Wiley Plus Homework,Please assist

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Exercise 21-4

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Schrager Company has two production departments:
Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in
Process—Cutting $3,000, Work in Process—Assembly $11,000, and Finished Goods
$30,500. During July, the following transactions occurred.

1.

Purchased $62,400 of
raw materials on account.

2.

Incurred $60,400 of
factory labor. (Credit Factory Wages Payable.)

3.

Incurred $70,000 of
manufacturing overhead; $40,500 was paid and the remainder is unpaid.

4.

Requisitioned
materials for Cutting $15,500 and Assembly $8,500.

5.

Used factory labor for
Cutting $26,600 and Assembly $33,800.

6.

Applied
overhead at the rate of $20 per machine hour. Machine hours were
Cutting 1,200 and Assembly 2,100.

7.

Transferred goods
costing $67,200 from the Cutting Department to the Assembly Department.

8.

Transferred goods
costing $134,600 from Assembly to Finished Goods.

9.

Sold goods costing
$149,500 for $200,300 on account.

Journalize the transactions.(Credit account titles are automatically indented when amount is
entered. Do not indent manually.)

No.

Account Titles and
Explanation

Debit

Credit

1.

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2.

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3.

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4.

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5.

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6.

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7.

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8.

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9.

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(To record the cost of
goods sold)

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(To record the sales)

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ACCOUNTS

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Exercise 21-7

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The Sanding Department of Richards
Furniture Company has the following production and manufacturing cost
data for March 2014, the first month of operation.

Production: 12,070 units finished and transferred
out; 2,600 units started that are 100% complete as to
materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $41,076; labor $28,840; overhead
$47,959.

Prepare a production cost report.(Round unit costs to 2 decimal places,
e.g. 15.25.)

RICHARDS FURNITURE COMPANY
Sanding Department
Production Cost Report
For the Month Ended March 31, 2014

Equivalent Units

Quantities

Physical
Units

Materials

Conversion
Costs

Units to be
accounted for

Work
in process, March 1

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Started
into production

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Total
units

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Units
accounted for

Transferred
out

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Work
in process, March 31

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Total
units

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Costs

Materials

Conversion
Costs

Total

Unit costs

Total
cost

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Equivalent
units

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Unit
costs

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Costs to be
accounted for

Work
in process, March 1

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Started
into production

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Total
costs

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Cost
Reconciliation Schedule

Costs
accounted for

Transferred
out

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Work
in process, March 31

Materials

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Conversion
costs

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Total
costs

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Copyright ©
2000-2014 by John Wiley & Sons, Inc. or related companies. All rights
reserved.

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Exercise 22-5

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In the month of June, Jose Hebert’s
Beauty Salon gave 3,020 haircuts, shampoos, and permanents at
an average price of $30. During the month, fixed costs were
$19,800 and variable costs were 60% of sales.

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Determine the contribution margin in
dollars, per unit, and as a ratio.(Round the contribution ratio to 0 decimal
places, e.g. 27%, contribution margin per unit to 2 decimal places,
e.g. 15.25 and answer to the nearest whole dollar, e.g. 5,275.)

Contribution
Margin in Dollars

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Contribution
Margin Per Unit

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Contribution
Margin Ratio

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%

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Using the contribution margin technique,
compute the break-even point in dollars and in units.(Round answers to 0 decimal places, e.g.
1,750.)

Break-even
sales (in dollars)

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Break-even
sales (in units)

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units

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Compute the margin of safety in dollars
and as a ratio.(Round the Margin of Safety ratio to 0 decimal places, e.g.
27%.)

Margin of
safety (in dollars):

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Margin of
safety (ratio):

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%

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Copyright ©
2000-2014 by John Wiley & Sons, Inc. or related companies. All rights
reserved.

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Exercise 22-13

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Naylor Company
had $139,470 of net income in 2013 when the selling price per unit
was $180, the variable costs per unit were $70, and the fixed costs
were $1,477,530. Management expects per unit data and total fixed costs
to remain the same in 2014. The president of Naylor Company is under
pressure from stockholders to increase net income by $53,740 in
2014.

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Compute the number of units sold in
2013.(Round answers to
0 decimal places, e.g. 5,275.)

The Number of
Units Sold

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units

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Compute the number of units that would
have to be sold in 2014 to reach the stockholders’ desired profit
level.(Round answer to 0
decimal places, e.g. 5,275.)

Units needed
in 2014

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units

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Assume that Naylor Company sells the
same number of units in 2014 as it did in 2013. What would the selling
price have to be in order to reach the stockholders’ desired profit
level?(Round answers to
0 decimal places, e.g. 5,275.)

The selling
price in 2014

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Copyright ©
2000-2014 by John Wiley & Sons, Inc. or related companies. All rights
reserved.

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Exercise 22-15

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Hall Company had
sales in 2014 of $1,505,520 on 62,730 units. Variable
costs totaled $690,030, and fixed costs totaled $638,890.

A new raw material is available that will decrease the variable costs
per unit by 21% (or $2.31). However, to process the new raw
material, fixed operating costs will increase by $61,710. Management
feels that one-half of the decline in the variable costs per unit should
be passed on to customers in the form of a sales price reduction. The
marketing department expects that this sales price reduction will
result in a 7% increase in the number of units sold.

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Prepare a CVP income statement for 2014,
assuming the changes have not been made.(Round per unit amounts to 2 decimal
places, e.g. 11.85 and all other answers to 0 decimal places, e.g.
5,275.)

HALL COMPANY
CVP Income Statement
For the Year Ended December 31, 2014

Total

Per Unit

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Prepare a CVP income statement for 2014,
assuming the changes are made as described.(Round per unit amounts to 2 decimal
places, e.g. 11.85 and all other answers to 0 decimal places, e.g.
5,275.)

HALL COMPANY
CVP Income Statement
For the Year Ended December 31, 2014

Total

Per Unit

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Question
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Copyright ©
2000-2014 by John Wiley & Sons, Inc. or related companies. All rights
reserved.

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