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During Heaton Company’s first two years of operations, the company reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $62 per unit) $ 1,116,000 $ 1,736,000 Cost of goods sold (@ $30 per unit) 540,000 840,000 Gross margin 576,000 896,000 Selling and administrative expenses* 305,000 335,000 Net operating income $ 271,000 $ 561,000 * $3 per unit variable; $251,000 fixed each year. The company’s $30 unit product cost is computed as follows: Direct materials $ 6 Direct labor 9 Variable manufacturing overhead 3 Fixed manufacturing overhead ($276,000 ÷ 23,000 units) 12 Absorption costing unit product cost $ 30 Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings. Production and cost data for the two years are: Year 1 Year 2 Units produced 23,000 23,000 Units sold 18,000 28,000 Required: 1. Prepare a variable costing contribution format income statement for each year. 2. Reconcile the absorption costing and the variable costing net operating income figures for each year. (Losses should be indicated by a minus sign.)
In 1901, the first U.S. Open Golf Championship was held. The winner’s prize money was $210. In 2012, the winner’s check was $1,410,000. Requirement 1: What was the annual percentage increase in the winner’s check over this period? ** I've answered Re..
Imagine you inherited $50,000 and you want to invest it to meet two financial goals: (a) to save for your wedding, which you plan to have in two years, and (b) to save for your retirement a few decades from now. How would you invest the money? Explai..
Prepare an amortization schedule for a five-year loan of $56,000. The interest rate is 7 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?
Bond RTY.AF has a 5 percent coupon, makes semiannual payments, what is the percentage change in the price of Bond RTY.AF?
Suppose the following bond quote for IOU Corporation appears in the financial page of today’s newspaper. Assume the bond has a face value of $1,000, and the current date is April 15, 2013. Company (Ticker) Coupon Maturity Last Price Last Yield EST Vo..
In this discussion, we will be working with the variety of financial analysis tools available to us. Let's start with the DuPont Identity introduced in Chapter 2 of the text. For your initial post, locate the financial statements for two firms in one..
GoodEats, a chain of diner restaurants, is considering the purchase of new Garland brand energy efficient refrigerators for all of its 60 restaurants.
The workforce management is far more complicated in companies with operations in multiple countries than their domestic counterparts. There are political, economic, social-cultural, technological, and legal issues that add substantial challenges t..
Assuming you could earn 6 percent annually, compute the present value of each alternative:
A U.S. Treasury bill with 64 days to maturity is quoted at a discount yield of 1.75 percent. What is the bond equivalent yield?
Ramon needs $25,000 at the end of 6 months for a down payment on a new house. What amount should he deposit today in an account paying 3.6% simple interest in order to reach his goal? Find the amount Jose should deposit today in order to have $5,000 ..
Based on the organization you selected, write a critical risk assessment and milestones schedule of 350-500 words (plus a spreadsheet) that addresses the following (guidelines): Describe the preferred timing and objectives of your business plan.
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