Princeton offers a large range of undergraduate courses. The University is interested in determining the cost equation for the facilities cost as a function of student credit hours so that it can more accurately budget its facilities costs as enrollment grows. Information for the high and low cost semesters and volumes for last 5 years appears below: Semester Student Credit Hours Facilities Cost Spring 2016 Fall 2017 160,000 $750,000 140,000 $660,000 Using the high-low method, with student credit hours as the activity driver, what is the equation for facilities cost (FC) as a function of student credit hours?
Q: Mid City Products Inc. (MCP), developed standard costs for direct material and direct labor. In…
A: The direct materials efficiency variance is a sub-variance of the direct materials cost variance.…
Q: The following information about the work-in-process inventory pertains to the Remington Plant for…
A: Equivalent units of production are an indication to show the work in process inventory at the end of…
Q: On 01 March 2019, Bogota Limited issued $75,000 of 12%, Five year bonds at 110. The bonds were dated…
A: The objective of the question is to record the journal entries for the issuance of bonds, payment of…
Q: Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail…
A: Revenue is defined as any monetary payment received from a customer when an entity carries out its…
Q: Required information Problem 8-77 (LO 8-5) (Algo) [The following information applies to the…
A: The amount that every employer will deduct from the employee's salary and pay the same to the…
Q: During the month of June, Concord Boutique recorded cash sales of $334,910 and credit sales of…
A: Credit sales are deals in which products or services are vended to guests on credit, with the…
Q: Perpetual: Inventory costing methods Pl Laker Company reported the following January purchases and…
A: The company has used four different inventory costing methods to determine the cost assigned to…
Q: Tempo Company's fixed budget (based on sales of 16,000 units) folllows. Fixed Budget Sales (16,000…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Bates & Hill Fabricators produces commemorative bricks that organizations use for fundraising…
A: Budget means the expected value of future. Budget will be compared with actual value and variance is…
Q: Question: Which of the following methods of capital budgeting accounts for the time value of money?…
A: The question is asking to identify the capital budgeting method that takes into account the time…
Q: The pretax financial income (or loss) figures for Larkspur Company 2022 $76,000 2023 (58,000) 2024…
A: A journal entry is a financial record of a business transaction that is recorded in the accounting…
Q: Match each of the following cost items with the value chain business function where you would expect…
A: Business is comprised of many functions that should be clearly categorized and explained for proper…
Q: Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit…
A: Depreciation is referred to a method of expensing the cost of a capital asset over its useful life.…
Q: Only typed solution
A: The objective of the question is to calculate the total product cost per unit under absorption…
Q: The DAC-59183 company's total overhead cost at various levels of activity is presented below: Month…
A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…
Q: Sunland Company expects to produce 58,000 units of product XLA during the current year. Budgeted…
A: A flexible budget is a financial plan that offers projections of income, costs, and profitability at…
Q: Lois Bragg owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following…
A: The cash budget is prepared for short-term periods which can be on a monthly basis or a quarterly…
Q: Chance Company had two operating divisions, one manufacturing farm equipment and the other office…
A: Income statement forms a part of the financial statement which reflects the financial performance of…
Q: PR 6-1 (Algo) (LO 6.1, 6.2) Nicabrew has two production departments... Nicabrew has two production…
A: Cost allocationWhen the company has more departments, there will be a connection between each…
Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…
A: First-in-First-Out (FIFO):In First-in-First-Out method, the costs of the initially purchased items…
Q: Rosman Company has an opportunity to pursue a capital budgeting project with a five-year time…
A: Net present value is difference between present value of cash inflows and present value of cash…
Q: At the beginning of the current period, Whispering Winds Corp. had balances in Accounts Receivable…
A: The accounting equation sheds light on a company's financial situation, which makes financial…
Q: 2. The following accounts and normal balances existed at year-end. Make the four journal entries…
A: The objective of this question is to understand how to close the books at the end of the year by…
Q: A long-term asset that is retired from operations and held for disposal or sale is valued at…
A: The question is asking about the valuation method for a long-term asset that is no longer in use and…
Q: Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income…
A: Break-Even Point and CVP Analysis is a concept of cost accounting to determine the break-even level…
Q: Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the…
A: We need to post the journal entries to the T accounts for the preparation of financial statements.
Q: Ch3-Q7. DuPont Identity. If j Phone, Inc., has an equity multiplier of 1.65, total asset turnover of…
A: ROE stands for Return on Equity. It's a fiscal standard used to measure the profitability of a…
Q: Question 5 of 10 7 L December 31, 2022 December 31, 2021 Current assets $123,400 $100,000 Plant…
A: The objective of this question is to prepare a horizontal analysis for the year 2022 using 2021 as…
Q: . Patton Dyes manufactures colorings, primarily for textiles. Information on the work in process…
A: To compute the equivalent units for materials and conversion costs using the FIFO…
Q: Thomas Tones Incorporated was founded with the mission of filling every home with music. The company…
A: INVENTORY TURNOVER RATIOInventory turnover ratio is the ratio between cost of goods sold &…
Q: nterest at 6% every June 30 and December 31. The market interest rate 31, and the company had the…
A: The amortization cost model provides insight into how bond prices change over time due to the…
Q: E6-24 (Algo) Computing Target Profit, Preparing Contribution Margin Income Statement, Computing…
A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…
Q: Complete the materia
A: FIFO is an inventory valuation method that assumes the first items purchased or added to inventory…
Q: i need the answer quickly
A: · FICA – This is a US federal tax. It means Federal Insurance Contributions Act. This is…
Q: Required: Compute the following variances for April: 1. The materials price and quantity variances.…
A: A budget is a tool to estimate future cost revenue and expenses. After developing a budget, the…
Q: 5
A: Weighted Average: $42,434Perpetual FIFO: $42,564Perpetual LIFO: $27,924Specific Identification:…
Q: Headland Corporation issued 20-year, $9,600,000 face value, 9% convertible debentures on January 1,…
A: Basic Earnings Per Share: Investors may find out how much of a company's net income is allocated to…
Q: October 15. October 20 Purchase 82 units of inventory from Waluigi Company for $52 per unit. October…
A: The journal entries are prepared to record the transactions on regular basis.The FIFO stands for…
Q: The Transaction Register displays: O Deposits from vendors. O Payments received from customers. O…
A: A Transaction Register is a chronological record or tally that documents all fiscal deals accepted…
Q: Question 3 of 10 < View Policies -/4.5 E Current Attempt in Progress When bondholders offer to sell…
A: $ 5,760.00Explanation:Step 1: What is a bond?A bond is a debt security, like an IOU (I Owe You).…
Q: Randy rents commercial warehouses to various businesses. He purchased a warehouse in May of the…
A: Oh, Randy's diving into the world of commercial real estate, huh? That's a pretty cool move.…
Q: At the end of his company's first year in operation, Daniel is allocating costs to the company's…
A: Joint cost is the total cost incurred in the manufacturing of two or more joint products during the…
Q: 2. Prepare projected Contribution margin-based Income Statement for the fourth quarter of 20Y3 for…
A: The objective of the question is to prepare a projected Contribution margin-based Income Statement…
Q: Please solve all 4 requirements
A: 1. Schedule of Expected Cash Collections:July August SeptemberCurrent Sales $105,000 $112,000…
Q: Spartans Inc has the following transactions: Work in Process Finished Goods Cost of Goods Sold Beg.…
A: Cost allocation is a process in cost accounting where specified costs are identified and assigned to…
Q: Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will…
A: Let's break down the implications of the $610,000 net loss for Timothy Gates and Prada Singh:1.…
Q: Required information Problem 19-40 (LO 19-2) (Algo) [The following information applies to the…
A: The profit realized from the acquisition of assets is called to in accounting as the recognized…
Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of…
A: Variable costing and absorption costing are two different methods used for allocating manufacturing…
Q: Ivanhoe Corporation has issued three different bonds during 2024. Interest is payable annually on…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Rainer Manufacturing has the following budgeted data for its two production departments. Budgeted…
A: The overhead rate is a cost allocated to the production of a product or service. Overhead costs are…
Step by step
Solved in 3 steps
- The actual and planned data for Broadwater Institute & Technical School for the Fall term were as follows: Enrollment Tuition per credit hour Credit hours cost. Line Item Description Revenue Variable costs: Registration, records, and marketing costs per enrolled student Instructional costs per credit hour Depreciation on classrooms and equipment $1,875,000 Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed Registration, records, and marketing costs $ Instructional costs Total variable costs Amount Contribution margin Depreciation on classrooms and equipment Operating income Actual Prepare a variable costing income statement showing the contribution margin and operating income for the Fall term. Broadwater Institute & Technical School Variable Costing Income Statement For the Fall Term 5,000 $115 $ $ 80,000 $300 $45 Planned 4,500 $100 72,000 $300 $40 $1,875,000Complete this question by entering your answers in the tabs below. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 30 per unit Fixed $ 7,350,000 (per year) Selling and administrative costs for the year Variable $ 775,000 Fixed $ 4,500,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net income (loss)for the academic year 2006,2007 the total cost for 10 credit hours is 850. what is the cost of 19 creit hours
- The cost data for BC Billing Solutions for the year 2020 is as follows: Using the high-low method, express the companys overtime wages as an equation where x represents number of invoices processed. Assume BC has monthly fixed costs of $3,800. Predict the overtime wages if 9,000 invoices are processed. Predict the overtime wages if 6,500 invoices are processed. Using Excel, create a scatter graph of the cost data and explain the relationship between the number of invoices processed and overtime wage expense.Bellevie college cost $7612.00 a year, the graduation rate is 25%, salary after attending is $42,400. Edmonds college cost $7,207.00 a year, the graduation rate is 27%, salary after attending is $34,300. What is the explanatory? What is the responseProjected financial results for the university's cafeteria for next year are shown. Answer each of the following independent questions. Sales $944,000 Fixed Cost $597,000 Total Variable Cost $235, 470 Total Cost $832, 470 Net Income $111,530 (a) How much is the contribution margin and the contribution rate?(b) How much does the business need to sell to break even?(c) If the business was to spend $24,000 to upgrade their processes, how much does the business need to sell to break even?(d) If 9% more meals were sold, what would be the resulting net income?
- Imagine you are taking 3 classes (Economics, English and Wellness) this semester and want to calculate your total cost per course. Assume only two costs: Tuition and Internet. Tuition, a direct cost, is $1,000 per course. Internet is a shared (overhead) cost and is $450 per semester. Assume you spend 60% of your time online for Economics, 30% for English and 10% for Wellness. Provide the following information: 1. Cost for Economics when overhead is allocated by the number of courses you are taking 2. Cost for Economics when overhead is allocated by time spent online 3. Cost for Wellness when overhead is allocated by the number of courses you are taking 4. Cost for Wellness when overhead is allocated by time spent onlineappear below: Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Fixed Cost Cost per Cost per per Month Course $ 2,930 Student $ 270 $ 80 $ 1,220 $ 5,100 $ 2,400 $ 3,600 $ 40 $ 3 For example, administrative expenses should be $3,600 per month plus $40 per course plus $3 per student. The company's sales should average $890 per student. The company planned to run four courses with a total of 64 students; however, it actually ran four courses with a total of only 62 students. The actual operating results for September appear below: Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Required: Actual $ 54,060 $ 11,000 $1,950, $ 17,130 $ 5,100 $ 2,540 $ 3,378 1. Prepare the company's planning budget for September. 2. Prepare the company's flexible budget for September. 3. Calculate the revenue and spending variances for September.2. Patterson Co. values, advertises and sells residential property on behalf of the customers. The co. has been in business for only a short time and is preparing a cash budget for the first four months of 2016. Expected sales of residential properties are as follows: 2016 Year Month Unit Sold 2015 December 10 January 10 2016 February 15 2016 Page 8 of 10 March 25 2016 April 30 The average price of each property is $180,000 and Patterson Co. charges a fee of 3% of the value of each property sold. Patterson Co. receives 1% in the month of sales and the remaining 2% in the month after sales. The Company has nine employees who are paid on a monthly basis. The average salary per employees is $35,000 per year. If more than 20 properties are sold in a given month, each employee is paid in that month a bonus of $140 for each additional property sold. Variable expenses are incurred at the rate of 0.5% of the value of each property sold and these expenses are paid in the month of sales. Fixed…
- The cost data for BC Billing Solutions for the year 2020 is as follows: A. Using the high-low method, express the company’s overtime wages as an equation wherexrepresents number of invoices processed. Assume BC has monthly fixed costs of $3,800. B. Predict the overtime wages if 9,000 invoices are processed. D. Using Excel, create a scatter graph of the cost data and explain the relationship between the number of invoices processed and overtime wage expense.Armin, Inc. had the following economic data for 2019 (refer to the attached picture): What is Armin’s breakeven point in 2019? net sales 400,000 contribution margin 160,000 margin of safety 40,000A University produces two courses for its Management students this year. MATA32 and MATA33. Each student taking MATA32 requires 6 hours of teaching, 2 hours of adminis- tration, with a revenue of $1300. Each student taking MATA33 requires 7 hours of teaching, 1 hour of administration with a revenue of $1700. Due to the University's resources, there is a maximum of 2010 teaching hours and 150 administration hours. The University must also admit at least 30 MATA32 and at least 30 MATA33 students due to government regulation. What is the maximum revenue? (A) 90000 (B) 129000 (C) 188000 (D) 192500 (E) None of the above