Corny and Sweet grows and sells sweet corn at its roadside produce stand. The selling price per dozen is $4.75, variable costs are $2.00 per dozen, and total fixed costs are $1100.00. How many dozens of ears of corn must Corny and Sweet sell to breakeven? (Round your final answer to the nearest unit amount.)

Answers

Answer 1
Answer:

Answer:

Selling price = $4.75

Variable costs= $2.00

Contribution margin ratio = contribution margin / sale

= ($4.75 - $2.00) / $4.75 = 57.8%

Break even sale in dollars = fixed costs / contribution margin ratio

= $1100 / 57.8% = $1903

Breakeven Sales = $1903

Explanation:


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The skill you’re focusing on this week is:

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could you explain some more please

Four basic steps are used in an ABC system. List the proper order of these steps, which are currently scrambled below:a. Identify the primary activities and estimate a total cost pool for each.b. Allocate the costs to the cost object using the activity cost allocation rates.c. Select an allocation base for each activity.d. Calculate an activity cost allocation rate for each activity.A) c, a, b, dB) a, c, d, bC) b, a, c, dD) a, d, c, b

Answers

Answer:

B) a, c, d, b

Explanation:

a. Identify the primary activities and estimate a total cost pool for each.

c. Select an allocation base for each activity.

d. Calculate an activity cost allocation rate for each activity

b. Allocate the costs to the cost object using the activity cost allocation rates

Sienna Manufacturing uses a two-step process to make a metal part. The first step involves cutting with a machine that requires a 40-minute setup time before the production of each batch. The cutting takes 30 minutes per part. The second step is polishing the parts from cutting. The polishing takes 40 minutes per part, and the polishing machine requires no setup. Assume demand is unlimited. What is the ideal batch size of the parts?a. 10
b. 8
c. 4
d. 2

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The correct answer is:

c. 4

Ricky is not in a consumer equilibrium. Given the prices of goods, Ricky has allocated all his income such that his marginal utility per dollar spent is ________ for ________ goods.

Answers

Answer:

The options are

A) as small as possible; all

B) equal; all

C) equal; normal

D) maximized; all

The answer is B) equal; all

Ricky not being in a consumer equilibrium and he considering the prices prices of goods means he allocated all his income in such a way that entails his marginal utility per dollar spent is equal for all goods.

This is to ensure that he cuts cost and maximizes his spending power.

ak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.

Answers

Answer:

Job 33  $ 27250

Job 34   $ 31500

Job 35    $ 12325

Cost of Goods Sold Job 33 $ 27250

Finished Goods Inventory Job 34 $ 31500

Work in Process Inventory Job 35 $ 12325

Explanation:

Work in Process Balance on 3/1

Job 33 $ 7,500

Job 34 6,000              

Total $ 13,500

Job 33

Direct Materials    $3500

Direct Labor        6500

Overheads (150%)  9750

Add Opening WIP  7500

Total Cost    $ 27250

We add the Direct Material Direct Labor and Mfg overheads with the opening balance of WIP to get the  total cost of given jobs.

Job 34

Direct Materials    $6000

Direct Labor        7800

Overheads (150%)  11700

Add Opening WIP  6000

Total Cost    $ 31500

Job 35

Direct Materials    $4200

Direct Labor        3250

Overheads (150%)    4875

Add Opening WIP  ------

Total Cost    $ 12325

Cost of Goods Sold Job 33 (given) $ 27250

Finished Goods Inventory Job 34 (given) $ 31500

Work in Process Inventory Job 35(given)$ 12325

It is given in the question that Job 34 is transferred to Finished Goods , Job 35 is still in process and Job 33 is cost of goods sold.

Final answer:

By accounting for beginning balances, cost of materials, labor, and overheads, the costs of Jobs 33, 34, and 35 at end of the month are $27,250, $31,500 and $12,325 respectively. The Work in Process Inventory is $12,325, Finished Goods Inventory is $31,500 and Cost of Goods Sold is $27,250.

Explanation:

To calculate the cost of each job at Oak Creek Furniture Factory (OCFF), we first need to consider all cost factors. These include the beginning balances, additional materials requisitioned, labor hours, and overheads. Job overheads for OCFF are applied as 150 percent of direct labor cost.

Job 33: The initial cost was $7,500. During March, materials costing $3,500 and labor cost of $6,500 were added, making a total of $10,000. Applying the overhead calculation, we find that overheads amount to $6,500 * 1.5 = $9,750. The total cost for job 33 is therefore $7,500 (beginning balance) + $10,000 (material and labor costs) + $9,750 (overhead) = $27,250.

Job 34: Initial cost was $6,000. Material and labor costs for March amount to $6,000 and $7,800 respectively, summing up to $13,800. The overhead equals $7,800 * 1.5 = $11,700. The total cost for job 34 is accordingly $6,000 (beginning balance) + $13,800 (material and labor costs) + $11,700 (overhead) = $31,500.

In regard of Job 35, which is still in progress, only the cost of materials $4,200 and labor $3,250 have been added, totalling $7,450. Calculating overheads, we get $3,250 * 1.5 = $4,875. Therefore, the cost so far for job 35 is $7,450 (material and labor costs) + $4,875 (overhead) = $12,325.

For the balance of the Work in Process Inventory, we just include the cost of Job 35, which isn't finished yet: $12,325.

The Finished Goods Inventory includes the cost of Job 34 which is completed but not sold: $31,500.

Cost of Goods Sold consists of completed and sold jobs, in this case only Job 33: $27,250.

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Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 75,000 units of product: net sales $1,500,000; total costs and expenses $1,780,200; and net loss $280,200. Costs and expenses consisted of the following. Total Variable Fixed Cost of goods sold $1,106,000 $598,000 $508,000 Selling expenses 522,200 95,000 427,200 Administrative expenses 152,000 57,000 95,000 $1,780,200 $750,000 $1,030,200 Management is considering the following independent alternatives for 2020. 1. Increase unit selling price 25% with no change in costs and expenses. 2. Change the compensation of salespersons from fixed annual salaries totaling $200,000 to total salaries of $40,010 plus a 5% commission on net sales. 3. Purchase new high-tech factory machinery that will change the proportion between variable and fixed cost of goods sold to 50:50. (a) Compute the break-even point in dollars for 2019.

Answers

Answer:

(a) the break-even point in dollars for 2019 = $2,060,400.00

Explanation:

Break Even Point in Dollars = Fixed Cost/Contribution margin

Contribution margin = (Sales - Variable Cost) as a portion of sales.

Total variable cost in 2019 = $598,000 + $95,000 + $57,000 = $750,000

Total sales for 2019 = $1,500,000

Contribution = $1,500,000 - $750,000 = $750,000

As a portion of sales = $750,000/$1,500,000 = 50%

Total Fixed Cost = $1,030,200

Therefore Break Even Point in Dollars for the year 2019 = $1,030,200/50% = $2,060,400

Final answer:

The break-even point in dollars for 2019 can be computed by finding the point at which the company's total costs and expenses equal its net sales. In this case, the break-even point is approximately $2,179,255.

Explanation:

The break-even point in dollars for 2019 can be computed by finding the point at which the company's total costs and expenses equal its net sales. In this case, the company operated at a loss, so the break-even point represents the level of sales needed to cover all costs and result in zero profit or loss. The break-even point can be calculated using the formula: Break-even point = Fixed costs / (Selling price per unit - Variable cost per unit)

Using the given information, the fixed costs are $1,030,200 and the selling price per unit is $1,500,000 / 75,000 units = $20. The variable cost per unit is ($1,106,000 - $508,000) / 75,000 units = $10.43. Substituting these values into the formula, we get: Break-even point = $1,030,200 / ($20 - $10.43) ≈ 108,962.75 units.

To calculate the break-even point in dollars, we multiply the break-even point in units by the selling price per unit: Break-even point in dollars = 108,962.75 units * $20 ≈ $2,179,255.

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