Bascom Inc

question 74

Essay

Bascom Inc.manufactures one product.It does not maintain any beginning or ending inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.Its standard cost per unit produced is $25.75.During the year, the company produced and sold 36,000 units at a price of $31.80 per unit and its selling and administrative expenses totaled $169,000.The company does not have any variable manufacturing overhead costs.It recorded the following variances during the year:
Required:
1.When the company closes its standard cost variances, the cost of goods sold will increase (decrease)by how much?
2.Prepare an income statement for the year.

Recognize the importance of privacy concerns in the digital age.

Identify key factors that facilitate the identification of marketing opportunities.

Understand the impact of the political/legal environment on business practices and consumer protection.

Understand the concept and applications of superordinate goals in reducing intergroup conflict.

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Definitions:

Personality

The mix of traits or attributes that creates a person’s unique personality.

Self-perception

The process by which individuals form an understanding or awareness about themselves, including their traits, behaviors, and characteristics.

Unpredictable

Not able to be predicted or foreseen; capable of changing or varying without apparent pattern or reason.

Social Network Use

The extent and manner in which individuals engage with social networking platforms to communicate, share, or consume content.