A company reports the following information for its first year of operations:Units produced this year 43,000unitsUnits sold this year 39,000unitsDirect materials$0.57per unitDirect labor$0.83per unitVariable overhead$26,660in totalFixed overhead ?in totalIf the company's cost per unit of finished goods using variable costing is $2.02, what is the amount of total fixed overhead?
A. $24,510
B. $26,660
C. $60,200
D. $35,690
E. Cannot be determined from the given data.
Answer: E
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As part of the initial investment, Ray Blake contributes equipment that had originally cost $125,000 and on which accumulated depreciation of $100,000 has been recorded. If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $29,000 for the contributed equipment, what amount should be debited to the equipment account?
a. $29,000 b. $150,000 c. $125,000 d. $100,000
In Hendersonville, a group of salespeople get together for breakfast on the first and third Tuesday of each month. The purpose of their meeting is to share leads and prospecting tips. The group charges each member dues of $65 per quarter and participants must sell noncompetitive products. This group is an example of a(n):
A. illegal pyramid scheme. B. business network. C. list of prospects. D. sales lead club. E. orphan prospect club.
Assume a corporation has 3,000 shares of $4 par common stock outstanding. The corporation declares an 8% stock dividend. At the time of declaration, the market value of their stock was $6 . What is the appropriate journal entry?
a. Debit Stock Dividends $1,440, credit Stock Dividends Distributable $960 and credit Paid-in Capital in Excess of Par-Common Stock $480. b. Debit Stock Dividends $960, credit Stock Dividends Distributable $960 c. Debit Stock Dividends Distributable $960, debit Paid-in Capital in Excess of Par-Common Stock $480 and credit Stock Dividends $1,440. d. Debit Stock Dividends Distributable $960, credit Stock Dividends $960. e. Debit Stock Dividends $1,440, credit Stock Dividends Distributable $480 and credit Paid-in Capital in Excess of Par-Common Stock $960.
The selling division would never agree to a transfer price below its full manufacturing cost
Indicate whether the statement is true or false