,800,000. The machine has a class life of 15 years, but after 13 years, the firm has decided to sell the machine for $320,000. If Colonnade has a marginal tax rate of 34%, what is the tax effect associated with the decision

Answers

Answer: $27,200

Explanation:

Machine depreciation:

There is no salvage value so depreciation is:

= 1,800,000 / 15

= $120,000

Gain on the machine when sold was:

= Selling price - Book Value of asset

= Selling price - (Cost price - Accumulated depreciation for 13 years)

= 320,000 - (1,800,000 - (120,000 * 13))

= $80,000

Tax on gain:

= 80,000 * 34%

= $27,200

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