Luchini corporation makes one product and it provided the following information to prepare the master budget for the next four months of operations:
the budgeted selling price per unit is $111.
budgeted unit sales for april, may, june, and july are 7,100, 10,100, 13,300, and 14,000 units, respectively. all sales are on credit.
regarding credit sales, 40% are collected in the month of the sale and 60% in the following month.
the ending finished goods inventory equals 10% of the following month's sales.
the ending raw materials inventory equals 30% of the following month’s raw materials production needs.
each unit of finished goods requires 5 pounds of raw materials.
the raw materials cost $5.00 per pound.
regarding raw materials purchases, 40% are paid for in the month of purchase and 60% in the following month.
the direct labor wage rate is $18.00 per hour.
each unit of finished goods requires 2.9 direct labor-hours.
variable manufacturing overhead is $7.00 per direct labor-hour.
fixed manufacturing overhead is zero.
the estimated finished goods inventory balance at the end of may is closest to:
multiple choice
$102,676
$111,986
$26,999
$129,675

How is a proportional tax different from a progressive tax? a. a proportional tax decreases with income level, but a progressive tax increases with income level. b. a proportional tax increases with income level, but a progressive tax decreases with income level. c. a proportional tax increases with income level, but a progressive tax is the same percentage for all. d. a proportional tax is the same percentage for all, but a progressive tax increases with income level.

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

If you miss two payments on a credit card what is generally the penalty