Kingbird Group provides many of the laminated products that teachers use in their classrooms. Kingbird management considers thecompany to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in itsproduction of plastic tableware. To date, Kingbird has treated these cut-outs as a by-product, since it receives a small value for theitems upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process thatcosts $1,900, are as follows. Both products are sold at the split-off point and not processed further All sales are on account.Main laminated productsSmall cut outs(a)Units Produced2,2006001.Record the journal entries for the following transactions for Kingbird under the sales method of accounting for by products(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry for the account titles and enter O for the amounts List all debit entries before credit entries)1. The completion of all products (main product and by-product)2. The sale of all the main product.3. The sale of all the by-productNo. Account Titles and ExplanationSales Value per Unit$2050DebitCredit Record the journal entries for the following transactions for Kingbird under the sales method of accounting for by-products(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry for the account titles and enter O for the amounts. List all debit entries before credit entries)1. The completion of all products (main product and by-product)2. The sale of all the main product3. The sale of all the by-productNo. Account Titles and Explanation1.2.3.(To record sales)(To record cost of goods sold)DebitCredit

Lets understand the basics.When more than one product gets produced from the one process then all…

Kingbird Group provides many of the laminated products that teachers une in their classrooms Kingbind management considers the company to also be quite green as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware To date, Kingbird has treated these cut-outs as a by product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,900, are as follows. Both products are sold at the spile-off point and not processed further All sales are on account. Main laminated products Small cut outs Units Produced 2.200 600 Sales Value per Unit $2 050

Kingbird Group provides many of the laminated products that teachers une in their classrooms Kingbind management considers the company to also be quite green as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware To date, Kingbird has treated these cut-outs as a by product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,900, are as follows. Both products are sold at the spile-off point and not processed further All sales are on account. Main laminated products Small cut outs Units Produced 2.200 600 Sales Value per Unit $2 050

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Nn.148. Subject :- Account
4 Sazali is a newly appointed cost trainee for a rattan furniture maker, Zen-Rotan, which manufactures various designs and sizes of furniture in sets and individual items. All these years, the company has always adopted a simple approach of pricing and gives discounts when customers negotiate the price. Sazali feels that a high turnover is important for improved profitability of the business. There are three types of furniture which Zen-Rotan produces, Type A, Type B and Type C. The following is June 2017's monthly information for each unit of different type of furniture. Турe A Туpе B Туре C Materials consumption in kg 50 70 90 Direct labour in hours 24 30 40 Manufacturing overheads RM45 RM50 RM65 Other overheads RM35 RM25 RM45 Demand for the month (sets) 200 400 120 Materials are charged at RM20 per kg and the direct labour at RM25 per hour; a high rate considering skilled labour is employed. It is that time of the year where the festive season is just round the corner, so orders are…
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MSI has been approached by a fourth-grade teacher from Portland about the possibility of creating a specially designed game that would be customized for her classroom and environment. The teacher would like an educational game to correspond to her classroom coverage of the history of the Pacific Northwest, and the state of Oregon in particular. MSI has not sold its products directly to teachers or school systems in the past, but its Marketing Department identified that possibility during a recent meeting. The teacher has offered to buy 2,100 copies of the CD at a price of $7.00 each. MSI could easily modify one of its existing educational programs about U.S. history to accommodate the request. The modifications would cost approximately $370. A summary of the information related to production of MSI's current history program follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total cost per unit Sales price per unit $ 1.17 0.49 2.05 1.80 $…
Katharine McKnight is the owner of Action Bikes, a company that produces high quality cross-country bicycles Action Bikes participates in a supply chain that consists of suppliers, manufacturers, distributors, and elle bicycle shops. For several years Action Bikes has purchased tanium from suppliers in the supply chain Action Bikes uses stasium for the bicycle trames because it is stronger and lighter than other metals and therefore increases the quality of the bicycle. Earlier this year, Action Bikes hired Michael Alderman, a recent graduate from State University, as purchasing manager Michael beleved that he could reduce costs if he purchased titanium from an online marketplace at a lower price (Click the icon to view the standard and actual information) Read the requirements Requirement 1. Compute the direct materials price and efficiency variances Lef's begin by calculating the cost for the actual input at the budgeted price Actual input Budjeted price . Deact materials (purchases)…
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Arlan Rhode admired his friend John Parker's success at selling scarves at local crafts shows, so he decided to make two types of plant stands to sell at the shows. Arlan makes twig stands out of downed wood from his backyard and the yards of his neighbors, so his variable cost is minimal (wood screws, glue, and so forth). However, Arlan has to purchase wood to make his oak plant stands. His unit prices and costs are as follows: View the data. The twig stands are more popular, so Arlan sells four twig stands for every one oak stand. John charges her friend $490 to share her booth at the craft shows (after all, she has paid the entrance fees). How many of each plant stand does Arlan need to sell to break even? Will this affect the number of scarves John needs to sell to break even? Explain. Determine how many of each plant stand Arlan needs to sell to breakeven. Begin by computing the weighted-average contribution margin per unit. First identify the formula labels, then complete the…
The image I attached has all the information. My question is Should Barnes Boards agree to the special order? Why and Why not? taking into account all available information provided my the image I attached.
Any help with explaining the process to get to these figures would be extremely appreciated! please answer all requirements or skip /leave please remember answer all or better to leave for other experts upvote if complete and correct
4. Suppose that MSI is operating at full capacity. To accept the special order, it would have to reduce production of the history program.Compute the special order price at which MSI would be indifferent between accepting or rejecting the special order MSI has been approached by a fourth-grade teacher from Portland about the possibility of creating a specially designed game thatwould be customized for her classroom and environment. The teacher would like an educational game to correspond to her classroomcoverage of the history of the Pacific Northwest, and the state of Oregon in particular. MSI has not sold its products directly to teachersor school systems in the past, but its Marketing Department identified that possibility during a recent meeting.The teacher has offered to buy 2,000 copies of the CD at a price of $6.00 each. MSI could easily modify one of its existing educationalprograms about U.S. history to accommodate the request. The modifications would cost approximately…
Alis keen to expand the business operations of Shortcuts to Food by including a home delivery service for individual customers. To make this possible Al has identified an old refrigerated van that will be suitable after some repairs are completed. Al has provided the following breakdown of cost for the van. Refrigerated Van Required Stamp Duty and On road costs Installation of a GPS/Map unit Al has deemed this installation as optional because he could use his phone but it would be helpful to have the system build in. Repairs required to the refrigeration unit o These repairs are essential to enable it to keep food at the correct temperature for delivery. $ 14,000 S 1,300 S 2,500 S 6,300 New tyres o The van will not be able to be driven legally until the tyres are replaced. As Al intends to keep the van for 4 years at least one new set of tyres will need to be purchased during that period. 880 REQUIRED: 1. Prepare the General Journal entries required to account for the acquisition of…
The Elberta Fruit Farm of Ontario has always hired transient workers to pick its annual cherry crop. Janessa Wright, the farm manager, just received information on a cherry picking machine that is being purchased by many fruit farms. The machine is a motorized device that shakes the cherry tree, causing the cherries to fall onto plastic tarps that funnel the cherries into bins. Ms. Wright has gathered the following information to decide whether a cherry picker would be a profitable investment for the Elberta Fruit Farm: Currently, the farm is paying an average of $200,000 per year to transient workers to pick the cherries. The cherry picker would cost $250,000. It would be depreciated using the straight-line method and it would have no salvage value at the end of its 8-year useful life. Annual out-of-pocket costs associated with the cherry picker would be: cost of an operator and an assistant, $98,000; insurance, $5,000; fuel, $15,000; and a maintenance contract, $20,000. Compute the…