Leo’s Lamp Store sells table and floor lamps. For a floor lamp, the holding cost is...
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Leo’s Lamp Store sells table and floor lamps. For a floor lamp, the holding cost is 25% per year. The company sells it for $185 and make a profit of $50 on each floor lamp. The annual inventory turns are 10. What is the average cost to hold the floor lamp in inventory (in $)? |
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Homework Answers
Holding costAdd Answer to:
Leo’s Lamp Store sells table and floor lamps. For a floor lamp,
the holding cost is...
a of estion Lamp Inc. sells lamps. During March 2018, its inventory records for the category...
a of estion Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps $32 = $22,400 $29 Using the information above, perpetual FIFO cost of goods sold is:...
Benson Glass Company makes stained glass lamps. Each lamp that it sells for $315.00 per lamp...
Benson Glass Company makes stained glass lamps. Each lamp that it sells for $315.00 per lamp requires $17.30 of direct materials and $70.40 of direct labor. Fixed overhead costs are expected to be $192,000 per year. Benson Glass expects to sell 1,000 lamps during the coming year. Selling and administrative expenses were zero. 10 Required polnts a. Prepare income statements using absorption costing, assuming that Benson Glass makes 1,000, 1,250, and 1,500 lamps during the year b. Prepare income statements...
LJUURCES - don 10 LSUS RESOURCE: ct ed out of ag question Lamp Inc. sells lamps....
LJUURCES - don 10 LSUS RESOURCE: ct ed out of ag question Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps $29 = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps $32 = $22,400 Using the...
LJUURCES - don 10 LSUS RESOURCE: ct ed out of ag question Lamp Inc. sells lamps....
LJUURCES - don 10 LSUS RESOURCE: ct ed out of ag question Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps $29 = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps $32 = $22,400 Using the...
Daniels Co. produced 150,000 lamps during the past calendar year. Daniels had 2,500 floor lamps in...
Daniels Co. produced 150,000 lamps during the past calendar year. Daniels had 2,500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 floor lamps in finished goods inventory. The lamps sell for $50 each. Daniels accounting records provide the following information for the past year: Purchases of direct materials $1,675,000 Direct materials inventory, January 1 380,000 Direct materials inventory, December 31 327,000 Direct labor 2,000,000 Indirect labor...
Daniels Co. produced 150,000 lamps during the past calendar year. Daniels had 2,500 floor lamps in finished goods inven...
Daniels Co. produced 150,000 lamps during the past calendar year. Daniels had 2,500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 floor lamps in finished goods inventory. The lamps sell for $50 each. Daniels accounting records provide the following information for the past year: Purchases of direct materials $1,675,000 Direct materials inventory, January 1 $380,000 Direct materials inventory, December 31 $327,000 Direct labor $2,000,000 Indirect labor...
Schopp Inc. has been manufacturing its own shades for its table lamps. The company is currently...
Schopp Inc. has been manufacturing its own shades for its table lamps. The company is currently operating at 100% of capacity and variable manufacturing overhead is charged to production at the rate of 70% of direct labor cost. The direct materials and direct labor cost per unit to make the lamp shades are $3.75 and $4.90, respectively. Normal production is 30,900 table lamps per year A supplier offers to make the lamp shades at a price of $13.20 per unit....
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
The production floor produces 8500 units/day and the associated direct-operated store sells 50 units/hour with the...
The production floor produces 8500 units/day and the associated direct-operated store sells 50 units/hour with the selling price at $120/unit. The direct-operated store operates 12 hours/day and 365 days/year, but the production works for 250 working days/year. Given that the production setup cost per production run is $1500 and the holding cost per year is $5/unit. (a) Calculate the optimal batch size for each production run. (b) What is the maximum inventory level with regard to the optimal batch size?...
A local family sports store sells basketball. The store orders the balls from a manufacturer at...
A local family sports store sells basketball. The store orders the balls from a manufacturer at a cost of $250 per order. The annual holding cost is $6 per unit per year. The purchase price of a basketball is $40 per unit per year. The store has a demand for 48,000 balls per year. The s tock is received 5 working days after an order has been placed. No backorders are allowed. Assume 300 working days a year. a. What...
a of estion Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps $32 = $22,400 $29 Using the information above, perpetual FIFO cost of goods sold is:...
Benson Glass Company makes stained glass lamps. Each lamp that it sells for $315.00 per lamp requires $17.30 of direct materials and $70.40 of direct labor. Fixed overhead costs are expected to be $192,000 per year. Benson Glass expects to sell 1,000 lamps during the coming year. Selling and administrative expenses were zero. 10 Required polnts a. Prepare income statements using absorption costing, assuming that Benson Glass makes 1,000, 1,250, and 1,500 lamps during the year b. Prepare income statements...
LJUURCES - don 10 LSUS RESOURCE: ct ed out of ag question Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps $29 = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps $32 = $22,400 Using the...
LJUURCES - don 10 LSUS RESOURCE: ct ed out of ag question Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps $29 = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps $32 = $22,400 Using the...
Schopp Inc. has been manufacturing its own shades for its table lamps. The company is currently operating at 100% of capacity and variable manufacturing overhead is charged to production at the rate of 70% of direct labor cost. The direct materials and direct labor cost per unit to make the lamp shades are $3.75 and $4.90, respectively. Normal production is 30,900 table lamps per year A supplier offers to make the lamp shades at a price of $13.20 per unit....
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
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