Kingbird Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) $148.800 74,400 Compute cost of goods manufactured, 9,300 136,400 29,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $55,800 17,800 25,600 43,400 Work in process inventory was $15,100 at January 1 and $19,000 at December 31. Finished goods inventory was $74,400 at January 1 and $56.300 at December 31. 62,000
Q: On May 12, Scott Rinse accepted an $6,000, 14%, 90-day note for a time extension of a bill for goods…
A: Calculation of Discounted Period Between May 12 and June 12, 31 days passed i.e. 90-31 days = 59…
Q: Product Hawaiian Fruit Pizza Aloha Seafood Pizza Sales Price $35 $45 Variable Cost $10 $15…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Following are separate income statements for Austin, Inc., and its 80 percent-owned subsidiary, Rio…
A: SOLUTION:- Basic Earnings per share: Austin Net income = 284,000Austin preferred dividends =…
Q: A fourth-year student receives a student loan of $5700 at 3.9% interest compounded monthly. After…
A: The question is based on the concept of Financial Management. Future value can be calculated by…
Q: Daley Company prepared the following aging of receivables analysis at December 31. Days Past…
A: Under the aging method, first the post adjustment in allowance for doubtful accounts is computed.…
Q: The followng balances were extracted from the books of account of Baraka's business as at 1 July,…
A: After passing a journal entry, the amounts are transferred to the respective ledger accounts.…
Q: reate the journal entry for the transactions below
A: Date Particulars Amount (Debit) 1-Mar Cash 60000 Bank Note Payable 60000…
Q: Diana acquires, for $65,000 ad places in service a 5 year class asset on December 19,2020. It is the…
A: Cost recovery refers to the deduction of cost of an asset, used in business or for production to…
Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…
A: Net Method of Accounting for cash discounts In this method, sales are accounted for (on the date…
Q: he average annual cost of damages caused by floods to certain subdivision located along Pasig River…
A: Annuity: this is used in case of a future annuity – suppose an equal sum of money is invested in the…
Q: Brandon Corporation, the maker of a variety of rubber products, is in the midst of a business…
A: Any customer order for products or services that a firm does not handle on a regular basis is…
Q: From the following information, prepare journal entries in the Permanent Fund: a. The estate makes a…
A: The concept of permanent funds is used by the government organization which is slightly different…
Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…
A: A note is a formal instrument that expresses an obligation to repay a debt to a creditor or an…
Q: The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account…
A: Note: As per our guidelines, we will solve the first three subparts for you. a&b. Aladdin…
Q: If Php10,568 is th Php13,500 is discounted discount rate?
A: Discount - A discount is a reduction in price or a percentage taken off of the item's real selling…
Q: 1. Explain how the organizations culture would influence the design of a new Accounting Information…
A: Note: As per guidelines, we will solve the first question for you. 1. The way owners and employees…
Q: 17. The following information is extracted from the financial records of Sami's Enterprise for th…
A: Every organization's main goal is to earn profit. To achieve this, a company must determine how much…
Q: Management decided to undertake a physical inventory count in resolving a perceived weakness in the…
A: In case of trading and manufacturing businesses, inventory is one of the most important part of the…
Q: Question 19 The amount of annuity that is payable for 5 years at 12% compounded monthly is…
A: The question is based on the concept of Annuity in Financial Accounting. Annuity refers to the…
Q: Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a…
A: The differential analysis is performed to analyze the different alternatives available with the…
Q: North Star Leasing Company (lessor) leases industrial sized generators to companies. North Star…
A: Introduction: A journal entry is used to record a business arrangement in a corporation's accounting…
Q: Financial Statements from the End-of-Period Spreadsheet Demo Consulting is a consulting firm owned…
A: Balance Sheet :— It is one of the financial statement that shows list of final balances of assets,…
Q: Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods…
A: The cost of goods sold can be calculated by adding up the cost of merchandise purchased and…
Q: Miller Company's contribution format income statement for the most recent month is shown below: Per…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The American Financial Accounting Standards Board issued Standard 5, which provides for recognition…
A: Introduction: The American financial accounting standard 5 is dealing among other matters, "the…
Q: for the following intercompany transaction state the principle to be used in accounting for…
A: In this question we have been given the current or the future event of transaction. We have to…
Q: Blossom Company incurred the following costs during the current year in connection with its research…
A: The research and development expenses are related to the expenditure incurred to designing the…
Q: As of 2022 Company (as of October 2022) Apple Microsoft Amazon McDonald's AT&T PE Ratio 23.12 25.46…
A: The ratio of price to earnings Price to earnings ratio is also known as a ratio The multiple of a…
Q: Cooper Corporation makes bicycles. For many years, Cooper has made the rear wheel assembly for its…
A: According to the given question, we are required to compute the total product cost and give…
Q: Why would a company switch to the LIFO method of inventory valuation? a) By switching to LIFO,…
A: LIFO method (Last In First Out) is a method of valuation of inventory which records the items that…
Q: The Department of Roads for a large Canadian city has several depots throughout the city where they…
A: FIFO Method :— Under this method, beginning inventory and recent purchases is used first for output…
Q: ,000 $ 39,000 $ 70,000 $ 56,000 $ 38,000 $ 280,000 Expenses Avoidable 14,800 42,400…
A: Net Income - Net income is the remaining amount after costs of products sold and other expenses have…
Q: On July 10, 2023, Pharoah Ltd. sold GPS systems to retailers on account for a selling price of…
A: Recording of journal entry for above transaction are as follows
Q: Due to erratic sales of its sole product—a high-capacity battery for laptop computers—PEM,…
A: CM ratio=Selling price per unit-Revised variable cost per unitSelling price per unit×100 Break-even…
Q: The Store Supplies account had a $1,030 debit balance at the beginning of the the year. The year,…
A: Adjusting entry is the one which is reported in the books in order to adjust the accounts at the end…
Q: data set? 4,5,9,3,10,11 show all work.
A:
Q: Question 5 How many days are there between November 24, 2015 to March 28, 2016? 124 days 115 days…
A: In Accounts there is Very important role of Calculation of No. Of Days. No. Of days are…
Q: How do you find the profit margin when given this information? Revenue: $1000 Expenses: $900…
A: Profit margin is the portion of sales that a company keeps after all costs are subtracted. It…
Q: Can the taxpayers claim a capital loss on the XYZ stock they sold? If so, how much may they deduct…
A: Capital loss is the loss which has been incurred by the taxpayer during the year which has been due…
Q: Determine the present value, P, you must invest to have the future value, A, at simple interest rate…
A: calculation of present value P are as follows
Q: The following transactions were selected from the records of Evergreen Company: July 12 Sold…
A: Net sales are calculated by deducting returns, allowances, and discounts from gross sales. Net sales…
Q: How much is the proceeds if Mark borrows Php22,735 at 2.85% for 2 years and 5 months? Php21,169.13…
A: Given information: Borrowed amount = Php 22,735 Interest rate = 2.85% Number of years = 2 years and…
Q: 2. Prepare the journal entries for the following transactions of Lily Express Service Company for…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: 3. Tinnell Industries had gross sales of $30,000 for the year. Its cost for the goods sold was…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: for the following intercompany transaction state the principle to be used in accounting for…
A: A consolidated income statement is defined as a statement that shows the expenses, income, and…
Q: The equation C = 33000 q quarters. Interpret the Slope in this situation. - 3300g represents the…
A: Where bonds are used for financing, a sinking fund may be established to pay off the entire bond at…
Q: The Crystal Glass is a trader in chinaware décor . The following information is available at…
A: Gross margin = Sales*Margin Cost of goods sold = Sales - Gross margin Purchases = Cost of goods sold…
Q: Question 5 How many days are there between November 24, 2015 to March 28, 2016? 124 days 115 days…
A: We calculate days between two date to know or calculate the interest amount on loan or to know other…
Q: and LIFO costs under perpetual inventory system The following units of an item were available for…
A: calculation of ending inventory under LIFO and FIFO method
Q: Cost Data for Almond Dream, Krispy Krackle, and Creamy Crunch Product costs Labor-hours per case…
A: This question is based on cost allocation of Cost Accounting . A. Statement showing Gross Profit and…
B1.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Isem Co.’s 2019 manufacturing costs were as follows: Direct materials and directlabor P700,000; Other variable manufacturing costs 100,000; Depreciation offactory building and manufacturing equipment 80,000; Other fixedmanufacturing overhead 18,000. What amount should be considered productcost for external reporting purposes? A. P700,000B. P800,000C. P880,000D. P898,000Black Widow Company had the following costs for 2020: Raw materials P700,000 Direct labor P100,000 Miscellaneous FOH P80,000 Depreciation on machines P40,000 Rent for the factory building P50,000 Rent for dales office P30,000 Depreciation on store equipment P20,000 How much of those costs should be inventoried under absorption (A) and variable (V) costing methods? Select one: a. (A) P970,000; (V) P800,000 b. (A) P1,000,000; (V) P880,000 c. (A) P1,020,000; (V) P880,000 d. (A) P930,000; (V) P800,000COGM & INCOME STATEMENT PT AMBARWATI plans to compile a Cost Of Goods Manufactured and Income Statement in September 2020. The following is the cost data needed in preparing the report: a. Purchase of raw materials of 2,000 units at a price of Rp. 18,000 / unit. Transportation costs are 1.5% of the purchase b. Employee working hours are 4,800 direct work hours at a rate of IDR 5,000 / direct work hour c. Transactions that occurred in September: Indirect material used Rp 7.000.000 Electricity ( 70% used for factories) Rp 2.000.000 Factory Maintenance Rp 1.000.000 Depreciation (40 used for office) Rp 4.000.000 Property tax ( 80% used for factories) Rp 6.000.000 Utilities ( 65% used for factories) Rp 8.000.000 Office Salaries Rp 12.000.000 Gross profit Rp 93.500.000 d. Sales of Rp. 181,000,000 with sales returns and discounts of 0.5% of gross sales e. Selling expenses were 2.5% of net sales, administrative and general expenses…
- Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes? Group of answer choices P 5,470,000 P 5,120,000 P 4,120,000 P 4,000,000The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P145,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P156,000 less than cost of goods sold. What is the finished goods inventory on January 1, 2020?The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P140,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P156,000 less than cost of goods sold. d. Compute factory overhead incurred.$fill in the blank 4 e. Compute materials inventory on January 1.$fill in the blank 5 f. Compute materials inventory on December 31.$fill in the blank 6 g. Compute direct materials used.$fill in the blank 7
- The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P140,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P150,000. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P150,000 less than cost of goods sold. What is the finished goods inventory on January 1, 2020? d. Compute factory overhead incurred. $fill in the blank 4 e. Compute materials inventory on January 1. $fill in the blank 5 f. Compute materials inventory on December 31. $fill in the blank 6 g. Compute direct materials used. $fill in the blank 7a. Calculate the cost of goods manufactured for the year by Gopaul Electronics b.) Prepare an income statement for Gopaul Electronics for the year ended December 31, 2023, clearly showing the calculation of Cost of Goods Sold. List the non-production overheads in order of size starting with the largest. c) What is the selling price per switch if Gopaul Electronics manufactured 1,500 switches for the period under review and uses a mark-up of 33⅓% on cost?Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes?
- Assume you are the department B manager for Marley's Manufacturing. Marley's operates under a cost-based transfer structure. Assume you receive the majority of your raw materials from department A, which sells only to department B (they have no outside sales). After calculating the operating income in dollars and operating income in percentage, analyze the following financial information to determine costs that may need further investigation. Marley's Manufacturing Income Statement Month ending August 31, 2019 Dept. A Dept. B Sales $22,000 $51,000 Cost of Goods Sold 10,560 26,520 Gross profit $11,440 $24,480 Utility expenses 1,000 3,200 Wages expense 5,500 10,200 Costs allocated from Corporate 2,200 15,000 Total expenses $8,700 $28,400 Operating Income/(loss) $ ? ? Operating income/(loss) % ? ? Which of these costs may need further…ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.Operating Income of $220,000 in 2019, when production was 3,000 units Variable expenses per unit: Direct Material $58Direct Labour $74Variable Manufacturing Overhead $48Fixed expenses: Fixed Manufacturing Overhead $215,000Fixed Selling Costs $65,000Fixed Administrative Costs $160,000 Assume that as a result of reorganizing the production process, the management of BenoitManufacturing was able to reduce direct material cost per unit by $5 due to a change in the supplier ofthe raw material used in the production process. Variable manufacturing overhead per unit would alsodecrease by $3. The business is also considering paying additional annual commission of $36,400 toits sales team as part of the sales expansion effort, which should result in an increase in sales revenue.The head of the marketing department has indicated that the effort of the sales team should result in a5% increase in sales volume. What must the new selling price per unit be if the company wishes tomeet the…