Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2021, Hill Corp. is budgeted to sell 23,000 units. Variable selling and administrative expenses total $2.10 per unit and fixed selling and administrative expenses

image text in transcribed
image text in transcribed
image text in transcribed
In 2021, Hill Corp. is budgeted to sell 23,000 units. Variable selling and administrative expenses total $2.10 per unit and fixed selling and administrative expenses are budgeted to be $11,000 per year (including $1,500 of depreciation). What is the total dollar amount that will be included on the Income Statement for selling and administrative expenses? O A $6,000 B. $60,800 O C.$57,800 OD. $59,300 Reset Selection Van Corp. has the following required production for 2021: Q1 - 430 units Q2-470 units Q3 - 380 units Q4.400 units Each unit requires 2 yards of material to complete. Van Corp. wants to have 10% of next quarter's materials needs in raw materials the quarter before they are needed. At the end of the year. Van Corp. Ivould like to have 80 yards of material in inventory. On January 1, 2021, there are 70 yards of material available. What amount of raw materials need to be purchased in Q2? O A 407 yards 8.922 yards C.884 yards D. 461 yards The total cost of raw materials to be purchased in the 2nd quarter of 2021 is as follows: April $30,460 May $27,830 June $41,020 Accounts Payable at March 31, 2021 was $7,440, Raw materials are all purchased on account: 80% are paid in the month in which they are purchased and 20% are paid the following month. At June 30, 2021, what will the balance in Accounts Payable be? A $15,644 B. $5,566 OC. $32,816 D. 58,204

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Curriculum Management Audit

Authors: Larry E. Frase, Fenwick W. English, William K. Poston

1st Edition

0810839318, 9780810839311

More Books

Students also viewed these Accounting questions

Question

Write down the Limitation of Beer - Lamberts law?

Answered: 1 week ago

Question

Discuss the Hawthorne experiments in detail

Answered: 1 week ago

Question

Explain the characteristics of a good system of control

Answered: 1 week ago

Question

State the importance of control

Answered: 1 week ago