The following information was extracted from the accounting records of Winslow Limited for the month ended 31 March 2022: Inventory on 01 March 2022 Nil Production 60 000 units Sales 48 000 units Selling price per unit R180 Direct materials cost R40 Direct labour cost R30 Variable manufacturing overheads R10 Fixed manufacturing overheads R600 000 per month Advertising and salaries R80 000 per month Sales personnel’s commission 5% of sales Administration costs including salaries R120 000 per month Other administration costs R12 per unit sold   Use the information provided below to prepare the Income Statement of Winslow Limited for the month ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing

Q: Drake Company produces a single product. Last year's income statement is as follows: Sales (23,000…

A: The break even sales are the sales where business earns no profit no loss during the period. The…

Q: Buyer purchased a group Blouses at the following costs: 10 units @ $32.00, 20 units @ $28.00 and 16…

A:

Q: Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of…

A: A tangible item's cost can be spread out over the period of its useful life using the accounting…

Q: Agnes transfers a four-apartment investment condominium subject to a non-recourse mortgage to Brad.…

A: A 1031 exchange is an effective way to defer capital gains taxes on a replacement property when…

Q: avier received the following Form 1099-B reporting the sale of 100 shares of stock. How should he…

A: Given in the question: The taxpayers whose name is Xavier Brown has the income from the wages and…

Q: -S Garcia Company has 10,500 units of its product that were produced at a cost of $157,500. The…

A: SCRAP ANALYSIS Under Scrap Analysis Net Consideration is Treated as net Income. No Any Cost Shall…

Q: The Wester Corporation produces three products with the following costs and selling prices:…

A: When there is constraint resource then contribution margin per constraint is the deciding factor.…

Q: Problem 23-2B Scrap or rework P2 Micron Manufacturing produces telescopes. This month it produced 50…

A: For each situation at hand we will have to do a financial analysis to determine which alternative is…

Q: Piper Rose Boutique has been approached by the community college to make special polo shirts for the…

A: Differential cost: Differential cost means the difference between cost of two alternatives.…

Q: Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated…

A: Direct material purchase budget is the statement which is prepared in order to forecast the amount…

Q: On January 3, 2019, Sheppard Corporation purchased 15% of Meredith Corporation's common stock for…

A: The common stock is a type of the security that represents the ownership of the company. The common…

Q: Voice Com, Inc. uses the product cost method of applying the cost-plus approach to product pricing.…

A: Cost of the product includes all the cost i.e. variable as well as fixed. It comprises of direct…

Q: Journalise the following transactions of John Wong for the month of May. Include in a narration…

A: INTRODUCTION: An accounting record for a business uses a journal entry to document a commercial…

Q: The Company's fixed assets as of December 31, 2020 were presented as follows: Class Building…

A: Tangible assets are the resources that a company uses to generate revenue over the multiple future…

Q: COMPANY A, reported a balance of ₱ 45,000.00 in its Cash account at the end of the month. There were…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Required: Compute Mr. Earl's AGI. What is Mr. Earl's AGI if he also recognized a $20,000 capital…

A: INTRODUCTION: The definition of adjusted gross income (AGI) is gross income less adjustments to…

Q: how do the advanced technologies have impact on the accounting function of a company?

A: there is the use of technology in every field and accounting is also not a very apart from this in…

Q: 23:23 it LTE1 .l LTE2 ,ll 89% Vo) Vo) ACCT20 - Assignment # 1 There were following activities…

A: Financial Statement -

Q: Jars Plus recorded $862,430 in credit sales for the year and $489,000 in accounts receivable. The…

A: Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…

Q: 6. What is the accounting for issued convertible bond?. The instrument should be recorded solely as…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On January 1, 2024, Technicians Credit Union (TCU) issued 6%, 20-year bonds payable with face value…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: budget, manufacturing overhead​ budget, cost of goods sold​ budget, selling and administrative…

A: Cash Budget - A cash budget is a strategy for tracking an organization's cash inputs and outflows.…

Q: On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $197 million cash…

A: Lets understand the basics. When amount is borrowed using the notes payable then at the time of…

Q: Rundle Painting Company is considering whether to purchase a new spray paint machine that costs…

A: Lets understand the basics. Unadjusted rate of return is also known as a simple rate of return. It…

Q: Assuming that Bramble uses the periodic method for recording merchandise transactions, record the…

A: JOURNAL ENTRIES Journal Entry is the First stage of Process of Accounting. Journal is the Process…

Q: 7. The NPV and payback period What information does the payback period provide? Suppose Extensive…

A: NET PRESENT VALUE Net Present Value is the Difference between Present Value of Cash Inflow &…

Q: An avoidable fixed production cost incurred before the split-off point in a joint process is…

A: As per the guidelines, only one question is allowed to be solved. So I am answering the first one.…

Q: Farmer’s Market United (FMU) is an umbrella organization for all individuals who are go-getters in…

A: There are different methods for allocation of service department costs over the production…

Q: All companies are required to disclose in their annual reports the amounts paid to their auditors…

A: Auditing - In order to confirm that a process or quality system is operating in accordance with…

Q: Which of the following departments often found in a merchandising organization would be classified…

A: Line department is the department in the entity which provides the core services to the entity in…

Q: The Let's Read organization is a public charity under Internal Revenue Code IRS section 501(c)(3).…

A: Oganizations that are classified as public charities are those that:-  Are churches, hospitals,…

Q: dit terms of net 30. Its accounts are, on average, 7 days past due. Annual credit sales are $9.6…

A: The accounts receivable would be the proportionate annual credit sale amount pending on the balance…

Q: Required information Use the following information for the Quick Study below. (Algo) [The following…

A: INTRODUCTION: Volume Variance is a technique for determining whether there is a discrepancy between…

Q: Wildhorse Company is a multiproduct firm. Presented below is information concerning one of its…

A:

Q: Semimonthly period ended: August 31, 20xx Empl. No. Name 145 Brown, Bill 157 Hanifan, Ted 149 Jones,…

A:

Q: A company that uses a perpetual merchandise inventory system made the following cash purchases and…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Q. Compute all parts: Ms. Turney owns a one-half interest in an apartment complex, which is her only…

A: INTRODUCTION: The Internal Revenue Service (IRS) utilizes your adjusted gross income (AGI) amount to…

Q: What effective annual interest rate does the firm earn when a customer does not take the discount?…

A: An effective annual interest rate is the real return on a savings account or any interest-paying…

Q: typically recognized as revenue: a. when billed if they are expected to be received within the…

A: As per concept of revenue recognition revenue is recognised only based on the type of activities…

Q: After the closing entries have been journalized and posted, but prior to the next accounting period,…

A: Fund Balance- Unassigned is liability and is that amount which is not assigned to general or deficit…

Q: Radar Company sells bikes for $450 each. The company currently sells 4,500 bikes per year and could…

A: The contribution margin represents the portion of a product's sales revenue that isn't used up by…

Q: On September 30, 2020, Peace Frog International (PFI) (a U.S.-based company) negotiated a two-year,…

A: When you take out a loan denominated in a different currency, such as the Swiss franc, the money…

Q: Question 11 Ch 17-18 Homew X…

A: Process Costing : Process costing is the costing method which is been used to determined cost…

Q: financial accounting: What did you learn from this course that you have found the most useful or…

A: INTRODUCTION: Accounting is the recording of financial transactions and their storage, sorting,…

Q: Camaro GTO Torino Cash $ 2,350 $ 220 $ 1,200 Short-term investments 0 0 700 Current receivables 250…

A: The ratio analysis helps to analyse the financial statements of the business based om various…

Q: Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying…

A: Consolidation entries. Consolidated net income Balance assigned to the non-controlling interest.

Q: Product X-547 is one of the joint products in a joint manufacturing process. Management is…

A: Introduction:- Relevant costs' can be defined as any cost relevant to a decision making. The…

Q: The following information is available concerning Nunan Corporation’s sinking fund: 2019   Jan. 1…

A: INTRODUCTION: A journal entry is often made in the general ledger, but it can alternatively be…

Q: trust has the following results for the current year: Capital gains $100,000 Capital losses…

A: A legal arrangement under which the assets of one party are held by another party. The party who…

Q: TB Problem 10-212 (Static) On January 3, 2024, Michelson... On January 3, 2024, Michelson & Sons…

A:

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.