Pricing and cost management Huron Lago and Flashdance SOLUTIONS

#8Aaron Moses Company prepared the tabulation below at December 31, 2020.Net Income ............................................................................................................ $500,000Adjustments to reconcile net income to net cash provided by operating activities:Depreciation expense, $63,000 ..................................................................... ______Decrease in accounts receivable, $50,000 .................................................... ______Increase in inventory, $23,000 ....................................................................... ______Increase in accounts payable, $15,300 ......................................................... ______Increase in interest receivable, $7,000 .......................................................... ______Increase in supplies, $6,000 .......................................................................... ______Decrease in income taxes payable, $7,500…

Describe the events that correspond to the following two journal entries:Questions For Review of Key Topics1. Inventory .................................................................................................................................. 20,000Accounts payable ............................................................................................................... 20,0002. Accounts receivable .............................................................................................................. 30,000Sales revenue ...................................................................................................................... 30,000Cost of goods sold ................................................................................................................. 18,000Inventory .............................................................................................................................. 18,000

Q.1         Following information relates to the Snowball Manufacturing Company:                 Direct materials…………………………………………….      $25,000                 Indirect materials…………………………………………..         5,000                 Direct labor…………………………………………………           30,000                 Indirect labor………………………………………………..          4,500                 Factory overhead (excluding indirect materials and indirect labor) 15,000                 Plant cost                                                                                                               500,000 Required: Compute the prime costs, conversion costs, and product costs?   Q.2.        Allure Company produces women’s clothing. During 2004, the company incurred the following costs: Factory rent    265,000 Direct labor    325,000 Utilities-Factory      88,000 Purchases of direct materials    465,000 Indirect materials      70,000 Indirect labors      35,000…

Raw materials……………………………………………………………….P            1,400,000 Advances for materials ordered………………………………………….       200,000 Work in process…………………………………………………………….               650,000 Unexpired inventory insurance………………………………………….      60,000 Advertising catalogs and packaging cartons………………………….        150,000 Finished goods inventory in the warehouse…………………………...        2,000,000 Finished goods in the company owned retail store, stated at 50%       mark-up on its cost……………………………………………………            750,000 Finished goods in the hands of consignees including 40%       profit on sales………………………………………………………….               400,000 Finished goods in transit to customers, Shipped at FOB-Destination       stated at cost……………………………………………………………               250,000 Finished goods out on customers’ approval, at cost………………….              100,000 Unsalable finished goods, at cost……………………………………….        50,000 Office stationeries and supplies…………………………………………         40,000 Materials in transit,…

Twenty Twenty One Corp.Income StatementFor the month ended December 31, 2020Sales (P10/unit) ...................................................................................................... P900,000Variable Costs:Variable Cost of Goods Sold:Beginning Inventory ............................................................. P125,000Variable Cost of Goods Manufactured ............................... 400,000----------------Total Goods Available for Sale ........................................... 525,000Ending Inventory ................................................................. 75,000----------------Variable Cost of Goods Sold .............................................. 450,000Variable Selling Expense ....................................................... 90,000 540,000----------------- -------------------Contribution Margin ................................................................................................ P360,000Fixed Costs:Manufacturing…

Twenty Twenty One Corp.Income StatementFor the month ended December 31, 2020Sales (P10/unit) ...................................................................................................... P900,000Variable Costs:Variable Cost of Goods Sold:Beginning Inventory ............................................................. P125,000Variable Cost of Goods Manufactured ............................... 400,000----------------Total Goods Available for Sale ........................................... 525,000Ending Inventory ................................................................. 75,000----------------Variable Cost of Goods Sold .............................................. 450,000Variable Selling Expense ....................................................... 90,000 540,000----------------- -------------------Contribution Margin ................................................................................................ P360,000Fixed Costs:Manufacturing…

Q#1 - The accrued interest is   $ ……………………………………. .   Q#2 - The total invoice price is $ …………………………………… .

Expenditures—Operating—Salaries..........................................                                            Cash................................................................................                                                                        Salaries Payable           for example? Incurred salaries of $300,000 $280,000 of which was paid. Where do i put these salaries.

11. Choose the scope of cost accounting that is primarily prepared for different level of management. a.Cost accounting b.Cost reports c.Cost analysis d.Cost comparison   12. according to which method of pricing, issues are made with the current market price. a.First in first out b.Simple average c.Weighted average d.Last in first out