Answer:
3.6%
Explanation:
The price elasticity is 1.2%
The price decreases by 3%
Therefore the quantity supplied can be calculated as follows
= price elasticity × change in price
= 1.2 × 3
= 3.6
Hence this results in 3.6% increase in the quantity demanded
Income Statement; Net Loss The following revenue and expense account balances were taken from the ledger of Guardian Health Services Co. after the accounts had been adjusted on February 28, 20Y0, the end of the fiscal year: Depreciation Expense $15,600 Insurance Expense 7,640 Miscellaneous Expense 6,080 Rent Expense 63,000 Service Revenue 299,500 Supplies Expense 3,740 Utilities Expense 24,020 Wages Expense 235,600 Prepare an income statement. Use a minus sign to indicate a net loss.
Answer:
-$56,180
Explanation:
Preparation of an income statement
INCOME STATEMENT
Service revenue $299,500
Less Expenses:
Depreciation expense $15,600
Insurance expense $7,640
Miscellaneous expense $6,080
Rent expense $63,000
Supplies expense $3,740
Utilities expense $24,020
Wages expense $235,600
Total expenses $355,680
Net loss -$56,180
($299,500-$355,680)
Therefore the income statement balance will be -$56,180
Information from the records of the Abel Corporation for July 2018 was as follows:
Sales $1,230,000
Selling and administrative expenses 210,000
Direct materials used 264,000
Direct labor 300,000
Factory overhead * 405,000
*variable overhead is $205,000, fixed overhead is $200,000
Inventories
July 1, 2018 July 31, 2018
Direct materials $36,000 $42,000
Work in process 75,000 84,000
Finished goods 69,000 57,000
The total product cost is:_______.
a. $969,000
b. $1,179,000
c. $764,000
d. $615,000
Answer:
a. $969,000
Explanation:
Calculation for what The total product cost is
TOTAL PRODUCT COST
Direct Material Used $264,000
Direct Labor $300,000
Factory Overhead $405,000
Total Product Cost $ 969,000
($264,000+$300,000+$405,000)
Therefore The total product cost is $ 969,000
Decide whether each of the following is frictional, structural, or cyclical unemployment:
a. The economy gets worse, so General Motors shuts down a factory for four months, laying off workers. cyclical structural frictional
b. General Motors lays off 5,000 workers and replaces them with robots. The workers start looking for jobs outside the auto industry. cyclical structural frictional
c. About 10 workers per month at a General Motors plant quit their jobs because they want to live in another town. They start searching for work in the new town.
Answer and Explanation:
The classification is as follows:
a. Cyclical unemployment
Since the economy got worse and the factory would be shut down for 4 months so this represent that the economy would go into recession
b. Structural unemployment
As General motors would lays off 5,000 workes and wants to subsitute with robots so here there is a mismatch of the skills & characteristics according to the job requirements
c. Frictional unemployment
Frictional unemployment is classify as a short-term unemployment that occurred for matching the workers with the available jobs
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
FORTEN COMPANY
Comparative Balance Sheets
December 31
Current Year Prior Year
Assets
Cash $ 66,400 $ 84,500
Accounts receivable 82,380 61,625
Inventory 292,156 262,800
Prepaid expenses 1,320 2,115
Total current assets 442,256 411,040
Equipment 146,500 119,000
Accum. depreciation—Equipment (42,125) (51,500)
Total assets $ 546,631 $ 478,540
Liabilities and Equity
Accounts payable $ 64,141 $ 131,175
Short-term notes payable 13,300 8,200
Total current liabilities 77,441 139,375
Long-term notes payable 59,500 59,750
Total liabilities 136,941 199,125
Equity
Common stock, $5 par value 179,250 161,250
Paid-in capital in excess of par, common stock 54,000 0
Retained earnings 176,440 118,165
Total liabilities and equity $ 546,631 $ 478,540
FORTEN COMPANY
Income Statement
For Current Year Ended December 31
Sales $ 637,500
Cost of goods sold 296,000
Gross profit 341,500
Operating expenses
Depreciation expense $ 31,750
Other expenses 143,400 175,150
Other gains (losses)
Loss on sale of equipment (16,125)
Income before taxes 150,225
Income taxes expense 39,650
Net income $ 110,575
Additional Information on Current Year Transactions
The loss on the cash sale of equipment was $16,125 (details in b).
Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash.
Purchased equipment costing $107,375 by paying $52,000 cash and signing a long-term note payable for the balance.
Borrowed $5,100 cash by signing a short-term note payable.
Paid $55,625 cash to reduce the long-term notes payable.
Issued 3,600 shares of common stock for $20 cash per share.
Declared and paid cash dividends of $52,300.
Required:
Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.)
Answer:
Cash flow from all activities -$18,100
Cash at the beginning of the year $84,500
Cash at the end of year $66,400
Explanation:
Preparation of a complete statement of cash flows using a spreadsheet using the indirect method.
FORTEN COMPANY
Statement of Cash Flows
For the Year ended December 31
Cash Flow from Operating Activities:
Net Income $110,575
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation $31,750
Loss on sale of Equipment $16,125
Increase in Accounts Receivables -$20,755
($61625 - $82380)
Increase in Inventory -$29,356
($262800-292156)
Decrease in Prepaid Expenses $795
($2115-1320)
Decrease In Accounts Payable -$67,034
($64141 - $131175)
Increase in Short term note payable $5,100
($13300-8200)
Total Adjustments -$63,375
Net Cash Flow From Operating Activities (A) $47,200
Cash Flow from Investing Activities:
Cash Received from sale of Equipment $22,625
Purchase of Equipment (In cash) -$52,000
Net Cash Flow From Investing Activities (B) -$29,375
($22,625-$52,000)
Cash Flow from Financing Activities:
Repayment of Long Term Note Payable -$55,625
Cash received from issue of common stock $72,000 (3600*$20)
Dividend paid -$52,300
Net Cash Flow From Financing Activities (C) -$35,925
Total Cash flow from all activities
(A+B+C) -$18,100
($47,200+-$29,375+-$35,925)
Cash at the beginning of the year $84,500
Cash at the end of year $66,400
($84,500-$18,100)
Therefore The complete statement of cash flows using a spreadsheet using the indirect method will be :
Cash flow from all activities -$18,100
Cash at the beginning of the year $84,500
Cash at the end of year $66,400
4. Between January 2012 and January 2019, U.S. employment
increased by 17.3 million workers, but the number of
unemployed workers declined by only 6.3 million. How are
these numbers consistent with each other? Why might one
expect a reduction in the number of people counted as
unemployed to be smaller than the increase in the number of
people employed?
Answer:
The fact that employment increased by 12.1 million workers while unemployment declined by only 7.3 million is consistent with the growth of the labor force by 4.8 million.
Explanation:
The fact that employment increased by 12.1 million workers while unemployment declined by only 7.3 million is consistent with the growth of the labor force by 4.8 million. One might expect a reduction in the number of people counted as unemployed to be smaller than the increase in the number of people employed because the labor force constantly increases as the population grows, and as the labor-force participation rate increases, the increase in employed might exceed the reduction in the number of unemployed.
From 1948 to 2022, the employment rate in the United States was around 59.22 % on average, the topic is further explained below.
What is the high rate of employment in the United States?From 1948 to 2022, the employment rate in the United States was around 59.22 % on average, with a high of 64.70 percent in April 2000 and a low of 51.30 percent in April 2020.
Employment increased by 12.1 million workers while unemployment decreased by only 7.3 million, corresponding to a 4.8 million increase in the labor force. One might expect a decrease in the number of unemployed people to be smaller than an increase in the number of employed people because the labor force is constantly increasing as the population grows.
And as the labor-force participation rate rises, the increase in employed people may outnumber the decrease in the number of unemployed people.
Therefore, the above statement explains employment in the United States.
Learn more about the employment in the United States here:
https://brainly.com/question/7200715
How does risk influence the rate of interest?
Answer:
Interest rate risk directly affects the values of fixed income securities. Since interest rates and bond prices are inversely related, the risk associated with a rise in interest rates causes bond prices to fall and vice versa. Interest rate risk affects the prices of bonds, and all bondholders face this type of risk.
Explanation:
Hope this helped Mark BRAINLEST!!
Quark Inc. just began business and made the following four inventory purchases in June: June 1 150 units $ 825 June 10 200 units 1,120 June 15 200 units 1,140 June 28 150 units 885 $3,970 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
Answer:
$1,170
Explanation:
The amount allocated to ending inventory for June using FIFO inventory method is computed as;
= $885 + [($1,140 ÷ 200) × (200 - 150]
= $88 5 + ($5.7 × 50)
= $885 + $285
= $1,170
All materials are added at the start of production. Refer to Keyser Corporation. Assume that the cost per EUP for material and conversion are $1.75 and $4.55, respectively. What is the cost assigned to ending Work in Process
Answer:
The cost assigned to ending Work in Process explanations only.
Explanation:
Hi your question is incomplete, I tried to look for it online but I could not find it.
Here are some explanations and steps you need to consider to answer this question.
The cost assigned to ending Work in Process :
Ending Work in Process usually have different number of equivalent units of production with respect to materials and conversion cost depending on the percentage of work completed for materials and conversion during the production process.
Step 1
So the first step is to calculate the equivalent units of production of Ending Ending work in process for Materials and Conversion costs.
Equivalent units of production = Physical units x Percentage completion (Materials / Conversion).
Step 2
The next step would be to calculate the cost assigned to ending Work in Process.
Equivalent units in materials are multiplied against Cost per Equivalent Unit) EUP for materials ($1.75 ) so is the Equivalent units in conversion costs against Cost per Equivalent Unit) EUP for conversion ($1.75). The total of the two amounts is the cost assigned to ending Work in Process.
Which of the following refers to duties imposed by a government on imported goods?
A subsidies
B rounds
C tariffs
D quotas
The Fabricating Department started the current month with a beginning Work in Process inventory of $10,900. During the month, it was assigned the following costs: direct materials, $76,900; direct labor, $24,900; and factory overhead, 70% of direct labor cost. Also, inventory with a cost of $113,500 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is: Group of answer choices $83,461. $196,961. $68,030. $16,630. $112,700.
Answer:
Ending Work in Process $16,630
Explanation:
The computation of the ending balance of the work in process inventory is shown below:
Beginning Work in process $10,900
Add: Manufacturing Costs
Direct Materials $76,900
Direct Labor $24,900
Factory Overhead $17,430 (70% of $24,900)
Less: Cost of goods manufactured ($113,500)
Ending Work in Process $16,630
The __________ reflects the ups and downs of the nation’s real GDP.
A.
business cycle
B.
inflation rate
C.
consumer price index
D.
unemployment rate
Please select the best answer from the choices provided
A
B
C
D
Answer:
Business cycle
Explanation:
The business cycle also refers to as the rise and fall of economic activity through periods of expansion and recession.
On October 1, 2021, Sonoma Company leased equipment from Napa Inc. in lease payable in five equal annual payments of $400,000, beginning Oct 1, 2022. Similar transactions have carried an 11% interest rate. The right-of-use asset would be recorded at: _________
Answer:
$1,478,360
Explanation:
Calculation for what The right-of-use asset would be recorded at:
PV ordinary annuity of $1: n = 5; i = 11%
PV ordinary annuity = $400,000 × 3.69590
PV ordinary annuity = $1,478,360
Therefore right-of-use asset would be recorded at:$1,478,360
You are the VP of Marketing at Stauffer Foods and you learn that the puddings packaged desserts line from General Foods (GF) is available for acquisition. This division produces successful products like Pudding Pops, Instant Pudding, and Pudding in a Cup. You make some of assumptions about this line. Which assumption would you not make
Answer: purchasing the line would bring immediate cash flow for Stauffer Foods
Explanation:
The options include:
a. purchasing the line would bring established distribution for Stauffer Foods.
b. purchasing the line would add equity value to Stauffer Foods.
c. All would be reasonable assumptions to make.
d. purchasing the line would bring immediate cash flow for Stauffer Foods
e. purchasing the line could create some difficulties in dealing with debt load.
The assumption that shouldn't be made is that purchasing the line would bring immediate cash flow for Stauffer Foods.
When a product is acquired, one should not expect immediate profit or cash flow instantly. Purchasing the line would not bring immediate cash flow for Stauffer Foods because it's a gradual process even though there may eventually be cash flow and profit in the long run.
All the other options that re given are correct, therefore the correct option is D.
Swifty Company's financial information is presented below. Sales Revenue $ p?Cost of Goods Sold 536000 Sales Returns and Allowances 37000 Gross Profit p?Net Sales 868000 The missing amounts above are: Sales Revenue Gross Profit a. $905000 $332,000 b. $832,000 $332,000 c. $ 905,000 $416,000 d. $832,000 $416,000
Answer:
The correct answer is A.
Explanation:
The gross profit is calculated by deducting from net sales the cost of goods sold:
Gross profit= net sales - COGS
Gross profit= 868,000 - 536,000
Gross profit= $332,000
Now, the sales revenues are the sales before returns and allowances. Therefore, we need to add them to the net sales:
Sales revenue= 868,000 + 37,000
Sales revenues= $905,000
As long as a firm's net income is positive, then the firm can use the positive net income to pay dividends to its shareholders.
True
False
Difference between free market and capitalism.
Splish Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 310 $34 $ 10,540 April 15 purchase 420 41 17,220 April 23 purchase 270 44 11,880 1,000 $39,640 Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Answer and Explanation:
The computation of the ending inventory and cost of goods sold using FIFO method as follows:
Given that
Total goods available for sale = 1000
Units sold = 650
Based on the above information
The Ending inventory is
= 1000 - 650
= 350
Now 350 units comprise of 270 units of April 23 and the remaining 80 units would be of April 15
SO,
Ending inventory value is
= 270 × 44 + 80 × 41
= $15,160
ANd,
Cost of goods sold = Cost of goods available for sale - Ending inventory
= $39,640 - $15,160
= $24,480
In its income statement for the year ended December 31, 2022, Pharoah Company reported the following condensed data. Salaries and wages expenses $595,200 Loss on disposal of plant assets $106,880 Cost of goods sold 1,263,360 Sales revenue 2,828,800 Interest expense 85,200 Income tax expense 32,000 Interest revenue 83,200 Sales discounts 204,800 Depreciation expense 396,800 Utilities expense 140,800
Prepare a multiple-step income statement. (List other revenues before other expenses.)
Pharoah Company
Income Statement
Answer:
Net income is $86,960.
Explanation:
A multi-step income statement is an income statement which dsplayes th gross profit and the detailed of each category of expenses and incomes to arrive at a company's net income for a particular period.
A multi-step income statement can be prepared as follows:
Pharoah Company
Income statement
For the year ended December 31, 2022
Details $
Sales revenue 2,828,800
Sales discounts (204,800)
Net sales revenue 2,624,000
Cost of goods sold (1,263,360)
Gross profit 1,360,640
Operating expenses:
Salaries and wages expenses (595,200)
Depreciation expense (396,800)
Utilities expense (140,800)
Operating income 227,840
Other income (loss):
Loss on disposal of plant assets (106,880)
Interest income (expense):
Interest expense (85,200)
Interest revenue 83,200
Income before tax 118,960
Income tax expense (32,000)
Net income 86,960
Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace earns interest under these arrangements at a 6% annual rate. Ace leased a machine it purchased for $790,000 under an arrangement that specified annual payments beginning at the commencement of the lease for five years. The lessee had the option to purchase the machine at the end of the lease term for $200,000 when it was expected to have a residual value of $350,000. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Calculate the amount of the annual lease payments. (Enter amounts as positive values rounded to the nearest whole dollar.)
Answer:
$143,750
Explanation:
We have to first calculate the present value of the bargain purchase option:
PV = $200,000 / (1 + 6%)⁵ = $149,451.63
net lease amount = $790,000 - $149,452 = $640,548
PVIF Annuity due, 6%, 5 payments = 4.546
Annual payment = $640,548 / 4.456 = $143,750
Alfredo Inc. reports net income of $248,000 for the year ended December 31. It also reports $95,500 depreciation expense and a $5,900 gain on the sale of equipment. Its comparative balance sheet reveals a $39,100 decrease in accounts receivable, a $17,550 increase in accounts payable, and a $13,700 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.
Answer:
$380,550
Explanation:
Cash flows from operating activities:
Net income $248,000
Adjustments to net income:
Depreciation expense $95,500
Gain on sale of equipment ($5,900)
Decrease in accounts rec. $39,100
Increase in accounts pay. $17,550
Decrease in wages payable ($13,700) $132,550
Net cash flow from operating activities $380,550
Media outlets often have websites that provide in-depth coverage of news and events. Portions of these websites are restricted to members who pay a monthly subscription to gain access to exclusive news and commentary. These websites typically offer a free trial period to introduce viewers to the website. Assume that during a recent fiscal year, one outlet spent $2,368,800 on a promotional campaign for its website that offered two free months of service for new subscribers. In addition, assume the following information:
Number of months an average new customer stays with the service (including the two free months) 22 months
Revenue per month per customer subscription $21
Variable cost per month per customer subscription $7
Determine the number of new customer accounts needed to break even on the cost of the promotional campaign. In forming your answer:
a. treat the cost of the promotional campaign as a fixed cost
b. treat the revenue less variable cost per account for the subscription period as the unit contribution margin.
Answer: 8,905 customers
Explanation:
Breakeven = Fixed cost / Contribution Margin
Fixed cost = $2,368,800
Contribution margin = Revenue - Variable cost
Revenue will be for 20 months because there were 2 free months:
= 21 * 20
= $420 per customer
Variable cost = 7 * 22
= $154
Contribution margin = 420 - 154
= $266
Breakeven = 2,368,800 / 266
= 8,905 customers
Illumination Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year: Budgeted costs of operating the plant for 2000 to 3000 hours: Fixed operating costs per year $480,000 Variable operating costs $800 per hour Budgeted long-run usage per year: Flashlight Division 1500 hours Night Light Division 700 hours Practical capacity 3000 hours Assume that practical capacity is used to calculate the allocation rates. Actual usage for the year by the Flashlight Division was 1400 hours and by the Night Light Division was 600 hours. If a single-rate cost-allocation method is used, what amount of operating costs will be allocated to the Night Light Division
Answer:
Allocated operating costs= $576,000
Explanation:
First, we need to calculate the predetermined operating costs allocation rate:
Predetermined operating costs allocation rate= total estimated operating costs for the period/ total amount of allocation base
Predetermined operating costs allocation rate= (480,000 / 3,000) + 800
Predetermined operating costs allocation rate= $960 per hour
Now, we can allocate overhead to Night Light Division:
Allocated operating costs= Predetermined operating costs allocation rate* Actual amount of allocation base
Allocated operating costs= 960*600
Allocated operating costs= $576,000
Your friend currently works as an accountant at a public accounting firm in the small town of LaFontaine, Indiana. He is offered a job in Washington, D.C. for $60,000. Your friend calls you and tells you that he is excited about the new job offer, which gives him a raise from his current salary of $50,000. Based on your knowledge of economics, you think that:______
a. Your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined.
b. Your friend has every reason to be excited because he will be getting paid.
c. Your friend has reason to be excited because in a bigger city he will häve more.
d. Your friend has no reason to be excited because higher pay implies more job 120% of what he used to be paid. things to do and his higher salary will allow him to spend on those activities.
Answer:
Correct option is (a)
Explanation:
Real income is the income after adjusting for inflation. Inflation is rise in general price of commodities. Here, friend was living in a small town. Cost of living as well as inflation is lower as compared to big city like Washington DC. Even though he is given a raise of $10,000 that is an increase in nominal income, his real income after adjusting inflation and cost of living would not rise by $10,000.
So, friend should not get excited to be moving to the city with higher pay as it will not make much of difference.
Ace Products has a bond issue outstanding with 15 years remaining to maturity, a coupon rate of 8% with semiannual payments of $40, and a par value of $1,000. The price of each bond in the issue is $1,196.00. The bond issue is callable in 5 years at a call price of $1,080. What is the bond's current yield
Answer:
6.69%
Explanation:
Price of Ace products bond issue = $1,196
Annual coupon payment = $80
Current yield = Annual coupon payment / Bond price
Current yield = $80/$1,196
Current yield = 0.0668896
Current yield = 6.69%
Your family business produces a secret recipe salsa and distributes it through both smaller specialty stores and chain supermarkets. The chains have been demanding sizable discounts but you do not want to drop your prices to the specialty stores. When can you legally accommodate the chains without losing profits from the specialty stores
Answer:
We can make the chain supermarkets buy goods in bulk.
Explanation:
In the given scenario the chain supermarkets have been demanding heavy discounts on goods that you are selling to them.
Also you do not want the eventual price to the speciality stores to drop.
The solution will be to sell products in bulk to the chain supermarkets. This will meet their demand for larger discounts as price per unit of product will be lower with bulk purchase.
Then the speciality stores can still buy in small quantities for higher price.
This will accommodate the requirements from both stores.
Correctly match the following with: export goods, import goods, export services, import services, investment income inflows, investment income outflows, transfer inflows, transfer outflows, capital inflows, and capital outflows.
Answer:
1. Import goods
2. Transfer outflow
3. Export services
This is what I know so far. Hope this helps.
A stock index currently stands at 280. The risk-free interest rate is 10% per annum (with semiannual compounding) and the dividend yield on the index is 5% per annum (continuously compounded). The futures price for a six-month contract is closest to the which of following value:________
a. $235.07
b. $287.09
c. $277.11
d. $340.21
Answer:
b. $287.09
Explanation:
The computation of the future price of a six month contract is shown below;
Given that
Current stock index = 280
Risk free rate = 10% or 0.10
Dividend yield = 5% or 0.05
Periods (n) = 6 months or 0.5 year
now
Futures price = Current stock index × e^(risk free rate - dividend yield) × n
= 280 × e^(0.10 - 0.05) × 0.5
= 280 × e^(0.05) × 0.5
= 280 × e^(0.025)
= 280 × 1.025315
= $287.09
The following data relate to Department no. 3 of Winslett Corporation: Segment contribution margin$540,000 Profit margin controllable by the segment manager 310,000 Segment profit margin 150,000 On the basis of this information, Department no. 3's variable operating expenses are: Multiple Choice Not determinable. $160,000. $80,000. $390,000. $230,000.
Answer:
$230,000
Explanation:
The Profit margin controllable by the segment manager contains only items directly controllable by the manager and this consists of variable costs. So deduct the profit margin controllable by the segment manager from segment contribution margin to arrive at Variable operating expenses.
Calculation of Variable operating expenses
Segment contribution margin $540,000
Less Profit margin controllable by the segment manager ($310,000)
Variable operating expenses $230,000
The decisions of a mediator are?
Calgary Manufacturing company makes chairs and desks. The following costs were incurred in making its products during its first year of operation. Chairs Desks Total Direct Materials $ 8,500 $ 10,500 $ 19,000 Direct Labor 16,500 12,500 29,000 Also the company incurred $22,910 of employee benefits cost. Since these overhead costs are driven by the use of labor they are allocated to the products based on the direct labor dollars. Based on this information alone the total cost of making chairs is. (Do not round intermediate calculations.)
Answer: $38035
Explanation:
Firstly, the allocation rate per labor will be: = Allocated cost / Allocation base
= $22910 / $29000
= $0.79 per labor
Overhead cost allocated to chairs will be:
= $16500 x 0.79 = $13035
Overhead cost allocated to Desks will be:
= $12500 × 0.79 = $9875
The total cost of making chairs will then be:
= Material cost + Labor cost + Overhead cost
= $8500 + $16500 + $13035
= $38035
