Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 408 Weeks Ago, 5 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 07 Jan 2018 My Price 7.00

Laworld Inc.

Problem 2-46 Preparation of Income Statement: Manufacturing Firm

 

Laworld Inc. manufactures small camping tents. Last year, 200,000 tents were made and sold for $60 each. Each tent includes the following costs:

 

Direct materials                                   $18

 

Direct labor                                           12

 

Manufacturing overhead                       16

 

 

 

The  only  selling  expenses  were  a  commission  of  $2  per  unit  sold  and  advertising totaling

 

$100,000. Administrative expenses, all fixed, equaled $300,000. There were no beginning or end- ing finished goods inventories. There were no beginning or ending work-in-process inventories.

 

Required:

 

1.       Calculate the product cost for one tent. Calculate the total product cost for last year.

 

2.       CONCEPTUAL CONNECTION Prepare an income statement for external users. Did you need to prepare a supporting statement of cost of goods manufactured? Explain.

 

3.       CONCEPTUAL CONNECTION Suppose 200,000 tents were produced (and 200,000 sold) but that the company had a beginning finished goods inventory of 10,000 tents produced in the prior year at $40 per unit. The company follows a first-in, first-out policy for its inven- tory (meaning that the units produced first are sold first for purposes of cost flow). What effect does this have on the income statement? Show the new statement.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Jan 2018 08:01 PM My Price 7.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------.Pl-----------eas-----------e p-----------ing----------- me----------- on-----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be-----------

Not Rated(0)