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3) The following table summarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March: Feb 28 Mar 31 Raw materials $36,300 $28, 300 Work In Process 71, 600 65,400 Finished Goods 49,200 44,700
Actual and applied manufacturing overhead costs for March totaled $190,100 and $193,300, respectively. Over/ under applied overhead is written off to cost of goods sold at the end of the year in December. Required: a. Calculate the cost of goods manufactured for March. b. Calculate the cost of goods sold for March.
Raw materials purchased $ 41,250 Direct labor ($13 per hour) 56,420 Manufacturing overhead (actual) 90,400 Selling expenses 31,990 Administrative expenses 14,160 Interest expense 6,039
Manufacturing overhead is applied on the basis of $17 per direct labor hour. Assume that over applied or under applied overhead is transferred to cost of goods sold only at the end of the year. During the month, 4,180 units of product were manufactured and 4,460 units of product were sold. On April 1 and April 30, Big Thunder Co. carried the following inventory balances:
April 1…… April 30 Raw materials $ 19,400 $ 17,500 Work in process 53,200 57,900 Finished goods 41,800 30,489 Prepare a statement of cost of goods manufactured for the month of April. (b) Calculate the average cost per unit of product manufactured. (Round your answer to 2 decimal places. ) Requirement 2: Calculate the cost of goods sold during April. (Do not round your intermediate calculations. Round your answer to the nearest dollar amount. )
Requirement 3: Prepare a traditional (absorption) income statement for Big Thunder Co. for the month of April. Assume that sales for the month were $287,800 and the company’s effective income tax rate was 29%. (Amounts to be deducted should be indicated with minus sign. Do not round your intermediate calculations. Round your answer to the nearest dollar amount. )
Part I Draw the demand curve for the A-Phone. Explain how the graph, price, and quantity demanded will change if the following occurs:
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Omit the “$” sign in your response
There is an overall increase in income. There is an overall increase in income and people believe that the Pomegranate is now better than the A-Phone. The price of the A-Phone goes up when a flaw is found in the Pomegranate. A new type of walkie-talkie has an unlimited range and is basically free. It is discovered that there are health concerns when using cell phones. The price of the A-Phone and the Pomegranate both go up. What happens to the supply of cell phones if the market price goes up?
Explain what happens to the price and quantity supplied and how it reflects on a graph if the following occurs:
It becomes more expensive to produce cell phones. More cell phones are being produced with the same amount of inputs. Walkie talkies are popular because of the new technological change mentioned above. Another company starts producing cell phones, and now there are 3 producers in the market. People think the price of cell phones will go up in the future.
When the new manufacturer introduces the Robo cell phone to the market, how does that affect the equilibrium price if the Robo is basically the same as the other cell phones?
As the public?s dependence on cell phones continues to grow, the cost of the phones may be decreasing, but the stronghold that telecommunication companies have on the public in regards to contracts and climbing fees is alarming.