Marigold There produces a variety of soy products from soybeans and has just finished its first year of operations. Michael, the product manager, wants to evaluate the profitability of each product. Michael knows the process works essentially like this: the soybeans are processed in the company's manufacturing facility at a cost of $434,000, yielding both soy oil and soymeal. The soy oil can then be processed further into mayonnaise, while the soymeal can be processed further into animal feed. The quantities produced and sales values at the split-off point are as follows. Quantity of soy oil 13,200 pounds Quantity of soymeal 46,800 pounds Sales price of soy oil Sales price of soy meal $38.00 per pound $1.50 per pound (a) Using the physical quantities method, allocate the joint costs to the soy oil and the soymeal. (Round proportion to 2 decimal places, e.g. 0.25 and final answers to O decimal places, e.g. 5,125.) Soy Oil Allocated joint costs SA Soymeal
Q: (please correct answer this finanas question) The bike you have been saving for is discounted 20%…
A: Discounted Price = Original Price * (100%- Discount %) = $575*(100%-20%)…
Q: Aram's taxable income before considering capital gains and losses is $63,000. Determine Aram's…
A: The capital gain or loss takes place when a capital asset is sold for a lower value or higher value…
Q: Where do you place the following items? Mining truck Annual electricity consumption Mining camp…
A: Assets- An asset is a resource with economic value that an individual, corporation, or country owns…
Q: Mel and Susan Carter are working with an estate planner for disposition of their property during…
A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…
Q: Required: Part A Prepare a predistribution plan for this partnership. Part B The following…
A: The process of closing a business and distributing its assets is called liquidation. The assets are…
Q: Complete the following partial flexible budget performance report, and indicate whether each…
A: Flexible Budget for variable cost is calculated by multiplying budgeted variable cost per activity…
Q: At December 31 2025, Crane co has outstanding 3 long term debt issues. The first is a 6,150,000 note…
A: Sinking Fund -The money that the business gradually accumulates as a reserve is known as sinking…
Q: Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending…
A: According to LC NRV rule the inventory of an organization must be valued at its cost or the net…
Q: Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory…
A: Depreciation is an accounting technique that provides a more realistic picture of an asset's value…
Q: Required information [The following information applies to the questions displayed below.] Jorgansen…
A: The income statement can be prepared using the different methods as variable costing and absorption…
Q: The following additional information was obtained from the financial statements for Skittles: Net…
A: When Rainbow, Inc. doesn't have significant influence over Skittles Corporation and applies the cost…
Q: TB Problem Qu. 6-239 (Algo) Quates Corporation produces... Quates Corporation produces a single…
A: Absorption costing is a method of costing in which product cost is calculated by adding direct…
Q: On January 2, 2023, Eagle Corp. borrowed $25,000 from Bank Three. The loan was to be repaid in equal…
A: The current liability is the liability that is expected to be paid within one year. Liabilities that…
Q: Faced with headquarters’ desire to add a new product line, Stefan Grenier, manager of Bilti…
A: The objective of the question is to calculate the Return on Investment (ROI) for the East Division…
Q: Yo-Go Digestive is a manufacturer of a range of dairy products. The following is a list of…
A: Activity-based costing -Activity-based costing, also referred to as ABC costing, is the process of…
Q: Madison Park Co-op, a whole foods grocery and gift shop, has provided the following data to be used…
A: Cost Allocation -The process of determining and allocating the cost's components to each cost…
Q: Shadee Corporation expects to sell 630 sun shades in May and 420 in June. Each shades sells for $18.…
A: Cash Collection Budget :— This budget is prepared to estimate the collection of sales from customers…
Q: What was Bubba's net income for 2020?
A: Income statement provide summary of all revenues and expenses.It provides true profit of the company…
Q: The following is a summary of all relevant transactions of Swifty Corporation since it was organized…
A: The stockholders' equity includes the issued capital and retained earnings of the business. The…
Q: Amber's employer, Lavender, Inc., uses a § 401(k) plan that permits salary deferral elections by its…
A: a. The maximum amount Amber can elect for salary deferral treatment for 2022 is determined by the…
Q: What is the capital gains yield (in percent) on this investment
A: Capital gains yield is the return arising due to increase in stock price in investment…
Q: Current Attempt in Progress Splish College provides its own housekeeping services. The College…
A: To determine whether Splish College should outsource housekeeping, we need to compare the total cost…
Q: Define the following terms: 1. Deferred Shares 2. Revenue Expenditures
A: Accounting is the methodical process of locating, documenting, condensing, evaluating, and…
Q: Inventory records for Eliza Company revealed the following Number of Date Transaction Units Unit…
A: Under the First-in-first-out (FIFO) method, the inventory that comes first in the store is…
Q: The following data has been provided for a company’s most recent year of operations: Return on…
A: The objective of this question is to calculate the residual income for the company's most recent…
Q: Kleen Company acquired patent rights on January 10 of Year 1 for $400,000. The patent has a useful…
A: The objective of the question is to calculate the patent amortization expense for Year 4 and to…
Q: Lindstrom Company produces two fountain pen models. Information about its products follows: Sales…
A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is one of the Important Cost…
Q: Required information [The following information applies to the questions displayed below.] Beech…
A: Financial statements are written documents that are prepared using financial records of the company.…
Q: At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash…
A: Bad debt expense is the amount of credit sales that are no longer collectible from customer during…
Q: sameer capital 30,000 and abed capital 70,000 in a partnership, Sara purchased an interest in the…
A: Partnership Accounting -A partnership has more owners than a sole proprietorship, but otherwise…
Q: Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by…
A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…
Q: A truck acquired at a cost of $130,000 has an estimated residual value of $7,600, has an estimated…
A: The objective of this question is to calculate the depreciable cost, the depreciation rate per mile,…
Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…
A: The equivalent units are calculated on the basis of the percentage of the work completed work…
Q: The following information concerns production in the Finishing Department for May. The Finishing…
A: Equivalent Units:An equivalent unit of production is an indication of the amount of work done by…
Q: E6-14 (Algo) Recording and Reporting a Bad Debt Estimate Using Aging Analysis LO6-2 Casilda Company…
A: The allowance for doubtful accounts is a contra-asset account which is shown as a reduction of the…
Q: Compute the amount to be paid for each of the four separate invoices assuming that all invoices are…
A: To promote the early payment for the merchandise sales, the seller of the merchandise proposes a…
Q: Required information [The following information applies to the questions displayed below.] You have…
A: The last in, first out (LIFO) method of inventory accounting places the goods in a series that were…
Q: A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated…
A: The objective of the question is to calculate the annual depreciation of a storage tank using two…
Q: [The following information applies to the questions displayed below.) The following events apply to…
A: The first step in the preparation of a financial statement is to record the transactions in journal…
Q: Sheffield Corporation is a regional company which is an SEC registrant. The corporation's securities…
A: A debenture is a type of debt security that is issued by both corporations and governments to secure…
Q: Required a. Sunny Motels has offered to buy a batch of 550 blankets for $24 each Dalton's normal…
A: In a special order, relevant cost of the product is compared with the selling price of the product.…
Q: A building with a cost of $1,125,000 has an estimated residual value of $225,000, has an estimated…
A: The objective of the question is to calculate the annual depreciation, book value at the end of the…
Q: Total Income \table[[Lower Bound, Upper Bound, Rate,\ table[[Maximum Money in], [Bracket]],…
A: Solution:-The post includes a table that outlines tax brackets and rates, along with corresponding…
Q: On February 13, GTS Co. paid $2,300 to repair the transmission on one of its delivery vans. In…
A: The objective of the question is to journalize the entries for the transmission repair and GPS…
Q: Bramble Company accumulated the following standard cost data concerning product I-Tal. Direct…
A: Standard cost per unit is the per unit cost estimated to be incurred by the entity on the product.…
Q: ! Required information [The following information applies to the questions displayed below.] Laker…
A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…
Q: blanaces of accounts for M&M partnership are cash 34000 account payable (27000) loan to Matter…
A: It is an agreement between two or more parties to conduct the business and share the profits and…
Q: Freedom Corporation acquired a fixed asset for $300,000. Its estimated life at time of purchase was…
A: Depreciation is the reduction in the value of asset due tonormal wear and tearEffluxion of…
Q: contract which pays $2,100/month for six months of services. In addition, there is a 70% chance the…
A: Revenue Recognition:When a company/ individual enters a contract to deliver a or group of…
Q: and total cost data for its operating activities of the past year Management wants to use these data…
A: High-low method is one of the techniques that is used to separate fixed and variable components from…
Alpesh
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Ingles Corporation is a manufacturer of tables sold to schools, restaurants, hotels, and other institutions. The table tops are manufactured by Ingles, but the table legs are purchased from an outside supplier. The Assembly Department takes a manufactured table top and attaches the four purchased table legs. It takes 16 minutes of labor to assemble a table. The company follows a policy of producing enough tables to ensure that 40 percent of next months sales are in the finished goods inventory. Ingles also purchases sufficient materials to ensure that materials inventory is 60 percent of the following months scheduled production. Ingless sales budget in units for the next quarter is as follows: Ingless ending inventories in units for July 31 are as follows: Required: 1. Calculate the number of tables to be produced during August. 2. Disregarding your response to Requirement 1, assume the required production units for August and September are 2,100 and 1,900, respectively, and the July 31 materials inventory is 4,000 units. Compute the number of table legs to be purchased in August. 3. Assume that Ingles Corporation will produce 2,340 units in September. How many employees will be required for the Assembly Department in September? (Fractional employees are acceptable since employees can be hired on a part-time basis. Assume a 40-hour week and a 4-week month.) (CMA adapted)Bienestar, Inc., has two plants that manufacture a line of wheelchairs. One is located in Kansas City, and the other in Tulsa. Each plant is set up as a profit center. During the past year, both plants sold their tilt wheelchair model for 1,620. Sales volume averages 20,000 units per year in each plant. Recently, the Kansas City plant reduced the price of the tilt model to 1,440. Discussion with the Kansas City manager revealed that the price reduction was possible because the plant had reduced its manufacturing and selling costs by reducing what was called non-value-added costs. The Kansas City manufacturing and selling costs for the tilt model were 1,260 per unit. The Kansas City manager offered to loan the Tulsa plant his cost accounting manager to help it achieve similar results. The Tulsa plant manager readily agreed, knowing that his plant must keep pacenot only with the Kansas City plant but also with competitors. A local competitor had also reduced its price on a similar model, and Tulsas marketing manager had indicated that the price must be matched or sales would drop dramatically. In fact, the marketing manager suggested that if the price were dropped to 1,404 by the end of the year, the plant could expand its share of the market by 20 percent. The plant manager agreed but insisted that the current profit per unit must be maintained. He also wants to know if the plant can at least match the 1,260 per-unit cost of the Kansas City plant and if the plant can achieve the cost reduction using the approach of the Kansas City plant. The plant controller and the Kansas City cost accounting manager have assembled the following data for the most recent year. The actual cost of inputs, their value-added (ideal) quantity levels, and the actual quantity levels are provided (for production of 20,000 units). Assume there is no difference between actual prices of activity units and standard prices. Required: 1. Calculate the target cost for expanding the Tulsa plants market share by 20 percent, assuming that the per-unit profitability is maintained as requested by the plant manager. 2. Calculate the non-value-added cost per unit. Assuming that non-value-added costs can be reduced to zero, can the Tulsa plant match the Kansas City per-unit cost? Can the target cost for expanding market share be achieved? What actions would you take if you were the plant manager? 3. Describe the role that benchmarking played in the effort of the Tulsa plant to protect and improve its competitive position.Taylor Company produces two industrial cleansers that use the same liquid chemical input: Pocolimpio and Maslimpio. Pocolimpio uses two quarts of the chemical for every unit produced, and Maslimpio uses five quarts. Currently, Taylor has 6,000 quarts of the material in inventory. All of the material is imported. For the coming year, Taylor plans to import 6,000 quarts to produce 1,000 units of Pocolimpio and 2,000 units of Maslimpio. The detail of each products unit contribution margin is as follows: Taylor Company has received word that the source of the material has been shut down by embargo. Consequently, the company will not be able to import the 6,000 quarts it planned to use in the coming years production. There is no other source of the material. Required: 1. Compute the total contribution margin that the company would earn if it could import the 6,000 quarts of the material. 2. Determine the optimal usage of the companys inventory of 6,000 quarts of the material. Compute the total contribution margin for the product mix that you recommend. 3. Assume that Pocolimpio uses three direct labor hours for every unit produced and that Maslimpio uses two hours. A total of 6,000 direct labor hours is available for the coming year. a. Formulate the linear programming problem faced by Taylor Company. To do so, you must derive mathematical expressions for the objective function and for the materials and labor constraints. b. Solve the linear programming problem using the graphical approach. c. Compute the total contribution margin produced by the optimal mix.
- Quality Clothing, Inc., produces skorts and jumper uniforms for schoolchildren. In the process of cutting out the cloth pieces for each product, a certain amount of scrap cloth is produced. Quality has been selling this cloth scrap to Jorges Scrap Warehouse for $3.25 per pound. Last year, the company sold 40,000 lb. of scrap, which would be enough to make 10,000 teddy bears that the management of Quality is now interested in producing. Their processes would need some reprogramming, particularly in the cutting and stitching processes, but it would require no additional worker training. However, new packaging would be needed. The total variable cost to produce the teddy bears $3.85. Fixed costs would increase by $95,000 per year for the lease of the packaging equipment and Quality estimates it could produce and sell 10,000 teddy bears per year. Finished teddy bears could be sold for $18.00 each. Should Quality continue to sell the scrap cloth or should Quality process the scrap into teddy bears to sell?Andalus Furniture Company has two manufacturing plants, one at Aynor and another at Spartanburg. The cost in dollars of producing a kitchen chair at each of the two plants is given here. The cost of producing Q1 chairs at Aynor is: 75Q1+5Q12+100 and the cost of producing Q2 kitchen chairs at Spartanburg is: 25Q2+2.5Q22+150. Andalus needs to manufacture a total of 40 kitchen chairs to meet an order just received. How many chairs should be made at Aynor, and how many should be made at Spartanburg in order to minimize total production cost?Paladin Company manufactures plain-paper fax machines in a small factory in Minnesota. Sales have increased by 50 percent in each of the past three years, as Paladin has expanded its market from the United States to Canada and Mexico. As a result, the Minnesota factory is at capacity. Beryl Adams, president of Paladin, has examined the situation and developed the following alternatives. 1. Add a permanent second shift at the plant. However, the semiskilled workers who assemble the fax machines are in short supply, and the wage rate of 15 per hour would probably have to be increased across the board to 18 per hour in order to attract sufficient workers from out of town. The total wage increase (including fringe benefits) would amount to 125,000. The heavier use of plant facilities would lead to increased plant maintenance and small tool cost. 2. Open a new plant and locate it in Mexico. Wages (including fringe benefits) would average 3.50 per hour. Investment in plant and equipment would amount to 300,000. 3. Open a new plant and locate it in a foreign trade zone, possibly in Dallas. Wages would be somewhat lower than in Minnesota, but higher than in Mexico. The advantages of postponing tariff payments on parts imported from Asia could amount to 50,000 per year. Required: Advise Beryl of the advantages and disadvantages of each of her alternatives.
- Owly Corporation’s agriculture division currently produces their own soil mix to grow the plants they sell in. Owly currently makes 200,000 cubic meters of soil mix a year. Each cubic meter of soil mix has direct labour costs of $1.50, direct material costs of $3.15, variable overhead costs of $0.75, and fixed overhead costs of $0.70 for a total cost of $6.10 per cubic meter. An outside supplier has offered to sell Owly soil mix for $5.75 per cubic meter. If Owly purchases the soil mix, 25% of the fixed manufacturing overhead will be eliminated, the remaining 75% will still exist.A. What is the net dollar advantage (disadvantage) of purchasing the soil mix rather than making it?B. What is the maximum amount Owly is willing to pay an outside supplier per cubic meter (to the cent) for the soil mix if the supplier commits to supplying all 200,000 cubic meters?C. After one month of greenhouse growing time Owly can produce 100,000 four inch pot basil plants that can be sold for $2.20 each.…At Modern Lumber Inc, Moise Ngwenya the producer of apple crates sold to growers, has been ablewith his current equipment, to produce 240 crates per 100 logs. He currently purchases 100 logs perday, and each log requires 3 labor-hours to process. He believes that he can hire a professionalbuyer who can buy a better-quality log at the same cost. If this is the case, he can increase productionto 260 crates per 100 logs. His labour hours will increase by 8 hours per day. What will be the impacton productivity (measured in crates per labor-hour) if the buyer is hired?Mary Jones and Jack Smart have joined forces to start M&J Food Products, a processor of packaged shredded lettuce for institutional use. Jack has years of food processing experience, and Mary has extensive commercial food preparation experience. The process will consist of opening crates of lettuce and then sorting, washing, slicing, preserving, and finally packaging the prepared lettuce. Together, with help from vendors, they think they can adequately estimate demand, fixed costs, revenues, and variable cost per 5-pound bag of lettuce. They think a largely manual process will have monthly fixed cost of $50,000 and a variable cost of $2.50 per bag. They expect to sell 75,000 bags of lettuce per month. They expect to sell the shredded lettuce for $3.25 per 5-pound bag. Jack and Mary has been contacted by a vendor to consider a more mechanized process. This new process will have monthly fixed cost of $125,000 per month with a variable cost of $1.75 per bag. Based on the above…
- Mary Jones and Jack Smart have joined forces to start M&J Food Products, a processor of packaged shredded lettuce for institutional use. Jack has years of food processing experience, and Mary has extensive commercial food preparation experience. The process will consist of opening crates of lettuce and then sorting, washing, slicing, preserving, and finally packaging the prepared lettuce. Together, with help from vendors, they think they can adequately estimate demand, fixed costs, revenues, and variable cost per 5-pound bag of lettuce. They think a largely manual process will have monthly fixed cost of $50,000 and a variable cost of $2.50 per bag. They expect to sell 75,000 bags of lettuce per month. They expect to sell the shredded lettuce for $3.25 per 5-pound bag. Jack and Mary has been contacted by a vendor to consider a more mechanized process. This new process will have monthly fixed cost of $125,000 per month with a variable cost of $1.75 per bag. Based on the above…Blue Skies Inc. is a retail gardening company that is piloting a new strategic initiative aimed at increasing gross profit. Currently, the company’s gross profit is 25% of sales, and its target gross profit percentage is 30%. The company’s current monthly sales revenue is $600,000.The new initiative being piloted is to produce goods in-house instead of buying them from wholesale suppliers. Its in-house production process has two procedures. The makeup of the costsof production for Procedure 1 is 40% direct labor, 45% direct materials, and 15% overhead. The makeup of the costs of production for Procedure 2 is 60% direct labor, 30% direct materials, and 10% overhead. Assume that Procedure 1 costs twice as much as Procedure 2.Instructions1. Determine what the cost of labor, materials, and overhead for both Procedures 1 and 2 wouldneed to be for the company to meet its target gross profit.2. The company’s actual labor cost is $114,000 for Procedure 1. Determine the actual cost of…A firm is a dog food producer. Currently, they have remaining inventories for sale with a total cost amounting to ₱150,000 and goods in process amounting to ₱100,000. These are insufficient to satisfy current demand so they decided to purchase raw materials amounting to ₱600,000 to add the existing raw materials with a cost of ₱80,000. In making the dog food, there are four (4) employees and each of them receives a salary with benefits amounting to ₱15,000. The production area has a supervisor who receives a salary with benefits amounting to ₱20,000 who work is to monitor the schedule, workload and time of employees and most importantly, to check the quality and taste of the dog foods just to ensure that dogs at home will be safe, happy, relax, and healthy. The firm incurred indirect materials, utilities, and depreciation amounting to ₱30,000.00, ₱5,000.00 and ₱40,000.00 respectively. The firm has inventories end: raw materials--₱120,000.00; work-in-process--₱80,000.00; and finished…