5. A sports equipment firm manufactures and sells basketballs. Last year it sold 12,000 basketballs at...
5. A sports equipment firm manufactures and sells basketballs.
Last year it sold 12,000 basketballs at a price of $40 per
basketball. For last year, the firm's
A. explicit costs were $480,000.
B. implicit costs were $480,000.
C. accounting profit was $480,000.
D. economic profit was $480,000.
E. total revenue was $480,000.
6. Toledo Tire Company produced and sold 6,000 tires. The average
cost of production per tire was $70. Each
tire sold for a price of $85. Toledo Tire Company’s total costs
are
A. $90,000
B. $350,000.
C. $420,000.
D. $510,000.
E. $775,000
7. Thompson Table Company produced and sold 5,000 tables. The
average cost of production per table was
$150. Each tire sold for a price of $180. Thompson Table Company’s
total profits are
A. less than $150,000
B. $150,000
C. $705,000.
D. $900,000.
E. more than $900,000
Homework Answers
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5. A sports equipment firm manufactures and sells basketballs.
Last year it sold 12,000 basketballs at...
1. A business firm produces and sells specialty cakes. Last year, the firm produced 12,000 cakes...
1. A business firm produces and sells specialty cakes. Last year, the firm produced 12,000 cakes and sold each cake for $20. In producing the 12,000 cakes, it incurred variable costs of $150,000 and a total cost of $183,000. Which of the following statements is (are) correct? (x) The firm’s economic profit for the year was more than $51,250 but less than $54,375. (y) Fixed costs amounted to $33,000 and average fixed costs are $2.75 per unit for 12,000 cakes....
northwood company manufactures basketballs Northwood Company manufactures basketballs. The company has a ball that sells for...
northwood company manufactures basketballs
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on direct labor workers. Thus, variable expenses are high, totaling $15.00 per ball, of which 60% is direct labor cost. Last year, the company sold 32,000 of these balls, with the following results: $ Sales (32,000 balls) Variable expenses Contribution margin Fixed expenses Net operating income 800.000 480,000 320,000 211,000...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2017, the company reported the following operating results w operating at 80% of plant capacity and producing 119,400 units. Amount Sales Cost of goods sold Selling and administrative expenses Net income s 4,656,600 3,684,708 526,292 $445,600 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $266,000 In July, normally a slack manufacturing month, ThreePoint Sports...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2020, the company reported the following operating results while operating at 80% of plant capacity and producing 119,300 units. Sales Cost of goods sold Selling and administrative expenses Net income Amount $4,533,400 3,513,020 508,495 $511,885 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $252,000. In July, normally a slack manufacturing month, ThreePoint Sports receives...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2020, the company reported the following operating results while operating at 80% of plant capacity and producing 119,100 units. Sales Cost of goods sold Selling and administrative expenses Net income Amount $4,525,800 3,519,459 412,841 $593,500 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $233,000. In July, normally a slack manufacturing month, ThreePoint Sports receives...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2020, the company reported the following operating results while operating at 80% of plant capacity and producing 118,500 units. Sales Cost of goods sold Selling and administrative expenses Net income Amount $4,503,000 3,448,500 402,750 $651,750 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $225,000. In July, normally a slack manufacturing month, ThreePoint Sports receives...
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the...
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on direct labor workers. Thus, variable expenses are high, totaling $15.00 per ball, of which 60% is direct labor cost. Last year, the company sold 34,000 of these balls, with the following results: Sales (34,000 balls) $ 850,000 Variable expenses 510,000 Contribution margin 340,000 Fixed expenses 212,000 Net operating income $ 128,000 Required: 1....
P26-1B Kobe Inc. manufactures basketballs for the National Basketball Association (NBA). For the first 6 months...
P26-1B Kobe Inc. manufactures basketballs for the National Basketball Association (NBA). For the first 6 months of 2013, the company reported the following operating results while operating at 90% of plant capacity. Amount Per Unit Sales $4,500,000 $50.00 Cost of goods sold 3,150,000 35.00 Selling and administrative expenses 360,000 4.00 Net income $ 990,000 $11.00 Fixed costs for the period were: Cost of goods sold $900,000, and selling and administrative expenses $135,000. In July, normally a slack manufacturing month. Kobe...
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the...
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on direct labor workers. Thus, variable expenses are high, totaling $15.00 per ball, of which 60% is direct labor cost. Last year, the company sold 32,000 of these balls, with the following results: Sales (32,000 balls) $ 800,000 Variable expenses 480,000 Contribution margin 320,000 Fixed expenses 211,000 Net operating income $ 109,000 Required: 1....
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the...
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on direct labor workers. Thus, variable expenses are high, totaling $15.00 per ball, of which 60% is direct labor cost. Last year, the company sold 32,000 of these balls, with the following results: Sales (32,000 balls) $ 800,000 Variable expenses 480,000 Contribution margin 320,000 Fixed expenses 211,000 Net operating income $ 109,000 Required: 1....
northwood company manufactures basketballs
Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on direct labor workers. Thus, variable expenses are high, totaling $15.00 per ball, of which 60% is direct labor cost. Last year, the company sold 32,000 of these balls, with the following results: $ Sales (32,000 balls) Variable expenses Contribution margin Fixed expenses Net operating income 800.000 480,000 320,000 211,000...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2017, the company reported the following operating results w operating at 80% of plant capacity and producing 119,400 units. Amount Sales Cost of goods sold Selling and administrative expenses Net income s 4,656,600 3,684,708 526,292 $445,600 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $266,000 In July, normally a slack manufacturing month, ThreePoint Sports...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2020, the company reported the following operating results while operating at 80% of plant capacity and producing 119,300 units. Sales Cost of goods sold Selling and administrative expenses Net income Amount $4,533,400 3,513,020 508,495 $511,885 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $252,000. In July, normally a slack manufacturing month, ThreePoint Sports receives...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2020, the company reported the following operating results while operating at 80% of plant capacity and producing 119,100 units. Sales Cost of goods sold Selling and administrative expenses Net income Amount $4,525,800 3,519,459 412,841 $593,500 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $233,000. In July, normally a slack manufacturing month, ThreePoint Sports receives...
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2020, the company reported the following operating results while operating at 80% of plant capacity and producing 118,500 units. Sales Cost of goods sold Selling and administrative expenses Net income Amount $4,503,000 3,448,500 402,750 $651,750 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $225,000. In July, normally a slack manufacturing month, ThreePoint Sports receives...
P26-1B Kobe Inc. manufactures basketballs for the National Basketball Association (NBA). For the first 6 months of 2013, the company reported the following operating results while operating at 90% of plant capacity. Amount Per Unit Sales $4,500,000 $50.00 Cost of goods sold 3,150,000 35.00 Selling and administrative expenses 360,000 4.00 Net income $ 990,000 $11.00 Fixed costs for the period were: Cost of goods sold $900,000, and selling and administrative expenses $135,000. In July, normally a slack manufacturing month. Kobe...
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