month? A. 5.72 B. 5.61
Q: The following totals for the month of June were taken from the payroll register of Arcon Company: S...
A: Journal is the book of original entry in which all the transactions of the business are recorded ini...
Q: What is the audit assertion underlying the tracing procedure?
A: Tracing is the opposite of vouching. In vouching, process started with accounting records and flow t...
Q: es Corporation manufactures two products: Product O95C and Product M31N. The company uses a plantwid...
A: Solution: Under Activity based costing system, difference activities overhead cost are applied to co...
Q: Required: • Cash Flow (should follow the given format)
A: Cash flows statement is one of the financial statement which is prepared in order to analyse all cas...
Q: Johnson Company has a breakeven point of 4,800 units. At breakeven, variable costs are P480,000 and ...
A: Break even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit = ...
Q: 4. Income taxes: New Haven has an overall income tax rate of 30%. Chapter 12 Capital Budge 5. Treasu...
A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows)
Q: ABC Co. have 1,000 kg of high quality iron ore stock in a warehouse that has been sitting there for ...
A: The comparability of a product's cost with an offer depends on the relevant cost. Relevant costs are...
Q: Question 4: Following balances have been extracted from the ledger of Titan Plc at 31 December 2020 ...
A: The calculation of the amount to be shown in financial statements is being done of Land and Building...
Q: East Point Retail, Inc., sells professional women's apparel through company-owned retail stores. Rec...
A: Solution:- a) Calculation of Return on total assets as follows:- Return on Total Assets = Operating ...
Q: Problem 5: Yasuo Company provided the following information for the current year. Cash Sales Gross 2...
A: Using cash basis accounting, the sales are recorded during the period when cash is received from cus...
Q: Ppaeng Company produces three products, A, B, and C, all made from the same materials. For the past ...
A: Total number of machine hours used = 4,000 units x 5 hours + 5,000 units x 7 hours + 3,200 units x ...
Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share....
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: slo Company prepared the following contribution format income statement based on a sales volume of 1...
A: The break even sales units are calculated as fixed cost divided by Contribution margin per unit. Bre...
Q: Batangas Product Trader Statement of Changes in Owner's Equity For the Month November 30, 2021 Batan...
A: In Vertical analysis percentage is calculated by taking a base in the financial statement. Percentag...
Q: daho Corporation manufactures liquid chemicals A and B from a joint process. Joint costs are allocat...
A: Solution: Total joint costs = 4,560 Total sale value of product A at split off point = 500*10 = 5,00...
Q: Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprie...
A: The following condition needs to be satisfied by a self-employed person (Sarena) to claim the health...
Q: PROBLEM 5. Austin Company produces a single product. The projected income statement for the coming y...
A: Break even point in units = Fixed cost/Contribution margin per unit Variable cost per unit = P1,100,...
Q: A. Income ement B. Retained Earnings Statement E Batance SheeMsimpteunelassified) Adjusted Trial Bal...
A: Income statement is one of the financial statement which shows all incomes and all expenses and at t...
Q: 2.X Y, & Z are partners with the following capital contributions of P300,000, P300,000 and P500,000,...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Amalgamated General Corporation is a consulting firm that also offers financial services through its...
A: A company engaged in investment activities are regulated by U.S. Security and Exchange Commission. E...
Q: During the month of June, Job 100 was started. Data are as follows: Units produced is 1,200 units; U...
A: Solution: Gross margin for product sold is computed as = Sales - Cost of goods sold Where Sales = re...
Q: What terms that must be included in the document prepared by the client
A: Engagement letter is the letter in which auditor defined the audit scope, its terms and other relate...
Q: Which of the following statements is correct when obtaining an understanding about the client's busi...
A: After the acceptance of the engagement, auditor shall obtain following information.
Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...
A: Lets understand the basics. Partnership is an agreement between two or more person who works togethe...
Q: Capital Budgeting Decisions Accounting practice: Your company is considering undertaking a project...
A: Capital Budgeting Decisions: Investment and financial commitment are two aspects of a capital budget...
Q: Capital Budgeting Decisions Your company is considering undertaking a project to expand an existing...
A: The question is related to Capital Budgeting. The pay back period is the length of time required to ...
Q: An example of sampling for attributes would be estimating the A.Peso value of accounts receivable B....
A: In the given case an example for attribute sampling will be based on the population of the sample .....
Q: Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost ...
A: Formula used for calculating Gross profit: Gross profit = Sales revenue - Cost of merchandise sold
Q: Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent f...
A: The income statement is prepared to record the revenues and expenses and find the net income or loss...
Q: XYZ's Preserves currently makes jams and jellies and a variety of decorative jars used for packaging...
A: The variable costs are the costs that vary with the change in the output but the per unit variable c...
Q: A company selts two types of products: standard and deluxe. It prepares the following analysis showi...
A: Activity rate = budgeted cost/ cost driver
Q: An enterprise provides each of its directors with a car. The company purchases these at £40,000 each...
A: The reducing balance method is also know as declining balance method where rate of depreciation is c...
Q: Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activi...
A: Taxable income calculation formula table:
Q: 32. Partners X, Y and Z had average capital account balances during the year of P400,000, P500,000 a...
A: Partnership is lawful association of two or more persons to carryout any business activity and share...
Q: E4.8 (LO 2) Huang Automotive ended its fiscal year on July 31, 2020. The company's adjusted trial ba...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: Joyous Company purchases 12,000 pounds of materials. The materials price variance is P6,000 favorabl...
A: Direct Material price variance = (Standard price per pound - Actual price per pound)*Actual quantity...
Q: Which one of the following actions would be most appropriate to help meet the liquidity needs of Kar...
A: Karen is the sole owner of a wildly successful small business. She does want to take some action to ...
Q: PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (Pre-2020 Form W-4) For each empl...
A: Solution Tax is the means by which a government or taxing authority imposes or levies a tax on its c...
Q: [The following information applies to the questions displayed below.] At December 31, Hawke Comp...
A: Bad debts are those expenses related to those accounts receivables for whom it is estimated that due...
Q: Jillian Inc. manufactures and installs customized equipment. On January 1, 2021, Jillian entered int...
A: ANSWER IFRS 15 establishes the principles that an entity applies when reporting information abou...
Q: During the year, the ABC partnership's operations generated a loss. The partnership agreement provid...
A: Solution: A partnership is a contract between two or more person to undertake business operations an...
Q: Q.4 Whethera company uses process costing or job-order costing depends on its industry. A number of ...
A: Job costing refers to the method of costing which is used while calculating the cost of a special or...
Q: Two years ago, a machine was purchased at a cost of $( 2,000,000 to be useful for eight years. Its s...
A: Purchase price of old machince= $200000 Present value of old machine (P)= $120000 salvage value (F) ...
Q: Daley Company prepared the following aging of receivables analysis at December 31. Total Days P...
A: Solution: Bad debts expense is recognized every year based on estimated uncollectible s at year end....
Q: Required information Skip to question [The following information applies to the questions display...
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.
Q: Which of the following situation will decrease both receipts and disbursement in the book proof of c...
A: Disbursements of check payment to supplier was recorded higher by P5,000 and corrected in the same ...
Q: Financial audit Q&A What is the process used by auditors in conducting tests of control in testing d...
A: Financial Audit: A financial audit is led to give an assessment of whether budget summaries are expr...
Q: 14.A machine costing P3,750,000 with an eight-year estimated useful life and an estimated residual v...
A: Machine cost = P3,750,000 Residual value = P150,000 Depreciable value = Machine cost-Residual value ...
Q: Please see the pictures below. I am completely stumped on this problem and really need help with it....
A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com...
Fortune Producers manufactures three joint products, JKA, JKB, and JKC, and a by-product, JJD, all in a single process. Results for the month of July 2021 were as follows:
The revenue from the by-product is credited to the sales account.
A. 5.72
B. 5.61
C. 5.50
D. 5.20
Step by step
Solved in 4 steps with 2 images
- A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
- What is the cost of direct labor f the conversion costs are $330.000 and manufacturing overhead is $275,000? $55,000 $275,000 $330,000 $605,000The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
- Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?During the week of August 21, Parley Manufacturing produced and shipped 4,000 units of its machine tools: 1,500 units of Tool SK1 and 2,500 units of Tool SK3. The cycle time for SK1 is 0.73 hour, and the cycle time for SK3 is 0.56 hour. The following costs were incurred: Required: 1. Assume that the value-stream costs and total units shipped apply only to one model (a single-product value stream). Calculate the unit cost, and comment on its accuracy. 2. Assume that Tool SK1 is responsible for 60% of the materials cost. Calculate the unit cost for Tool SK 1 and Tool SK3, and comment on its accuracy. Explain the rationale for using units shipped instead of units produced in the calculation. 3. Calculate the unit cost for the two models, using DBC. Explain when and why this cost is more accurate than the unit cost calculated in Requirement 2.
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Cost of quality report A. Using the information in Exercise 15, identify the cost of quality classification for each activity. B. Prepare a cost of quality report. Assume sales for the period were 4,000,000. Round percentages to one decimal place. C. Interpret the cost of quality report.