Solve questions 7,9,10 with steps please. 7. A partial listing of costs incurred at Majan Corporation during July appears below:Direct labor$3,000Sales commissions$500CEO salaryIndirect Materials$1,000$2,000$1,500$800Electricity cost of headquarterDepreciation of factory equipmentDepreciation of administrative equipmentRent of factoryProperty taxes on the factoryCleaners' salary, administrative building$900$1,500$400$500The total of the period costs listed above for July is:A. $4,300B. $4,400C. $4,900D. $5,600. 9. Muscat company, reported the following results for January:Number of units10,000Selling priceTotal Variable selling expenseTotal Variable administrative expenseTotal fixed selling expenseTotal fixed administrative expenseMerchandise Beginning$10$7,000$10,000$20,000$8,000$5,000$50,000$10,000Based on traditional income statement Muscat company's net profit will be?Merchandise PurchaseMerchandise EndingA. $10,000B. $15,000C. $55,000D. $18,00010. Which of the following statement is correct about managerial accounting?A. Its prepared on annual basis.B. Creditors are considered one of the users of managerial accounting information.C. Data of managerial accounting is departmental focused.D. Managerial accounting information needs to be accurate.

7. A partial listing of costs incurred at Majan Corporation during July appears below: Direct labor $3,000 $500 Sales commissions CEO salary Indirect Materials $1,000 $2,000 $1,500 $800 Electricity cost of headquarter Depreciation of factory equipment Depreciation of administrative equipment Rent of factory Property taxes on the factory Cleaners' salary, administrative building $900 $1,500 $400 $500 The total of the period costs listed above for July is: A. $4,300 B. $4,400 C. $4,900 D. $5,600.|

7. A partial listing of costs incurred at Majan Corporation during July appears below: Direct labor $3,000 $500 Sales commissions CEO salary Indirect Materials $1,000 $2,000 $1,500 $800 Electricity cost of headquarter Depreciation of factory equipment Depreciation of administrative equipment Rent of factory Property taxes on the factory Cleaners' salary, administrative building $900 $1,500 $400 $500 The total of the period costs listed above for July is: A. $4,300 B. $4,400 C. $4,900 D. $5,600.|

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 1PA: When prices are rising (inflation), which costing method would produce the highest value for gross...

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The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
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