Business, 11.02.2020 18:29 alyssamaize

Use the following information to determine net income in the financial statements under GAAP:

Number of boats to be sold 530
Upstream costs $5,150,000
Direct materials per boat $53,000
Direct labor per boat $33,000
Overhead per boat $23,000
Downstream costs $2,150,000

Assume the company wants to sell each boat for 25% more than the cost to produce the boat. Which of the following would be the sales price under GAAP and for internal decision purposes?

GAAP Internal Decision
a) $120,000 $136,800
b) $136,800 $136,800
c) $120,000 $114,000
d) $136,800 $114,000

Use the above information to determine net income in the financial statements under GAAP:
Assume the company wants to sell each boat for 20% more than the cost to produce the boat.

Multiple Choice

a. $10,000,000
b. $3,000,000
c. $7,000,000
d. $5,000,000

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:10

Jackson is preparing for his hearing before the federal communications commission (fcc) involving a complaint that was filed against him by the fcc regarding the interruption of radio frequency. the order to "cease and desist" using the radio frequency has had a detrimental impact on his business. once the administrative law judge prepares his or her initial order, jackson has no further options. no, jackson can request that the matter be reviewed by an agency board or commission. yes, once the initial order is presented, it's only a matter of time before the order becomes final.

Answers: 3

Answer

Business, 22.06.2019 09:50

Why should managers invest any excess cash

Answers: 1

Answer

Business, 22.06.2019 10:00

The solution set for -18 < 5x-3 iso-3х3< xо-3хo3 > x

Answers: 3

Answer

Business, 22.06.2019 11:00

Which statement best describes the variety of workplaces commonly found in the health science career cluster? a. workplaces in this cluster include healthcare facilities such as hospitals, physician offices, and clinics. b. workplaces in this cluster include healthcare facilities, laboratories, and other environments such as offices or homes. c . workplaces in this cluster include nonprofit hospitals, government-run clinics, and private physicians' offices. d. workplaces in this cluster include private and nonprofit hospitals and clinics, and dentists' offices.

Answers: 1

Answer

You know the right answer?

Use the following information to determine net income in the financial statements under GAAP:
...

Questions