What Is the Sales Tax Paid on an Item Whose

question 404

Short Answer

What is the sales tax paid on an item whose total receipt was $100.75 and whose sales tax rate was 5.5%?

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Definitions:

Direct Material Used

The raw materials directly incorporated into a product during the manufacturing process.

Variable Manuf. Overhead

Costs associated with the production process that vary with the level of output, such as utility costs and some labor expenses; it’s a focused subset of variable manufacturing costs.

Materials Quantity Variance

A measurement of the difference between the actual quantity of materials used in production and the standard quantity expected to be used, often reflecting efficiency in material usage.

Standard Quantity Of Hours

The set amount of labor hours estimated to be necessary for completing a task or producing a given amount of goods.