Answer: Option c) $24,000
Calculations:
Income Statement | ||
Sales [4000 x $30] | $ 120,000 | |
Less: Expenses | ||
Cost of goods sold | $ 80,000 | |
selling and administrative expense | $ 16,000 | |
Total expenses | $ 96,000 | |
Net income | $ 24,000 |
Cost of goods sold:
Cost of goods sold = ($50,000 + $36,000 + $14,000) x (4000 units ÷ 5000 units)
= $100,000 x 4/5
= $80,000
Thus, option c) is correct and remaining given options are incorrect.
C Question 5: During its first year of operations, Connor Company paid $50,000 for direct materials...
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
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. $25,000 O b. $30,000 O c. $20,000 O d. $27,000
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 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 gross margin for the first year? Multiple Choice oo $30,960 $8,095 o $ 10,750
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 $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?