2, 3) produces and sells custom parts for power The company uses a costing system based on actual costs. Selected accounting and production information for fiscal 2022 is as follows: Net income (under absorption costing) $ 400,000 Sales $3,400,000 Fixed factory overhead $ 600,000 Selling and administrative costs (all costs are fixed) $ 400,000 Net income (under variable costing) $ 310,000 Units produced 2,000 ? Units sold Boat Refit had no work in process inventory at either the beginning or the end of fiscal 2022. As well, the company did not have any finished goods inventory at the beginning of the fiscal year.
Q: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Which of the following would likely result to dissolution of a partnership? Partners realize that…
A: Answer: Partners are incompatible and choose to cease operations Ceasing means stopping the…
Q: QUESTION 12 Indiana Bones, Inc., produces and sells 2,000 units of a single product, a deluxe dog…
A: The break even sales units are calculated as fixed cost divided by contribution margin per unit.…
Q: Journal entry?
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Accounts Receivable Analysis A company reports the following: Sales $192,720 Average accounts…
A: The accounts receivable turnover ratio indicates the efficiency of a company in collecting the…
Q: Pardo, a chain of "general merchandise stores and the largest of its type in UAE. The company…
A:
Q: The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:…
A: An income statement is a part of the financial statements of the companies. It indicates the excess…
Q: A few years ago, Sam Gig founded Gig n Spin Consultancy Services. Sam is aware that you and your…
A: Adjusted Trial Balance - Adjusted Trial Balance includes ledgers after providing adjusting entries…
Q: Gross receipts from sales $ 670,000 Cost of goods sold (460,000) Operating expenses (96,800)…
A: Introduction: Ordinary income is defined as earned on a regular basis that is taxed at ordinary…
Q: please compare and contrast the importance of investing and financing activities for the average…
A: Cash flow statement: The cash flow statement determines the total cash inflows and outflows that…
Q: JART manufactures and sells underwater markers. Its contribution margin income statement follows.…
A: Special offers should be done at minimum charge of incremental cost if we have idle capacity.…
Q: On net revenue from sources within the exclusively, private educational institutions and nonprofit…
A: Costs of each major activity are accumulated and assigned to the product and services on some…
Q: In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate cand under the…
A: Partnership is a firm joined by two or more people for running an organization and to earn profit…
Q: May, Jun, and Julie share profits in the ratio of 2:4:6. On January 20, Julie opted to retire from…
A: Introduction: If the amount paid by the partnership to the retiring partner is less than the sum in…
Q: ASSETS FOREIGN CURRENCY FINANCIAL ASSETS ternational reserves Deposits with foreign banks Other cash…
A: Accounts receivable refers to the payments that the business would get from the customers who have…
Q: VERY PERI Products is considering two pieces of machinery. The first machine costs P50,000 more than…
A: Introduction: A discount rate is the rate of return used in corporate finance to reduce future cash…
Q: Deep Drill Inc. is evaluating a project to produce a high-tech deep-sea oil exploration device. The…
A: Annual Capacity =15,000 units Budgeted Sales =12,000 units Selling price per unit =$12,000 Variable…
Q: Bell Company sells several products. Information of average revenue and costs is as follows: Selling…
A: Selling price per unit -Variable cost per unit =Contribution per unit Variable Cost =Direct…
Q: a. Prepare journal entries to record the preceding information. b. Determine the February ending…
A: S. No. Particulars Debit ($) Credit ($) 1. Raw Material Inventory Accounts Payable To…
Q: Selling, General & Administrative
A: Income statements refer to the financial reporting of the details of the income and expenses of…
Q: Explain the relationship between Life Blood Theory and Redistribution (the 4 Rs of Taxation).
A: When a taxing agency, usually a government, levies or enforces a financial burden on its residents…
Q: Luxe Mobile Homes reported the following in its financial statements for the year ended December 31,…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: eBook Return on Total Assets A company reports the following income statement and balance sheet…
A: The Return on assets is calculated as operating income or EBIT divided by average total assets.
Q: 11. Jean and Dan both work. Each earns a salary of $48,500, but only Jean is a member of a…
A: Introduction: A Registered Retirement Savings Plan (RRSP) is a Canadian federal…
Q: Total Sales revenue (30,000 units) $750,000 Variable costs 450,000 Contribution margin 300,000 ?…
A: Break-Even Point: Your company has reached its break-even point when its entire expenses and total…
Q: In 20X1, ABC Co. paid P1M to purchase a land containing a total estimated 160,000 tons of…
A: Depletion rate per ton: = [Purchase cost - salvage value] / capacity of extraction Purchase…
Q: A new partner Dan, was admitted on June 1, 2022 who purchased Allan's capital by giving his car…
A: The amount that should be credited to Dan Capital is determined hereunder : Allan capital P 350,000…
Q: Question 2 + The Management of "Tanjung Uda Berhad" is planning a RM4,000,000 expansion this year.…
A: Indifference level of EBIT is the level where EPS will be same in both plan irrespective of debt…
Q: On July 1, 2018, Alaska Corp. issued 6,000 shares of its P 100 par ordinary share to Atty. Black as…
A: The shares can be issued by companies to pay off the expenses incurred or to acquire the fixed…
Q: n Jan 1, 20X1, ABC Corp purchased a patent for P90,000. At the time
A: Patent: It is an intangible assets / intellectual property or legal documents that gives right to…
Q: Compute Proprietary Ratio From the following Particulars $ Equity Share Capital 5,00,000 Preference…
A: Proprietary ratio is one of the solvency ratio of the business which is useful for determining…
Q: Luxe Mobile Homes reported the following in its financial statements for the year ended December 31,…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Can experts help me do this question, thanks. Narcissus Ltd, acquired a 30 per cent interest in…
A:
Q: Alpha Ltd acquired 30% of the voting shares of Beta Ltd on 1 July 2021 for $150 000. This…
A: Equity method of accounting for the investment in a company records each and every change made by…
Q: Required information Use the following information for the Exercises below. (Algo) [The following…
A: The profits left over after a company has paid out any dividends to stockholders are known as…
Q: A restaurant manager served 3,000 guests last January. For this coming January, they predict a…
A: Introduction: The value of all revenues from products and services identified by a company over a…
Q: The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000…
A: Total sales is the combination of cash sales and credit sales. Accounts receivables is the amount to…
Q: In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate candies under the…
A: Given: January 2013, Edi Thomas and George Lopez started company T&L chocolates. Thomas…
Q: Find the cost of good sold and other operating expense 2019:
A: Cost goods sold represents the amount incurred by the entity for making the sales for a particular…
Q: Purchase of machine Momay Ltd ordered a new machine on 20 September 2021 and paid a deposit of…
A: Placing an order for machine on 22 September does not attract VAT Provisions. So question of…
Q: What is the days sales outstanding? What is the average amount of receivables? What is the…
A: You have asked four sub-parts and as per our protocol we provide solution to the three sub-parts…
Q: Balance of Work in Process and Finished Goods, Cost of Goods Sold Derry Company uses job-order…
A: Cost of goods sold for the month Given that the costs Job nos 302 , 307 Are sold
Q: If a consol (perpetual bond) pays $250 a year and yields 5%, what is its present discounted value?
A: Perpetual bonds refers to those bonds which does not have any maturity date and these bonds are not…
Q: what's the total share issued and total share outstanding? and what's the answer of question 6?
A: The shares issued includes the treasury stock shares. The shares outstanding does not include the…
Q: Flat Wall Ltd has the following results for the year ended 31 December 2021 C Trading profits 13,300…
A: Total income can be computed by adding all relevant income of an entity which includes trading…
Q: Journal entry 7 Bought motor vehicle by cheque for RM4,300
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: I have obtained Target Corporation’s annual report for its 2018 fiscal year (year ended February 2,…
A: A basic Accounting equation is given as under: Assets = Equity + Liabilities
Q: Debt issuance costs are: Accounted for as a deduction from the equity balance on the balance sheet…
A: Debt Issuance costs Accounted for as a deduction from the equity balance on the balance sheet
Q: What accounting terms should I be familiar with?
A: . Accounting information summarizes and reports on a company's financial actions. Companies might be…
Q: The following data below relates to units shipped and total shipping expense have been assembled by…
A: As per high low method, variable cost = (cost at highest unit- cost at lowest unit)/(Highest unit-…
please explain in steps thanks
Step by step
Solved in 2 steps
- The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 543,000 + 1.34X, where X equals number of smokers. Last year, SmokeCity produced 20,000 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year? 5. What is the overhead cost per unit produced? 6. What is the fixed overhead cost per unit? 7. What is the variable overhead cost per unit? 8. Recalculate Requirements 5, 6, and 7 for the following levels of production: (a) 19,500 units and (b) 21,600 units. (Round your answers to the nearest cent.) Explain this outcome.Roper Furniture manufactures office furniture and tracks cost data across their process. The following are some of the costs that they incur. Classify these costs as fixed or variable costs, and as product costs or period costs. Wood used to produce desks ($125,00 per desk) Production labor used to produce desks ($15 per hour) Production supervisor salary ($45,000 per year) Depreciation on factory equipment ($60,000 per year) Selling and administrative expenses ($45,000 per year) Rent on corporate office ($44,000 per year) Nails, glue, and other materials required to produce desks (varies per desk) Utilities expenses for production facility Sales staff commission (5% of gross sales)
- The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?ROXY Tires the manufacturer and exported company of tires. The company uses an activity based costing system for its overhead costs. The company has provided the following data concerning its activity-based costing system. Activity Cost pool Activity Measure Annual Activity Supporting Direct Labor Direct labor Hour $28 per DLH Order Processing Order $285 per Order Custom design processing Custom design $185 per customer design Customer service customer $378 per customer Management would like an analysis of the profitability of a particular customer, Roxy Tires, which has ordered the following products over the last 12 months: Items…………………………….standard model……………….customer Design Number of Tires…………………20………………………………5 Number of orders……………….1……………………………….5 Number of customer designs……0………………………………5 Direct labor hour per Tires 26.5…………………………….28 Selling price per…
- Relevant costs; special order pricingKantrovitz Company is a manufacturer of industrial components. One of its products, AP110, is used as a subcomponent in appliance manufacturing. This product has the following information per unit: Selling price $150.00 Costs: Direct material $20.00 Direct labor 15.00 Variable manufacturing overhead 12.00 Fixed manufacturing overhead 30.00 Shipping and handling 3.00 Fixed selling and administrative 10.00 Total per-unit cost $90.00 a. Kantrovitz has received a special, one-time order for 1,600 AP110 parts. Assuming Kantrovitz has excess capacity, what is the minimum price that is acceptable for beginning negotiations on this order? Answer: $50 d. Referring to (a), Kantrovitz has received a special, one-time order for 1,600 AP110 parts. Assume that Kantrovitz is operating at full capacity, and that the contribution of the output would be displaced by the one-time special order. Using the original data, compute the minimum…Relevant costs; special order pricingKantrovitz Company is a manufacturer of industrial components. One of its products, AP110, is used as a subcomponent in appliance manufacturing. This product has the following information per unit: Selling price $150.00 Costs: Direct material $20.00 Direct labor 15.00 Variable manufacturing overhead 12.00 Fixed manufacturing overhead 30.00 Shipping and handling 3.00 Fixed selling and administrative 10.00 Total per-unit cost $90.00 a. Kantrovitz has received a special, one-time order for 1,600 AP110 parts. Assuming Kantrovitz has excess capacity, what is the minimum price that is acceptable for beginning negotiations on this order? $Answerb. Kantrovitz has 8,000 units of AP110 in inventory that have some defects. The units cannot be sold through regular channels without a significant price reduction. What per-unit cost figure is relevant for setting a minimum selling price on these units? $Answerc. During the next year,…The East Company manufactures several different products. Unit costs associated with Product ORD203 are as follows: Direct materials $50 Direct manufacturing labor 8 Variable manufacturing overhead 10 Fixed manufacturing overhead 23 Sales commissions (2% of sales) Administrative salaries 9 Total $105 What are the variable costs per unit associated with Product ORD203? Select one: a. $82 b. $60 C. $73
- Relevant costs; special order pricingKantrovitz Company is a manufacturer of industrial components. One of its products, AP110, is used as a subcomponent in appliance manufacturing. This product has the following information per unit: Selling price $150.00 Costs: Direct material $20.00 Direct labor 15.00 Variable manufacturing overhead 12.00 Fixed manufacturing overhead 30.00 Shipping and handling 3.00 Fixed selling and administrative 10.00 Total per-unit cost $90.00 a. Kantrovitz has received a special, one-time order for 1,000 AP110 parts. Assuming Kantrovitz has excess capacity, what is the minimum price that is acceptable for beginning negotiations on this order? $Answer b. Kantrovitz has 5,000 units of AP110 in inventory that have some defects. The units cannot be sold through regular channels without a significant price reduction. What per-unit cost figure is relevant for setting a minimum selling price on these units? $Answer c. During the next…V&S Mechanical sells and services plumbing, heating, and air conditioning systems. V&S's cost accounting system tracks two cost categories: direct labor and direct materials V&S uses a time-and-materials pricing system, with direct labor marked up 100% and direct materials marked up 50% to recover indirect costs of support staff, support materials, and shared equipment and tools and to earn a profit (Click the icon to view the cost information) Read the requirements Requirement 1. If Dryden presents Lowry with the replace or repair options, what price would he quote for each? Complete the table below to determine the price Dryden would quote for each option Labor Materials Total Price Repair option Replace option Requirements 1. if Dryden presents Lowry with the replace or repair options, what price would he quote for each? 2. If the two options were equally effective for the 3 years that Lowry intends to live in the home, which option would she choose? 3. if Dryden's objective is to…Tracey Packaged Snax reports the following information for November: Units produced and sold Per unit revenue and costs: Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead (at 320,000 units) Variable marketing and administrative costs Fixed marketing and administrative costs (at 320,000 units) Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your ansivers in the tabs below. Required A Required B Prepare a contribution margin income statement. Contribution Margin Income Statement 320,000 $9.60 1.65 0.90 0.80 1.55 0.75 1.15