Describe the two-stage allocation process for assigning support service costs to products in atraditional manufacturing environment.

Q: Acquiree Inc. has 100,000 shares of P2 par value stock outstanding. Acquirer Co. purchased 30,000…

A: Goodwill  = Acquisition  date fair value/purchase consideration - Net assets at Fair value

Q: On February 5, 2021, an employee filed a P2,000,000 lawsuit against ABC Company for damages suffered…

A: Liabilities are the obligations or dues that needs to be paid out or settled by the business. It can…

Q: What are three of the benefits of common-sized analysis using the inverse operating asset turnover…

A: Common sized analysis evaluates the performance of business by presenting the percentage of the line…

Q: Prepare the adjusting entries required by the following information made available to you December…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: Department A of Forbidden Company furnishes you with the following data: Started in process- 20,000…

A: Solution: Equivalent units of production for materials = Units completed and transferred out + Units…

Q: Transaction + Stockholders' Equity Assets Liabilities %3D The owners invested $17,160 cash into the…

A: The accounting equation is: Assets = Liabilities + Stockholders' equity   In the given question, the…

Q: Given: The Company showed a net loss of P140,600 with Cost of Goods Sold of P546,900 which is 60% of…

A: Formulas: Total expenses = Net Loss + Gross profit where, Gross profit = Sales - Cost of goods sold

Q: The sales journal records the daily transactions of a business pertaining to: O a. Sales…

A: Sales journal  records revenue from sale of  goods or services.

Q: On January 7, 2019, Rey Co., acquired a 35% interest in Joanne Co., for P4,300,000. Rey already held…

A: It is the excess of purchase price of a business over the fair market value of the business's assets…

Q: The total depreciation for the year ended December 31, 2020 is

A: Since you have asked two questions and as per our protocol we provide solution to the one question…

Q: Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams…

A: Direct materials are those materials and supplies used during the manufacturing process of a…

Q: 5. Assume that a partnership had assets with a book value of P240,000 and a market value of…

A: Liquidation of Partnership Firm: Liquidation of the Partnership firm means dissolution of the the…

Q: The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa, are married and have two…

A: A tax credit is a monetary sum that taxpayers can deduct directly from their tax returns. Tax…

Q: Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $120 million of 6% bonds, dated…

A: Solution 1 to 3:       Journal Entries -  Fuzzy Monkey Technologies Inc. Event Date Particulars…

Q: Current GAAP recommends that the fair value method be used to account for compensatory stock option…

A: The answer for the theory question on the Fair value method to account for the Compensatory stock…

Q: At the beginning of the current year, ABC Corporation issued 6,000, 5-year bonds, face value 1,000…

A: Given information, Face value of bonds=6,000*1,000=6,000,000   Cost of the bonds…

Q: In an effort to increase sales, DARIO Company inaugurated a sales promotional campaign on June 30,…

A: Liabilities means the obligations and dues which needs to be paid off by the business. Premium…

Q: The University of Cincinnati Center for Business Analytics is an outreach center that collaborates…

A: Variable cost: - A variable cost is the cost which is changes according to the change in the volume…

Q: If Salman Company issues 16,000 shares of 10 par value common stock for 560,000 Paid-In Capital in…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: One of the following attributes in respect of accounting transactions is not correct: O a.…

A: Accounting transactions indicate the system of recording events having a monetary value that have…

Q: Acme Investors is considering the purchase of an undeveloped tract of land. It is currently zoned…

A: The first step is to calculate the following Operating expense ratio =Operating…

Q: The following information was taken from the

A: Working capital is a measure of both a company's efficiency and its short-term financial health. The…

Q: OA. weighted-average OB specific identification O C. last-in, frst-out OD. first-in, first-out

A: Introduction:- The following four accepted methods of costing items as follows under:- Specific…

Q: Jax Company provides an incentive compensation plan under which its president received a bonus equal…

A: Amount of the bonus = 10% x income before income tax but after deduction of the bonus…

Q: Find the book value of machine purchased 2 years ago for P20,000 if it is depreciated using sum of…

A: Depreciation expense is the reduction in the value of asset due to its use over the life of asset.…

Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…

A: Assets are the resources that are employed by the business for the end goal of maximizing the…

Q: Use the following information to calculate cash received from dividends: Dividends revenue $ 30,300…

A: Formula: Cash received from dividends = January 01 dividends receivable + Dividends revenue -…

Q: EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under…

A: Warranty is a guarantee from the company that the product will be repaired or replaced. The working…

Q: On 1 April 2020, an 8% convertible loan with a nominal value of P600,000 was issued at par. It is…

A: In the above question, there is an option to convert the loan into equity i.e they can demand…

Q: FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high…

A: The direct materials budgets are prepared to record the estimate the requirements of the materials…

Q: Question: You are an attorney working for a large law firm. Anthony, Paul and Silvio retain you to…

A: Introduction:- A lawyer or attorney is a person who prepares, interprets, and applies the law as an…

Q: sures that the Hong Ko US dollar (USD). 7.8-8.7: Independent m

A: The exchange rate refers to the concept which converts the money of one country's terms with the…

Q: Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and…

A: The cash budget is prepared to record the cash receipts and cash disbursements made during the…

Q: According to PAS 1, dividends declared by an entity are disclosed in the a.    Statement of changes…

A: According to PAS 1 Presentation of Financial Statements the dividends declared by the company will…

Q: Haystalk Company issues 4,000 shares of restricted stock to its CFO, Corn Needle, on January 1,…

A: Total par value of 4000 shares  = 4000 shares ×$5 =$20000

Q: 6.) The discounted cashflows of a bond is equal to Dirty Price (Value) Accrued Interest Clean Price…

A:

Q: Direct Materials Purchases Budget: Direct Labor Budget Crescent Company produces stuffed toy…

A: The direct labor budget is prepared to estimate the number of direct labor hours for the period and…

Q: Goods in the receiving department, returned by customer, in good condition 18,750.00 Goods ordered…

A: Recording of goods received and their invoice is two sides of the same coin. Whenever goods are…

Q: A company sells one of its trucks for R250,000. Which of the following options accurately classifies…

A: Cash flows means all cash inflows and cash outflows of the business. Cash inflows means cash…

Q: Edward is married and files a joint return. He reports the following items of income and loss for…

A: The annual gross income of the company is the income before deducting any deduction. This income is…

Q: Jim is single and earned wages of $46,181 in 2019. He also earned $1,632 in tips and contributed…

A: Adjusted Gross Income: In accounting, adjusted gross income (AGI) is defined as gross income less…

Q: Prokp Co.'s records for April disclosed the following data relating to direct labor: Actual labor…

A: Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual direct labor hours…

Q: A company recorded the $20,000 adjusting entry for accrued interest expense on monies borrowed by…

A: Solution:   Adjusting entries are those entries which are made to adjust the accounts for matching…

Q: On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and…

A:

Q: On November 5, 2020, a ABC Corporation truck was in an accident with an auto driven by nel. ABC…

A:

Q: For the current year ending October 31, Papadakis Company expects fixed costs of $636,800, a unit…

A: Introduction: Break even sales units: The level of sales units where there is no profit nor loss to…

Q: Feinan Sports, Inc., manufactures sporting equipment, including weight-lifting gloves. A national…

A: Materials are the actual goods utilized to make a product. Direct materials for a baker, for…

Q: 9.) Who pays the accrued interest in a bond trade?

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Henredon purchased a high precision programmable router for shaping furniture components for $85000.…

A:

Q: A paper mill located in a smail rural town uses complicated, heavy-duty machines to turn logs into…

A: Backward integration in supply chain analysis refers to the suppliers of raw materials and other…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.