Reference no: EM13863633
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014:
1) Started the business by issuing common stock for $7,920 cash
2) Paid cash to purchase $5,140 of inventory
3) Sold inventory that cost $3,210 for $7,670 cash
4) Incurred and paid operating expenses, $264
Schumacher Company engaged in the following transactions during 2015:
1) Paid cash to purchase $6,150 of inventory
2) Sold inventory that cost $7,420 for $15,990 cash
3) Incurred and paid operating expenses, $528
The gross margin for the year 2014 is:
Part.B
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014:
1) Started the business by issuing common stock for $7,800 cash
2) Paid cash to purchase $5,100 of inventory
3) Sold inventory that cost $3,150 for $7,550 cash
4) Incurred and paid operating expenses, $260
Schumacher Company engaged in the following transactions during 2015:
1) Paid cash to purchase $6,050 of inventory
2) Sold inventory that cost $7,300 for $15,750 cash
3) Incurred and paid operating expenses, $520
The balance in the Merchandise Inventory account at December 31, 2014 is
Part C:
Baxter Company's merchandise inventory at the start of 2014 was $85,000. The company purchased inventory during 2014 in the amount of $323,000, and its inventory at the end of the year was $102,000.
What was Baxter's Cost of Goods Available for Sale for the year 2014?
|
What would be total variable costs for this new level
: An Internet gourmet foods company, “Yumminess”, will be including “Chocolate Attack Brownies” (CAB) in their online catalog. What would be total variable costs for this new level? What would be total fixed costs for this new level?
|
|
Describe characteristic of process costing
: Which of the following does not describe a characteristic of process costing? All units of production receive precisely the same amount of material, labor, and overhead.
|
|
Formula for computing predetermined overhead rate
: A credit balance in the Manufacturing Overhead account at the end of an interim month means that: The balance should be reported as a prepaid expense in the monthly balance sheet. The formula for computing a predetermined overhead rate is: A producti..
|
|
Manufacturing costs are typically classified
: Manufacturing costs are typically classified as: One major purpose of the statement of cash flows is to provide information about: In the statement of cash flows, the activities that affect cash flows are listed in the following order:
|
|
Uses the perpetual inventory system
: Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014: Started the business by issuing common stock for $7,920 cash. Schumacher Company uses the perpetual inventory system, and it engaged in ..
|
|
Short-term liquidity ratios include
: Sunshine Paint reported sales of $500,000, total assets of $300,000, total owners' equity of $160,000, current assets of $100,000, current liabilities of $40,000, and cash of $30,000. Short-term liquidity ratios include the:
|
|
Measuring tax benefit of uncertain tax position
: Despite the voluminous nature of the tax code, there are still questionable areas relating to deductibility of expenses and losses as well as claiming of tax credits. Discuss the two-step process for recognizing and measuring tax benefit of uncertain..
|
|
Overtime budget for the production department
: Last month’s overtime budget for the Production Department of Edna's Earrings Inc. was 1,000 hours and $10,000.The actual overtime was 600 hours and $7,500.Develop a variance report for the department showing the flexible budget variance, the volume ..
|
|
Estimate of the total contribution margin
: Iadanza Corporation is a wholesaler that sells a singler product. Management has provided the following cost data for two levels of monthly sales volume. The company sells the product for $195.70 per unit. The best estimate of the total contribution ..
|