Accounting problem

$11.00

Description

If Product Z cost $83 and

Selling price of Z is $98
Normal profit margin is 20% of sales price
Costs to tell a unit of product Z = $9
Replacement cost is $72

What is designated market value?

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Accounting problem

$6.00

Description

1. Willco Inc. manufactures electronic parts. They are analyzing their monthly maintenance
costs to determine the best way to budget these costs in the future. They have collected the
following data for the last 6 months:

Using the High­Low Method, if Willco Inc. expects to operate the machines for a total of 32,000
hours in the next month, calculate the expected maintenance costs.
a. $31,232
b. $32,512
c. $64,755
d. $63,947
e. $65,227

QUESTION 2

1. Baker Company’s sales mix is 3 units of A, 2 units of B, and 1 unit of C. Selling prices
for each product are $20, $30, and $40, respectively. Variable costs per unit are $12, $18, and
$24, respectively. Fixed costs are $320,000. What is the break­even point in units of A, B and
C?
a. A 15,000; B 10,000; C 5,000.
b. A 12,000; B 8,000; C 4,000.
c. A 18,000; B 12,000; C 6,000.
d. A 5,000; B 10,000; C 15,000.
e. A 4,000; B 8,000; C 12,000.

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Accounting Problem

$15.00

Description

Expected production (units) 13,000
Standard DML hours per unit 5
Standard DML rate per hour $24
Standard pounds of DM usage per unit 4
Standard DM price per pound $12

Actual
Units produced 12,000
DML hours worked 62,000
Total cost of DML $1,240,000
Pounds of DM purchased 54,000
Total cost of DM purchased $702,000
Pounds of DM used 47,000

a) Calculate the following variances:
Direct manufacturing labor rate variance
Direct manufacturing labor usage variance
Direct materials price variance (how we did it in the chat session)
Direct materials usage variance


b) Explain what each of the calculated variances imply about the firm’s operations. Be specific!
Direct manufacturing labor rate variance
Direct manufacturing labor usage variance
Direct materials price variance
Direct materials usage variance

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Accounting Problem

$13.00

Description

Consider the following costs that were incurred during the current year:
1.Tire Cost incurred by Ford motor company
2.Sales, commissions paid to the sales force of Dell Inc.
3.Wood Glue Consumed in the manufacture of Thomasville furniture
4.Hourly Wages of Refinery Security guards employed by Exxon-Mobil Corporation
5.The salary of a financial vice president of Hewlett Packard
6.Advertising costs coca cola
7.Straight line depreciation on factory machinery of Boeing Corporation
8. Wages of Assembly line personnel of Whirlpool Corporation
9. Delivery costs on customer shipments of Ben & Jerry ice cream
10. Newsprint consumed in printing The New York Times
11. Plant insurance costs of Texas Instrument
12. Glass costs incurred in light bulb manufacturing of General Electric

Required: Evaluate each of the preceding and determine whether the cost is a.) a product cost or a period cost ( b. variable or fixed in terms of behavior, and ( c. for the product costs only whether the cost is properly classified as direct labor, or manufacturing overhead. Item 1 example above Tire Cost: Product cost, variable, direct material
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accounting problem

$5.00

Description

Units Produced and Sold
59,000 79,000 99,000
Total costs:
Variable cost $ 159,300 $ $
Fixed costs 450,000

Total costs $ 609,300 $ $

Cost per unit:
Variable cost $ $ $
Fixed cost

Total cost per unit $ $ $

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Accounting Problem

$11.00

Description

The
Solo Hotel opened for business on May 1, 2014. Here is its trial balance before
adjustment on May 31.

SOLO HOTEL

Trial Balance

May 31, 2014

Debit

Credit

Cash

$ 2,500

Supplies

2,600

Prepaid Insurance

1,800

Land

15,000

Buildings

70,000

Equipment

16,800

Accounts Payable

$ 4,700

Unearned Rent Revenue

3,300

Mortgage Payable

36,000

Common Stock

60,000

Rent Revenue

9,000

Salaries and Wages Expense

3,000

Utilities Expense

800

Advertising Expense

500

$113,000 =======

$113,000 =======

Other
data:

1. Insurance expires at the rate of $450 per month.

2.
A count of supplies shows $1,050 of unused supplies on May 31.

3.
Annual depreciation is $3,600 on the building and $3,000 on equipment.

4.
The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)

5.
Unearned rent of $2,500 has been earned.

6.
Salaries of $900 are accrued and unpaid at May 31.

Instructions

•
(a)
Journalize the adjusting entries on May 31.

•
(b)
Prepare a ledger using T-accounts. Enter the trial balance amounts and post the
adjusting entries.

•
(c)Prepare
an adjusted trial balance on May 31.

•
?

(d)
Prepare an income statement and a retained earnings statement for the month of
May and a classified balance sheet at May 31.

Hint: Rent revenue is $11,500, Adjusted trial balance totals
are $114,630 and Net income for May is $3,570

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Accounting Problem

$2.00

Description

A company uses the
percent of sales method to determine its bad debts expense. At the end of the
current year, the company’s unadjusted trial balance reported the following
selected amounts:

Accounts receivable
$ 361,000 debit
Allowance for uncollectible accounts 560 credit
Net sales 806,000 credit

All sales are made
on credit. Based on past experience, the company estimates 0.4% of credit sales
to be uncollectible. What amount should be debited to Bad Debts Expense when
the year-end adjusting entry is prepared?
$2,004
$3,784
$3,224
$884
$2,664

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