Decko Industries reported the following monthly data:Units produced 52,000unitsSales price$33per unitDirect materials$1.50per unitDirect labor$2.50per unitVariable overhead$3.50per unitFixed overhead$234,000in totalWhat is the company's contribution margin for this month if 50,000 units were sold?
A. $1,275,000
B. $1,650,000
C. $1,450,000
D. $1,716,000
E. $1,326,000
Answer: A
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Firms' choices and estimates within U.S. GAAP or IFRS should be determined by all of the following except:
a. firms' underlying economic circumstances. b. conditions in the company's industry. c. the company's competitive strategy. d. accelerated management efforts to meet earnings projections.
Cement Company, Inc. began the first quarter with 1,000 units of inventory costing $25 per unit. During the first quarter, 3,000 units were purchased at a cost of $40 per unit, and sales of 3,400 units at $65 per units were made. During the second quarter, the company expects to replace the units of beginning inventory sold at a cost of $45 per unit. Cement Company uses the LIFO method to account for inventory.The amount of gross profit for the first quarter is:
A. $250,000 B. $90,000 C. $221,000 D. $83,000 E. $87,000
To ____________________ means to transfer a term from one side of an equation to the other.
Fill in the blank(s) with the appropriate word(s).
For the year ending December 31, Beard Clinical Supplies Co mistakenly omitted adjusting entries for (1) $9,800 of unearned revenue that was earned, (2) earned revenue that was not billed of $10,200, and (3) accrued wages of $7,000 . Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income