Construction Products Company and Dante enter into a contract for a sale of bricks and stones. Construction Products knows the purpose for which Dante will use the goods. Under the UCC, an implied warranty of fitness of a particular purpose arises Group of answer choices

Answers

Answer 1

Complete Question:

Construction Products Company and Dante enter into a contract for a sale of bricks and stones. Construction Products knows the purpose for which Dante will use the goods. Under the UCC, an implied warranty of fitness of a particular purpose arises:

Group of answer choices.

a. if the buyer is relying on the seller to select suitable goods.

b. if the buyer asks for it.

c. if the seller is a merchant who deals in goods of the kind sold.

d. in conjunction with lease contracts, not sales contracts.

Answer:

a. if the buyer is relying on the seller to select suitable goods.

Explanation:

In this scenario, Construction Products Company and Dante enter into a contract for a sale of bricks and stones. Construction Products knows the purpose for which Dante will use the goods (bricks and stones). Under the Uniform Commercial Code (UCC), an implied warranty of fitness of a particular purpose arises if the buyer is relying on the seller to select suitable goods. This simply means that, Construction Products who is the seller of the bricks and stones implied a warranty of fitness because they know the purpose for which Dante will use the acquired goods and should meet his requirements or needs.

Hence, Construction Products Company is bounded by the contractual agreement (warranty) to provide quality goods which would meet Dante's reasons for buying them since he relying on their expertise or judgmental skills.


Related Questions

One significant way that blacks were able to enjoy economic independence was by settling in the West on federally provided public land.
a. True
b. False

Answers

False is your answer have a nice day

Georgia is the primary shareholder in Acme, Inc., a small corporation. After its corporate certificate was issued by the state, there were no other formalities or documentation. In fact, Georgia does not keep separate books for the corporation, and sometimes combines her personal assets with those of the corporation. If she is sued individually by a corporate creditor, what would be the likely outcome

Answers

Answer:

The likely outcome would be the judgement debt being settled from her personal assets.

Explanation:

Georgia being a primary shareholder in the small corporation, it was expected that she should keep accounts that differentiate the corporation from her personal expenses. Unfortunately such didn't happen.

Since she was sued individually by a corporate creditor, it was expected that the judgement debt should be settled from her individual account which is quite different form the corporate account.

Answer: Georgia would likely be liable

Explanation:

Based on the scenario that have been provided in the question, Georgia would likely be liable because the creditors can end up piercing the corporate veil.

This means that Georgia would be held responsible for the activities of the organization.

based on the characteristics of constructive conflicts, which of the following would help a manager create constructive conflicts during a debate?
1. Support the weaker members during a debate
2. Explain conflict in terms of interpersonal incompatabilities
3. Support the stronger memebrs during the debate
4. Keep the debate focused on the issue
5. Maintain competitive oreientation on the debate

Answers

Answer:

The correct answer is: 4. Keep the debate focused on the issue

Explanation:

A constructive conflict can be understood as different points of view that arise in an organization on the same issue.

Therefore, it can be a great way for the organization to enrich itself with new ideas, thoughts and different ways of carrying out actions that will help the organization to achieve its objectives and goals.

Therefore, the most suitable alternative for building a constructive conflict during a debate is for the manager to always focus on the issue discussed, and not for the debate to turn to support due to interpersonal relationships.

"A customer has an existing margin account that shows the following: Long Market Value: $50,000 Debit Balance: $30,000 The market value declines to $30,000, the customer is sent a maintenance call, which the customer wishes to meet by depositing fully paid stock. The amount of stock that must be deposited is:"

Answers

Answer:

The amount of stock that must be deposited is $10,000.

Explanation:

Generally, the minimum margin is 25% of the Debit Balance. This implies that the account of the customer will receive a maintenance call for 25% of $30,000 which is $7,500 as a cash deposit.

Note that a maintenance call refers to a call to request a customer to provide additional funds when the market value of securities in his margin account has fallen below an established minimum.

However, the customer can decide to deposit other fully paid stock to meet the maintenance call of $7,500 instead of depositing cash. The minimum market value of securities needed in the account can be calculated by dividing the Debit balance by 75%, i.e.

Minimum market value of securities needed = $30,000 / 75% = $40,000

Since there is a $30,000 worth of securities already in the account, the customer will have to deposit additional $10,000 worth of securities, i.e.:

The amount of stock that must be deposited = Minimum market value of securities needed - Debit balance = $40,000 - $30,000 = $10,000

Therefore, the amount of stock that must be deposited is $10,000.

2. Using semiannual compounding, what is the value to you of a 9% coupon bond with a par value of $10,000 that matures in 10 years if you require a 7% return

Answers

Answer:

The Value of the Bond, PV is $10.962.65

Explanation:

The Value of the Bond (PV) can be determined as follows :

PMT = ($10,000 × 9%) ÷ 2 = $450

P/YR = 2

N = 10

Required Return (YTM) = 7 %

FV = $10,000

PV = ?

Using a Financial Calculator, the Value of the Bond, PV is $10.962.65

Find the operating cash flow for the year for Harper​ Brothers, Inc. if it had sales revenue of ​, cost of goods sold of ​, sales and administrative costs of ​, depreciation expense of ​, and a tax rate of .

Answers

Answer:

$101,960,000

Explanation:

For the computation of operating cash flow first we need to follow some steps which are shown below:-

Step 1

EBIT = Sales - Cost of goods sold - Sales and administrative costs - Depreciation

= $302,100,000 - $135,900,000 - $39,600,000 - $65,000,000

= $61,600,000

Step 2

Net income = EBIT - Tax

= $61,600,000 - ($61,600,000 × 40%)

= $61,600,000 - $24,640,000

= $36,960,000

and finally

Operating cash flow = EBIT - Taxes + Depreciation

= $61,600,000 - $24,640,000 + $65,000,000

= $101,960,000

Cullumber Corporation had 312,000 shares of common stock outstanding on January 1, 2017. On May 1, Cullumber issued 29,700 shares.

(a) Compute the weighted-average number of shares outstanding if the 29,700 shares were issued for cash.

Weighted-average number of shares outstanding $



(b) Compute the weighted-average number of shares outstanding if the 29,700 shares were issued in a stock dividend.

Weighted-average number of shares outstanding $

Answers

Answer:

a. Issued for Cash = ($312,000 * 12/12) + ($29,700 * 8/12)

= $312,000 + $19,800

= $331,800

b. Issued in a stock dividend: Shares issued in the stock dividend are assumed outstanding from the beginning of  the year

= ($312,000 * 12/12) + ($29,700 * 12/12)

= $312,000 + $29,700

= $341,700

Revenue of $1,000 was collected in advance from customers for goods and was recorded as sales revenue. At year end, $600 of the revenue collected in advance is earned. The adjusting entry includes a:

Answers

Answer:

Please see below

Explanation:

The adjusting entries include

Revenue A/c. Dr. $400

To Deferred revenue A/c. Cr $400

($1,000 - $600)

* When a company makes a journal entry to record revenue that it had previously collected in advance, which was recorded as sales revenue, then the adjusting entry to record portion of the earned revenue received in advance would include a debit to revenue a/c

Planet Company had operating income of $12,000, average operating assets of $125,000, and sales of $45,000. What is Planet's return on investment (ROI)

Answers

Answer:

36.36%

Explanation:

Return on investment is given as;

Profit / Cost of goods sold × 100%

Given that profit is $12,000 and sales is $45,000 ;

Cost of goods sold

= $45,000 - $12,000

= $33,000

Therefore, return on investment is

= 12,000 / 33,000 × 100%

= 36.36%

________ are a means for consumers to share text, images, audio and video information with each other and with companies, and vice versa. Group of answer choices Social media Microsites Interstitials Pay-per-click ads Mobile ads

Answers

Answer:

Social Media.

Explanation:

Social media are increasingly being used by people and companies around the world. Through it it is possible to share information, photos, videos, social interactions, etc.

For companies, these platforms are more than just an interaction tool, they can act as a marketing channel that will strengthen the relationship with the consumer, in addition to attracting new customers, strengthening the brand image, engaging consumers, creating shopping desires, providing data on consumer trends, etc.

Social Media are a means for consumers to share text, images, audio and video information with each other.

The following information should be considered:

Social media are increasingly being used by people and companies around the world. Through it is possible to share information, photos, videos, social interactions, etc.

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Suppose that we have the following information concerning the government's finances and the macroeconomy for a given year: Government Debt: $12 trillion Inflation: 10% Nominal Deficit: $1.5 trillion What is the real deficit for the year

Answers

Answer: $300 billion

Explanation:

The real deficit that a Government has is one that has been adjusted for inflationary effects. It is calculated by subtracting the inflation rate times the total debt from the nominal deficit.

= Nominal deficit - (Inflation rate * Total debt)

= 1.5 trillion - ( 10% * 12 trillion)

= 1.5 trillion - 1.2 trillion

= $300 billion

You sold a car and accepted a note with the following cash flow stream as your payment. What was the effective price you received for the car assuming an interest rate of 6.0%?
A. Year 0-$0.
B. Year 1-$1,000.
C. Year 2-$2,000.
D. Year 3-$2,000 and Year 4-$2,000.

Answers

Answer:

year two

Explanation:because less time still you'll have 2,000

The Peabody Company has 7 year MACRS property with an original cost basis of $1,700,000. Calculate the ending book value at Year 4.

Answers

Answer: $531,080

Explanation

The Modified Accelerated Cost Recovery System (MACRS) is a depreciation schedule for assets and can be based on various year denominations. This one is of a 7 year type and the rates are specified below;

The ending book value at the end of year 4 would be;

= Original Cost - Accumulated Depreciation

= 1,700,000 - (1,700,000 * ( 14.29% + 24.49% + 17.49% + 12.49%))

= 1,700,000 - (1,700,000 * 68.76%)

= 1,700,000 - 1,168,920‬

= $531,080

Which of the following is an advantage of job specialization? 1 point A. The quality of work increases. B. Jobs can be mastered quickly. C. Employees are more involved with their jobs. D. The work is less repetitive. E. Task specialization has no clear advantages to the organization

Answers

Answer: B. Jobs can be mastered quickly.

Explanation:

Job specialization is when the employees in an organization focuses and concentrates on one particular aspect in a organization. Specialization makes employees more efficient and also effective at their role.

Also, jobs can be mastered quickly since the employees typically focuses on one particular aspect in the organization.

Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,200, direct labor $12,720, and manufacturing overhead $16,960. As of January 1, Job 49 had been completed at a cost of $95,400 and was part of finished goods inventory. There was a $15,900 balance in the Raw Materials Inventory account.

During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $129,320 and $167,480, respectively. The following additional events occurred during the month.

1. Purchased additional raw materials of $95,400 on account.
2. Incurred factory labor costs of $74,200. Of this amount $16,960 related to employer payroll taxes.
3. Incurred manufacturing overhead costs as follows:

Indirect materials $18,020
Indirect labor $21,200
Depreciation expense on equipment $12,720
Various other manufacturing overhead costs on account $16,960.

4. Assigned direct materials and direct labor to jobs as follows.

Job No. Direct Materials Direct Labor
50 $10,600 $5,300
51 41,340 26,500
52 31,800 21,200

Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $ 882,000, direct labor costs of $735,000, and direct labor hours of 21,000 for the year.


Answers

Answer:

Predetermined manufacturing overhead rate= $1.2 per direct labor dollar

Explanation:

Giving the following information:

Company estimates total manufacturing overhead costs of $882,000 and, direct labor costs of $735,000

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

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 882,000/735,000

Predetermined manufacturing overhead rate= $1.2 per direct labor dollar

Key facts and assumptions concerning Kroger Company, at December 12, 2007, appear below. Using this information, answer the questions following.

Facts and Assumptions
Yield to maturity on long-term government bonds 4.54%
Yield to maturity on company long-term bonds 6.32%
Coupon rate on company long-term bonds 7.50%
Market price of risk, or risk premium 6.30%
Estimated company equity beta 1.05
Stock price per share $ 25.97
Number of shares outstanding 681.2 million
Book value of equity $ 4,965 million
Book value of interest-bearing debt $ 6,674 million
Tax rate 35.0%
a. Estimate Kroger's cost of equity capital.
b. Estimate Kroger's weighted-average cost of capital. Prepare a spreadsheet or table showing the relevant variables.

Answers

Answer:

a. 11.16 %

b. 7.56 %

Explanation:

Cost of equity capital is the return that is required by Common Stockholders.

This can be determined as follows :

1. Growth Model

Cost of equity = Recent dividend / Market Price of Share + Expected Growth Rate

or

2. Capital Asset Pricing Model (CAPM)

Cost of equity = Return on Risk Free Security + Beta × Return on Market Portfolio Security

                       = 4.54% + 1.05 × 6.30%

                       = 11.16 %

WACC = Ke × (E/V) + Kd × (D/V) +Kp × (P/V)

Explanation and value of Variables

Ke = Cost of Equity

     = 11.16 %

E/V = Weight of Equity

      = $ 4,965 ÷ ( $ 4,965 + $ 6,674)

      = 42.66 %

Kd = Cost of Debt :

    = Interest × (1 - tax rate)

    = 7.50% × ( 1 - 0.35)

    = 4.875 or 4.88 %

D/V = Weight of Debt

      = $ 6,674 ÷ ( $ 4,965 + $ 6,674)

      = 57.34 %

Therefore,

WACC = 11.16 % × 42.66 % + 4.88 % × 57.34 %

           = 7.56 %

For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry accounting system:

Transaction:
Drawing by owner amounted to $1,500.

Required:
a. Which two accounts are affected ?
b. What kind of accounts are they?
c. Do the account balances increase or decrease?
d. Do we debit or credit the accounts?

Answers

Answer and Explanation:

Given that

Drawings by owner for $1,500

The journal entry is

Drawing Dr $1,500

       To cash $1,500

(being the amount withdrawn is recorded)

a. Here the two accounts are affected one is drawings account and the second one is the cash account

b. The drawing is the equity account while the cash is the asset account

c. The drawing account is increased and the cash account is decreased

d. The drawing account is debited and cash account is credited

Purple Panda Products Inc. is considering a project that will require $650,000 in assets. The project will be financed with 100% equity. The company faces a tax rate of 30%. Assuming that the project generates an expected EBIT (earnings before interest and taxes) of $170,000, then Purple Panda’s anticipated ROE (return on equity) for the project will be:

a. 14.65%
b. 18.31%
c. 11.90%
d. 10.99%

Answers

Answer:

18.31%

Explanation:

Purple panda products incorporation has a shareholder's equity of $650,000

The tax rate is 30%

=30/100

= 0.3

The EBIT is $170,000

The first step is to calculate the net income

Net income= EBIT - tax

= $170,000-(0.3×170,000)

= $170,000-51,000

= 119,000

Therefore, the ROE can be calculated as follows

ROE= Net income/shareholder's equity

= 119,000/650,000

= 0.1831×100

= 18.31%

Hence the ROE is 18.31%

Fill in the blanks to complete the sentence. Fixed costs equal $25,000; variable cost per unit is $2.50 and units produced are 10,000. The total budgeted costs is

Answers

Answer:

Total cost= $50,000

Explanation:

Giving the following information:

Fixed costs equal $25,000

Variable cost per unit is $2.50

Units produced=10,000

To calculate the total costs, we need to use the following formula:

Total cost= fixed costs + total variable cost

Total cost= 25,000 + 2.5*10,000

Total cost= $50,000

The Total budgeted cost when the fixed cost, variable cost per unit is given should be $50,000.

Calculation of the total budgeted cost:

Since

Fixed costs equal $25,000

The variable cost per unit is $2.50

Units produced=10,000

Now the following formula is used

Total cost= fixed costs + total variable cost

Total cost= 25,000 + 2.5*10,000

Total cost= $50,000

Basically we added the fixed cost and the total variable cost so that the total cost could come.

hence, The Total budgeted cost is $50,000.

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Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of ? 1000, 25 years to maturity, and a coupon rate of 6.4 percent paid annually. If the yield to maturity is 7.5 percent, what is the current price of the bond?

Answers

Answer:

Bond Price = $877.3835955 rounded off to $877.380

Explanation:

To calculate the price of the bond, we need to first calculate the coupon payment per period. We assume that the interest rate provided is stated in annual terms. As the bond is an annual bond, the coupon payment, number of periods and r or YTM will be,

Coupon Payment (C) = 0.064 * 1000 = $64

Total periods (n)= 25

r or YTM = 7.5% or 0.075

The formula to calculate the price of the bonds today is attached.

Bond Price = 64 * [( 1 - (1+0.075)^-25) / 0.075]  +  1000 / (1+0.075)^25

Bond Price = $877.3835955 rounded off to $877.380

The current price of the bond is $877.38.

Given that,

The par value of $1,000.The NPER is 25 years.The coupon rate is 6.4%, PMT = 6.4% of $1,000 = $64.The RATE is 7.5%.

Based on the above information, the calculation is to be shown in the attachment.

Therefore we can conclude that The current price of the bond is $877.38.

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On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value (principal plus interest) of the note on March 1

Answers

Answer:

$9,240

Explanation:

Computation of Maturity Value of the note

First step is to find the interest amount using this formula

Interest amount=(Face value *Note payable)*Numbers of days to signed/Numbers of days in a year

Let plug in the formula

Interest Amount = ($9,000*8%)*120/365

Interest amount = $720 * 120 / 360

Interest amount=720*0.33333

$240

Next step is to calculate for the Maturity value using this formula

Maturity Value = Face value +Interest amount

Let plug in the formula

Maturity value =$9,000 + $240

Maturity value = $9,240

Therefore the maturity value of the note on March 1 will be $9,240

Entries for Investments in Bonds, Interest, and Sale of Bonds Kalyagin Investments acquired $220,000 of Jerris Corp., 7% bonds at their face amount on October 1, 20Y2. The bonds pay interest on October 1 and April 1. On April 1, 20Y3, Kalyagin sold $80,000 of Jerris bonds at 103.

Journalize the entries to record the following:

a. The initial acquisition of the Jerris Corp. bonds on October 1, 20Y2.
b. The adjusting entry for three months of accrued interest earned on the Jems Corp. bonds- or December 11, 20Y2.
c. The receipt of semiannual interest on April 1. 20Y3.
d. The sale of 580,000 of Jerris Corp. bonds on April, 20Y3, at 103.

Answers

Answer:

a. Investments in Jerris Corp. bonds (Dr.) $220,000

Cash (Cr.) $220,000

b. Interest Receivable (Dr.) $3,850

Interest received (Cr.) $3,850

c. Cash (Dr.) $7700

Interest Received (Cr.) $3,850

Interest Receivable (Cr.) $3,850

d. Cash (Dr.) $80,000

Investment in Jerris Corp. bonds (Cr.) $80,000

Explanation:

Interest received is the amount interest that is accrued on the bond over the period of time.

Interest accrued = Amount of investment * Coupon rate * time proportion

Interest accrued = 220,000 * 7% * 3/12

Interest accrued = $3,850.

0.69 points eBookPrintReferences Check my work Check My Work button is now enabledItem 1Item 1 0.69 points Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $410,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $21,000; title insurance, $1,100; and miscellaneous closing costs, $4,200. The warehouse is immediately demolished at a cost of $21,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.

Answers

Answer:

$457,300

Explanation:

Calculation to determine the amount FVI should record as the cost of the land.

COST OF LAND

Land and warehouse $410,000

Add Expenditure:

Broker's commission $21,000

Title insurance $1,100

Miscellaneous closing costs $4,200

Warehouse demolished cost $21,000

Cost of land $457,300

Therefore the cost of land will be $457,300

In a simple random sample of 800 people age 20 and over in a certain country, the proportion with a certain disease was found to be 0.165 (or 16.5%). Complete parts (a) through (c) below. a. What is the standard error of the estimate of the proportion of all people in the country age 20 and over with the disease? (Round to four decimal places as needed.) b. Find the margin of error, using a 95% confidence level, for estimating this proportion. m=______(round to three decimal places as? needed.)c. Report the 95% confidence interval for the proportion of all Americans age 20 and over with diabetes.

Answers

Answer and Explanation:

Please find attachment

I'm calculating standard error we used the formula standard deviation/√number of samples. Standard deviation is not known and so it was first calculated

Margin of error and confidence intervals were also calculated using their formulas

Consider two projects. The first project pays benefits of $85 today and nothing else. The second project pays nothing today, nothing one year from now, but $104 two years from now. a. Which project would be preferred if the discount rate were 0%? b. What if the rate increased to 10%? c. Find the Internal Rate of Return.

Answers

Answer:

Explanation:

a )

Discount rate is 0%

NPV of first project = 85

NPV of second project = 0 + 0 + 104 = 104

second project is preferrable .

b )

if discount rate is 10%

NPV of first project = 85

NPV of second project = 104 / 1.1²

= 85.95

Their NPV is almost the same so anyone can be preferred .

c ) IRR can not be calculated unless the cost of project or cash outflow is given .

As the workforce becomes more diverse, why does performance appraisal become a more difficult process?

Answers

Answer:

Performance appraisal in a company with diverse workforce becomes difficult because of some cultural biases that may exist between the manager, who is doing the appraisal, and the diverse workforce.  This problem becomes more acute if the manager is culturally biased and discriminatory by practise.

Explanation:

Company A can have a diverse workforce if it is made up of employees from culturally different places working together in the same workplace.  Bias often arises due to human cultural nuisances.  This becomes more obvious where managers are from some particular cultures while the employees are from mixed cultures.  In such situations, the managers need to be retrained to enable them embrace cultural diversity in the workplace and in performance evaluation.

The key cause due to which the performance appraisal becomes problematic due to diversity in the workforce would be:

- Cultural bias

What is performance appraisal?

Performance appraisal is described as the process of reviewing the performances done by the employees in a particular organization to attain its goals and reward them accordingly.

When the workforce of a particular company or organization becomes exceedingly diverse, it becomes problematic to do performance appraisals.

The reason behind this is that this diversity gives rise to cultural biases and may result in discrimination.

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You decide to invest in a portfolio consisting of 30 percent Stock A, 30 percent Stock B, and the remainder in Stock C. Based on the following information, what is the expected return of your portfolio? State of Economy Probability of State Return if State Occurs of Economy Stock A Stock B Stock C Recession .17 - 18.8 % - 3.9 % - 22.8 % Normal .45 10.2 % 8.5 % 17.1 % Boom .38 28.6 % 15.8 % 31.7 %

Answers

Answer:

Portfolio return = 0.127744 or 12.7744% rounded off to 12.77%

Explanation:

The portfolio return is a function of the weighted average of the individual stocks returns' that form up the portfolio. The formula for portfolio return is,

Portfolio return = wA * rA  +  wB * rB  +  ...  +  wN * rN

Where,

w represents the weight of each stockr represents the return of each stock

To calculate the expected return of portfolio, we first need to calculate the individual stock returns.

The expected rate of return of individual stocks can be calculated as follows,

r = pA * rA  +  pB * rB + ... + pN * rN

Where,

pA, pB and so on represents the probability of an event or return to occur rA, rB and so on are the return in different events

For Stock A

rA = 0.17 * -0.188  +  0.45 * 0.102  +  0.38 * 0.286

rA  = 0.12262 or 12.262%

For Stock B

rB = 0.17 * -0.039  +  0.45 * 0.085  +  0.38 * 0.158

rB  = 0.09166 or 9.166%

For Stock C

rC = 0.17 * -0.228  +  0.45 * 0.171  +  0.38 * 0.317

rC  = 0.15865 or 15.865%

Portfolio return = 0.3 * 0.12262  +  0.3 * 0.09166  +  0.4 * 0.15865

Portfolio return = 0.127744 or 12.7744% rounded off to 12.77%

Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow:

Raw materials used ..... $300,000

Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs) ..... 681,000

Cost of goods available for sale ...... 826,000

Selling and general expenses ...... 30,000

Beginning Inventories

Raw materials ...... $70,000

Work-in-process...... 85,000

Finished goods ...... 90,000

Ending Inventories

Raw materials ...... $80,000

Work-in-process ...... 30,000

Finished goods ....... 110,000

Determine each of the following:

a. Cost of raw materials purchased

b. Direct labor costs charged to production

c. Cost of goods manufactured

d. Cost of goods sold

Answers

Answer:

a.   Purchases $310,000

b.     Direct labor  $ 238,125

c. Cost of goods manufactured $ 736,000

d. Cost of goods sold $ 716,000

Explanation:

Cascade Manufacturing Company

Raw materials used ..... $300,000

Add Raw materials Ending  ...... $80,000

Less Raw materials  Beginning...... $70,000

a.   Purchases $310,000

Add Raw materials Ending to Raw materials used and subtract  Raw materials  Beginning to get  Raw materials  Purchases.

Total manufacturing costs $  681,000

Less Raw materials used ..... $300,000

Conversion Costs  $ 381,000

Conversion Costs = Direct Labor + Factory Overhead

$ 381,000=  x + 0.6 x

$ 381,000= 1.6x

b.   x=  Direct labor = $ 381,000/1.6=  $ 238,125

Factory Overhead= 0.6 *$ 238,125= $ 142875

Find Conversion Costs and then apply the ratio to get the direct labor costs.

c.

Cascade Manufacturing Company

Cost of goods manufactured

Raw materials  Beginning...... $70,000

Add Purchases $310,000

Less Raw materials Ending  ...... $80,000

Raw materials used ..... $300,000

Add Direct labor   $ 238,125

Factory Overhead $ 142875

Total manufacturing costs $  681,000

Add Work-in-process Beginning...... 85,000

Cost of goods available for manufacture $ 766,000

Less Work-in-process Ending...... 30,000

Cost of goods manufactured $ 736,000

Add and subtract as above to get the Cost of goods manufactured.

d.  Cascade Manufacturing Company

Cost of goods sold

Raw materials  Beginning...... $70,000

Add Purchases $310,000

Less Raw materials Ending  ...... $80,000

Raw materials used ..... $300,000

Add Direct labor   $ 238,125

Factory Overhead $ 142875

Total manufacturing costs $  681,000

Add Work-in-process Beginning...... 85,000

Cost of goods available for manufacture $ 766,000

Less Work-in-process Ending...... 30,000

Cost of goods manufactured $ 736,000

Add Finished goods Beginning...... 90,000

Cost of goods available for sale  $ 826,000

Less Finished goods Ending....... 110,000

Cost of goods sold $ 716,000

Add and subtract as above to get the Cost of goods sold.

James hires Franco for a painting job. Their contract explicitly states that Franco's employment can be terminated if he is employed by another party during the contract period. Two weeks into the job, James finds out that Franco is also working for a painting agency two blocks away and terminates his employment. This is an instance of ________.

Answers

Answer:

Condition subsequent.

Explanation:

This is rampant on agreement that deal with contracts as it is seen to be a situation that terminates a previously valid contract. Closely related legal concepts in cases of this kind are treated as conditions precedent and conditions concurrent. A condition subsequent in certain contracts are known to trigger the termination of the agreement of the said contract and also eliminates rights and obligations in the ends of the two parties. It is seen also in cases that when it occurs, it terminates any duty to perform and can also terminate rights and interests that were present under the terms of the contract.

Steelcase Inc. (SCS) is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it assembles filing cabinets in an Assembly Department. Assume the following information for the Assembly Department: Direct labor per filing cabinet 18 minutes Supervisor salaries $250,000 per month Depreciation $18,500 per month Direct labor rate $28 per hourRequired:Prepare a flexible budget for 70,000, 80,000, and 90,000 filing cabinets for the month ending February 28 in the Assembly Department.

Answers

Answer:

Total department cost of 70,000 units = $856,500

Total department cost of 80,000 units = $940,000

Total department cost of 90,000 units = $1,024,500

Explanation:

Note: See the attached excel file for the flexible budget.

A flexible budget is a budget that changes, flexes or adjusts as the volume, activity or unit of production changes.

For this question, the direct labor cost for each unit can be calculated as follows:

Direct labor time per filing cabinet in minutes = 18

Number of minutes in one hour = 60

Direct labor rate per minute = Direct labor rate per hour / Number minutes in one hour = $28 / 60 = $0.466666666666667

Direct labor cost per filing cabinet = Direct labor time per filing cabinet in minutes * Direct labor rate per minute = 18 * $0.466666666666667 = $8.40

Direct labor cost of a particular units of production = Direct labor cost per filing cabinet * Number of units of production ................... (1)

Using equation (1), the Direct labor cost of different units of production used in the attached excel file is calculated as follows:

Direct labor cost of 70,000 units = $8.40 * 70,000 = $588,000

Direct labor cost of 80,000 units = $8.40 * 80,000 = $672,000

Direct labor cost of 90,000 units = $8.40 * 90,000 = $756,000

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