Suppose that input to a process is 1,000 units at a cost of K4.5per unit. Normal loss is 10% which is sold at K0.9 per unit andthere are no opening or closing inventories. if actual output were860 unitsPrepare relevant accountsworkings)(show all your(25 Marks)

Step 1: Prepare relevant accounts and working Process Account : Working :…

Answered: Suppose that input to a process is…

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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The following information is available for YOY Company: Fixed costs per annum (incurred uniformly) P 180,000 Selling price per unit P 15 Variable costs per unit 12 If the company will shutdown operations for one month, 40% of the fixed costs can be avoided but additional costs of P 1,500 will be incurred when the company resumes operations. What is the shutdown point (in units) for one month? P 1,500 P 2,000 P 2,500 P 3,000
The fixed costs for producing 250 units of a product are RO 4,000 and the variable costs are RO 2.5 per unit. What is the total cost of producing 250 units? a. None of these. O b. 625 O c. 1,600 O d. RO 4,625
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A truckload of materials was purchased for $ 36,000. They were sorted out into the following grades whose Market rate is shown as under: No. of Units Selling rate per unit Grade X 5,000 $ 4.80 Grade Y 3,000 $ 4.00 Grade Z 2,000 $ 2.00 Find out the purchase rate per unit of each grade of the material assuming all grades yield the same rate of profit.
The cost of producing an item is as follows: Labor cost per unit = P315.00 Material cost per unit = P100.00 Variable cost per unit = P3.50 Monthly overhead cost = P461,600.00 If each unit is sold at P995.00, how many units must be produced each month to break-even?
Tackett Company sells a single product for $75 each. the variable costs are $45 each. Total fixed costs are $225,600. How many units must the company sell to achieve operating income of $90,000? A. 7013 O B. 10520 O C.6230 O D. 4208
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III. NadasellsorangejuiceforOMR1.00pergallon.ThevariablecostperunitisOMR0.80,andthefixed costs per month are OMR 1,000. You are required to;A) Calculate the total costs if Nada produces 10,000 units? B)Calculate the total profit earned by Nada if they produce and sell 10,000 units?
Standard Appliances obtains refrigerators for $1520 less 29% and 5%. Standard's overhead is 16% of the selling price of $1595. A scratched demonstrator unit from their floor display was cleared out for $1240. a) What is the regular rate of markup on cost ? b)What is the rate of markdown on the demonstrator unit? c)What is the operating profit or loss on the demonstrator unit? d)What is the rate of markup on cost that was actually realized?
Riverbed's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. 2 W S X Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (a) Your Answer Correct Answer # 3 E The company anticipated that the restorers would work a total of 12,720 hours this year. Expected parts and materials were $1,335,600. D In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%. Your answer is correct. C 80 $ 4 R F V % 5 T G A Time Charges $292,560 6 63,600 25,440 $381,600 B Y H & 7 ← Material Loading Charges $71,550 U N 21,942 66,780 $160,272 * 00 8 J M ▶ 9 K O L P
A micro brewery has provided the following information for last month. The inputs into Process 1 last month were: Materials Labour and Overhead The normal loss Losses are sold for € 0.50 per kg. Actual output 1,650 kg Which accounting entry is correct? (round calculations to two decimal places) Select one: O a. 2,000 kgs @ €1.60 per kg € 800 10%. Dr Abnormal Loss Account € 250.00 Cr Profit and Loss Account €250.00 O b. Dr Profit and Loss Account € 250.00 Cr Abnormal Loss Account €250.00 Dr Abnormal Loss Account €325.00 Cr Profit and Loss Account € 325.00 d. Dr Profit and Loss Account € 325.00 Cr Abnormal Loss Account €325.00
The prime cost for company XYZ was $20,000, while the conversion cost was $25,000. Assume that direct labor cost is three times the direct materials cost and that the manufacturing overhead cost was two times the direct materials cost. Calculate the direct materials cost ($). O a. 45,000 O b. 15,000 Oc. 5,000 O d. 10,000 O e. 30,000 Al-Nahdha company is preparing its cash budget for the first half of the year 2022. The company records shows that it has $20,000 in the cash at the start of the period. Cash collections from customers for the period are budgeted at $56,000. Purchases of inventory as budgeted will cost cash payment during the period of $50,000. The Company intends to keep its cash balance at the end of the period at $10,000. Other operating expenses for this period are budgeted at $30,000, which includes $4,000 depreciation and any cash expenses are paid in the month incurred. How much borrowing will the company need in the Finis

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Suppose that input to a process is 1,000 units at a cost of K4.5 per unit. Normal loss is 10% which is sold at K0.9 per unit and there are no opening or closing inventories. if actual output were 860 units Prepare relevant accounts workings) (show all your (25 Marks)