Grainger Company produces only one product and sells that product for $110 per unit. Cost information for the product is as follows: Direct Material $15 per Unit Direct Labor $25 per Unit Variable Overhead $6 per Unit Fixed Overhead $33,500 Selling expenses are $3 per unit and are all variable. Administrative expenses of $15,000 are all fixed. Grainger produced 5,000 units; sold 4,000; and had no beginning inventory. A. Compute net income under i. Absorption Costing ii. Variable Costing B. Which costing method provide higher net income? By how much? The method provided more net income by $

Grainger Company produces only one product and sells that product for $110 per unit. Cost information for the product is as follows: Direct Material $15 per Unit Direct Labor $25 per Unit Variable Overhead $6 per Unit Fixed Overhead $33,500 Selling expenses are $3 per unit and are all variable. Administrative expenses of $15,000 are all fixed. Grainger produced 5,000 units; sold 4,000; and had no beginning inventory. A. Compute net income under i. Absorption Costing ii. Variable Costing B. Which costing method provide higher net income? By how much? The method provided more net income by $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ngageNOWv2 | Online teachin X + om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... € Compute conversion costs given the following data: direct materials, $363,600; direct labor, $192,400; factory overhead, $204,500 and selling expenses, $35,600. Oa. $396,900 Ob. $568.100 Oc. $168,900 Od. $760,500 8 5/2
google x S Dallas Xx B Score X M mybox takeAssignment/takeAssignmentMain.do?invoker=&take AssignmentSession Locator=&inprogress=false < 3 # < Check My Work [3 $ Journalize Standard Cost Entries Encinas Company produced 4,700 units that require 10 standard pounds per unit at $3 standard price per pound. The company actually used 47,900 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. Oll % M O Cenga x B Cenga x 2 G Cathol X + ChromeOS update for Android... Update required today 100 <☆ D - 18m Nov 14 6:28 0
x File Home K25 AutoSave Off 3 9 LO 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 V Ready Insert ExcelAssignmentChapter11 Question2 (3) A Function: SUM; Divide; Cell Referencing Formulas Page Layout :X ✓ fx B FO 86°F Sunny Data Review BE11.7- Using Excel to Calculate Cost per Equivalent Unit PROBLEM Funenstiens roasts peanuts and uses the FIFO method of process costing. 5 roasting process The company has provided information relating to this month's production that is presented here. Direct materials costs added to production Conversion costs added to production Direct materials costs in beginning inventory Conversion costs in beginning inventory Equivalent units completed during the month For Direct materials For conversion costs Enter Answer Accessibility: Investigate + с $ View 3,400 3,875 600 800 4,600 4,450 Developer Help D O Search (Alt+Q) E F Acrobat G How much total cost does Funenstiens need to account for this month? Total costs to account for Student Work Area Required:…
me | MyUSF X CengageNOWv2 |Online teachin X .cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator3&inpro... to 向 Differential Analysis for Further Processing The management of International Aluminum Co, is considering whether to process aluminum ingot further into rolled aluminum. Rolled aluminum can be sold for $2,100 per ton, and ingot can be sold without further processing for $1,050 per ton. Ingot is produced in batches of 89 tons by smelting 550 tons of bauxite, which costs $110 per ton of bauxite. Rolled aluminum will require additional processing costs of $610 per ton of ingot, and 1.25 tons of ingot will produce 1 ton of rolled aluminum. Required: 1. Prepare a differential analysis as of February 5 to determine whether to sell aluminum ingot (Alternative 1) or process further into rolled aluminum (Alternative 2). If required, do not round interim calculations. If required, use a minus sign to indicate a loss. Differential Analysis Sell…
Home CengageNOWV2| Online teachin x takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=D&inprogress-false Rusty Co. sells two products: X and Y. Last year, Rusty sold 5,000 units of X and 35,000 units of Y Related data are as follows: Unit Selling Unit Variable Unit Contribution Product Price Cost Margin $110 $70 $40 70 50 20 For break-even analysis, the unit contribution margin of E was Oa. $22.50 Ob. $60.00 Oc. $40.00 d. $20.00
ellvery/deliverAssessment Maps News Translate I New folder O New folder A 11 Research Propos.. Clicxads.com | Cryp.. ACCA TX (F6 UK) N.. 国 B Sites JESSE JU Time Remaining: 00:51:29 A Hide Time Remaining A The following information relates to the operations of a company; cost per unit from supplier- GHC80, variable cost per unit GHC40 and total fixed cost of GH¢300000. The company determines its selling price by adding a margin of 20%. What is the breakeven quantity? O A. 5556units O B. 6665units C. 5000units D. 6000units Reset Selection 12:11 PM Save A a G 4) 3/18/202 Hext Ps hp
Home * CengageNOWv2 | Online teachin x takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress=false еВook B Show Me How Print Item Sales Mix and Break-Even Analysis Conley Company has fixed costs of $17,802,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company's two products follow: Product Model Selling Price Variable Cost per Unit Contribution Margin per Unit Yankee $180 $99 $81 Zoro 225 135 90 The sales mix for products Yankee and Zoro is 80% and 20%, respectively. Determine the break-even point in units of Yankee and Zoro. a. Product Model Yankee units b. Product Model Zoro units
1/1 CengageNOWv2 | Online teachirn X now.com/ilrn/takeAssignment/takeAssignmentMaruo?invoker=&itakeAssignmentSessionLocator=&inprogress3Dfalse eBook Prepare the journal entry to record the transfer of 2,500 units from the packaging department to finished goods if the material cost per unit is $2 and the conversion cost per unit is $5.60. If an amount box does not require an entry, leave it blank. 88
S Module Three Assignment - ACC X CengageNOWv2 | Online teachir x + gagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еВook Show Me How Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $171 April 15 Purchase 1 175 April 20 Purchase 1 179 3 $525 Total Average cost per unit $175 ($525 + 3 units) Assume that one unit is sold on April 27 for $247. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Previous Next> Check My Work 6:38 AM 45°F A D E a O A 40) 11/13/2021
CengageNOWv2 | Online teachin x + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession. E * Ch 20.2 Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $1.75 and $1.85, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 2,800 Started and completed during the period 46,000 46,000 Transferred out of Filling (completed) 46,000 48,800 Inventory in process, end of period 3,000 1,500 Total units to be assigned costs 49,000 50,300 The beginning work in process inventory had a cost of $1,570. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production Inventory in process, ending 8,025 Feedback V…
r田 1/1 ageNOWv2 | Online teachirs X n/ilrn/takeAssignment/takeAssignmentMan.uo?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Mazomanie Farm completed 23,000 units during the quarter and has 2,600 units still in process. The units are 100% complete with regard to materials and 55% complete with regard to conversion costs. What are the equivalent units for materials and conversion? Equivalent Units of Materials Equivalent Units of Conversion
CengageNOWv2 | Online teachirn X ow.com/ilrn/takeAssignment/takeAssignmentMan.uo?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Assume you are the department B manager for Marley's Manufacturing. Marley's operates under a cost-based transfer structure. Assume you receive the majority of your raw materials from department A, which sells only to department B (they have no outside sales). The income statement for Marley's Manufacturing is shown below: Marley's Manufacturing Income Statement Month Ending August 31, 2018 Dept. A Dept. B 000a 27,560 Sales Cost of goods sold 11,040 096'$ $24,440 3,640 Gross profit Utility expenses 1,380 Wages expense 5,980 10,920 Costs allocated from corporate 2,530 15,080 Total expenses 068$ $29,640 $2,070 -$5,200 Operating income/(loss) in dollars Operating income/(loss) in percentage Assume the market price for the items your department purchase is 15% below what you are being charged by department A of Marley's Manufacturing. Determine the…