its is $215 per unit. When the spoilage is detected, the spoiled goods are inventoried at $215 pe www ormal spoilage rate? ate the normal spoilage rate. (Round the percentage to the nearest tenth percent, X.X%.) Total good units completed = Normal spoilage rate 20 15.0 %
Q: Toyota & Sons is a family-owned auto-parts store. You are the management accountant of the concern…
A: An element of the master budget is the schedule of anticipated cash collections, which outlines the…
Q: When passing a journal entry for this transaction what would be credit? "Bought delivery truck on…
A: Journal entries are the primary reporting of the business transaction in the books of accounts.…
Q: November sales for last year were $100,000, while December sales were $115,000. Projected sales for…
A: Cash collections means the amount of money collected by the entity from the sales of current month…
Q: Comparative financial statement data for Carmono Company follow: Assets Cash Accounts receivable.…
A: The indirect cash flow approach determines cash flow by adjusting net income with differences…
Q: Lakeland Mountain Mining paid $627,300 for the right to extract mineral assets from a 550,000-ton…
A: Cost related to the assets purchased , which has been incurred before the asset put in use will be…
Q: XYZ Company makes one product and has calculated the following amounts for direct materials: Actual…
A: Standard costing is a management accounting technique used to help businesses plan, control, and…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: Labor variance is the difference between the labor cost estimated by the entity and the labor cost…
Q: Sando Corporation has numerous customers. A customer file is kept on disk storage. Each customer…
A: An auditor is expected to inspect credit references in client files to ensure that every customer…
Q: me following information is available for Brownstone Products Company for the month of July Master…
A: Business organizations create flexible, or adaptable, budgets to account for changes in actual…
Q: What is the amount of total interest earned on a note receivable based on the following information:…
A: A note receivable is a written contract that promises to make a certain payment to a different party…
Q: Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for…
A: The contribution margin is calculated as difference between sales and variable costs. The net income…
Q: Define “Risk management”.
A: Risk management refers to the term which is used in accounting or business as it states that the…
Q: what figures were used to calculate the static budget for sales revenues
A: Static budget- is a budget which is prepared at a fixed volume of production. Under this budget an…
Q: Question Content Area Kennedy, Inc., reported the following data: Net income $170,619…
A: Statement of Cash Flow - Statement of cash flow is a financial statement that includes inflow and…
Q: (b) Another team member who is preparing the Budgeted Balance Sheet for the business for the same…
A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is…
Q: The following information was drawn from the accounting records of Smith Company Static Budget…
A: Variance arises when the actual costs are different from the standard costs. The results are…
Q: Compute free cash flow for 2022. Show your work.
A: FREE CASH FLOW Free Cash Flow is the Cash Resources of the Organisation which is Left After Capital…
Q: Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier.…
A: The flexible budget is prepared using standard rates and for the actual production level. The net…
Q: On February 20, 2023, LIME COrporation sold merchandise with a list price of ₱ 150,000 to Durian on…
A: DISCOUNTING TERM The 2/15 net 40 Calculation is a Way of Providing cash discount on Purchase. It…
Q: Radar Company sells bikes for $520 each. The company currently sells 4,350 bikes per year and could…
A: Incremental analysis :— It is one of the analysis which shows the comparison between two different…
Q: Deacon Engineering purchased specific equipment for $675,500 on January 1, 2017. The equipment had…
A: Purchase cost of equipment on Januray 1, 2017 $675,500 Less: Residual Value $0 Depreciable value…
Q: What are the necessary conditions for the retail inventory method to provide valid results?
A: The retail inventory method is a common technique used by retailers to estimate the value of…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: Material variances are of three types, material cost variance,material price variance and material…
Q: Jackie Corp had $1,000,000 of inventory at December 31, 2024, with purchases of $300,000 and sales…
A: The ending inventory is calculated as difference between cost of goods available for sale and ending…
Q: Wildhorse Pet Supply Company issued $360,000 of 8 %, 10-year bonds at 102. Interest is paid…
A: Amount received on bonds = Face value of bonds*102%
Q: Hannibal Steel Company has a Transport Services Department that provides trucks to haul ore from the…
A: Variable cost is the cost which changes as change in production of goods as it increases at increase…
Q: FIFO and Moving Weighted Average Trout Company used a…
A: At the end of a reporting period, an entity's inventory cost is what is referred to as its inventory…
Q: PSA Inc. prepared a draft of its 2021 Statement of Financial Position. The draft statement reported…
A: The treasury shares of PSA Inc. at cost, unamortized patent, and cash surrender value of life…
Q: DD Co. established a P90 million liability at the end of 2020 for the estimated litigation…
A: Answer:- Deferred tax liability: - When a tax obligation is accrued in one fiscal year but is due…
Q: Analyze and prepare journal entries for the following transactions on the form provided in Exam…
A: "Debit what comes in" is a basic accounting principle that means an increase in assets is recorded…
Q: Top executive officers of Thornton Company, a merchandising firm, are preparing the next year's…
A: Proforma Income Statement A pro forma income statement is a document that displays a company's…
Q: Which of the following suggests that a taxpay contractor? Works for more than one firm Sets own…
A: Medicare taxes are payroll taxes that are paid by both employees and employers to fund the Medicare…
Q: Condensed comparative balance sheets of Breach Company at December 31, Years 1 and 2, are as…
A: Statement of cash flow is a financial statement used for providing data with regard to all cash…
Q: The following partial information is taken from the comparative balance sheet of Levi Corporation:…
A: The treasury stock decreases the number of outstanding shares and total shareholder's equity of the…
Q: Analyzing Income under Absorption and Variable Costing Variable manufacturing costs are $107 per…
A: Fixed manufacturing overhead costs are outlays incurred by the facility that are constant…
Q: Cont of pictures: Calculate gross profit rate under each of the following methods 1. LIFO 2. FIFO 3.…
A: The weighted Average Method, Last-in-first-out method [LIFO], and First-in-first-out [FIFO] are the…
Q: Required information [The following information applies to the questions displayed below.] Sharon…
A: Apportionment is the method used to determine how much of a company's profits are subject to…
Q: Devin Company has the following data for their budget and actual performance. Master Budget Variance…
A: Variance arises when the actual costs is different from the standard costs. The results are…
Q: would communicate matters of governance with_ Select one: a. Only the Audit Committee and never the…
A: An audit committee is a committee of an organisation's board of directors which is responsible for…
Q: Two months after completing the audit, an auditor leaves an audit firm and takes the role of the CFO…
A: In the given case the auditor joins their audit client as a CFO after completing the audit. Since…
Q: b). Upon receipt of the budget, the team manager, Hilux James, has now informed you that, in…
A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is…
Q: KKK Inc. provided the following schedule of liabilities on December 31,2021: Accounts…
A: Current liabilities are debts or obligations that a company expects to pay off within one year or…
Q: Adams Publications established the following standard price and costs for a hardcover picture book…
A: Answer:- Income statement meaning:- An income statement is a financial statement that lists the…
Q: Consider the following data collected for Albo's Rentals: Direct…
A: Standard costs are estimates of the actual costs in a company’s production process Then, the…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: There are two types of manufacturing overhead.They are fixed manufacturing overhead and variable…
Q: (a) What is the underlying principle in eliminating intercompany inventory transactions? (b) How do…
A: Intercompany inventory transactions refer to the transfer of goods or products between two or more…
Q: are: Work in process, beginning inventory, 30% converted.. 200 units Units started during February…
A: Computation ofUnit cost per Equivalent unit of beginning inventory in Department A is as follows:…
Q: The beginning inventory is expected to be 3,100 cases. Expected sales are 13,300 cases, and the…
A: Inventory is one of the important part to manage. One have to consider whether to pile up inventory…
Q: 1.A common stock paid a dividend at the end of last year of $2.30. Dividends have grown at a…
A: EXPECTED RATE OF RETURN ON STOCK Expected Rate of Return is the Percentage of Income Earned from…
Q: Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey…
A: In state tax law, the apportionment factor is a calculation used to determine how much of a…
I need requirement 2 please.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Paradise Bay Shop is a manufacturer of golf carts. Peter Cranston, the plant manager of Paradise Bay, obtains the following information for Job # 22 in August 2020. A total of 23 units were started, and 3 spoiled units were detected and rejected at final inspection, yielding 20 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,300 per unit. Assume that Job #22 of Paradise Bay Shop generates scrap with a total sales value of $400 (it is assumed that scrap returned to the storeroom is sold quickly). Read the requirements. Prepare the journal entries for the recognition of scrap, assuming the following: (Record debits first, then credits. Exclude explanations from any journal entries.) a. The value of scrap is immaterial and scrap is recognized at the time of sale. Journal Entry Accounts Debit (...) Credit Requirements Prepare journal entries for the recognition of scrap, assuming the following: The value of scrap is…Paradise Bay Shop is a manufacturer of golf carts. Peter Cranston, the plant manager of Paradise Bay, obtains the following information for Job # 22 in August 2020. A total of 23 units were started, and 3 spoiled units were detected and rejected at final inspection, yielding 20 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,300 per unit. The current disposal price of the spoiled units is $215 per unit. When the spoilage is detected, the spoiled goods are inventoried at $215 per unit. Read the requirements. Requirement 1. What is the normal spoilage rate? Select the formula, then calculate the normal spoilage rate. (Round the percentage to the nearest tenth percent, X.X%.) + = Normal spoilage rate % Requirements 1. What is the normal spoilage rate? 2. Prepare the journal entries to record the normal spoilage, assuming the following: The spoilage is related to a specific job. a. b. The spoilage is common to all…Paradise Bay Shop is a manufacturer of golf carts. Peter Cranston, the plant manager of Paradise Bay, obtains the following information for Job #22 in August 2020. A total of 23 units were started, and 3 spoiled units were detected and rejected at final inspection, yielding 20 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,300 per unit. Assume that the 3 spoiled units of Paradise Bay Shop's Job #22 can be reworked for a total cost of $2,200. A total cost of $3,900 associated with these units has already been assigned to Job #22 before the rework. Requirements: Prepare the journal entries for the rework, assuming the following: a. The rework is related to a specific job. b. The rework is common to all jobs. c. The rework is considered to be abnormal.
- Jellyfish Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Jellyfish, obtains the following information for Job #10 in August 2017. A total of 46 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 40 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,100 per unit. The current disposal price of the spoiled units is $235 per unit. When the spoilage is detected, the spoiled goods are inventoried at $235 per unit. Q. Prepare the journal entries to record the normal spoilage, assuming the following: a. The spoilage is related to a specific job. b. The spoilage is common to all jobs. c. The spoilage is considered to be abnormal spoilageJellyfish Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Jellyfish, obtains the following information for Job #10 in August 2017. A total of 46 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 40 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,100 per unit. The current disposal price of the spoiled units is $235 per unit. When the spoilage is detected, the spoiled goods are inventoried at $235 per unit. . Assume that Job #10 of Jellyfish Machine Shop generates normal scrap with a total sales value of $700 (it is assumed that the scrap returned to the storeroom is sold quickly). Prepare the journal entries for the recognition of scrap, assuming The value of scrap is material, is related to a specific job, and is recognized at the time of sale.Jellyfish Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Jellyfish, obtains the following information for Job #10 in August 2017. A total of 46 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 40 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,100 per unit. The current disposal price of the spoiled units is $235 per unit. When the spoilage is detected, the spoiled goods are inventoried at $235 per unit. Q. What is the normal spoilage rate?
- Jellyfish Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Jellyfish, obtains the following information for Job #10 in August 2017. A total of 46 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 40 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,100 per unit. The current disposal price of the spoiled units is $235 per unit. When the spoilage is detected, the spoiled goods are inventoried at $235 per unit. . Assume that Job #10 of Jellyfish Machine Shop generates normal scrap with a total sales value of $700 (it is assumed that the scrap returned to the storeroom is sold quickly). Prepare the journal entries for the recognition of scrap, assuming The value of scrap is material, and scrap is recognized as inventory at the time of production and is recorded at its net realizable valueJellyfish Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Jellyfish, obtains the following information for Job #10 in August 2017. A total of 46 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 40 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,100 per unit. The current disposal price of the spoiled units is $235 per unit. When the spoilage is detected, the spoiled goods are inventoried at $235 per unit. . Assume that Job #10 of Jellyfish Machine Shop generates normal scrap with a total sales value of $700 (it is assumed that the scrap returned to the storeroom is sold quickly). Prepare the journal entries for the recognition of scrap, assuming The value of scrap is immaterial and scrap is recognized at the time of saleJellyfish Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Jellyfish, obtains the following information for Job #10 in August 2017. A total of 46 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 40 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,100 per unit. The current disposal price of the spoiled units is $235 per unit. When the spoilage is detected, the spoiled goods are inventoried at $235 per unit. . Assume that Job #10 of Jellyfish Machine Shop generates normal scrap with a total sales value of $700 (it is assumed that the scrap returned to the storeroom is sold quickly). Prepare the journal entries for the recognition of scrap, assuming The value of scrap is material, is common to all jobs, and is recognized at the time of sale.
- Jellyfish Machine Shop is a manufacturer of motorized carts for vacation resorts. Patrick Cullin, the plant manager of Jellyfish, obtains the following information for Job #10 in August 2017. A total of 46 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 40 good units. The spoiled units were considered to be normal spoilage. Costs assigned prior to the inspection point are $1,100 per unit. The current disposal price of the spoiled units is $235 per unit. When the spoilage is detected, the spoiled goods are inventoried at $235 per unit. Assume that the 6 spoiled units of Jellyfish Machine Shop’s Job #10 can be reworked for a total cost of $1,800. A total cost of $6,600 associated with these units has already been assigned to Job #10 before the rework. Prepare the journal entries for the rework, assuming the following: a. The rework is related to a specific job. b. The rework is common to all jobs. c. The rework is considered to be…Big Company manufactures electric drills to the exact specifications of various customers. During April 2020, Job 403 for the production of 1,100 units was completed at the following costs per unit: If the spoilage is attributable to Job 202 only, what is the unit selling price of the good units? (round off to the nearest centavo)Big Company manufactures electric drills to the exact specifications of various customers. During April 2020, Job 403 for the production of 1,100 units was completed at the following costs per unit: Direct materials 10 Direct labor 8 Applied factory overhead 12 Total 32 Final inspection of Job 403 disclosed 59 defective units and 100 spoiled units. The defective units were reworded at a total cost of P500, and the spoiled units were sold to an employee for P1,500. If the spoilage is attributable to Job 202 only, what is the unit selling price of the good units? (round off to the nearest centavo) Big Company manufactures electric drills to the exact specifications of various customers. During April 2020, Job 403 for the production of 1,100 units was completed at the following costs per unit: Direct materials 10 Direct labor 8 Applied…