The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales$400,000 Materials cost$96,000 Variable conversion cost used$48,000 Fixed manufacturing cost$72,000 Indirect operating costs (fixed)$80,000 Cost of goods sold using absorption costing is:
A. $180,000
B. $246,667
C. $40,000
D. $120,000
Answer: A
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a. leadership traits b. a nuisance c. something to be embraced and harnessed d. the key to inefficiency
Posting is the transfer of journal entry information to the ledger.
Answer the following statement true (T) or false (F)
Consider the product structure tree shown below: With a beginning inventory of zero for all components and finished items, how many assembly E's are needed to produce 20 product X's?
A) 900 B) 1000 C) 1200 D) 1500
Cleary, Wasser, and Nolan formed a partnership on January 1, 2017, and made capital contributions of $100,000 (Cleary), $150,000 (Wasser), and $200,000 (Nolan), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner's beginning capital balance for the year; (2) annual compensation of $10,000 to Wasser; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Cleary; (b) 40% for Wasser; and (c) 40% for Nolan. Net income was $150,000 in 2017 and $180,000 in 2018. Each partner withdrew $1,000 for personal use every month during 2017 and 2018.What was the amount of interest attributed to Wasser in the income distribution for 2018?
A. $17,600. B. $30,100. C. $17,800. D. $20,100. E. $18,800.