If you can explain step by step how to go about these problems with explainations that would be much appreciated.
1. If a company sold merchandise for a $230,000 cash down payment and $310,000 on account and if the cost of the merchandise sold is $212,000, what is the amount of grpss profit?
A) $18,000
B) $98,000
C) $310,000
D) $328,000
2. Dreamland Pillow Company sells the "Old Softy" model for $20 each. One pillow requires two pounds of raw material and one hour of direct labor to manufacture. Raw material costs $3 per pound and direct production labor is paid $4 per hour. Fixed supervisory costs are $2,000 per month and Dreamland rents its factory on a five-year lease for $40,000 per month. All costs are considered costs of production.
How many pillows must Dreamland produce and sell each month to earn a monthly gross profit of $1,000?
A) 300
B) 350
C) 600
D) 700
3. A manufacturer estimates its factory overhead costs to be $30,000 and machine hours to be 4,000 for the year. If the actual hours worked on production total 3,800 and the actual factory overhead costs are $28,000, what is the amount of the over- or underapplied factory overhead?
A) $500 overapplied
B) $500 underapplied
C) $2,000 overapplied
D) $2,000 underapplied
4. A sample of assistant professors on the business faculty at state supported institutions in Ohio revealed the mean income to be $32,000 for 9 months with a standard deviation of $3,000. Using Chebyshev's Theorem, what proportion of the faculty earns more than $26,000 but less than $38,000?
A) At least 50%
B) At least 25%
C) At least 75%
D) At least 100%
5. On May 31, Company O's general ledger shows a cash balance of $5,123. The May 31 bank statement shows a balance of $4,905. Other information is available as follows:
1. A May 31 deposit of $300 does not appear on the bank statement; but a $3 service charge does.
2. A customer's $40 insufficient funds check has been returned with the bank statement.
3. Outstanding checks of $10, $15, and $100 are identified on May.
What is the correct cash balance on May 31?
A) $4,905
B) $5,080
C) $5,166
D) $5,204