During its first year of operations, Ontario made the following purchases 845 units at $108 874 units at $86 8171 units at $70 Sales for the year totaled 274 units, leaving 16 units on hand at the end of the year. Ending inventory using the FIFO method is: a) $1,728 b) $1,280 c) $1,170 d) $1,120

During its first year of operations, Ontario made the following purchases 845 units at $108 874 units at $86 8171 units at $70 Sales for the year totaled 274 units, leaving 16 units on hand at the end of the year. Ending inventory using the FIFO method is: a) $1,728 b) $1,280 c) $1,170 d) $1,120

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The…

A: The overheads are charged to the goods and services. The prime cost includes Direct Material cost…

Q: Total fixed cost = $420. Variable cost/unit = $20 Revenue/unit $30. %3D The breakeven volume is…

A: Answer: 1Q) Option (c) is Correct = 42

Q: The Electro-comp Corporation manufactures 2 electrical products: air conditioners and large fans.…

Q: Company XYZ produces and sells scientific calculators. The company is currently producing and…

A: Change in profit can eb calculated by using the following formula.

Q: In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The…

Q: The break-even point in sales dollars may be computed as Select one: A fixed costs divided by the…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: "Rancor Inc. had a per-unit conversion cost of $3.50 during April and incurred direct materials cost…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: The cumulative average labor hours to assemble the first five units of product A were 15.882 hours.…

A: According to question, given that Cumulative average labour hours to assemble the initial 5 units of…

Q: Bob's Building Supplies produced $1 million worth of building supplies in 2017. Bob's $350,000…

A: Option E is the correct answer.

Q: A manufacturer produces certain items at a labor cost of P 115 each, material cost of P 76 each and…

A: Given: The labor cost is = P115 each The material cost is = P76 each The variable cost is = P2.32…

Q: Ella Co. uses a predetermined overhead rate based on direct labor-hours to apply manufacturing…

A: Given; Estimated manufacturing overhead cost= P300,000 Estimated activity level of direct labor…

Q: The cost function of a large railroad corporation is Y=10^7+T, where Y is the total cost of shipping…

A: The cost function measures the minimum cost of producing a certain level of output for a certain…

Q: Show that the two-input CES production(attached) has DRS, CRS, or IRS depending on whether B (beta)…

Q: Economics In one company it was calculated that producing 20 units 7 years ago would cost the…

A: Introduction Cost capacity equations also known as sizing model. Capacity cost is an expenditure or…

Q: 1. Determine the variable cost per unit and the fixed cost using the high-low method.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The Return of Detroit City: Enpar manufactures engine parts for Ford using steel as an input. Enpar…

A: Answer: Given, Production functions: Detroit:QD=12SD-0.25SD2QG=42SG-0.5SG2WhereQD=Outputs of engine…

Q: Qantas expects to cut its fuel bill by as much as $40 million a year thanks to a radical overhaul to…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: You are hired as a consultant for Cool Zone Inc. The company currently has a 1-year contract for the…

A: Let us define cost functions for all the alternatives : Total Cost = Variable Cost + Fixed…

Q: Calculate the total cost Calculate the economic profit/loss for John's Grocery store.

A: Accounting profits is the difference between total monetary revenue and expenses (explicit costs).…

Q: The postal service of St. Vincent, an island in the West Indies, obtains a significant portion of…

A: Answer 2) Price Elasticity of demand = % change in Quantiy demanded% change in Price Ed = Q1 -…

Q: he Electro-comp Corporation manufactures 2 electrical products: air conditioners and large fans. The…

A: Air conditioners = X Large fans = Y To maximize the benefits, Z = Px*X + Py*Y Z = 25X + 15Y Subject…

Q: Tech Engineering in TN is making a product for the overseas market. The following cost data for the…

A: The Break even point analysis is in great use and widely recognised methods to make various rational…

Q: Mr. ABC bought a 2,000 sq meter land at a cost of P500,000. He leased the land to Mr. B Franco at an…

A: A Lease is referred to as a contractual agreement whereby the right to use an asset for a particular…

Q: The General Store at State University is an auxiliary bookstore located near the dormitories that…

A: The company produces the goods and then sells it to earn the desired revenue and to cover up the…

Q: Identify which of the following costs are fixed,which are variable, and which are mixed.•…

A: Since you have not mentioned which question you require an answer for, as per our standard procedure…

Q: The management of a manufacturing company has the following information: Revenue function: R = 2700Q…

A: Profit maximization is one of the key goals of all the firms in a market. Profit is the difference…

Q: A consulting engineering firm wants to make a preliminary cost estimate for the design/construct of…

Q: The cost of lumber per million board feet (MBF) in January 2007 was $464.49 when the value of the…

A: MBF = 464.49 MCI = 2583.52

Q: In evaluating the feasibility of a major construction project, an engineer is interested in…

A: Given: The ENR index before was 4038 & now it is 4681 Cost of previous project = $360,000 So the…

Q: The revenue cost statement for a popular grocery store owned and operated by John Mathew is…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: US-Mobile manufactures and sells two products, tablet computers (55% of sales) and smartphones (45%…

A: The breakeven point is the level of production at which a product's costs equal its revenues. The…

Q: Identify which of the following costs are fixed and which are variable:(a) Wages paid to temporary…

A: The fixed costs are the costs that remain the same as the output changes. Thus, it includes, cost of…

Q: The gross requirements for item A are specified for the beginning of weeks 1 through 12 in the table…

A: * SOLUTION :- Given that , The lead time = 2 weeks The order cost = 160 The inventory cost is…

Q: Company “A” has fixed expenses of P10000 per month and each unit of product has a variable cost of…

A: Fixed cost is independent of output produced whereas variable cost varies with the level of…

Q: The cumulative average labor hours to assemble the first five units of product A was 14.579 hours.…

A: Learning Curve refers to a visual representation that tells how long it take to azquire knowledge or…

Q: Consider the following data of a company for the year 1999: Sales = Rs. 1,20,000 Fixed cost = Rs.…

A: Use the below formulas to find the BEP. BEP = Fixed costP/V ratio P/V ratio = ContributionSales…

Q: SamReap Bhd, a listed company, manufactures eco-friendly fridges for industrial and domestic…

A: New Belgium brewing is nationally distributor of brewery product in USA. Which is owned by…

Q: River Girl Fly Fishing Shop applies overhead at a rate of $5 per direct labor hour. At the end of…

A: In economics, overhead costs refer to the ongoing cost of operating a business. The direct cost of…

Q: Fanning Corp. incurs the following annual fixed costs: Depreciation $80,000 Officers' salaries…

A: Given information: Fanning Corp. incurs the following annual fixed costs: Depreciation = $80,000…

Q: SINGLE-PRODUCT BREAK-EVEN ANALYSIS Stephens, Inc., wants to determine the minimum dollar volume and…

A: Given Information: Fixed cost (F) = $10,000 Variable cost (V) = $1.50 + $0.75 = $2.25 Selling price…

Q: Use the information given below to calculate the annual Economic Order Quantity The following…

A: The order amount that minimizes the overall holding costs and ordering expenses is known as the…

Q: The break-even sales dollar figure for an operation that sells 615 products at $15 if each item…

A: Break-even sales: It refers to the amount of dollar revenue at which the business will gain a profit…

Q: (b) What is the break-even sales in RM for an operation that sells 615 products at RM 17.50 if each…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Luke used regression analysis to fit quadratic relations to monthly revenue, TR, and total cost, TC,…

A: Total cost is the total consumption caused on the elements and non-figure inputs the development of…

Q: Avocado has received a special order for 2,400 units of its product at a special price. The product…

A: Solution- Avocado has received a special order for 2,400 units of its product at a special price.…

Q: First Inc. currently grants no credit, but it is considering offering new credit terms of net 30. As…

A: Given that, Sales = 7,000 units + 600 units =7600 units Price = $35 Then, sales price =…

Q: The cost of the Good Son Stroller to the retailer is $245. If the retailer wants a rate of mark up…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Question

During its first year of operations, Ontario made the following purchases
045 units at $108
874 units at $86
171 units at $70
Sales for the year totaled 274 units, leaving 16 units on hand at the end of the year.
Ending inventory using the FIFO method is:
a) $1,728
b) $1,280
c) $1,170
d) $1,120

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Bob's Building Supplies produced $1 million worth of building supplies in 2017. Bob's $350,000 worth of these supplies in 2017 to the Custom Construction Company, which used them to produce mode homes worth $2 million in 2017. Bob's sold another $400,000 of these supplies in 2017 directly to homeowners, who undertook their own home improvements. Bob's sold the remaining supplies to Eco-Play Playgrounds, which used them to build $750,000 worth of playgrounds in 2018. Under the spending approach, how much did this economic activity contribute to 2017's GDP? A) $650,000 in building supplies, $2 million in housing, $750,000 in playgrounds B) $650,000 in building supplies, $2 million in housing, $0 in playgrounds C) $1 million in building supplies, $1,650,000 in housing, $0 in playgrounds D) $400,000 in building supplies, $1,650,000 in housing, $500,000 in playgrounds E) $400,000 in building supplies, $2 million in housing, $0 in playgrounds F) $400,000 in building supplies, $2…
***ONLY NEED #4 & #5 ANSWERED*** (first 3 subparts completed) The revenue cost statement for a popular grocery store owned and operated by John Mathew is presented below; John Mathew owns and operates a corner grocery store.John works full time as the manager, chief cashier, and janitor.John had $ 140,000 worth of refrigeration and other equipment invested in the store. Last year, John's total sales (revenue)were 170,000. During the the year he incurred the following costs: Groceries wholesale $ 76,000, Utilities $4,000 Taxes $6,000, Advertising $2,000, Labor services $12,000. If John had invested his funds he would have earned 5% interest. (Interest foregone on the $140,000* 5%) Do not include the investment of $140,000, only the interest forgone. If the building that John owned was not being used as a grocery store , it could be rented for $1,500 a month. (Rental income is thus forgone.). In addition, since John is tied up working in the the grocery store a $50,000 managerial…
A firm wishes to determine the efficiency and utilization of a work center composedof 5 machines each working 16 hours per day for 5 days a week. A study undertakenby the materials management department found that over the past 50 weeks the workcenter was actually working for 16,000 hours, and work performed was 15,200 standard hours. Calculate the utilization, efficiency, and demonstrated weekly capacity.
Lightview produces and sells overhead projectors to schools and colleges. Each overhead projector uses $30 of materials and requires 3 hours of labor at $10 per hour. Each overhead projector sells for $84.87. Lightview has fixed overheads of $264605. What is Lightview's break-even point in sales units?
Company C manufactures electric motors. The variable costs are $5,000 per month, the average selling price of the motor is $800 per motor. Fixed costs of the company amount to $80,000 per month, which includes all taxes. Determine the number of motors that must be produced per month to breakeven.
The Idaho Corporation earned $23,458,933 before interest and taxes for the year ended December 31, 2016. If the interest expense was $1,645,123, calculate the tax obligation for the year using a rate of 35%. Also, what is the acronym for earnings before interest and taxes?
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $268,000 and direct labor hours to be 20,000. Actual overhead for the year was $305,000. 1. Compute the predetermined overhead rate. 2. If the company actually used 23,800 direct labor hours, how much manufacturing overhead is applied to the company's jobs?
SINGLE-PRODUCT BREAK-EVEN ANALYSIS Stephens, Inc., wants to determine the minimum dollar volume and unit volume needed at its new facilityto break even.APPROACH c The firm first determines that it has fixed costs of $10,000 this period. Direct labor is$1.50 per unit, and material is $.75 per unit. The selling price is $4.00 per unit.
Please show your computations using good accounting form through excel. Thank you! Problem: Average with Lost Units What should be the accumulated cost of work in process as of October 31 if the normal loss occured during the process (with adjustment for lost units) based on the remaining good units?
A manufacturing company has a beginning finished goods inventory of $28, 600, cost of goods manufactured of $58, 800, and an ending finished goods inventory of $27,900. The cost of goods sold for this company is:
Universal Power Machinery (MUP) designs and manufactures specialized equipment for a wide range of industries. For a number of years the company's maintenance division, which has been organized as a cost centre, has provided services free of charge to the company's user departments (production, distribution, research, marketing, and so forth). During the last three years, requests for maintenance have increased considerably and as a result of that, quality and timeliness of services provided are becoming a significant issue. In response to that issue, the top management established a task force to review the maintenance division operations. The task force recommended the maintenance division to be converted from a cost center to a profit center and the use of a charge-back system for the maintenance services (i.e. users to be billed for services performed). Required: How should the manager of the maintenance division be evaluated (i.e. as a cost centre)?…
For each of the first 50 units, does MR exceed MC?