Date 1/1/Y1 Year 1 layer 12/31/Y1 Year 2 layer 12/31/Y2 At base year cost $40,000 5,000 45,000 15,000 $60,000 Inventory At current year cost $40,000 14,000 54,000 26,000 $80,000 At dollar value LIFO $40,000 6,000 46,000 11
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Brock Co. adopted the dollar-value LIFO inventory method as of January 1, year 1. A single inventory pool and an internally computed price index are used to compute Brock’s LIFO inventory layers. Information about Brock’s dollar-value inventory follows:
What was Brock’s dollar-value LIFO inventory at December 31, year 2?
a. $80,000
b. $74,000
c. $66,000
d. $60,000
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- Ace Business Forms Month Current Assets Fixed Assets Total Assets January P125,000 P250,000 P375,000 February 130,000 250,000 380,000 March 135,000 250,000 385,000 April 150,000 250,000 400,000 May 150,000 250,000 400,000 June 125,000 250,000 375,000 July 115,000 250,000 365,000 August 120,000 250,000 370,000 September 115,000 250,000 370,000 October 100,000 250,000 350,000 November 110,000 250,000 360,000 December 115,000 250,000 365,000 Ace Business Forms has compiled several factors relative to its financing mix. The firm pays 8 percent on short-term funds and 10 percent on long-term funds. The firm’s monthly current, fixed and total asset requirements for the previous year are summarized in table above. Determine: a. the monthly average permanent funds requirement b. the monthly average seasonal funds requirementAce Business Forms Month Current Assets Fixed Assets Total Assets January P125,000 P250,000 P375,000 February 130,000 250,000 380,000 March 135,000 250,000 385,000 April 150,000 250,000 400,000 May 150,000 250,000 400,000 June 125,000 250,000 375,000 July 115,000 250,000 365,000 August 120,000 250,000 370,000 September 115,000 250,000 370,000 October 100,000 250,000 350,000 November 110,000 250,000 360,000 December 115,000 250,000 365,000 Ace Business Forms has compiled several factors relative to its financing mix. The firm pays 8 percent on short-term funds and 10 percent on long-term funds. The firm’s monthly current, fixed and total asset requirements for the previous year are summarized in table above. Determine: 1. the annual financing costs (aggressive strategy) 2. the annual financing costs (conservative strategy)In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000 Using the cost-to-cost method, Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.1. Percentage of completion for 20x1 _____________2. Revenue that should be recognized in 20x1 _____________3. Realized gross profit in 20x1 _____________4. Balance of "Contract Liability" at the end of 20x1 _____________
- In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000Using the cost-to-cost method, compute the following: Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.7. Realized gross profit in 20x2 _____________8. The balance of "Contract Liability" at the end of 20x2 _____________9. Revenue that should be recognized in 20x3 _____________10. Realized gross profit in 20x3In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000 Using the cost-to-cost method, compute the following: Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.4. Balance of "Contract Liability" at the end of 20x1 _____________5. Percentage of completion for 20x2 _____________6. Revenue that should be recognized in 20x2 _____________2020 2019 Receivable from Construction contract Costs incurred each year. Construction in progress Partial billings on contract Collection each year P252,000 P240,000 460,800 292,800 873,600 240,000 720,000 2,167,000 8. The gross profit recognize from the long term construction contract is: 2019 2020 a. P52,800 P52,800 P547,200 b. P40,800 P240,000 C. d. P40,800 P307,200 P120,000
- tion 8Income statement for the year ended 31 December, 2019 of KKMTN Ghana Ltd2018 2019ȼ ‘000 ȼ ‘000Turnover 420,000 523,600Cost of sales (330,000) (417,200)Gross profit 89,000 106,400Expenses:Administration 44,600 50,200Selling and distribution 15,400 (60,000) 19,600 (69,800)Profit before interest 29,000 36,600Debenture interest - (2,800)Net profit before tax 29,000 33,800Taxation (8,000) (10,000)Net Profit after tax 21,000 23,800Ordinary dividend paid 8,400 9,250Ordinary shares issued 12 million and trading at ȼ3 each as at yesterday onGSE.You are required to compute the following investment ratios:a). Earnings per shareb). Dividend per sharec). Payout ratiod). Price earnings ratioe). Earnings yield14. What is the Construction in Progress, net of Progress Billings at December 31, 2021, using zero profit method? 250,000 liability 250,000 asset 240,000 asset 240,000 liability Any other amountCapital expenditures budget On January 1, 2016, the controller of Omicron Inc. is planning capital expenditures for the years 2016-2019. The following interviews helped the controller collect the necessary information for the capital expenditures budget: Director of Facilities: A construction contract was signed in late 2015 for the construction of a new factory building at a contract cost of 10,000,000. The construction is scheduled to begin in 2016 and be completed in 2017. Vice President of Manufacturing: Once the new factory building is finished, we plan to purchase 1 .5 million in equipment in late 2017. I expect that an additional 200,000 will be needed early in the following year (2018) to test and install the equipment before we can begin production. If sales continue to grow, I expect we'll need to invest another 1,000,000 in equipment in 2019. Chief Operating Officer: We have really been growing lately. I wouldn't be surprised if we need to expand the size of our new factory building in 2019 by at least 35%. Fortunately, we expect inflation to have minimal impact on construction costs over the next four years. Additionally, I would expect the cost of the expansion to be proportional to the size of the expansion. Director of Information Systems: We need to upgrade our information systems to wireless network technology. It doesn't make sense to do this until after the new factory building is completed and producing product. During 2018, once the factory is up and running, we should equip the whole facility with wireless technology. I think it would cost us 800,000 today to install the technology. However, prices have been dropping by 25% per year, so it should be less expensive at a later date. Chief Financial Officer: I am excited about our long-term prospects. My only short-term concern is managing our cash flow while we expend the 4,000,000 of construction costs on the portion of the new factory building scheduled to be completed in 2016. Use this interview information to prepare a capital expenditures budget for Omicron Inc. for the years 2016-2019.
- 01/31/2019 01/31/2018 Total Revenue $514,405,000 $500,343,000 Cost of Revenue $385,301,000 $373,396,000 Gross Profit $129,104,000 $126,947,000 Research & Development $0 $0 Sales,General & Admin. $107,147,000 $106,510,000 Non-Recurring Items $0 $0 Other Operating Items $0 $0 Operating Income $21,957,000 $20,437,000 Earnings before interest and Tax $13,806,000 $17,453,000 Interest Expense $2,346,000 $2,330,000 Earnings before Tax $11,460,000 $15,123,000 Income Tax $4,281,000 $4,600,000 Minority Interest $0 $0 Equity Earnings -$509,000 -$661,000 Net Income-Cont. Operations $6,670,000 $9,862,000 Net Income $6,670,000 $9,862,000 Net Income Applicable to Common Shareholders $6,670,000 $9,862,000 Here is the income statement. PERIOD ENDING: 01/31/2019 01/31/2018 Current Asset Cash and Cash Equivalents $7,722,000…49. ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The total contact price was P8,500,000. Information related to the construction project are as follows: 2022 2023 Costs incurred during the year P1,200,000 P6,250,000 Estimated costs to complete 4,800,000 - Progress billings during the year 1,450,000 7,050,000 Collections during the year 800,000 6,000,000 How much is the receivable balance as of December 31, 2022?Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000
