# What is strategy? Briefly describe the two types of strategies that

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Get college assignment help at uniessay writers What is strategy? Briefly describe the two types of strategies that companies may choose to persue. how can the efficient use of organisational operational precedures promote the effective implementation of company strategy?

## during the current year mercandise is sold for 86,000 cash and

during the current year mercandise is sold for 86,000 cash and for 93,950 on account. the cost of the merchandise sold is 76,240. what is the gross profit

## A project has a 0.6 chance of doubling your investment in

A project has a 0.6 chance of doubling your investment in a year and a 0.4 chance of halving your investment in a year. What is the standard deviation of the rate of return on this investment?

## Break-Even Analysis The Beach Street office of Getwell Clinics specializes in

Break-Even Analysis The Beach Street office of Getwell Clinics specializes in the treatment of three types of patients: DRG M, DRG J, and DRG P. The operating statistics for patient care of these three DRGs for last year are shown below. They include patient volume proportions, average charges, average variable costs, and the amount of specific fixed costs assignable to each DRG. In addition, the satellite office had joint fixed costs last year of \$240,000. Getwell Clinics Operating Statistics DRG Proportion Charge Variable Cost Fixed Cost M 50% \$1,700 \$1,000 \$500,000 J 30% 2,600 1,200 280,000 P 20% 900 600 110,000 Joint Fixed Costs 830,000 100% \$1,720,000 Doctor Barkley, newly appointed director of the satellite office, has requested that you determine the breakeven points for each DRG. Dr. Barkley also wants to know which DRG would be the most profitable to promote in growing the practice. A recent time study showed that procedures involved in each DRG took the following time: DRG M, 2 hours; DRG J, 5 hours; and DRG P, 1 hour. · Prepare a formal and comprehensive response to Dr. Barkley that demonstrates understanding of the Week Three objectives. o Explain the relevance of DRG analysis as a tool that drives costs and affects management decisions in healthcare. o Calculate the breakeven points, in numbers of treatments, for each type of DRG, using the weighted average contribution margin approach. o Propose your recommendations that answer the following questions: · Which DRG must be promoted in an advertising program if the office has excess capacity? Explain why. · Which DRG must be promoted if the office is almost at maximum capacity in terms of available hours? Explain why. · What rationale may be used to support the use of DRGs as an approach to allocating costs?

## If a cash basis business owner pays 6 months of rent

If a cash basis business owner pays 6 months of rent expense in advance during the last month of the tax year, how is this treated on the tax return? What is the reason tax law requires this treatment?

## Which one of the following is a characteristic of information provided

Which one of the following is a characteristic of information provided by external financl reports? a. The information is exact and not subject to change b. The information is frequently the result of reasonable estimates c. The information pertains to the economy as a whole d. The information is provided at the least possible cost

## Which of the following is not an objective of financial reporting?

Which of the following is not an objective of financial reporting? a. Financial reporting should provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions. b. Financial reporting should provide information to help present and potential investors and creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts from dividends or interest and the proceeds from the sale, redemption, or maturity of securities or loans. c. Financial reporting should provide information about the economic resources of an enterprise, the claims against those resources, and the effects of transactions, events, and circumstances that change the resources and claims against those resources. d. None of the above.

## Employee Stock Ownership Plans (ESOPs): a. will not dilute the proportional

Employee Stock Ownership Plans (ESOPs): a. will not dilute the proportional ownership of existing shareholders. b. may be created for a temporary purpose. c. do not produce any tax advantages for plan participants. d. may borrow funds from a bank.

## Ch. 13: Case: Mt. Hood Furniture—PPS sampling problem

Ch. 13: Case: Mt. Hood Furniture—PPS sampling problem

## 3-24 The Corrigan Corporation’s forecasted 2003 financial statements follow, along with

3-24 The Corrigan Corporation’s forecasted 2003 financial statements follow, along with some industry average ratios. a. Calculate Corrigan’s 2003 forecasted ratios, compare them with the industry average data, and comment briefly on Corrigan’s projected strengths and weaknesses. b. What do you think would happen to Corrigan’s ratios if the company initiated cost-cutting measures that allowed it to hold lower levels of inventory and substantially decreased the cost of goods sold? No calculations are necessary. Think about which ratios would be affected by changes in these two accounts. Corrigan Corporation: Forecasted Balance Sheet as of December 31, 2003 Cash \$ 72,000 Accounts receivable 469,000 Inventories 894,000 Total current assets \$ 1,405,000 Land and building 238,000 Machinery 132,000 Other fixed assets 61,000 Total assets \$ 1,836,000 Accounts and notes payable \$ 432,000 Accrued liabilities 170,000 Total current liabilities \$ 602,000 Long-term debt 404,290 Common stock 575,000 Retained earnings 254,710 Total liabilities and equity \$ 1,836,000 Corrigan Corporation: Forecasted Income Statement for Year Ended December 31, 2003 Sales \$ 4,290,00 Cost of goods sold 3,580,000 Gross operating profit \$ 710,000 General administrative and selling expenses 236,320 Depreciation 159,000 Miscellaneous 134,000 Earnings before taxes (EBIT) \$ 180,680 Taxes (40%) 72,272 Net income \$ 108,408 Pre-Share Data EPS \$ 4.71 Cash dividends \$ 0.95 Market price (average) \$ 23.57 P/E ratio 5x Number of shares outstanding 23,000 INDUSTRY FINANCIAL RATIOS (2003)a Current ratio 2.7X Inventory turnoverb 7.0X Days sales outstandingc 32 DAYS Fixed assets turnoverb 13.0X Total assets turnoverb 2.6X Return on assets 9.1% Return on equity 18.2% Debt ratio 50.0% Profit margin on sales 3.5% P/E ratio 6.0X Price/cash flow ratio 3.5X aIndustry average ratios have been constant for the past 4 years. bBase on year-end balance sheet figures. cCalculation is based on a 365-day year.

## Jim Jones had a deductible casualty loss of \$10,000 on his

Get college assignment help at uniessay writers Jim Jones had a deductible casualty loss of \$10,000 on his 2010 tax return. His taxable income was \$112,000 in 2010. In september of 2011, Jim is reimbursed \$5,000 for the prior year’s casualty loss. He should include the \$5,000 in gross income for 2011.

## MICROSOFT EXCEL 2007 Loan TUTORIAL 10, CASE 2

MICROSOFT EXCEL 2007 Loan TUTORIAL 10, CASE 2

## Please help me with this. Thank you. Choose three publicly held

Please help me with this. Thank you. Choose three publicly held companies on the Internet. Include at least two manufacturing companies (there must be a product). None can be a financial institution such as a bank or an insurance company. Case assignment expectations: Refer to the financial statements and, for each of the last three years, identify Net Income and Cash Flow from Operating Activities. Investigate the Historical Cost of Non-Current Assets. Look on the Balance Sheet at the categories just below Current Assets. Be sure to use references to your sources for the company data. LENGTH: 2 pages typed and double-spaced: The following items will be assessed in particular: 1. What is the trend of Net Income over the last three years? 2. What is the trend of Cash Flow from Operating Activities over the last three years? 3. How representative do you believe these historical costs are of the true current values of these assets? 4. Consider such things as the nature of the assets and the life of the assets (you can estimate this by comparing Accumulated Depreciation to the Historical Cost of the assets).

## Please help me with this. Thank you. The Smell of Success

Please help me with this. Thank you. The Smell of Success The Lovely Scent Perfume Company has recently suffered record losses. Fredrick Fragrance, the CEO, has asked four of his top executives to recommend a strategy to put the company back on a profitable track. Wally Workshard, the Executive Vice President, suggested that the company drop its price by 20% and predicts that this will increase sales by 85,000 units per year. Lester Ledger, the Chief Financial Officer, suggested that the company repackage the product in designer bottles. This would add \$4.75 per unit to the production cost and fixed production costs would be increased by \$40,000 per year. Lester predicts this would increase annual sales volume by 32%. Buster Bumble, the Production Manager, suggested that the company reduce the size of the standard bottle by 10%. This would save \$2.65 per unit in variable production costs. He predicts sales volume would drop by only 4,500 units per year. Gaylord Goodspeak, the Marketing Manager, suggested that the company increase its marketing budget by 66% – this would add \$527,000 per year to fixed operating expenses. In addition, he recommend raising the price by \$4.90 per unit. He predicts that the combined impact would be a 17% increase in annual sales volume. Case assignment expectations: Use the appended spreadsheet to evaluate each of these proposals independently. You will need to fill in the inputs based on the numbers above. The spreadsheet will then do the remaining calculations. Click here for the Lovely Scent spreadsheet. LENGTH: 2 pages typed and double-spaced: The following items will be assessed in particular: Your recommendation of the best strategy for Mr. Fragrance. The support of your answer with relevant numbers and arguments.

## Dover Robber Company offered a contract to supply 500000 premium automobile

Dover Robber Company offered a contract to supply 500000 premium automobile tires. Should Dover accept the offer? Why or why not? (Accounting problems need solutions)

## ACC 460, FALL 10 PROBLEM 3 C CORPORATION BOOK-TO-TAX RECONCILIATION. Western

ACC 460, FALL 10 PROBLEM 3 C CORPORATION BOOK-TO-TAX RECONCILIATION. Western Corporation, an accrual basis, calendar-year C corporation, began operations on January 2, 2000. For each item below, determine the 2010 Schedule M-1 adjustment to reconcile book income to taxable income, i.e., the amount and the effect ( or -). Net income per books \$1,000,000 Provision for Federal income taxes, \$320,000 Municipal bond interest, \$20,000 During 2010, Western increased its allowance for uncollectible accounts by \$25,000; actual bad debts written off in 2010 were \$32,000. Western reported depreciation for financial purposes of \$90,000; MACRS for the year was \$129,000 Western acquired another corporation in 2007, paying \$600,000 for goodwill. Western recorded a goodwill impairment loss of \$30,000 for financial purposes in 2010. In December 2009, Western received \$35,000 as an advance payment for an order from a customer. Western reported the \$35,000 as a liability (unearned income) on its balance sheet at 12/31/09 and as earned income in 2010. In December 2010, Western received \$30,000 as an advance payment for an order from a customer. Western reported the \$30,000 as a liability (unearned income) on its balance sheet at 12/31/10. Western reported gains of \$30,000 and losses of \$38,000 from the sale of investments in its “Other Revenues

## Inventory Measures, Production Scheduling, and Evaluating Divisional Performance The Calais Company

Inventory Measures, Production Scheduling, and Evaluating Divisional Performance The Calais Company stresses competition between the heads of its various divisions, and it rewards stellar performance with year-end bonuses that vary between 5% and 10% of division net operating income (before considering the bonus or income taxes). The divisional managers have great discretion in setting production schedules. The Brittany division produces and sells a product for which there is a long-standing demand but which can have marked seasonal and year-to-year fluctuations. On November 30, 20X4, Veronique Giraud, the Brittany division manager, is preparing a production schedule for December. The following data are available for January 1 through November 30 (€ is the symbol for euro, the currency for most countries of the European Union): Beginning inventory, January 1, in units 10,000 Sales price, per unit €400 Total fixed costs incurred for manufacturing €9,350,000 Total fixed costs: other (not inventoriable) €9,350,000 Total variable costs for manufacturing €18,150,000 Total other variable costs (fluctuate with units sold) €4,000,000 Units produced 110,000 Units sold 100,000 Variances None Production in October and November was 10,000 units each month. Practical capacity is 12,000 units per month. Maximum available storage space for inventory is 25,000 units. The sales outlook for December through February is 6,000 units monthly. To retain a core of key employees, monthly production cannot be scheduled at less than 4,000 units without special permission from the president. Inventory is never to be less than 10,000 units. The denominator used for applying fixed factory overhead is regarded as 120,000 units annually. The company uses a standard absorption-costing system. All variances are disposed of at year-end as an adjustment to standard cost of goods sold. 1. Given the restrictions as stated, and assuming that Giraud wants to maximize the company’s net income for 20X4, a. How many units should be scheduled for production in December? b. What net operating income will be reported in 20X4 as a whole, assuming that the implied cost-behavior patterns will continue in December as they did throughout the year to date? Show your computations. c. If December production is scheduled at 4,000 units, what would reported net income be? 2. Assume that standard variable costing is used rather than standard absorption costing. a. What would net income for 20X4 be, assuming that the December production schedule is the one in part a of number 1? b. Assuming that December production was 4,000 units? c. Reconcile the net incomes in this requirement with those in number 1. 3. From the viewpoint of the long-run interests of the company as a whole, what production schedule should the division manager set? Explain fully. Include in your explanation a comparison of the motivating influence of absorption and variable costing in this situation. 4. Assume standard absorption costing. Giraud wants to maximize her after-income-tax performance over the long run. Given the data at the beginning of the problem, assume that income tax rates will be halved in 20X5. Assume also that year-end write-offs of variances are acceptable for income tax purposes. How many units should be scheduled for production in December? Why?

## Please help solve the attached files.

Please help solve the attached files.

## Teresa wons a condominium in Florida. During the current year, she

Teresa wons a condominium in Florida. During the current year, she incurs the following expenses related to the property: Mortgate interest: \$10,200 Property taxes: \$1,500 Utilities: \$800 Maintenance fees: \$1,000 Repairs: \$600 Depreciation: \$5,000 rental income is \$9,000; rental days are 40 days and personal use days are 10 days. Is the classification: personal, rental, or vacation home?

## 1 All business owners are personally liable for the debts of

1 All business owners are personally liable for the debts of their businesses. 2 Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Financial Accounting Standards Board, or the FASB. 3 A journal entry is an event that has a financial impact on the business that can be reliably measured. 4 Double-entry accounting records only those transactions affecting the income statement. 5 When using accrual accounting, revenues are recorded when the business performs a service. 6 Adjusting journal entries recorded at the end of an accounting period update revenue and expense accounts, as well as asset or liability accounts. 7 To maintain effective internal control, employees responsible for handling cash should have access to the accounting records. 8 Differences between the bank statement and the company’s Cash account are primarily the result of timing errors made by the company. 9 Trading securities are considered to be long-term investments. 10 If credit sales are \$2,920,000, then one day’s sale is equal to \$8,000. 11 Inventory is presented on the balance sheet at the selling price of the item. 12 In a period of increasing prices, LIFO generally results in a lower tax liability. (Multiple Choice) 13 The objectivity principle of accounting: A. holds that the entity will remain in operation for the foreseeable future. B. enables accountants to ignore the effect of inflation in the accounting records. C. maintains that each organization or section of an organization stands apart from other organizations and individuals. D. ensures that accounting records and statements are based on the most reliable data available. 14 An Oklahoma City business paid \$15,000 cash for equipment used in the business. At the time of purchase, the equipment had a list price of \$20,000. When the balance sheet was prepared, the value of the equipment later rose to \$22,000. What is the relevant measure of the value of the equipment? A. Historical cost, \$15,000 B. Fair market cost, \$20,000 C. Current market cost, \$22,000 D. \$15,000 on the day of purchase, \$22,000 on balance sheet date 15 Dividends: A. are expenses. B. always affect net income. C. are distributions to stockholders of assets (usually cash) generated by net income. D. are distributions to stockholders of assets (usually cash) generated by a favorable balance in retained earnings. 16 Which of the following must be added to beginning Retained Earnings to compute ending Retained Earnings? A. Net income B. Expenses C. Dividends D. All of these answers are correct. 17 At the end of the current accounting period, account balances were as follows: Cash, \$180,000; Accounts Receivable, \$75,000; Common Stock, \$20,000; Retained Earnings, \$65,000. Liabilities for the period were: A. \$ 70,000. B. \$170,000. C. \$190,000. D. \$210,000. 18 Revenues were \$170,000, expenses were \$90,000, and cash dividends were \$30,000. What was the net income and the change in retained earnings for the period? A.Net income was \$50,000; change in retained earnings was \$50,000 B. Net income was \$80,000; change in retained earnings was \$50,000 C. Net income was \$80,000; change in retained earnings was \$80,000 D. Net income was \$250,000; change in retained earnings was \$250,000 19 If assets increase \$210,000 during a given period and liabilities increase \$65,000 during the same period, stockholders’ equity must: A. increase \$145,000. B. decrease \$275,000. C. decrease \$145,000. D. increase \$275,000. 20 Income taxes owed to the federal government would be classified as a(n): A. expense on the income statement. B. financing activity on the statement of cash flows. C. current asset on the balance sheet. D. current liability on the balance sheet. 21 The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction: A. increased a liability account and increased liabilities. B. decreased cash and increased expenses. C. increased assets and increased owners’ equity. D. is not a transaction recognized by the business. 22 Consider the following transactions: I. Borrowed cash on a note payable, \$80,000 II. Provided services on account, \$10,000 III. Received cash from a customer as payment on account, \$8,000 IV. Received a utility bill, \$1,200 Total assets would be: A. \$96,800. B. \$88,000. C. \$90,000. D. \$98,000. 23 The purchase of land for cash would: A. increase total assets. B. decrease stockholders’ equity. C. increase the total debits on the trial balance. D. have no effect on total assets. 24 Performing services on account would: A. decrease both assets and liabilities. B. increase assets and decrease stockholders’ equity. C. decrease revenue and decrease stockholders’ equity. D. increase net income and stockholders’ equity. 25 Consider the following transactions: I. Borrowed cash on a note payable, \$80,000 II. Provided services on account, \$10,000 III. Received cash from a customer as payment on account, \$8,000 IV. Received a utility bill, \$1,200 Total liabilities would be: A. \$1,200. B. \$81,200. C. \$98,000. D. \$80,000. 26 Consider the following transactions: I. Owners invested \$8,000 cash to begin the business II. Provided services for cash, \$6,000 III. Provided services on account, \$4,000 IV. Paid cash for expenses, \$7,500 How much cash does the business have? A. \$ 2,500 B. \$ 4,500 C. \$ 6,500 D. \$10,500 27 Consider the following transactions: I. Owners invested \$8,000 cash to begin the business II. Provided services for cash, \$6,000 III. Provided services on account, \$4,000 IV. Paid cash for expenses, \$7,500 How much net income did the business have? A. \$2,500 B. \$3,000 C. \$4,000 D. \$6,000 28 A trial balance prepared by an inexperienced accountant showed total debits of \$540,000 and total credits of \$450,000. This discrepancy is most likely due to which type of error? A. Slide B. Transposition C. Mislabeling D. Failure to post a transaction 29 An expense incurred in 2008 is not paid until 2009. Using the accrual basis of accounting, the expense should appear on: A. the 2008 income statement. B. the 2009 income statement. C. neither the 2008 nor the 2009 income statement. D. both the 2008 and 2009 income statements. 30 A company using the accrual basis of accounting pays \$15,000 for a television advertising campaign. Commercials will run evenly in December, January, and February. How much expense will be reported on an income statement prepared for the month of December? A. \$0 B. \$5,000 C. \$10,000 D. \$15,000 31 On November 1 of the current year, Prepaid Rent was debited \$5,400 for three months of rent, in advance. The amount of the adjusting entry on December 31 is: A. \$1,800. B. \$3,600. C. \$5,400. D. \$0. 32 O’Connor Company purchased supplies totaling \$21,600. By year end, \$9,300 of supplies were still on hand. How much supplies expense should O’Connor recognize? A. \$9,300 B. \$12,300 C. \$21,600 D. \$0 33 Arizona Teak Company paid \$54,000 for computers. These computers have an estimated service life of 3 years and a salvage value of \$3,000. After one year of use, the book value of the computers will be: A. \$17,000. B. \$37,000. C. \$51,000. D. \$0. 34 Closing entries transfer the balances of revenue and dividends accounts to which account? A. Paid-in Capital B. Net Income C. Common Stock D. Retained Earnings 35 Current assets are \$40,000 and long-term assets are \$50,000. Total liabilities are \$60,000, of which current liabilities are 50%. The current ratio is: A. 1.33. B. 1.50. C. 3.00. D. 9.00. 36 Rosewood Company had Current Assets of \$582, Current Liabilities of \$433, Total Assets of \$732, and only Current Liabilities are Total Liabilities. If Rosewood executes a note for \$500 for six months, what is the new debt ratio? A. 0.59 B. 0.75 C. 1.27 D. 2.15 37 Requiring employees to take annual vacations is a part of which characteristic of internal control? A. Assignment of responsibilities B. Separation of duties C. Proper authorization D. Competent and reliable personnel 38 Differences between the amount of cash reported on a company’s bank statement and the balance in the company’s Cash account before the bank reconciliation are primarily due to: A. errors in the accounting process by the company. B. errors made by the bank. C. differences between the cash basis and accrual basis of accounting. D. timing difference in recording transactions. 39 If a bookkeeper mistakenly recorded a disbursement as \$810 instead of the correct amount of \$180, the error should be shown on the bank reconciliation as a(n): A. \$180 addition to the books. B. \$180 deduction from the books. C. \$630 addition to the books. D. \$630 deduction from the books. 40 The bank statement balance is \$6,450 and shows a service charge of \$30, interest earned of \$25, and a NSF check for \$475. Deposits in transit total \$1,850; outstanding checks are \$1,125. What is the adjusted bank balance? A. \$5,725 B. \$5,970 C. \$7,175 D. \$7,655 41 A purchase request: A. identifies the need for merchandise and begins the purchasing process. B. identifies that the merchandise has been received and ends the purchasing process. C. is sent by the purchasing department to the customer who purchases the item. D. includes the invoice, receiving report, purchase order and purchase request. 42 A receiving report is prepared by what department? A. Accounting B. Shipping C. Purchasing D. Marketing 43 An imprest petty cash fund of \$400 was established for minor disbursements. At the end of the month, the fund included petty cash tickets for the purchase of \$185 in supplies, \$41 for postage, \$86 for fuel and a delivery charge of \$65. How much cash is required to replenish the fund? A. \$ 23 B. \$226 C. \$312 D. \$377 44 Assuming a beginning cash balance of \$2,000, estimated cash receipts of \$105,900, and a desired ending cash balance of \$3,500, then the estimated cash disbursements are: A. \$105,400. B. \$104,400. C. \$106,900. D. \$108,400. 45 An unrealized loss on a marketable security means that the: A. value of the security at the time of sale exceeded the historical cost of the security. B. current market value of the security exceeds its original cost. C. historical cost of the security is less its current market value. D. historical cost of the security exceeds its current market value. 46 Bigg and Talle Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to \$5,000,000 and management estimates 2% will be uncollectible. Allowance for Doubtful Accounts prior to adjustment has a credit balance of \$16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be: A. \$116,000. B. \$100,000. C. \$ 84,000. D. \$ 16,000. 47 Calside Company signed a 15-month, \$50,000, 6% note on June 1, 2008. The amount of interest to be accrued on December 31, 2008, is: A. \$3,000. B. \$1,750. C. \$1,500. D. \$1,141. 48 The maturity value of a \$40,000 note at 11% for 5 months is: A. \$41,833. B. \$40,880. C. \$44,400. D. \$47,260. 49 VISA charges a fee for using credit cards. If Brunda’s is charged \$40 on a sale of \$1,600, what percentage is the fee? A. 0.25 B. 2.50 C. 4.00 D. 3.50 50 Alex Rhodes’ net sales for the current period were \$114,000 and average receivables were \$96,250. What is the amount of one day’s sales (rounded)? A. \$312 B. \$264 C. \$427 D. \$557 51 A company has \$40,000 in cash, \$75,000 in short-term investments, \$263,000 in net current receivables, and \$110,000 in inventory. The total current liabilities of the firm are \$305,000. The quick ratio of the company is: A. 0.63. B. 1.24. C. 1.60. D. 1.76. 52 A company with net sales of \$800,000, a beginning balance of net receivables of \$70,000, and an ending balance of net receivables of \$90,000 has a collection period of (rounded): A. 110 days. B. 41 days. C. 36 days. D. 32 days. 53 BMX Co. sells item XJ15 for \$1,000 per unit, and has a cost of goods sold percentage of 80%. The gross profit to be found for selling 20 items is: A. \$20,000. B. \$16,000. C. \$ 4,000. D. No gross margin can be calculated with a cost of goods sold percentage greater than 50%. 54 The purchasing manager for East Coast Hoggs is attempting to determine how much inventory to purchase for the upcoming month. The following information has been collected: Current inventory \$ 32,000 Budgeted cost of goods sold 80,000 \$80,000 The manager wishes to end the month with ending inventory of \$25,000. How much inventory must the company purchase? A. \$85,000 B. \$82,000 C. \$73,000 D. \$67,000 55 Given the following data, what is the value of cost of goods sold as determined by the FIFO method? Sales revenue 300 units at \$15 per unit Beginning inventory 120 units at \$9 per unit Purchases 240 units at \$10 per unit A. \$2,880 B. \$2,912 C. \$2,940 D. \$4,500 56 Given the following data, what is the value of the gross profit as determined by the LIFO method? Sales revenue 300 units at \$15 per unit Beginning inventory 120 units at \$9 per unit Purchases 240 units at \$10 per unit A. \$2,880 B. \$2,940 C. \$1,620 D. \$1,560 57 Given the following data, calculate the gross profit using the average-cost method, if the selling price was \$20 per unit. Date Item Unit 1/1 Beginning inventory 40 units at \$12 per unit 3/5 Purchase of inventory 18 units at \$14 per unit 5/30 Purchase of inventory 24 units at \$18 per unit 12/31 Ending inventory 20 units A. \$851.71 B. \$634.78 C. \$359.90 D. \$283.90 58 Char Daniels, controller for Chaka Inc., has the following items: Sales revenue \$300,000 Cost of goods sold \$180,000 Beginning inventory \$85,000 Ending inventory \$65,000 Inventory turnover is: A. 4.00. B. 2.40. C. 2.12 D. 2.00. 59 Tonga Industries reported the following: Net Sales \$450,000 Cost of goods sold \$360,000 Operating expenses \$60,000 Tax Rate 40% The gross profit percentage is: A. 80%. B. 60%. C. 32%. D. 20%. 60 Tonga Industries reported the following: Net Sales \$450,000 Cost of goods sold \$360,000 Operating expenses \$60,000 Tax Rate 40% The net income is: A. \$180,000. B. \$ 30,000. C. \$ 18,000. D. \$ 12,000

## Question about Traditional Product Costing versus Activity-Based Costing. Please see attached

Question about Traditional Product Costing versus Activity-Based Costing. Please see attached Excel sheet.

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