[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 25,000unitsUnits sold this year 15,000unitsDirect materials$9per unitDirect labor$11per unitVariable overhead$3per unitFixed overhead$137,500in totalGiven Advanced Company's data, compute cost per unit of finished goods under absorption costing.
A. $20.00
B. $28.50
C. $25.32
D. $23.00
E. $34.17
Answer: B
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Zanies Corporation reports its income from investments under the equity method and recognized income of $15,000 from its investment in Travis Company during the current year. Travis declared no dividends during the current year. On Daniels' statement of cash flows the $15,000 would
a. be shown as cash from investing activities. b. be shown as an addition to net income in the reconciliation of net income to cash from operations. c. be shown as a deduction from net income in the reconciliation of net income to cash from operations. d. not be shown. e. None of these answers is correct.
Which of the following do not apply to unearned revenues?
A. Amounts to be received in the future from customers for delivery of products or services in the current period. B. Gift cards are an example. C. May also be called deferred revenues. D. Amounts received in advance from customers for future delivery of products or services. E. Result from prepayments for concert tickets.
Drafts that have a maturity date of six months are exempt from registration with the SEC
Indicate whether the statement is true or false
Which of the following would represent adjustments to the working capital of a new venture?
a. Depreciation b. Accounts receivable c. Accounts payable d. All of the above