Answered: 29. Using algebraic method, how much is…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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The following information relates to Wal-Mart Corporation for the past accounting period: Cost   Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2   80,000 .20 .40 .20 .20 S3   45,000 .60 .35 .05 P1   78,000 P2   99,000 P3   45,000 __________1. What amount will be allocated by S1 to S2 under direct method? __________2. What amount will be allocated by S2 to P2 under direct method? __________3. How much is the total overhead costs in P3 after the allocation under direct method? __________4. Under the step method which department will allocate its direct cost first? __________5. Under the step method which department will allocate its direct cost last? __________6. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? __________7. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________8. What is the total cost to be allocated by the…
The following information relates to Wal-Mart Corporation for the past accounting period Cost           Direct Center        Cost                                 Proportion of Services used by:                                                 S1           S2           S3           P1           P2           P3 S1           P120,000                              .10          .30          .25          .20          .15 S2              80,000               .20                                          .40          .20          .20 S3               45,000                                                               .60          .35          .05 P1               78,000 P2               99,000 P3               45,000 __________25. How much is the total overhead costs in P3 after the allocation under direct method?
The following information relates to Wal-Mart Corporation for the past accounting period Cost   Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2   80,000 .20 .40 .20 .20 S3   45,000 .60 .35 .05 P1   78,000 P2   99,000 P3   45,000 __________28. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? __________29. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________30. What is the total cost to be allocated by the servicing departments to producing departments?
The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________24. What amount will be allocated by S2 to P2 under direct method?
E. The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 80,000 .10 .30 25 .20 .15 S2 .20 40 .20 .20 S3 45,000 78,000 99,000 45,000 .60 .35 .05 P1 P2 P3 23. What amount will be allocated by S1 to S2 under direct method? 24. What amount will be allocated by S2 to P2 under direct method? 25. How much is the total overhead costs in P3 after the allocation under direct method? 26. Under the step method which department will allocate its direct cost first? 27. Under the step method which department will allocate its direct cost last? 28. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? 29. Using algebraic method, how much is the cost to be allocated by S3 to S2? 30. What is the total cost to be allocated by the servicing departments to producing departments?
Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses
A financial analyst for Simon Manufacturing prepared the following report: Customers Customer-Level Operating Income Customer Revenue A $5041.00 $26,250 B $4202.00 $30,000 C $3368.00 $15,000 D $1069.50 $7,300 E $984.80 $5,100 F $844.80 $4,400 G $336.60 $1,800 H $252.00 $4,500 I ($168.00) $2,400 J ($676.00) $2,600 What is the cumulative customer-level operating income as a percentage of customer level operating income for the top 4 most profitable (operating income) customers? 1) 17.4% 2) 89.7% 3) 85.0% 4) 79.1%
TB MC Qu. 2-61 (Algo) The following income statements are provided... The following income statements are provided for Li Company's last two years of operation: Year 1 Year 2 Number of units produced and sold 4,200 Sales revenue 009 $71,760 $65,520 Cost of goods sold Gross margin General, selling, and administrative expenses 39,760 36,460 000 17,540 18,820 090 Net income $13,180 $11,520 Assuming that cost behavior did not change over the two-year period, what is the annual amount of the company's fixed manufacturing overhead? Multiple Choice ) $1,810 $3,620 $5,620 None of these < Prev 3 of search ANEN
a. Prepare a common-sized income statement comparing the results of operations for Dawg Electronics Company with the industry average. If required, round percentages to one decimal place. Dawg Electronics Company Common-Sized Income Statement Dawg Electronics Dawg Electronics Electronics Industry Company Amount Company Percent Average Sales $3,750,000 100.0 % 100.0% Cost of goods sold (2,062,500) 550.0 % (61.0)% Gross profit $1,687,500 45.0 % 39.0% Selling expenses $(1,125,000) 0.3 % (23.0)% Administrative expenses (262,500) 0.7 % (10.0)% Total operating expenses $(1,387,500) 37.0 % (33.0)% Operating income $300,000 8.0 % 6.0% Other revenue and expense: Other revenue 15,000 0.4 % 3.0% Other expense (3,750) 0.1 % (1.0)% Income before income tax $311,250 8.3 % 8.0% Income tax expense (93,750) 25 % (2.5)% Net income $217,500 5.8 % 5.5%
salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%
The following are the income statements for Ace and Diamond Companies. Diamond $ 76,000 49,000 45,600 21,000 30,400 9,500 12,500 $ 11,500 $ 17,900 What are the net income percentages for Ace and Diamond, respectively? Revenue Cost of goods sold Gross margin Operating expenses Net income Multiple Choice 6.09% and 4.25% 16.4% and 23.6% 1.83% and 1.70% 30% and 40% Ace $ 70,000
The related data of Rolene Company: Net income P358,750 Operating expenses 250,000 Sales 1,875,200 Finished goods, ending 200,500 Finished goods, beginning 178,900 How much is the cost of goods manufactured?

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29. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________30. What is the total cost to be allocated by the servicing departments to producing departments?