Calculate weighted average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average-cost per unit $
Q: Complete the table provided using the weighted average cost (AVCO) method (with the weighted average…
A: Purchases Issues Balance Date Qty Price Amount Qty Price Amount Qty Price Amount 1…
Q: Determine the missing amounts. (Round answers to 0 decimal places, e.g. 250.) Unit Selling Unit…
A: Workings: Unit selling price - unit variable cost = unit contribution margin
Q: Calculate the following: 1. The revenue per Mix of X and Z The Contribution per mix 3. Average c/s…
A: Under CVP Analysis, various costs, revenues, sales and production volumes are analyzed by the…
Q: Réquired: 1. Compute cost of goods available for sale and the number of units available for sale.
A: Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods Goods…
Q: The cost of goods sold and shipping expense are both variable. All other costs are fixed.…
A: Selling price per unit: It is the price at which a unit of product is sold in the market. Variable…
Q: PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Accounted…
A: Equivalent unit of production (EUP) refers to the process of using partially completed units as full…
Q: Determine the contribution margin in dollars, per unit and as a ratio. (Round contribution margin…
A: Contribution Margin Ratio = 1 - Variable Costs to Sales Ratio Contribution Margin Per Unit = Selling…
Q: I need number 3. Compute the gross margin for FIFO method and LIFO method.
A: The Hemming Co. analyzes the usage of either FIFO or LIFO for inventory valuation and wants to…
Q: Round "Cost per unit" answers to 2 decimal places for both!
A: 1.
Q: calculate gross profit using FIFO and weighted average
A: FIFO and weighted average are methods of valuation of inventory. FIFO means First - in -First out,…
Q: 2. Compare the lower of cost or net realizable value effect on each amount that was changed on the…
A: FIFO Cost basis of inventory valuation means inventory has been valued on a first-in, first-out…
Q: Prepare an incremental analysis for the special order. (Round computations for per unit cost to 2…
A: Variable cost Per unit: Cost of goods sold 5.06 =(2590720*70%)/358400 Operating expenses…
Q: Calculate the following: 1. The revenue per Mix of X and Z 2. The Contribution per mix 3. Average…
A: Under CVP Analysis, Variable Costs, Fixed Costs and Revenues are analyzed and the Impact on Profit…
Q: How was total cost (a) found for #1?
A: Total cost for any product or service is calculating by taking sum of variable cost of the total…
Q: . Calculate weighted contribution margin for the new J1. Rounding: penny.
A: Market Cannibalization: It implies the loss of revenue caused by the introduction of a new product…
Q: What would be the transfer price if Division X uses variable product cost plus markup? (round-off to…
A: Transfer pricing methodology is that process, by which prices are determined for transfer of product…
Q: Find: a. The maintained markup in dollars and percentages. b. The gross margin in dollars and…
A: Formulas used: Maintained Mark up $ = Gross Margin$ - Cash Discounts +Alternations Gross Margin $ =…
Q: assume that markup is based on selling price. calculate cost and selling price. dollar markup s…
A: Cost =Selling price - markup Let selling price be X. Markup on sale = $5.60
Q: Write the formula of the Price-Earnings ratio and explain how a result of 11 should be interpreted
A: Price earning ratio, popularly known as P-E ratio, is an important parameter to check the…
Q: use in Excel. Proposed Range Name Price_per_Unit Cost per Unit ProfitS_per_Unit Fixed Costs…
A: Answer: The answer for question is given below: A B 1 Price per Unit Price_per_Unit 2…
Q: Using horizontal analysis, the increases and decreases are shown as O a. amounts for the highest…
A: The horizontal analysis is a method of reviewing the financial statement of the company for multiple…
Q: If the unit selling price is $68 and the variable cost per unit is $20 and the total fixed costs are…
A: The contribution margin ratio is calculated because the percentage difference between a company's…
Q: If the Com.Cost ( 900 000 )D. The percnt of S1 (66%) and the percnt of S2 ( 34% ), the share of S1…
A: Given: Com Cost $900 000 Percentage of S1 66% Percentage of S2 34%
Q: 1. How much is the cost per equivalent unit for the month using Average costing? 2. How much is…
A: Equivalent units for production: The activity of a processing department in terms of fully…
Q: Based on the attached photo What is the contribution margin ratio rounded to two decimal places…
A: Given, Price of servicing a vehicle = $ 350 per vehicle Contribution margin = Selling Price -…
Q: Calculate cost of goods sold using: 1) FIFO 2) Weighted-average cost || 3) LIFO
A: FIFO Method:
Q: Draw up a marginal statement that calculates the contribution per uni
A: Marginal costing seems to be a costing method whereby all variable expenses are included in the…
Q: A product has a sales price of $746 and a per-unit contribution margin of $131. What is the…
A: Formula: Contribution margin ratio = Per unit contribution margin / sales price Division of per unit…
Q: What is the single equivalent rate of discount for the three discounts on the cost only? Answer must…
A: To find cost: List price is 69% over cost (X) 71= X+.69X 1.69X=71 X=42.02
Q: Convert the following scores of different alternatives of a cost attribute to profit scores, each on…
A: Given:We have to convert the following cost scores to profit scores.Each of scale of 1 to10:…
Q: Weighted-average cost per unit
A: Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods Goods…
Q: What is National’s estimated annual usage in units?
A:
Q: In this problem, p is the price per unit in dollars and q is the number of units.
A: Solution:
Q: How do I calculate the gross margin value under the FIFO, LIFO, and weighted average methods.
A: Gross Margin refers to the profit earned during an accounting period. Therefore, it is also called…
Q: When the gross profit percentage (Markup) of costs is 30%the gross profit percentage of sales is…
A: Gross Profit % is the gross profit earned divided by the sales value / selling price Gross Profit %…
Q: e is $60 per unit, what are the variable c on, and waste are outcomes attributed to w
A: Variable cost is the term of cost accounting which is defined as the corporate cost that varies with…
Q: d. Determine the selling price of Product E. Round your answer to two decimal places.
A: Selling Price: The selling price is the price at which the goods are sold. It is calculated on the…
Q: it/ cost ratio is sis of governme ny people as p
A: Introduction : In a cost-benefit analysis, a benefit-cost ratio (BCR) is a ratio that summarises the…
Q: calculate contribution margin ratio, breakeven point in amount and breakeven point in units
A: Cost-volume-profit (CVP) analysis is a method of cost accounting that looks at the impact that…
Q: Determine the missing amounts. Unit SellingPrice Unit VariableCosts Unit…
A: Contribution Margin=Sales-Variable costs Contribution Margin ratio=Contribution Margin/Sales Using…
Q: InstructionS (a) Compute the current break-even point in units, and compare it to the break-even…
A: Break even point is the sales point that is required to be achieved by the company so as to not…
Q: a. Contribution margin ratio (Enter as a whole number.) % b. Unit contribution margin (Round to the…
A: Selling units = 36000 units Sales per unit = $11 variable cost per unit = $7.70 Fixed cost = $44000
Q: What is the variable cost per unit using the high-low method (to two decimal places)? $
A: High-low method refers to a technique used by the company to determine the variable cost component…
Q: a) Write the formula of the Price-Earnings ratio and explain how a result of 11 should be…
A: Earnings means the amount which has been earned by the firm from its operations. Every firm tries to…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Olsons records: Required: 1. Calculate the dollar-value LIFO inventory at the end of each year. 2. Prepare the appropriate disclosures for the 2021 annual report if Olson uses current cost internally and LIFO for financial reporting.Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Kwestels records: Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
- Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.LIFO and Inventory Pools On January 1, 2016, Grover Company changed its inventory cost flow method to the LIFO cost method from the FIFO cost method for its raw materials inventory. It made the change for both financial statement and income tax reporting purposes. Grover uses the multiple-pools approach under which it groups substantially identical raw materials into LIFO inventory pools. It uses weighted average costs in valuing annual incremental layers. The composition of the December 31, 2018, inventory for the Class F inventory pool is as follows: Inventory transactions for the Class F inventory pool during 2019 were as follows: On March 2, 2019, 4,800 units were purchased at a unit cost of 13.50 for 64,800. On September 1, 2019, 7,200 units were purchased at a unit cost of 14.00 for 100,800. A total of 15,000 units were used for production during 2019. The following transactions for the Class F inventory pool took place during 2020: On January 11, 2020, 7,500 units were purchased at a unit cost of 14.50 for 108,750. On May 14, 2020, 5,500 units were purchased at a unit cost of 15.50 for 85,250. On December 29, 2020, 7,000 units were purchased at a unit cost of 16.00 for 112,000. A total of 16,000 units were used for production during 2020. Required: 1. Prepare a schedule to compute the inventory (units and dollar amounts) of the Class F inventory pool at December 31, 2019. Show supporting computations in good form. 2. Prepare a schedule to compute the cost of Class F raw materials used in production for the year ended December 31, 2019. 3. Prepare a schedule to compute the inventory (units and dollar amounts) of the Class F inventory pool at December 31, 2020. Show supporting computations in good form.
- Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000
- Schmidt Company began operations on January 1, 2018, and used the LIFO inventory method for both financial reporting and income taxes. However, at the beginning of 2020, Schmidt decided to switch to the average cost inventory method for financial and income tax reporting. It had previously reported the following financial statement information for 2019: An analysis of the accounting records discloses the following cost of goods sold under the LIFO and average cost inventory methods: There are no indirect effects of the change in inventory method. Revenues for 2020 total 130,000; operating expenses for 2020 total 30,000. Schmidt is subject to a 21% income tax rate in all years; it pays all income taxes payable in the next quarter. Assume that any deferred tax liability was paid in the subsequent year. Schmidt had 10,000 shares of common stock outstanding during all years; it paid dividends of 1 per share in 2020. At the end of 2020, Schmidt had cash of 15,600, inventory of 34,000, other assets of 76,000, income taxes payable of 4,200, and accounts payable of 3,000. It desires to show financial statements for the current year and previous year in its 2020 annual report. Required: 1. Prepare the journal entry to reflect the change in method at the beginning of 2020. Show supporting calculations. 2. Prepare the 2020 financial statements. Notes to the financial statements are not necessary. Show supporting calculations.Koopman Company began operations on January 1, 2018, and uses they FIFO inventory method for financial reporting and the average cost inventory method for income taxes. At the beginning of 2020, Koopman decided to switch to the average cost inventory method for financial reporting. It had previously reported the following financial statement information for 2019: An analysis of the accounting records discloses the following cost of goods sold under the FIFO and average cost inventory methods: There are no indirect effects of the change in inventory method. Revenues for 2020 total 130,000; operating expenses for 2020 total 30,000. Koopman is subject to a 21% income tax rate in all years; it pays the income taxes payable of a current year in the first quarter of the next year. Koopman had 10,000 shares of common stock outstanding during all years; it paid dividends of 1 per share in 2020. At the end of 2020, Koopman had cash of 10,000, inventory of 24,000, other assets of 70,800, accounts payable of 4,500, and income taxes payable of 6,000. It desires to show financial statements for the current year and previous year in its 2020 annual report. Required: 1. Prepare the journal entry to reflect the change in methods at the beginning of 2020. Show supporting calculations. 2. Prepare the 2020 financial statements. Notes to the financial statements are not necessary. Show supporting calculations.At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical count. During 2020, the company discovered that the correct inventory value at the end of 2019 should have been 400,000 because it made a counting error. Upon discovery of this error in 2020, what correcting journal entry will Manny make? Ignore income taxes.