Direct material = $50,000
Direct labor = $36,000
Lease payment and utilities for production = $14,000
General, selling and administrative expense = $16,000
Total production cost = Direct material + Direct labor + Lease payment and utilities for production
= 50,000 + 36,000 + 14,000
= $100,000
Number of units produced = 5,000
Production cost per unit = Total production cost/Number of units produced
= 100,000/5,000
= $20
Number of units sold = 4,000
Ending inventory = Number of units produced - Number of units sold
= 5,000 - 4,000
= 1,000
Cost of finished goods inventory = Production cost per unit x Ending inventory
= 20 x 1,000
= $20,000
Correct option is (C)
Question 4. During its first year of operations, Connor Company paid $50,000 for direct materials and...
Сcal ШУ СПОпсе Question 4. 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. How much is the Finished Goods Inventory at Connor Company? Select one: O a. $30,000 O b. $27,000 O c. $25,000 O d. $20,000
Question 5: 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. How much is the net income? Select one: O a. $30,000 O b. $35,000 O c. $24,000 O d. $25,000
C Question 5: 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 How much is the net income? Select one: O a. $30,000 O b. $25,000 O c. $24,000 O d. $35,000
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 $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
During its first year of operations, Silverman Company paid $7,000 for direct materials and $9,500 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,500 while general, selling, and administrative expenses totaled $4,000. The company produced 5,000 units and sold 3,000 units at a price of $7.50 unit. What is the amount of gross margin for the first year? Multiple Choice $7,500 $6,000 $ 22,500
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 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?
$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 $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