Rice Enterprises had supplies on hand costing $240 on December 31 . During the same year, supplies costing $500 were purchased, and $320 in supplies were consumed during the year. What was the cost of supplies on hand on January 1 of that year?
$240 + $320 – $500 = $60
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Goff Corporation sells products for $75 each that have variable costs of $50 per unit. Goff's fixed cost is $350,000.Required:Calculate the contribution margin per unit, then use the per unit contribution margin approach to find the break-even point in units and dollars.
What will be an ideal response?
The strategic profit model (SPM) ______.
a. is also known as the Monsanto Model b. provides a visual representation of an organization’s financial performance c. analyzes the firm’s operations d. guides the firm’s corporate strategy
Schriever Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed element per monthVariable Element per Well ServicedRevenue $4,500Employee salaries and wages$57,200 $1,100Servicing materials $600Other expenses$31,000 ?The planning budget for May was based on 36 wells serviced, but a total of 31 wells were actually serviced in May.?The activity variance for "Servicing materials" for May would have been closest to:
A. $2,800 F B. $3,000 F C. $3,000 U D. $2,800 U
A 10-K report is:
a. an extensive audited annual financial statement b. a prospectus issued prior to an initial stock sale c. the registration statement held for public inspection by the SEC d. also called a red herring e. none of the other choices