FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
expand_more
expand_more
format_list_bulleted
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Exercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7)
Rankin Fabrication reports the following information with respect to its direct materials:
Actual quantities of direct materials used
Actual costs of direct materials used.
Standard price per unit of direct materials.
Flexible budget for direct materials.
Rankin Fabrication holds no materials inventories.
35,500 gallons
$ 201,680
$ 5.79
$ 213,100
Required:
a. Compute the direct material price and efficiency variances.
b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing.
Direct materials price variance
Direct materials efficiency variance
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute the direct material price and efficiency variances.
Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not
select either…
3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank.
Raw and In Process Inventory
а.
Accounts Payable
b.
3.
4. Sale
4. Cost
Wincome statement projections
ert
Design
Layout
References
Mailings
Review
View
Times New R..
11
- A- A-
AaBbCcDdEe
AaBbCcDdEe
AaBbCcD
B
U - abe X, x2
A - O A
Normal
No Spacing
Heading 1
To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates.
Company Dhas the following information:
Revenue
Cost of Goods Sold-
Gross Profit-
Total operating costs-
Operating Income-
-150,000,000
-81,825,000
-68,175,000
47,625,000
-20,550,000
Interest Income--
-290,000
-800,000
Interest Expense-
Pre-Tax income--
Таx (21%)---
Net Income---
-20,040,000
--4,208,400
-15,831,600
Share outstanding--
Share outstanding for diluted
-11,000,000
-12,200,000
Cash-
A/R (avg collect Period-30 days)
Inventory (Days Inv. Held = 40)
Other-
Total Current Asset-
-11,917,808
--8,967,123
-5,000,000
PP&E---
Less Accumulated Depreciation-
Net PP&E-
-50,000,000
-10,000,000
-40,000,000
Total current liability
13,842,466
-21,842,466
Total Liabilities---
a. What is the cash amount?
b. what is the…
Chapter 4 Solutions
FINANCIAL ACCT-CONNECT
Ch. 4 - Prob. 1DQCh. 4 - In comparing the accounts of a merchandising...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Distinguish between cash discounts and trade...Ch. 4 - What is the difference between a sales discount...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Refer to the income statement for Samsung in...Ch. 4 - Refer to the income statement of Samsung in...Ch. 4 - Buyers negotiate purchase contracts with...Ch. 4 - Enter the letter for each term in the blank space...Ch. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Compute the amount to be paid for each of the four...Ch. 4 - Prepare journal entries to record each of the...Ch. 4 - Prob. 6QSCh. 4 - Prepare journal entries to record each of the...Ch. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Accounting for shrinkage—perpetual system P3...Ch. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Interpreting a physical count error as inventory...Ch. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Recording sales, purchases and discounts: buyer...Ch. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 1PSACh. 4 - Prepare journal entries to record the following...Ch. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 6PSACh. 4 - Prob. 1PSBCh. 4 - Prepare journal entries to record the following...Ch. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 6PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 7BTNCh. 4 - Prob. 8BTNCh. 4 - Prob. 9BTN
Knowledge Booster
Similar questions
- eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse e Page | Zora... Welcome, Quente... E Library Genesis Macmillan Launch... (7) YouTube O11- My Conversations... bnc Apparel, Gifts & T... 国 >> a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Unit Price Amount Date Quantity Amount Number Number price May 1 400 $9 $3,600 26 280 $11 May 4 103 450 May 10 32 190 13 May 21 116 270 May 27 b. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time. %24 %24arrow_forwardRequirement 3: Either print a copy of your worksheet or make a copy of the worksheet in your workbook before proceeding. You will need to refer back to this worksheet. Change the percentage completion with respect to conversion for the beginning inventory from 25% to 35%, but keep everything the same as in Requirement 2. The data area of your worksheet should now look like this: A 1 Chapter 5: Applying Excel 2 3 4 Data Beginning work in process inventory: Units in process 5 6 7 8 9 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost 14 Conversion cost Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory: Materials cost 15 Ending work in process inventory: 16 Units in process 17 Completion with respect to materials Completion with respect to conversion 18 $ $ Equivalent units of production for materials B 700 % 35 % 7,674 11,749…arrow_forward! Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department View transaction list Credit 27,000 Completed and transferred to Finished Goods 151, 100 95,500 113,000 The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,900 units were started into production. The June 30 work in process…arrow_forward
- Question 5.4 Determine the inventory period of MS Manufacturer's from the information provided on the attached picturearrow_forwardS Module Three Assignment - ACCX * CengageNOWv2 | Online teachir x enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. O eBook Show Me How Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return? Check My Work Previous Next 5:49 AM A OEOD A 40 11/13/2021 - 46°Farrow_forwardHow would you interpret this formula: 'Income Statement' ! C5 Ocell C5 from the Income Statement named cell in the current work sheet O cell C5 from the Income Statement tab in the work book O cell C5 from the named range of Income Statement in the file name cell from the file named Income Statement that is copied to C5arrow_forward
- QUESTION 3 Which of the following financial statement line items would be found on a manufacturer's financial statement but not on a merchandiser or service company's? (Select all that apply.) O Cost of Goods Sold O Finished Goods Inventory O Raw Materials Inventory Work-in-process Inventoryarrow_forward8. How does Aritzia recognize revenue if a product is purchased on-line and will either be delivered or picked up by the customer at the store? need ans in txt formarrow_forwardset c. C0mpute the sales journalarrow_forward
- Q-1: The following accounts are included in the ledger of David Company: Advertising expense Freight-in Inventory Purchases Purchase returns and allowances Sales Sales returns and allowances Which of the accounts would be included in calculating cost of goods sold?arrow_forwardQ.3.1 Discuss the cost elements for a manufactured item. Q.3.2 Briefly discuss the general ledger with regard to SAP ERP.arrow_forwardQuestion 4 For each of the following records, indicate the appropriate related file structure: master file,transaction file, reference file, or archive file customer ledgers purchase orders list of authorized vendors records related to prior pay periods vendor ledgers hours each employee has worked during the current pay period tax tables sales orders that have been processed and recordedarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
- Accounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Accounting Information Systems
Finance
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning