Homework Answers
| Direct materials | 7000 |
| Direct wages | 9500 |
| Overhead | 8500 |
| Cost of goods manufactured | 25000 |
| Cost of goods sold = Cost of goods manufactured * Units sold / Units manufactured = 25000 * 3000 / 5000 | 15000 |
| Sales ( 3000*7.50 ) | 22500 |
| (-) Cost of goods sold | 15000 |
| Gross margin | 7500 |
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During its first year of operations, Silverman Company paid $7,000 for direct materials and $9,500 for...
During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for...
During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit. What is the amount of gross margin for the first year? A) $15,000 B) $24,000 C) $20,000 D) $45,000
$32,000 $24,500 $20,000 $15,313 During its first year of operations, Silverman Company paid $10,000 for direct...
$32,000 $24,500 $20,000 $15,313 During its first year of operations, Silverman Company paid $10,000 for direct materials and $11,500 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,500 while general, selling, and administrative expenses totaled $3,000. The company produced 8,000 units and sold 5,000 units at a price of $6.50 a unit. What is Silverman's cost of goods sold for the year?
During its first year of operations, Silverman Company paid $11,360 for direct materials and $11,100 for...
During its first year of operations, Silverman Company paid $11,360 for direct materials and $11,100 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,100 while general, selling, and administrative expenses totaled $3,400. The company produced 7,400 units and sold 4,600 units at a price of $6.90 a unit. What is the amount of gross margin for the first year? $12,320 $11,500 $31,740 $9,280
During its first year of operations, Silverman Company paid $10,740 for direct materials and $11,300 for...
During its first year of operations, Silverman Company paid $10,740 for direct materials and $11,300 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,300 while general, selling, and administrative expenses totaled $3,200. The company produced 7,700 units and sold 4,800 units at a price of $6.70 a unit. What was Silverman's net income for the first year in operation? $10,120 $21,860 $8,800 $28,960
During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800 for...
During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,800 while general, selling, and administrative expenses totaled $3,700. The company produced 6,950 units and sold 4,300 units at a price of $7.20 a unit. What is the amount of finished goods inventory on the balance sheet at year-end?
During its first year of operations, Silverman Company paid $11,625 for direct materials and $11,000 for...
During its first year of operations, Silverman Company paid $11,625 for direct materials and $11,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,000 while general, selling, and administrative expenses totaled $3,500. The company produced 7,250 units and sold 4,500 units at a price of $7.00 a unit. What is the amount of finished goods inventory on the balance sheet at year-end?
During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800 for...
During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,800 while general, selling, and administrative expenses totaled $3,700. The company produced 6,950 units and sold 4,300 units at a price of $7.20 a unit. What is the amount of gross margin for the first year? Multiple Choice oo $30,960 $8,095 o $ 10,750
During its first year of operations, Silverman Company pold $10,740 for direct materials and $11,300 for...
During its first year of operations, Silverman Company pold $10,740 for direct materials and $11,300 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,300 while general, selling, and administrative expenses totaled $3,200. The company produced 7,700 units and sold 4,800 units at a price of $6.70 a unit. What is the amount of finished goods Inventory on the balance sheet at year-end? Multiple Choice $12,000 $12.100 o $6,000 $2,900
3 During its first year of operations, Silverman Company paid $11.440 for direct materials and $9.900...
3 During its first year of operations, Silverman Company paid $11.440 for direct materials and $9.900 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,900 while general, selling, and administrative expenses totaled $4,400. The company produced 5,600 units and sold 3,400 units at a price of $7.90 a unit. What is the amount of gross margin for the first year? Multiple Choice 511880 $26,860 $8.500 $5.520
Question 3: During its first year of operations, Connor Company paid $50,000 for direct materials and...
Question 3: During its first year of operations, Connor Company paid $50,000 for direct materials and $36,000 in wages for production workers. Lease payments and utilities on the production facilities amounted to $14,000. General, selling, and administrative expenses were $16,000. The company produced 5,000 units and sold 4,000 units for $30.00 a unit. What is Connor's cost of goods sold for the year? Select one: O a. $70,000 O b. $85,000 O c. $75,000 O d. $80,000
During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,800 while general, selling, and administrative expenses totaled $3,700. The company produced 6,950 units and sold 4,300 units at a price of $7.20 a unit. What is the amount of finished goods inventory on the balance sheet at year-end?
During its first year of operations, Silverman Company paid $12,065 for direct materials and $10,800 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,800 while general, selling, and administrative expenses totaled $3,700. The company produced 6,950 units and sold 4,300 units at a price of $7.20 a unit. What is the amount of gross margin for the first year? Multiple Choice oo $30,960 $8,095 o $ 10,750
During its first year of operations, Silverman Company pold $10,740 for direct materials and $11,300 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,300 while general, selling, and administrative expenses totaled $3,200. The company produced 7,700 units and sold 4,800 units at a price of $6.70 a unit. What is the amount of finished goods Inventory on the balance sheet at year-end? Multiple Choice $12,000 $12.100 o $6,000 $2,900
3 During its first year of operations, Silverman Company paid $11.440 for direct materials and $9.900 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,900 while general, selling, and administrative expenses totaled $4,400. The company produced 5,600 units and sold 3,400 units at a price of $7.90 a unit. What is the amount of gross margin for the first year? Multiple Choice 511880 $26,860 $8.500 $5.520
Question 3: During its first year of operations, Connor Company paid $50,000 for direct materials and $36,000 in wages for production workers. Lease payments and utilities on the production facilities amounted to $14,000. General, selling, and administrative expenses were $16,000. The company produced 5,000 units and sold 4,000 units for $30.00 a unit. What is Connor's cost of goods sold for the year? Select one: O a. $70,000 O b. $85,000 O c. $75,000 O d. $80,000
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