For the year ending December 31, 2020, Cobb Company accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin-$742,800 budget, $759,800 actual; controllable fixed costs-$298,400 budget, $305,300 actual. Average operating assets for the year were $2,020,000. Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2020. (Round ROI to 1 decimal place, e.g. 1.5%.) COBB COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2020

For the year ending December 31, 2020, Cobb Company accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin-$742,800 budget, $759,800 actual; controllable fixed costs-$298,400 budget, $305,300 actual. Average operating assets for the year were $2,020,000. Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2020. (Round ROI to 1 decimal place, e.g. 1.5%.) COBB COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2020

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 30E: A company uses charging rates to allocate service department costs to the using departments. The...

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For the year ending December 31, 2020, Cobb Company accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin—$716,020 budget, $724,336 actual; controllable fixed costs—$301,900 budget, $304,300 actual. Average operating assets for the year were $1,972,000.Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2020.
For the year ending December 31, 2022, Concord Company accumulates the following data for the Plastics Division, which it operates as an investment center: contribution margin-$612,950 budget, $622,669 actual; controllable fixed costs-$302,000 budget, $305,500 actual. Average operating assets for the year were $2,073,000. Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2022. (Round ROI to 1 decimal place, e.g. 1.5%.) CONCORD COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2022 Budget Actual Contribution Margin $ $ eTextbook and Media %24 %24 %24 %24 %24 > > >
Torres Company accumulates the following summary data for the year ending December 31, 2020, for its Water Division, which it operates as a profit center: sales-$2,062,700 budget, $2,288,100 actual; variable costs-$1,000,900 budget, $1,055,500 actual; and controllable fixed costs-$299,000 budget, $303,900 actual. Prepare a responsibility report for the Water Division for the year ending December 31, 2020. TORRES COMPANY Water Division Responsibility Report For the Year Ended December 31, 2020
Torres Company accumulates the following summary data for the year ending December 31, 2020, for its Water Division, which it operates as a profit center: sales—$1,935,600 budget, $2,243,000 actual; variable costs—$1,016,200 budget, $1,051,200 actual; and controllable fixed costs—$297,600 budget, $303,400 actual.Prepare a responsibility report for the Water Division for the year ending December 31, 2020. TORRES COMPANYWater DivisionResponsibility ReportFor the Year Ended December 31, 2020 Difference Budget Actual FavorableUnfavorableNeither Favorablenor Unfavorable Select an opening responsibility report item Contribution MarginControllable Fixed CostsControllable MarginFixed CostsGross ProfitNet Income/(Loss)SalesVariable Costs $Enter a dollar amount $Enter a dollar amount $Enter the difference Select an option…
For the year ending December 31, 2020, Cobb Company accumulates the following data for the Plastics Division which it operates as an investment center contribution margin-$782.200 budget, $790.220 actual controllable feed costs-$297 400 budget $303,400 actual Average opera assets for the year were $2.020.000 Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2020 (Round ROI to 1 decimal place, eg 1.5%) Budget COBB COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2020 Actual
Torres Company accumulates the following summary data for the year ending December 31, 2017, for its Water Division, which it operates as a profit center: sales— $2,000,000 budget, $2,080,000 actual; variable costs—$1,000,000 budget, $1,050,000 actual; and controllable fixed costs—$300,000 budget, $305,000 actual. Prepare a responsibility report for the Water Division.
The information provided below was taken from the records of Chotoo Projects for the financial year ended 31 May 2020. Extract of statement of comprehensive income for the year ended 31 May 2020 R Revenue 480 000 Direct costs 240 000 Rent income 150 000 Advertising 4 800 Salaries and wages 90 000 Rates and taxes 1 200 Other operating expenses 80 000 21 Additional information 1. Revenue is calculated as direct cost plus 25%. 2. Revenue is divided equally each month. Revenue is expected to increase by 18% for the financial year ending 31 May 2021. 3. Fifty percent (50%) of the revenue is for cash and the balance is on credit. Debtors normally pay their accounts as follows:  40% in the month of the invoice, and these debtors are entitled to a 5% discount;  55% one month after the invoice; The balance is usually written off as bad debts. 4. Purchases for June and July are expected to be 30 000 per month. All purchases are for cash. 5. In terms of the lease agreement rent is received…
The information provided below was taken from the records of Chotoo Projects for the financialyear ended 31 May 2020.Extract of statement of comprehensive income for the year ended 31 May 2020RRevenue 480 000Direct costs 240 000Rent income 150 000Advertising 4 800Salaries and wages 90 000Rates and taxes 1 200Other operating expenses 80 000Additional information1. Revenue is calculated as direct cost plus 25%.2. Revenue is divided equally each month. Revenue is expected to increase by 18% for thefinancial year ending 31 May 2021.POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT – ACADEMIC AND ASSESSMENT CALENDARREGENT BUSINESS SCHOOL (RBS) January 2021 173. Fifty percent (50%) of the revenue is for cash and the balance is on credit. Debtorsnormally pay their accounts as follows:• 40% in the month of the invoice, and these debtors are entitled toa 5% discount;• 55% one month after the invoice;The balance is usually written off as bad debts.4. Purchases for June and July are expected to be 30…
For the last quarter of 2020, Carica’s cost records indicate the following: Materials Requisitions (MR) Utility Services (US) Machining Assembly Total Budgeted overhead costs before any inter- department cost allocations $200,000 $1,000,000 $5,456,000 $7,458,000 $14,114,000 Support work supplied by MR (Number of requisitions) 0 25% 40% 35% 100% Support work supplied by US (Power costs) 10% 0 30% 60% 100% Questions: 1. Allocate the two support departments’ costs to the two operating departments using the following methods: a.Direct method. b. Step-down method (allocate MR first). c. Step-down method (allocate US first) d. The Algebraic. Answer quickly
Budget Performance Report for a Cost CenterThe Eastern District of Adelson Inc. is organized as a cost center. The budget for the Eastern District of Adelson Inc. for themonth ended December 31 is as follows:Sales salaries $819,840System administration salaries 448,152Customer service salaries 152,600Billing salaries 98,760Maintenance 271,104Depreciation of plant and equipment 92,232Insurance and property taxes 41,280Total $1,923,968During December, the costs incurred in the Eastern District were as follows:Sales salaries $818,880System administration salaries 447,720Customer service salaries 183,120Billing salaries 98,100Maintenance 273,000Depreciation of plant and equipment 92,232Insurance and property taxes 41,400Total $1,954,452Required:1. Prepare a budget performance report for the manager of the Eastern District of Adelson for the month of December.Enter all amounts as positive numbers. If an amount box does not require an entry, leave it blank, or enter zero "0".
A company uses charging rates to allocate service department costs to the using departments. The accountant compiled the following information on one of the service departments: If Department K plans to use 1,350 hours of the service departments service in the coming year, how much of the service departments cost is allocated to Department K? a. 3,375 b. 27,300 c. 26,325 d. 23,950
Using the information for Crable and Tesch, the systems consultants in P9-3 and P9-4, prepare a budgeted income statement for the year ended December 31, 2016.