A company had the following purchases during its first year of operations: January May September October Purchases 6 units at $ 28 10 units at $ 22 12 units at $ 25 What is the weighed average cost per unit On May? Round your answer to 2 decimal places. Sales 16 units at $ 50
Q: The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of…
A: Partnership firm Partnership firm is an entity may or may not be incorporated through a contract.…
Q: Define the three major elements of accounting equation: assets liabilities shareholders' equity
A: Three major elements of accounting equation- Assets: An asset is something with economic value that…
Q: Under the SEC rules, which scenario requires a one year cooling off period?
A: A one-year cooling off period is required before a company can hire certain individuals formerly…
Q: 8 Which of the following is FALSE on different approaches of budgeting?
A: A - This statement is true, as in value proposition budgeting, a value proposition must be made for…
Q: Ma3. Investor owns 10% of Investee shares and has the ability to exert significant influence. In…
A: Investor owns 10% of investee shares and has a ability to exert significant influence. In 2022…
Q: Blossom Corp. uses a perpetual inventory system. The company had the following inventory…
A: Apr 3 Account recievable 22400 To Refund liability (22400*.15) 3360 To sales revenue 19040 Cost…
Q: Pass the Journal Entry for the Following:- Shane became insolvent and the business is unable to…
A: A "bad debt" is a type of account receivable that a company is no longer able recover from a…
Q: in 2: Question 1: a. Explain the meaning of breakeven point and the benefit of using it in…
A: Contribution Margin per unit :— It is calculated by deducting variable cost per unit from selling…
Q: The capital structure of P Company at December 31, 2022 follows: 12% Preference share capital, Php…
A: Preferred shares are those which are given priority to pay dividends over common shareholders.…
Q: Which of the following options is an example of revenue? O $4,000 promise to pay from a customer…
A: Revenue is to be recognized only when sale has been made or services has rendered either in cash or…
Q: Restaurants do a large volume of business by credit and debit cards. Suppose Cityside Collection…
A: The journal entry is the entry which is prepared for the purpose of recording those transaction…
Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…
A: JOURNAL LEDGER A ledger is a book or collection of accounts in which account transactions are…
Q: Direct Labor Cost Budget Pasadena Candle Inc. budgeted production of 63,000 candles for January.…
A: Answer Number of minutes required for the 63000 candles is 63000 × 3 minutes = 189000
Q: You estimate that it will cost $33,700 today to start a project, and the project will provide cash…
A: The profitability index (PI) is a measure of a project's or investment's attractiveness. The PI is…
Q: 28 Which of the following is considered a debt equivalent?
A: Other than preferred stock, cash on hand, noncontrolling interest, and other investments are not…
Q: Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting…
A: Meaning of Accounting equation An equation which shows total of assets are always equal to the sum…
Q: Burnaby Meadows Restaurant uses a contribution margin pricing system. The restaurant's manager…
A: Given, Selling price = $10.00 Contribution margin = $4.00 Product cost means variable cost. Whereas,…
Q: Required information [The following information applies to the questions displayed below.] In each…
A: Answer:- step 2 in the solution .
Q: An auditor would not perform an audit without issuing an audit engagement letter. Define and…
A: A professional firm and its client's legal relationship is outlined in an engagement letter. The…
Q: XYZ Restaurants Corp. has recently completed its annual external audit of financial records. The…
A: An audit consists of a review or inspection of several books of accounts carried out by an auditor,…
Q: Skysong is contemplating a capital project costing $34838. The project will provide annual cost…
A: NET PRESENT VALUE Net Present Value is one of the Important Capital Budgeting Technique. Net…
Q: divides its customers into two groups: new customers and upgrade customers (those who previously…
A: Cost is the expenses which have been incurred for production, marketing and selling a product, from…
Q: Boeing Components makes aircraft parts. The following transactions occurred in July. 1. Purchased…
A: A journal entry frequently has supporting documents attached, is printed, and is preserved in a…
Q: The company has no beginning inventory . Value Added Tax ( VAT ) is 18 % . 5 March : Purchased on…
A: VAT (Value Added Tax) A kind of tax which is imposed on the value of goods or services at the time…
Q: S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3.…
A: A partnership firm uses the finance contributed by all its partners in a pre-defined proportion for…
Q: *E5.20 (LO 7) This information relates to Olaf Decor. 1. On April 5, purchased merchandise on…
A: A journal entry is an act of recording any transaction, whether or not it is an economic one. An…
Q: Accounting II Project Wendover Fashions The purpose of this problem is to combine concepts from…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: 41. Which of the following best describes "financial performance" of an entity ? The revenue,…
A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…
Q: Tool Time manufactures carpenter-grade screwdrivers. The company is trying to decide whether to…
A: Manufacturing company manufacture products in their unit. Company cost determines the cost of each…
Q: On 1/1/2021, the Laith Construction Company signed a contract with Khaled to build a property for 4…
A: A construction contract is a contract to build a building and such a contract takes more than one…
Q: s it true or not? When the accrual basis of accounting is used, an entity recognises items as…
A: There are basis for the financial reporting and income and each and every transaction must satisfy…
Q: Tax Credit
A: The Young Child Tax Credit or YCTC provides a credit of specified amount per tax return for…
Q: What is price blending in a food service operation and what it helps to achieve? You can answer in a…
A: Answer:- Food service operation:- A establishment that serves meals designed to be served in…
Q: The received side of the Stores Ledger Account shows the following Jan. 1 Opening Balance: 500 units…
A: A stores ledger is a manual or computer record of the raw materials and production supplies stored…
Q: On January 1, 2021, PARCELLE Inc. sold a piece of undeveloped land in exchange for a six-year…
A: Whenever a transaction happens between a buyer and a seller, the terms of the transaction are…
Q: Quarterly Working Capital Schedule All figures in USD thousands unless stated Days in Period Revenue…
A: Sales = Accounts receivable x (Total number of days / Days in AR)
Q: d. Make a presentation in the 2020 Financial Statements. Present the journal on the redemption date.
A: The solution has been provided for the mentioned parts only which is D and E sub-parts only The…
Q: Please lists 15 research topics on Accounting CSR Reporting in FMCG food industries/ Regenerative…
A: 1. Exploring the Impact of Financial Accounting Practices on CSR Reporting in FMCG Food Industries…
Q: Calculate the fair value of the bonds at the time of issuance. b. Prepare a discount/premium…
A: There are multiple sub-parts in the question but as per our protocol we are authorized to solve only…
Q: Ac. 1). On 15 Mard 2022, fusiness Taxpwyer, reportirg on a calendar year basis, sold furniture…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: P Ltd. issues 40,000, 7½% Preference shares if $100 each redeemable after 6 years at a premium of 5%…
A: Cost of preference share capital is that part of cost of capital in which we calculate the amount…
Q: e a 10 company according to the three major types of businesses
A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: "Stockholders' Equity"
A: Paid-in capital means the total amount of money a company’s shareholders have given in exchange for…
Q: eBook Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 720,000 candles…
A: Answer Given that one pound = 16 ounces For each candle 10 ounces of wax is required For 720000…
Q: capital gain tax
A: Capital gains are paid on the sale value if it exceeds the purchase value. However, various…
Q: Q2.: You are required to record the adjusting entries for the following information a. The opening…
A: Adjusting entries are reported at the end of the period with respect to the accrual concept. Under…
Q: Static Budget versus Flexible Budget The production supervisor of the Machining Department for…
A: Variable Cost :— It is the cost that changes with change in cost driver. Variable cost per cost…
Q: patent (7-year life) Purchased a small compaly and as a result recorded goodwill. (indeff Acquired…
A: Answer : Journal entries : Date Explanation Debit Credit 1/2/20 Patent a/c Dr. $595,000…
Q: Review the statement of cash flows for Tesla Motors Inc. in ATC 14-1 on page 688. Discuss the cash…
A: Cash money is very important for the companies and cash money is the life line of the business and…
Q: Ut Ultrasonic manufactures three ultrasound imaging systems: Avex, AvexII, and Mel. Overhead is…
A: Budgeted overheads are the expected fixed and variable overheads that cannot be allocated to the…
Step by step
Solved in 2 steps
- Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An order to replenish the part requires a lead time of five days. Required: 1. Calculate the reorder point, using Equation 20.3. 2. Graphically display the reorder point, where the vertical axis is inventory (units) and the horizontal axis is time (days). Show two replenishments, beginning at time zero with the economic order quantity in inventory. 3. What if the average usage per day of the part is 500 units but a daily maximum usage of 575 units is possible? What is the reorder point when this demand uncertainty exists?Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.1. DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory 500 $40 $20,000 Purchased Apr. 30 600 45 27,000 Purchased Aug. 15 650 40 26,000 Purchased Dec. 10 700 35 24,500 Totals (goods available) 2,450 97,500 Ending Inventory 550 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using…
- The data during the month of an enterprise who sells product M are as follows: Sale of 2,000 units at the before-VAT price of VND 300,000/unit in the domestic market. Export 500 units at FOB price of VND 310,000/ unit. Purchase 1,000 units with before-VAT price of VND 250,000/ unit. Purchase 300 units with price of VND 280,000/unit stated on the sale invoice. Deductible Input VAT for other purchased services: VND 1,000,000. VAT rate 10%. Exported goods are supported with sufficient documents as prescribed by law The VAT amount payable is * VND 41,100,000 VND 25,600,000 VND 49,500,000 VND 34,000,000The Dermaniaga Company has the following information available: Table 3: Total Monthly Sales Month Sales (RM)June 68,000July 72,000August 74,000September 76,000October 78,000 Additional information: Sales price per unit is RM200 and the finished goods inventory level is 25% of the next month's unit sales. 5 kilograms of materials are required for each unit produced and the cost is RM50/kg. Inventory levels for materials equal 40% of the needs for the next month. Desired ending inventory for September is 157 kilograms of materials. Beginning inventory for July was 138 kilograms of materials. Each unit requires 0.8 hours of direct labor and the average wage rate is RM12 per hour. Required: 1. Analyze a production budget for July, August, September and the quarter in total. 2. Analyze a direct materials purchases budget in kilograms and Ringgit Malaysia for July, August, September and in total for the quarter. 3. Construct a…A Company has the following sales 2,000 in January, 2,200 in February, 2,800 in April and 3,000 in May. Assuming the selling prices is P100/unit. Sales for each month are expected to be collected as follows: • Month of sales: 20% • A month after sales: 50% • 2 months after sales: 30% - How much is total receipts from sales? Feb Total 12, 500 P1,250,000 P250,000 Jan Мar Apr May Units Sold Sales in Pesos Collection from months sales current Collection months sales Collection from two months from previous P150,000 P84,000 sales Total Collections from Sales 40,000 P926,000
- A company estimated the sales of 20,000 units during the month of June. The beginning inventory on hand is 2,100 units and the desired ending inventory for the month of June is 2,400 units. How many units should the company produce during the month of June? а. 19,700 units b. 20,300 units с. 24,500 units d. 15,500 unitsthe following data were tkane from our company's most recent sales forecast. July sales 1480 units ending inventory 310 units august sales 1850 units, ending inv. 200 units sep. 1660 units edg. inv. 250 units based on the information above, how many units should the company purchase in september? a. 1710 units b. 1960 units c. 1610 units d. 1740 unitsGreen Tea’s data show the following information for the financial year, beginning July 2020: July Aug. Sept. Oct. Nov. Estimated sales (units) 25,000 25,000 27,000 27,500 28,000 Sales price per unit $31 $31 $31 $31 $31 Direct labour per unit $1.75 $1.75 $1.50 $1.50 $1.50 Labour rate per hour $21 $21 $24 $24 $24 New machinery will be added in September. This machine will reduce the labour required per unit and increase the labour rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month’s requirements. Direct material requires 2.5 kg per unit at a cost of $5 per kg. The ending inventory required for direct materials is 20% of the next month’s needs. In July, the beginning inventory is 3,750 units of finished goods and 13,125 kg of materials. Required: i) Prepare a production budget for the first quarter of the year (i.e. July – September).…
- Al Anwar ceramics, Oman estimated the sales as follows June – 2,000 units July – 3,000 units August – 4,000 units The company mentioned that finished units equal to the half the sales of the next month will be in stock at the end of each month. Estimate the production for July 2021. a. 2,500 units b. None of these c. 3500 units d. 6,500 unitsAssume a manufacturing company,s estimated sales for january,febuar and march are 1,00,000 , 1,20,000 , 1,10,000 respectively.the cost of goods sold is always 40 % of its sales.the company always maintains ending merchandise inventory equal to 10%of next motn cost of goods sold.it pays for 25% of its merchandise purchase in the month of the purchase and remaining 75%in the subsequent month .What is the account payable balance at the end of febuary? please proper explantion thnxSheridan Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: \table[[Feb. 20, 600 units,at, $8, Aug. 12, 390 units, at, $10