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The document discusses solving a production planning problem to determine the optimal order quantity of Product 1 for a company. It sells Product 1 at 280 pounds annually and buys Product 2 from a supplier for $2.40 per pound. Using the economic order quantity formula, the optimal order quantity is calculated by taking the square root of two times the annual demand multiplied by the ordering cost, divided by the holding cost percentage and cost per unit from the supplier. The optimal order quantity calculated for this problem is 229 pounds.
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Problem 20-1A Production cost flow and measurement; journal entrie.docx
Problem 20-1A Production cost flow and measurement; journal entries L.O. P1, P2, P3, P4
[The following information applies to the questions displayed below.]
Edison Company manufactures wool blankets and accounts for product costs using process costing. The following information is available regarding its May inventories.
Beginning
Inventory
Ending
Inventory
Raw materials inventory
$
60,000
$
41,000
Goods in process inventory
449,000
521,500
Finished goods inventory
610,000
342,001
The following additional information describes the company's production activities for May.
Raw materials purchases (on credit)
$
250,000
Factory payroll cost (paid in cash)
1,850,300
Other overhead cost (Other Accounts credited)
82,000
Materials used
Direct
$
200,500
Indirect
50,000
Labor used
Direct
$
1,060,300
Indirect
790,000
Overhead rate as a percent of direct labor
115
%
Sales (on credit)
$
3,000,000
The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost.
\\\\\
rev: 11_02_2011
references
1.
value:
2.00 points
Problem 20-1A Part 1
Required:
1(a)
Compute the cost of products transferred from production to finished goods. (Omit the "$" sign in your response.)
Cost of products transferred
$
1(b)
Compute the cost of goods sold. (Omit the "$" sign in your response.)
Cost of goods sold
$
rev: 10_31_2011
check my workeBook Links (4)references
2.
value:
5.00 points
Problem 20-1A Part 2
2(a)
Prepare journal entry dated May 31 to record the raw materials purchases. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(b)
Prepare journal entry dated May 31 to record the direct materials usage. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(c)
Prepare journal entry dated May 31 to record the indirect materials usage. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(d)
Prepare journal entry dated May 31 to record the payroll costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(e)
Prepare journal entry dated May 31 to record the direct labor costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(f)
Prepare journal entry dated May 31 to record the indirect labor costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(g)
Prepare journal entry dated May 31 to record the other overhead costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(h)
Prepare journal entry dated May 31 to record the overhead applied. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(i)
Prepare journal entry dated May 31 to record the goods transferred from production to finished goods.(Omit the "$" sign in yo.
Question 1.Which of the following is considered to be an advantage.docx
Question 1.Which of the following is considered to be an advantage of using both nonfinancial and financial information in the balanced scorecard? (Points : 2)
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Participate in programs of environmental organizations.
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Develop and implement a sustainability scorecard.
Risk management.
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Wholesalers are merchandisers that sell directly to the government whereas retailers are merchandisers that sell to other merchandisers.
Wholesalers are merchandisers that sell directly to customers whereas retailers are merchandisers that sell directly to the government.
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Activity-Based Costing.
Theory of Constraints.
Continuous Improvement.
Total Quality Management.
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Ending Finished Goods Inventory = $124,000
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Ending WIP Inventory = $104,000
Beginning Direct Materials = $117,000
Ending Direct Materials = $130,000
Costs incurred during the period are as follows:
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Factory Overhead = $199,000
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RMI 2101 Fall 2016 Homework Assignment 7 28 Points.docx
RMI 2101
Fall 2016
Homework Assignment 7
28 Points
Due on Wednesday, November 2, 2016 AT THE BEGINNING OF CLASS
1. Manaca Company owns a small office building worth $100,000. Art Vandelay is the risk
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The probability of a fire is known to be 5%.
Manaca is considering the following risk management options to address the risk of fire
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[1] Retention
[2] Full Insurance for a premium of $4,000
[3] Safety Program + Retention
[4] Safety Program + Full Insurance [premium falls to $3,000]
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Loss Amount ($) Probability of Loss
0 0.4
20,000 0.3
40,000 0.2
60,000 ?
Kramerica is considering the following risk management options:
[1] Retention
[2] Partial insurance - Face Amount = $50,000; Premium = $1,200
[3] Deductible insurance - Face Amount = $60,000; Deductible per occurrence =
$800; Premium = $1,500
[4] Full insurance - Face Amount = $60,000; Premium = $7,000
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Business Solutions sells upscale modular desk units and office chair.docx
Business
Solution
s sells upscale modular desk units and office chairs in the ratio of 3:2 (desk unit:chair). The selling prices are $1,250 per desk unit and $500 per chair. The variable costs are $750 per desk unit and $250 per chair. Fixed costs are $120,000.
Required:
1.
Compute the selling price per composite unit.
(Omit the "$" sign in your response.)
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$
Required:
1.
Compute the break-even point in dollar sales for year 2011.
(Round your intermediate calculations to 2 decimal places. Omit the "$" sign in your response.)
Break-even point in dollar sales for year 2011
$
2.
Compute the predicted break-even point in dollar sales for year 2012 assuming the machine is installed and there is no change in the unit sales price.
(Round your intermediate calculations to 2 decimal places and final answer to nearest dollar amount. Omit the "$" sign in your response.)
Break-even point in dollar sales for year 2012
$
3.
Prepare a forecasted contribution margin income statement for 2012 that shows the expected results with the machine installed. Assume that the unit sales price and the number of units sold (20,300 units) will not change, and no income taxes will be due.
(Input all amounts as positive values. Omit the "$" sign in your response.)
JETSON COMPANY
Forecasted Contribution Margin Income Statement
For Year Ended December 31, 2012
$
4.
Compute the sales level required in both dollars and units to earn $161,000 of after-tax income in 2012 with the machine installed and no change in the unit sales price. Assume that the income tax rate is 30%.
(Round your intermediate calculations to 2 decimal places and final answers to the nearest whole number. Omit the "$" sign in your response.)
Sales level required in dollars
$
5.
Prepare a forecasted contribution margin income statement that shows the results at the sales level computed in part 4. Assume an income tax rate of 30%.
(Input all amounts as positive values. Round your "Sales level required in units" to nearest whole number. Round your intermediate calculations to 2 decimal places and final answers to the nearest whole number. Omit the "$" sign in your response.)
This year Cairo Company sold 41,000 units of its only product for $17.20 per unit. Manufacturing and selling the product required $126,000 of fixed manufacturing costs and $186,000 of fixed selling and administrative costs. Its per unit variable costs follow.
Material
$
4.60
Direct labor (paid on the basis of completed units)
3.60
Variable overhead costs
0.46
Variable selling and administrative costs
0.26
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costs incurred but n.
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This document provides course materials for ACC 206, including assignments, exercises, and problems related to accounting concepts such as cash flows, stockholders' equity, bonds, manufacturing costs, and cost behavior analysis. The materials cover topics in chapters 1 through 5, including the direct and indirect methods for preparing statements of cash flows, issuance of stock and bonds, product and period costs, overhead application, and cost estimation techniques like the high-low method. Students are asked to complete multiple assignments demonstrating their understanding of accounting concepts through problem-solving exercises.
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This chapter discusses incremental analysis and relevant costs for managerial decision making. It covers the decision making process and how incremental analysis works. Incremental analysis identifies the financial data that changes between alternative courses of action. Relevant costs include variable costs that change and opportunity costs of forgone alternatives. The chapter provides examples of using incremental analysis for special order decisions, make-or-buy decisions, and other common business decisions.
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Comparing Major Party Platforms
Using the party platforms provided in the “Session 11: Assignments and Assessments” folder, compare and contrast the Democratic Party, Republican Party and a chosen third party on major issues. In order to receive full credit you should be able to fill out 80% of the boxes (31/39). If one of the platforms does not include any information on a particular subject you may type N/A into the box. Save the completed chart and submit it.
Democratic Platform
Republican Platform
Third Party
____________________
Abortion
Education
Energy
Environment
Government
Gun Control
Health Care
Immigration
National Security
Retirement Security
Science and Technology
Taxes
Values
1 Sales Forecast
As shown in the Products sales for 2012, the monthly average units sold and selling price for screwdriver are 60,000 and $100, for saws are 40,000 and $125.
Although Lipscomb suggested that use the numbers in some bestselling month, these numbers are not proper to forecast the whole year sales. Sold units in summer months are much higher than in other months, so we need to consider how to balance the best season and the worst season.
In 2013, Harvey’s sales forecast should be based on the average number rather than the best numbers as Lipscomb recommended.
Sales Forecast for 2013
Screwdrivers
Saws
Units
720,000
480,000
Price
$100
$125
Total
72,000,000
60,000,000
2 Purchases budget (raw materials, labor, all resources)
To meet the units supposed to be sold in 2013, Harvey’s will need:
Metal: 5* 720,000+ 4* 480,000= 5,520,000 lb
Plastic: 3* 72,000+ 3* 480,000= 3,600,000 lb
Handles: 1* 720,000= 720,000 units
Labor cost: 2* 720,000* 12+ 3* 480,000* 16= $40,320 000
Variable OH= 2* 720,000* 1.5+ 3* 480,000* 1.5= $4,320,000
To meet the inventory requirement for 2013, Harvey’s need to:
Make Screwdrivers for: 25,000- 20,000+ 720,000= 725,000 units
Make Saws for: 10,000- 8,000+ 480,000= 482,000 units
And need to purchase:
36,000- 320,000+ 5,520,000= 5,236,000 lbs of metal
32,000- 29,000+ 3,600,000= 3,603,000 lbs of plastic
7,000- 6,000+ 720,000= 721,000 units of handle
Raw Material Purchase Budget
DM
Units
Unit cost
Cost
Metal
5,260,000
Lbs
$8
$42,080,000
Plastic
3,603,000
Lbs
$5
$18,015,000
Handles
721,000
Unit
$3
$2,163,000
Total DM
$62,258,000
Direct Labor Cost
Units (hrs)
Unit Cost
Cost
Screwdriver
1,450,000
12
17,400,000
Saws
1,446,000
16
23,136,000
Total
40,536,000
Variable Manufacturing OH Cost
Units (hrs)
Unit Cost
Cost
Screwdriver
1,450,000
1.5
2,175,000
Saws
1,446,000
1.5
2,169,000
Total
2,896,000
4,344,000
Total Budgeted Variable Manufacturing Cost= 4,344,000+ 40,536,000+ 62,258,000= 107,138,000
Operating Expenses
All other Expenses:
Fixed Manufacturing OH+ Non-cash Expenditures= 214,000- 156,000= 58,000
Annually Selling and administrative expenses= 340,000* 4= 1,360,000 (including 90,000* 4= 360,000 of depreciation)
Harvey’s Budgeted Income Statement
Sales
132,000,00.
Problem 1 (30 marks)Review enough information about .docx
Problem 1 (30 marks)
Review enough information about Trinidad Drilling Ltd. to propose a vision and strategic objectives for the company. Develop a balanced scorecard that will help the company achieve this vision and monitor how well it is accomplishing its strategic objectives. Include a strategy map in table format that shows objectives and performance measures, with arrows illustrating hypothesized cause-and -effect relationships. Provide rationale for your strategy map. The body of your report should not exceed 1,000 words. Cite material you used to prepare the response and provide references in an appendix.
Problem 2 (20 marks)
Ajax Auto Upholstery Ltd. manufactures upholstered products for automobiles, vans, and trucks. Among the various Ajax plants around Canada is the Owlseye plant located in rural Alberta.
The chief financial officer has just received a report indicating that Ajax could purchase the entire annual output of the Owlseye plant from a foreign supplier for $37 million per year.
The budgeted operating costs (in thousands) for the Owlseye plant’s for the coming year is as follows:
Materials $15,000
Labor
Direct $12,000
Supervision 4,000
Indirect plant 5,000 19,000
Overhead
Depreciation – plant 6,000
Utilities, property tax, maintenance 2,000
Pension expense 4,500
Plant manager and staff 2,500
Corporate headquarters overhead allocation 3,000 18,000
Total budgeted costs $52,000
If material purchase orders are cancelled as a consequence of the plant closing, termination charges would amount to 10 percent of the annual cost of direct materials in the first year (zero thereafter).
A clause in the Ajax union contract requires the company to provide employment assistance to its former employees for 12 months after a plant closes. The estimated cost to administer this service if the Owlseye plant closes would be $2 million. $3.6 million of next year’s pension expense would continue indefinitely whether or not the plant remains open. About $900,000 of labour would still be required in the first year after closure to decommission the plant. After that, the plant would be sold for an estimated $1 million. Utilities, property taxes, and maintenance costs would remain unchanged in the first year after closure, but disappear when the plant is sold.
The plant manager and her staff would be somewhat affected by the closing of the Owlseye plant. Some managers would still be responsible for managing three other plants. As a result, total management salaries would be about 50% of the current level, starting at closure and remaining into the future.
Required:
Assume you are the company’s chief financial officer. Perform a five-year financial analysis and make a recommendation whether to close the Owlseye plant on this basis. Provide support for and cautions about your recommendation with organized, clearly-labeled data. Use bullet points where appropriate.
Problem 3 (16 marks)
Br.
ACCT 505 Final Exam (2017 version)
1. The document contains accounting problems related to cost of goods manufactured, cost of goods sold, break-even analysis, and capital budgeting.
2. One problem involves calculating predetermined overhead rate and preparing a cash budget. Another requires constructing a flexible budget performance report.
3. The last problem asks the student to calculate net present value of a new product investment and determine if the company should proceed based on the NPV.
Break-Even Analysis Tutorial Exercise
Diana wants to open an Italian cake shop. She needs to sell at least 60 cakes per month to cover her monthly expenses of $1,440 which include rent, electricity, wages, and the $12 cost to make each cake that she sells for $28.
Thomas plans to open a Blu Ray shop. He will buy discs for $2.50 each and sell them for $12. His monthly costs are $1,200. To break even, he needs to sell at least 100 discs per month. To make a $24,000 annual profit, he needs to sell at least 300 discs per month. If he provides protective cases that cost $0.50 each, he would need to sell
CASH PROVIDED BY OPERATING ACTIVITIES:
This document provides 27 multiple choice questions related to accounting concepts such as the statement of cash flows, financial ratios, manufacturing costs, and inventory valuation. The questions cover topics like identifying which section of the statement of cash flows a transaction would be reported in, calculating financial ratios, determining inventory costs, and identifying accounts in a job order costing system.
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Problem 20-1A Production cost flow and measurement; journal entrie.docx
Problem 20-1A Production cost flow and measurement; journal entries L.O. P1, P2, P3, P4
[The following information applies to the questions displayed below.]
Edison Company manufactures wool blankets and accounts for product costs using process costing. The following information is available regarding its May inventories.
Beginning
Inventory
Ending
Inventory
Raw materials inventory
$
60,000
$
41,000
Goods in process inventory
449,000
521,500
Finished goods inventory
610,000
342,001
The following additional information describes the company's production activities for May.
Raw materials purchases (on credit)
$
250,000
Factory payroll cost (paid in cash)
1,850,300
Other overhead cost (Other Accounts credited)
82,000
Materials used
Direct
$
200,500
Indirect
50,000
Labor used
Direct
$
1,060,300
Indirect
790,000
Overhead rate as a percent of direct labor
115
%
Sales (on credit)
$
3,000,000
The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost.
\\\\\
rev: 11_02_2011
references
1.
value:
2.00 points
Problem 20-1A Part 1
Required:
1(a)
Compute the cost of products transferred from production to finished goods. (Omit the "$" sign in your response.)
Cost of products transferred
$
1(b)
Compute the cost of goods sold. (Omit the "$" sign in your response.)
Cost of goods sold
$
rev: 10_31_2011
check my workeBook Links (4)references
2.
value:
5.00 points
Problem 20-1A Part 2
2(a)
Prepare journal entry dated May 31 to record the raw materials purchases. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(b)
Prepare journal entry dated May 31 to record the direct materials usage. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(c)
Prepare journal entry dated May 31 to record the indirect materials usage. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(d)
Prepare journal entry dated May 31 to record the payroll costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(e)
Prepare journal entry dated May 31 to record the direct labor costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(f)
Prepare journal entry dated May 31 to record the indirect labor costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(g)
Prepare journal entry dated May 31 to record the other overhead costs. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(h)
Prepare journal entry dated May 31 to record the overhead applied. (Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
May 31
2(i)
Prepare journal entry dated May 31 to record the goods transferred from production to finished goods.(Omit the "$" sign in yo.
Question 1.Which of the following is considered to be an advantage.docx
Question 1.Which of the following is considered to be an advantage of using both nonfinancial and financial information in the balanced scorecard? (Points : 2)
Nonfinancial information is most helpful in analyzing a company's past performance, while financial information is most useful in evaluating potential future performance.
Nonfinancial information provides the short-term perspective while financial information provides the long-term perspective of performance.
Nonfinancial information reflects the company's current and potential competitive advantage, while financial information tends to focus on a firm's achieved financial performance.
Nonfinancial information should be included with financial information because it is more reliable than financial information.
Question 2.Over the past several years it has become increasingly important for firms to improve achievement towards their social and environmental responsibilities. What is the best way the management accountant can help the firm improve on sustainability? (Points : 2)
Participate in programs of environmental organizations.
Develop and implement a legal staff and public relations staff for dealing with sustainability issues that may affect the firm.
Develop and implement a sustainability scorecard.
Risk management.
Question 3.The range of the cost driver in which the actual value of the driver is expected to fall is the: (Points : 2)
Actual cost range.
Driver range.
Activity range.
Relevant range.
Question 4.The difference between wholesalers and retailers is: (Points : 2)
Wholesalers are merchandisers that sell directly to customers whereas retailers are merchandisers that sell to other merchandisers.
Wholesalers are merchandisers that sell to other merchandisers whereas retailers are merchandisers that sell directly to consumers.
Wholesalers are merchandisers that sell directly to the government whereas retailers are merchandisers that sell to other merchandisers.
Wholesalers are merchandisers that sell directly to customers whereas retailers are merchandisers that sell directly to the government.
Question 5.In a local factory, employees are rewarded for finding new and better ways of changing the way they work. This company is motivating its employees to use what management technique? (Points : 2)
Benchmarking.
Activity-Based Costing.
Theory of Constraints.
Continuous Improvement.
Total Quality Management.
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Ending Finished Goods Inventory = $124,000
Beginning WIP Inventory = $85,000
Ending WIP Inventory = $104,000
Beginning Direct Materials = $117,000
Ending Direct Materials = $130,000
Costs incurred during the period are as follows:
Total Manufacturing Costs = $896,000
Factory Overhead = $199,000
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RMI 2101 Fall 2016 Homework Assignment 7 28 Points.docx
RMI 2101
Fall 2016
Homework Assignment 7
28 Points
Due on Wednesday, November 2, 2016 AT THE BEGINNING OF CLASS
1. Manaca Company owns a small office building worth $100,000. Art Vandelay is the risk
manager. Manaca faces the risk of fire which would completely destroy their building.
The probability of a fire is known to be 5%.
Manaca is considering the following risk management options to address the risk of fire
to their building:
[1] Retention
[2] Full Insurance for a premium of $4,000
[3] Safety Program + Retention
[4] Safety Program + Full Insurance [premium falls to $3,000]
The cost of the Safety Program is $600. It has the impact of lowering the probability of a
fire from 5% to 3%. However, if a fire does occur it is still a total loss.
a. Construct a loss matrix. [4 point]
b. What is the actuarially fair premium [AFP] in this case? [1 point]
c. What is the AFP when safety is introduced? [2 points]
Assume Art’s worry value for retention (WVR) is $2,000 and for retention and safety
(WVRS) is $1,200.
d. If Art decides to minimize TOTAL COST, what risk management option does he
choose? Make sure that you show all calculations and clearly define TOTAL
COST in each case. [4 points]
e. What is Art’s PMAX for full insurance? [1 point]
f. During a meeting, the Chief Risk Officer (CRO) told Art that the most he would
pay for full insurance is $7,500. What is the CRO’s WVR? [1 point]
g. Who is more risk averse, the CRO or Art? Explain. [2 points]
2. Kramerica Company has a small plant worth $60,000. The plant is subject to physical
damages and total destruction as a result of fire.
From over 10,000 industry observations, the firm has derived the following probability
distribution of fire losses for its physical plant.
Loss Amount ($) Probability of Loss
0 0.4
20,000 0.3
40,000 0.2
60,000 ?
Kramerica is considering the following risk management options:
[1] Retention
[2] Partial insurance - Face Amount = $50,000; Premium = $1,200
[3] Deductible insurance - Face Amount = $60,000; Deductible per occurrence =
$800; Premium = $1,500
[4] Full insurance - Face Amount = $60,000; Premium = $7,000
a. Construct the loss matrix. [4 points]
b. Assume that the firm decides to choose a risk management alternative without
including valuation for subjective risk. What risk management option is chosen?
Show all work and calculations. [4 points]
c. What worry value(s) would make full insurance preferred to partial insurance?
Show all work and calculations and explain your numerical answer. [2 points]
d. What worry value(s) would make deductible insurance preferred to partial
insurance? Show all work and calculations and explain your numerical answer.
[3 points]
Assignment # 3
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Managerial Accounting in class exercise chapter 4 solution
This document provides solutions to questions about calculating costs for a startup food manufacturer. It summarizes how to calculate manufacturing overhead, allocate it to products, determine cost of goods manufactured, and prepare related journal entries and financial statements. Key steps include calculating actual manufacturing overhead, allocating it to products based on direct labor costs, adjusting for differences between actual and allocated overhead, and using this information to prepare an income statement for the year.
Business Solutions sells upscale modular desk units and office chair.docx
Business
Solution
s sells upscale modular desk units and office chairs in the ratio of 3:2 (desk unit:chair). The selling prices are $1,250 per desk unit and $500 per chair. The variable costs are $750 per desk unit and $250 per chair. Fixed costs are $120,000.
Required:
1.
Compute the selling price per composite unit.
(Omit the "$" sign in your response.)
Selling price per composite unit
$
Required:
1.
Compute the break-even point in dollar sales for year 2011.
(Round your intermediate calculations to 2 decimal places. Omit the "$" sign in your response.)
Break-even point in dollar sales for year 2011
$
2.
Compute the predicted break-even point in dollar sales for year 2012 assuming the machine is installed and there is no change in the unit sales price.
(Round your intermediate calculations to 2 decimal places and final answer to nearest dollar amount. Omit the "$" sign in your response.)
Break-even point in dollar sales for year 2012
$
3.
Prepare a forecasted contribution margin income statement for 2012 that shows the expected results with the machine installed. Assume that the unit sales price and the number of units sold (20,300 units) will not change, and no income taxes will be due.
(Input all amounts as positive values. Omit the "$" sign in your response.)
JETSON COMPANY
Forecasted Contribution Margin Income Statement
For Year Ended December 31, 2012
$
4.
Compute the sales level required in both dollars and units to earn $161,000 of after-tax income in 2012 with the machine installed and no change in the unit sales price. Assume that the income tax rate is 30%.
(Round your intermediate calculations to 2 decimal places and final answers to the nearest whole number. Omit the "$" sign in your response.)
Sales level required in dollars
$
5.
Prepare a forecasted contribution margin income statement that shows the results at the sales level computed in part 4. Assume an income tax rate of 30%.
(Input all amounts as positive values. Round your "Sales level required in units" to nearest whole number. Round your intermediate calculations to 2 decimal places and final answers to the nearest whole number. Omit the "$" sign in your response.)
This year Cairo Company sold 41,000 units of its only product for $17.20 per unit. Manufacturing and selling the product required $126,000 of fixed manufacturing costs and $186,000 of fixed selling and administrative costs. Its per unit variable costs follow.
Material
$
4.60
Direct labor (paid on the basis of completed units)
3.60
Variable overhead costs
0.46
Variable selling and administrative costs
0.26
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Step 1 You work for Thunderduck Custom Tables Inc. This is the first.pdf
Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The
company designs and manufactures specialty tables. Each table is specially customized for the
customer. This month, you have been asked to develop and manufacture two new tables for
customers. You will design and build the tables. This is a no nail, no screw, and no glue
manufacturing ( no indirect materials used). You will be keeping track of the costs incurred to
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manufacturing overhead rate? Step 2 The first order you received was to manufacture a table
using a table top and four legs. This is your Job #1. Step 3 The customer that has ordered Job #2,
wants a table that is the same as Job #1, but wants to also add a drawer to the table. Step 4 The
following is a list of transactions that need to be recorded for the company for activity in the
month of December. Record those in the \"General Journal\" tab of the excel file using the proper
format. Please use the following accounts: Accounts Receivables, Raw materials, Work in
process, Finished goods, Accumulated depreciation, Accounts payable, Salaries and wages
payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages
expense, Advertising expenses, and Depreciation expense. 1-Dec Raw Materials purchased on
account, $15,000. 5-Dec All Raw Materials needed for Job #1 were requisitioned from the
material storage for use during the month. Assume all materials are direct. (After you journalize
this entry please enter the information into Job #1 Cost Sheet) 10-Dec The following employee
costs were incurred but not paid during the month: There are three assembly employees that
spend 2 hours each, $25 per hour to make the table for Job #1. (After you journalize this entry
please enter the information into Job #1 Cost Sheet) Salary for supervisor of the factory $3,000.
Administrative Salary $2,000. 15-Dec All Raw Materials needed for Job #2 were requisitioned
from the material storage for use during the month. Assume all materials are direct. (After you
journalize this entry please enter the information into Job #2 Cost Sheet) 16-Dec Rent for the
month of December for the factory building incurred but not paid $1,100. 17-Dec Advertising
costs incurred but n.
Acc 206 complete course material
This document provides course materials for ACC 206, including assignments, exercises, and problems related to accounting concepts such as cash flows, stockholders' equity, bonds, manufacturing costs, and cost behavior analysis. The materials cover topics in chapters 1 through 5, including the direct and indirect methods for preparing statements of cash flows, journal entries for stock issuances, bond computations using straight-line amortization, identification of product and period costs, preparation of manufacturing statements, and analysis of variable and fixed costs using the high-low method.
Acc 206 complete course material
This document provides course materials for ACC 206, including assignments, exercises, and problems related to accounting concepts such as cash flows, stockholders' equity, bonds, manufacturing costs, and cost behavior analysis. The materials cover topics in chapters 1 through 5, including the direct and indirect methods for preparing statements of cash flows, issuance of stock and bonds, product and period costs, overhead application, and cost estimation techniques like the high-low method. Students are asked to complete multiple assignments demonstrating their understanding of accounting concepts through problem-solving exercises.
My mission is to complete my study so I can go b.docx
My mission is to complete my study so I can go back home and apply what I learn and help my society, and to use my passion and values to achieve my two visions in life which is to give my daughter the best life possible and make changes in my family business. Basically my mission in life is to be a good and honest person to myself and to others. I want to be a good employee and have a successful career. I want to be a productive member of society. Also, to provide a stable, positive environment that enables my family to grow and prosper. All of this just to show my daughter how to be independent and believe on herself as a women can do whatever she wants. I want her to be proud of me and to see me as her role model.
1The Tree Doctors provide tree- spraying services in the company's home country. Ivan Peters,owern, incurred the following operating costs for the month of January 2012:Salaries and wages$ 8,000Chemicals4,400Depreciation on truck400Depreciation on building and equipment1,200Supplies expense400Gasoline and utilities1,400Other Information:1The tree Doctors earned $28,000 in revenue for the month of January, by spraying treestotaling 35,000 feet in height.Deliverables1. Prepare an income statement for the month ofJanuary. Compute the ratio of operatingCompute the ratio of operating expense to total revenue and operating income to total revenue.2. Compute the unit operating cost of spraying one foot of tree height.3. The manager of The Tree Doctors must keep unit operating costs below $0.60 per foot in orderto get his bonus. Dim he meet the goal?4. What kind of system could The Tree Doctors use to integrate all their data?Deliverable 1Prepare the income statement and compute the necessary ratios. (Round the ratios to the nearest whole number.)The Tree DoctorsIncome StatementMonth Ended January 31, 2012Sales revenueSalaries and wagesChemicalsDepreciation on truckDepreciation on building and equipmentSupplies expenseGasoline and utilitiesTotal operating expenses$ - 0Net operating income$ - 00%Deliverable 2Determine the unit operating cost of spraying one foot of tree height.(Round your answer to two decimal places.)Cost per foot =Deliverable 3The manager of The Tree Doctors must keep unit operating costs below $0.60 per foot inorder to get his bonus. Did the manager meet the goal?Deliverable 4What kind of system could The Tree Doctors use to integrate all their data? The Tree Doctors cound use a/an to integrate all their data.
2Widget Construction, Inc., is a home builder in New Mexico. Widget uses a job order costingsystem in which each house is a job. Because it constructs houses, the company uses accountstitle Construction wages and Construction overhead. The following events occurred during August:a. Purchased Materials on account $470,000b. Incurred Contrstucion wages of $230,000. Requisitioned direct materials and used direct labor in construction:Direct MaterialsDirect LaborHouse 402$ ...
ch07 full chapter.pptx
This chapter discusses incremental analysis and relevant costs for managerial decision making. It covers the decision making process and how incremental analysis works. Incremental analysis identifies the financial data that changes between alternative courses of action. Relevant costs include variable costs that change and opportunity costs of forgone alternatives. The chapter provides examples of using incremental analysis for special order decisions, make-or-buy decisions, and other common business decisions.
Comparing Major Party PlatformsUsing the party platforms provide.docx
Comparing Major Party Platforms
Using the party platforms provided in the “Session 11: Assignments and Assessments” folder, compare and contrast the Democratic Party, Republican Party and a chosen third party on major issues. In order to receive full credit you should be able to fill out 80% of the boxes (31/39). If one of the platforms does not include any information on a particular subject you may type N/A into the box. Save the completed chart and submit it.
Democratic Platform
Republican Platform
Third Party
____________________
Abortion
Education
Energy
Environment
Government
Gun Control
Health Care
Immigration
National Security
Retirement Security
Science and Technology
Taxes
Values
1 Sales Forecast
As shown in the Products sales for 2012, the monthly average units sold and selling price for screwdriver are 60,000 and $100, for saws are 40,000 and $125.
Although Lipscomb suggested that use the numbers in some bestselling month, these numbers are not proper to forecast the whole year sales. Sold units in summer months are much higher than in other months, so we need to consider how to balance the best season and the worst season.
In 2013, Harvey’s sales forecast should be based on the average number rather than the best numbers as Lipscomb recommended.
Sales Forecast for 2013
Screwdrivers
Saws
Units
720,000
480,000
Price
$100
$125
Total
72,000,000
60,000,000
2 Purchases budget (raw materials, labor, all resources)
To meet the units supposed to be sold in 2013, Harvey’s will need:
Metal: 5* 720,000+ 4* 480,000= 5,520,000 lb
Plastic: 3* 72,000+ 3* 480,000= 3,600,000 lb
Handles: 1* 720,000= 720,000 units
Labor cost: 2* 720,000* 12+ 3* 480,000* 16= $40,320 000
Variable OH= 2* 720,000* 1.5+ 3* 480,000* 1.5= $4,320,000
To meet the inventory requirement for 2013, Harvey’s need to:
Make Screwdrivers for: 25,000- 20,000+ 720,000= 725,000 units
Make Saws for: 10,000- 8,000+ 480,000= 482,000 units
And need to purchase:
36,000- 320,000+ 5,520,000= 5,236,000 lbs of metal
32,000- 29,000+ 3,600,000= 3,603,000 lbs of plastic
7,000- 6,000+ 720,000= 721,000 units of handle
Raw Material Purchase Budget
DM
Units
Unit cost
Cost
Metal
5,260,000
Lbs
$8
$42,080,000
Plastic
3,603,000
Lbs
$5
$18,015,000
Handles
721,000
Unit
$3
$2,163,000
Total DM
$62,258,000
Direct Labor Cost
Units (hrs)
Unit Cost
Cost
Screwdriver
1,450,000
12
17,400,000
Saws
1,446,000
16
23,136,000
Total
40,536,000
Variable Manufacturing OH Cost
Units (hrs)
Unit Cost
Cost
Screwdriver
1,450,000
1.5
2,175,000
Saws
1,446,000
1.5
2,169,000
Total
2,896,000
4,344,000
Total Budgeted Variable Manufacturing Cost= 4,344,000+ 40,536,000+ 62,258,000= 107,138,000
Operating Expenses
All other Expenses:
Fixed Manufacturing OH+ Non-cash Expenditures= 214,000- 156,000= 58,000
Annually Selling and administrative expenses= 340,000* 4= 1,360,000 (including 90,000* 4= 360,000 of depreciation)
Harvey’s Budgeted Income Statement
Sales
132,000,00.
Problem 1 (30 marks)Review enough information about .docx
Problem 1 (30 marks)
Review enough information about Trinidad Drilling Ltd. to propose a vision and strategic objectives for the company. Develop a balanced scorecard that will help the company achieve this vision and monitor how well it is accomplishing its strategic objectives. Include a strategy map in table format that shows objectives and performance measures, with arrows illustrating hypothesized cause-and -effect relationships. Provide rationale for your strategy map. The body of your report should not exceed 1,000 words. Cite material you used to prepare the response and provide references in an appendix.
Problem 2 (20 marks)
Ajax Auto Upholstery Ltd. manufactures upholstered products for automobiles, vans, and trucks. Among the various Ajax plants around Canada is the Owlseye plant located in rural Alberta.
The chief financial officer has just received a report indicating that Ajax could purchase the entire annual output of the Owlseye plant from a foreign supplier for $37 million per year.
The budgeted operating costs (in thousands) for the Owlseye plant’s for the coming year is as follows:
Materials $15,000
Labor
Direct $12,000
Supervision 4,000
Indirect plant 5,000 19,000
Overhead
Depreciation – plant 6,000
Utilities, property tax, maintenance 2,000
Pension expense 4,500
Plant manager and staff 2,500
Corporate headquarters overhead allocation 3,000 18,000
Total budgeted costs $52,000
If material purchase orders are cancelled as a consequence of the plant closing, termination charges would amount to 10 percent of the annual cost of direct materials in the first year (zero thereafter).
A clause in the Ajax union contract requires the company to provide employment assistance to its former employees for 12 months after a plant closes. The estimated cost to administer this service if the Owlseye plant closes would be $2 million. $3.6 million of next year’s pension expense would continue indefinitely whether or not the plant remains open. About $900,000 of labour would still be required in the first year after closure to decommission the plant. After that, the plant would be sold for an estimated $1 million. Utilities, property taxes, and maintenance costs would remain unchanged in the first year after closure, but disappear when the plant is sold.
The plant manager and her staff would be somewhat affected by the closing of the Owlseye plant. Some managers would still be responsible for managing three other plants. As a result, total management salaries would be about 50% of the current level, starting at closure and remaining into the future.
Required:
Assume you are the company’s chief financial officer. Perform a five-year financial analysis and make a recommendation whether to close the Owlseye plant on this basis. Provide support for and cautions about your recommendation with organized, clearly-labeled data. Use bullet points where appropriate.
Problem 3 (16 marks)
Br.
ACCT 505 Final Exam (2017 version)
1. The document contains accounting problems related to cost of goods manufactured, cost of goods sold, break-even analysis, and capital budgeting.
2. One problem involves calculating predetermined overhead rate and preparing a cash budget. Another requires constructing a flexible budget performance report.
3. The last problem asks the student to calculate net present value of a new product investment and determine if the company should proceed based on the NPV.
Break-Even Analysis Tutorial Exercise
Diana wants to open an Italian cake shop. She needs to sell at least 60 cakes per month to cover her monthly expenses of $1,440 which include rent, electricity, wages, and the $12 cost to make each cake that she sells for $28.
Thomas plans to open a Blu Ray shop. He will buy discs for $2.50 each and sell them for $12. His monthly costs are $1,200. To break even, he needs to sell at least 100 discs per month. To make a $24,000 annual profit, he needs to sell at least 300 discs per month. If he provides protective cases that cost $0.50 each, he would need to sell
CASH PROVIDED BY OPERATING ACTIVITIES:
This document provides 27 multiple choice questions related to accounting concepts such as the statement of cash flows, financial ratios, manufacturing costs, and inventory valuation. The questions cover topics like identifying which section of the statement of cash flows a transaction would be reported in, calculating financial ratios, determining inventory costs, and identifying accounts in a job order costing system.
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- 1. I was given a particular problem to solve while taking Production Planning and Scheduling. A company sells product 1 at a consistent rate of 280 pounds annually. Product 2 is purchased from a local supplier for $2.40 per pound. The company estimates it costs $45 in resources and labor to place an order for product 1, and holding costs are based on a 20% annual interest rate. Determine the optimal order quantity for Product 1. Initially I set up the Economic Order Quantity and put the values in place. Take the Square of (2). Multiply (2) by the annual demand (280) and ordering cost ($45). Include the solution to those values while squared, and divide the Holding cost (.20) and the cost of the third party supplier ($2.40). This will come up to 25200/0.48, calculate and then square. The solution for the optimal order quantity comes up to 229.1287847. Nahmias,S. (2015), Production and Operations Analysis, 7th edition Ed. McGraw-Hill.