REQUIREMENT: 1.Find the Weighted Average Contribution Margin Ratio 2.Find the Weighted Average Unit Contribution Margin 3.Find the Breakeven Sales in Pesos and the Breakeven Sales in Units
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REQUIREMENT:
| 1.Find the Weighted Average Contribution Margin Ratio |
| 2.Find the Weighted Average Unit Contribution Margin |
| 3.Find the Breakeven Sales in Pesos and the Breakeven Sales in Units |
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- E12. WEIS Construction Company uses the percentage-of-completion method of accounting. In 2020, WEIS began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: 2020 2021 Costs incurred during the year $658,560 $1,408,000 Estimated costs to complete, as of December 31 909,440 –0– Billings during the year 421,000 2,187,000 Collections during the year 348,000 1,527,000 (a) What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ 918,540 Revenue recognized in 2021 $ 1,268,460 (b) using the information above, but assuming the company uses the completed-contract method of accounting, what portion of the total contract price would be recognized? Revenue recognized in 2020 $ 0 Revenue recognized in 2021 $ 2,187,000 (c)Prepare a complete set of journal entries for 2020 (using the…The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750Presented below is information related to Kaisson Corporation for the last 3 years. Base-Year Cost Current-Year Cost Item Quantitiesin EndingInventories Unit Cost Amount Unit Cost Amount December 31, 2019 A 9,000 $2.00 $18,000 $2.20 $19,800 B 6,000 3.00 18,000 3.55 21,300 C 4,000 5.00 20,000 5.40 21,600 Totals $56,000 $62,700 December 31, 2020 A 9,000 $2.00 $18,000 $2.60 $23,400 B 6,800 3.00 20,400 3.75 25,500 C 6,000 5.00 30,000 6.40 38,400 Totals $68,400 $87,300 December 31, 2021 A 8,000 $2.00 $16,000 $2.70 $21,600 B 8,000 3.00 24,000 4.00 32,000 C 6,000 5.00 30,000 6.20 37,200 Totals $70,000 $90,800 Instructions Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.
- Information concerning sales and production for ABC Co. for November 2019 are summarized asfollows:A. Estimated Sales:Product X: 80,000 units at $60, per unitProduct Y: 40,000 units at $130 per unitB. Estimated inventories, November 1, 2019Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000Material B: 7,000 lbs Product Y: 5,400 units at $70 per unit 378,000Total $582,000C. Desired inventories at November 30,2019Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000Material B: 5,000 lbs Product Y: 4,000 units at $70 per unit 280,000Total $450,000D. Direct materials used in productionProduct X Product YMaterial A 1.4 lbs per unit 7.0 lbs per unitMaterial B 2.4 lbs per unit 3.6 lbs per unitE. Unit costs for direct materialsMaterial A: $ 8.0 per lbMaterial B: $ 4.0 per lbF. Direct labor requirementsDepartment 1 Department 2Product X 0.8 hr per unit 0.30 hr per unitProduct Y 1.2 hr per unit 0.50 hr per unitWhat to do:1. Prepare a sales budget for November2.…Santiago builders began construction work in 2021 for a project with contract price of P24,000,000. Santiago Builders uses percentage of completion. The financial statements for 2021 relating to the contract show the following: Accounts receivable. P 1,500,000 Construction in progress. 4,800,000 Contract billings to date. 4,500,000 Realized gross profit in 2021. 600,000 1.Compute the total cost incurred to date A.4,200,000. C. 5,400,000 B.4,800,000. D. 5,100,000 2.Compute the cash collection during 2021 A.3,000,000. C. 2,100,000 B.4,200,000. D. 3,900,0002020 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
- Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below:2018 2019Costs incurred during the year $ 300,000 $ 1,575,000Estimated costs to complete as of 12/31 1,200,000 –0–Billings during the year 380,000 1,620,000Cash collections during the year 250,000 1,750,000Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortelrecognizes revenue over time according to percentage of completion4SMC entered into a long-term construction contract for 3 years. Contract price agreed was P4,150,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract:December 31, 2021December 31, 2022Percentage of completion30%82.5%Estimated cost to complete1,960,000840,0001.What is the total cost incurred in year 2022? 1.What is the total cost incurred in year 2022? A.4,073,750 C. 1,680,000. B.840,000. D. 3,120,000 2.The realized gross profit (loss) in year 2022 is A.650,000. C. (. 245,000) B.405,000 D. (1,055,000) 3.What is the construction cost of sales for year 2022? A.3,960,000. C. 3,233,750 B.3,120,000. D. 4,478,750 4.What is the construction-in-progress as of 2022? A.3,423,750. C. 2,065,000 B.3,310,000. D. 2,470,000The Nick Construction Company uses the percentage completion method to record long-term contracts. Information for the most recent years is shown below. 2019 2020 2021 Costs incurred to date 300,000 900,000 1,600,000 Estimated Costs to complete 1,200,000 700,000 0 Billings to date 250,000 800,000 2,000,000 Collections to date 175,000 700,000 2,000,000 Required: Prepare the journal entries for 2019 and 2020 necessary to record
- GinebraCorporation recognizes construction revenue and cost using the percentage of completion method. During 2021, a single long-term project was begun which continued through 2021. Information on the project follows: 2021. 2022 Partial billing on contract 1,000,000. 4,200,000 Accounts receivable 1,000,000 3,000,000 Construction cost 1,050,000 1,920,000 Construction in progress 1,220,000 3,640,000 What is the gross profit recognized from this long-term construction contract in year 2021 and 2022, respectively? 2021 2022 A.220,000. 2,280,000 B.170,000. 500,000 C.220,000. 1,000,000 D.170,000. 1,280,000Entity A carries out research and development on 1 July 2019 called Plan X. In the year ended 30 June 2020, Entity A incurred costs in relation to Plan X of $504,000. These were incurred at the same amount each month up to 30 April 2020, when Plan X was completed. Plan X had been confirmed as feasible on 1 January 2020. The product produced by Plan X went on sale on 1 June 2020. The product produced by Plan X was expected to have a useful life of 20 years. Amortisation is measured monthly. REQUIRED: Measure the carrying amount of the development cost of Plan X on 30 June 2020.The following extract of costing information relates to a commodity A for the halfyear ending 31:12.2020PARTICULARSPurchase of raw. materialsWorks OvetheadsDirect WagesCarriage on purchasesStock (1.7.2018) Raw MäterialsFinished Products (1000 Tonnes)Stock (31.12.2018) Raw MaterialsWork in progress (WIP)1.7.201831.12.2018Sales of finished productsAMOUNT (R$)• 1.20.00048.0001.00.0001,44020,00016.00022.2404.80016,0003.00.000Selling and distribution overheads are Re.1 per ton sold. 16,000 tonnes of commodity wereproduced during the period. Prepare a cost sheet.
