Glew Corporation has provided the following information: Cost per UnitCost per PeriodDirect materials$6.00 Direct labor$3.35 Variable manufacturing overhead$1.75 Fixed manufacturing overhead $8,800Sales commissions$1.00 Variable administrative expense$0.40 Fixed selling and administrative expense $4,000 If 3,000 units are produced, the total amount of direct manufacturing cost incurred is closest to:
A. $31,050
B. $33,300
C. $28,050
D. $39,900
Answer: C
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Lakeland Corporation reported the following pretax (and taxable) information for 2016: Income from continuing operations $550,000 Loss on disposal of Segment B 45,000 Prior period adjustment-Depreciation was understated in 2015 15,000 Gain from operations of discontinued Segment B 35,000 Income tax rate 35% ? Required: a.Prepare the lower portion of Lakeland's 2016 income statement, beginning with pretax income for continuing operations. (Omit the heading.)b.Prepare Lakeland's 2016 statement of retained earnings, assuming that retained earnings at January 1, 2016, was $750,000 and the company paid $45,000 of dividends in 2016. (Omit the heading.)
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Gary dies without a will. His survivors include his spouse Helen and his two children, Irene and John. Under applicable laws, of Gary's estate, Helen will probably receive
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