During its first year of operations, Silverman Company paid $19,000 for direct materials and $10,500 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,500 while general, selling, and administrative expenses totaled $5,000. The company produced 6,500 units and sold 4,000 units at a price of $8.50 a unit. What is the amount of finished goods inventory on the balance sheet at year-end?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “During its first year of operations, Silverman Company paid $19,000 for direct materials and $10,500 for production workers' wages. Lease ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Product life cycle is defined as a. the average life span of a product. b. a concept that describes the stages a new product goes through from product concept to commercialization. c.
Answers (1)
Motorcycle manufacturers, inc. projected sales of 78,000 machines for the year. the estimated january 1 inventory is 6,500 units, and the desired december 31 inventory is 6,000 units. what is the budgeted production (in units) for the year? a.
Answers (1)
What is the opportunity cost of continuing your education and training after high school?
Answers (1)
Micro Tech, Inc. made the following cash expenditures during current-year related to the development of a new technology which was patented at the end of the year:Materials and supplies used - $38,000R&D salaries - 120,000Patent filing fees -
Answers (1)
If management identifies even one material weakness in internal control, then management will conclude that the organization's internal control over financial reporting is not effective. 1. True2. False
Answers (1)
New Questions in Business
The following are budgeted dа ta: January February March Sales in units 15,200 20,400 18,200 Production in units 18,200 19,200 17,100 One pound of material is required for each finished unit.
Answers (1)
All of the following are associated with reporting controllable costs except:a. At lower levels, management have fewer controllable costs. b. Lower-level managers are responsible for detailed costs and so receive detailed reports. c.
Answers (1)
Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes.
Answers (1)
Samantha, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Samantha sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Samantha's gain or loss from the sale? a.
Answers (1)
In a process cost system, the amount of work in process inventory is valued by a. allocating departmental costs between completed and partially completed units b. finding the sum of all completed jobs c.
Answers (1)