The following information is for ChiSox corporation DM 100 DL 80 Insurance - Factory 24 Insurance - Administration 12 Maintenance - Factory 40 Depreciation - Factory 36 Indirect Labor 60 Indirect Materials 30 Sales Commission 60 Insurance - Finished Goods Warehouse 12 Travel - Corporate Salaries - Sales 50 Salaries - Production 40 Supervisors Depreciation - Office Advertising 50 Property Taxes - Production facility 20 Rent - Administration Building 24 General Office Expenses 12 Total Expenses 662 What are the total conversion costs?
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A: 1. Ans - True As all allocated excess/Purchase differentials are Amortized and it is allocated ove...
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- Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.Financial Accounting and Cost Management Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS): a. Determining the total compensation of the CEO of a public company b. Issuing a quarterly earnings report c. Determining the unit product cost using TDABC d. Calculating the number of units that must be sold to break even e. Preparing a required report for the SEC f. Preparing a sales budget g. Using cost and revenue information to decide whether to keep, or drop, a product line h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP) i. Using cost and revenue information to decide whether to invest in a new production system or not j. Reducing costs by improving the overall quality of a product k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy l. Using a…Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Purchase of raw materialsb. Design 2. Advertisingc. Production 3. Salary of research scientistsd. Marketing 4. Shipping expensese. Distribution 5. Reengineering of product assembly processf. Customer service 6. Replacement parts for warranty repairs7. Manufacturing supplies8. Sales commissions9. Purchase of CAD (computer-aideddesign) software10. Salary of website designer
- Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salary1 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.2 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Questions: a) Calculate the raw material & factory supplies used by Shades of the Caribbean b) What is the total manufacturing overhead cost incurred by Shades of the Caribbean during theperiod? c) Determine the prime cost & conversion cost of the product manufactured d) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2018, clearlyshowing total manufacturing costs & total manufacturing costs to account for. e) Prepare an income statement for the year ended June 30, 2018, clearly showing the calculation ofCost of Goods sold. List the non-production overheads in order of size starting with the largest. f) Given that the company manufactured 1,600 sun-glasses, compute the company’s unit product costfor the year.The following information is included below for Golden Gadgets: Raw Materials Inventory $7,500, COGS(Product) $42,140, Depreciation $11,253, Work-in-Process inventory $13,489, Cash $19,710, Revenues (Product) $105,328, SG&A $6,840, Finished Goods Inventory $18,190, Accounts Receivable $7,140. Compute the Gross Margin for Golden Gadgets
- Q8) Financial statements for manufacturing companies includes the following, except: a. Direct Labor b. Direct material purchases c. Product inventories costs d. Merchandise purchaseINFORMATION SYSTEM CATEGORIZATION Classify the following item as either: TPS-Transaction Processing System FRS-Financial Reporting System MRS-Management Reporting System a. Variance reports b. Sales order capture c. Balance sheet d. Budgets e. Purchase order preparation f. Tax returns g. Sales summary by product line h. Cash disbursements preparation i. Annual report preparation j. Invoice preparation k. Cost-volume-profit analysis CASE ANALYSIS The Bar Harbor Blueberry Farm is a family-owned, 200-acre farm that grows and sells blueberries to grocery stores, blueberry wholesalers, and small roadside stands. Bar Harbor has 25 full-time employees and hires 150 to 200 seasonal workers for the harvest. For the past six summers, you have picked berries for Bar Harbor. When you graduated, you were hired full-time as the accountant/office manager. Until now, Bar Harbor kept most of its accounting records in a big file box and paper documents. Jack Phillips, the owner, would like a more…Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Labor time to repair products under warrantyb. Design 2. TV commercial spotsc. Production 3. Labor costs of fi lling customer ordersd. Marketing 4. Testing of competitor’s producte. Distribution 5. Direct manufacturing labor costsf. Customer service 6. Development of order tracking system forthe Internet7. Printing cost of new product brochures8. Hours spent designing childproof bottles9. Training costs for representatives to staff the customer call center10. Installation of robotics equipment in manufacturing plant
- The sales of Flamingo Manufacturing Corp. in 2021 is P6,100,000. The cost of goods manufactured is P4,800,000. The beginning inventories of goods in process and finished goods are P820,000 and P650,000 respectively. The ending inventories are: Goods in process - P750,000; Finished Goods - P550,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of goods sold, respectively. Sales returns and sales discounts are P100,000 and P200,000 respectively. What is Flamingo's profit for the year 2021?Maroon Ltd is a company that produces chemicals for the cleaning industry. One of its processes manufactures join products Y and Z, and by-product X. The company uses the net realizable value of its joint products to allocate joint production costs. The by-product is valued for inventory purposes at its market value less its disposal cost, and this value is used to reduce the joint production cost of P2,015,000. Information regarding the company’s August 2020 operations are presented below: In liters Y Z X Finished Goods inventory, August 1 30,000 100,000 40,000 August Sales 1,340,000 760,000 240,000 August Production 1,600,000 800,000 200,000 In Peso Further Processing cost 1,400,000 1,520,000 Final Sales value per Liter 10 14 Sales value per liter at split off 2.40 Disposal Cost per liter 0.40 Required: Calculate the by-product income Calculate the adjusted joint…Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.2 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Questions: PLEASE ANSWER QUESTIONS: d), e) ,f). a) Calculate the raw material & factory supplies used by Shades of the Caribbean b) What is the total manufacturing overhead cost incurred by Shades of the Caribbean during theperiod? c) Determine the prime cost & conversion cost of the product manufactured d) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2018, clearlyshowing total manufacturing costs & total manufacturing costs to account for. e) Prepare an income statement for the year ended June 30, 2018, clearly showing the calculation ofCost of Goods sold. List the non-production overheads in order of size starting with the largest. f) Given that the company manufactured 1,600 sun-glasses, compute the company’s unit product costfor the…