Need answer with working. Unlike retailers and wholesalers who simply
Question Need answer with working. Unlike retailers and wholesalers who simply purchase completed inventory, a manufacturer buys Raw Materials (DM or Direct Materials) and then incurs additional cost to convert this DM, using Direct Labour (DL) and other indirect costs (usually called Overheads – OHDS). Once complete, the Cost of Goods Manufactured (COGM) can be calculated and stored as Finished Goods (FG). The Finished Goods (FG) are sold and the costs of production can then be expensed as Cost of Goods Sold (COGS). Cost accountants record these costs in three inventory accounts, Raw Materials, Work in Process (WIP) and Finished Goods.Using the following cost information, answer the following question:A company has recorded the following for a single month of production:Raw Materials – Opening Balance: $6116 , Purchases $47128 and has a Closing Balance of $8166WIP Information: Conversion costs incurred this period include: Opening Balance WIP was $48393, DL $20723 and OHDs $21613 and the closing balance of WIP was $43372Finished Goods information: Opening Balance of FG was $54206 and the closing balance was $57387Required: Calculate the Cost of Goods Sold this month
What methods are used to determine the value of inventory?
Question What methods are used to determine the value of inventory? Discuss with examples. Which method do you think is the best during increasing prices?
What accounting principles are related to inventory management? What is
Question What accounting principles are related to inventory management? What is the purpose of the lower-of -cost-or-net realizable value rule? How is it computed?
For question P9-9 what would the inventory section of the
Question For question P9-9 what would the inventory section of the balance sheet look like and what notes would be required? ATTACHMENT PREVIEW Download attachment P9-9 Part A
kindly answer the following Attachment 1 Attachment 2 ATTACHMENT PREVIEW
Question kindly answer the following Attachment 1 Attachment 2 ATTACHMENT PREVIEW Download attachment Screen Shot 2019-08-06 at 10.58.39 PM.png Muri Plastics Inc purchased a new machine one year ago at a cost of $30,000. Although the machine operates well, the president of Murl Plastics is wondering if the company should replace it with a new electronic machine that has just come on the market. The new machine would slash annual operating costs by two-thirds, as shown in the comparative data below. Present Proposed Machine New Machine Purchase coal new $30,000 $45,000 Estimated useful life new 6 yours 5 yours Annual operating costs 521,000 $ 7,000 Annual straight-line depreciation 5.000 9.000 Remaining book value 25,000 Salvage value now 5,000 Salvage value in five years In trying to decide whether to purchase the new machine, the president has prepared the following analysis: Book value of the old machine $25.000 Less: Salvage value 5,000 Net loss from disposal $20,000 Even though the new machine looks good,
6 Gnu Co. commenced operations on the first day of
Question 6 Gnu Co. commenced operations on the first day of the current year. At year end, its records indicated that $800,000 of goods were purchased for resale and that the ending inventory was $160,000. All sales are on credit, and Gnu has recognized no bad debt expense and no inventory write-down. If its markup on cost is 50% and its collections equaled $710,000, the ending balance of accounts receivable for the first year of operations must have been A) $90,000 B) $135,000 C) $250,000 D) $320,000
The board of Zeros plc assesses divisional performance within the
Question The board of Zeros plc assesses divisional performance within the company primarily on the basis of a return on investment ratio. This is computed as follows:Operating profit/BV× 100 = ROIThe figure of operating profit is obtained from a standard-costing-based profit statement (see Exhibit 301.1 for the two most recent such statements).The Blank DivisionIn terms of turnover the Blank Division is the second largest division within the company. The divisional manager is Joe Cool who has worked in the division for over 30 years, initially as a management accountant and then as manager from 1998. He is 63 years old and will retire in 18 months’ time. In accordance with a board policy introduced to improve motivation at divisional level, his current remuneration contains a substantial bonus element based on divisional operating profit. In addition, his retirement pension will be based upon his average total earnings in his last three working years. The Blank Division was resituated in a town-centre freehold site which was purchased in 1992. A custom-built factory was erected on the site with considerable financial aid from the government, and was equipped with what were, at the time, the most modern machines available. It is a matter of considerable pride to Joe that much of this equipment has been conscientiously maintained and is still in use today. In the accounting records the freehold site and factory building are still valued at historic cost.The Blank Division produces a wide range of sizes of surgical needles, although all are sold at a standard price (see Exhibit 301.2). Although the market is growing the competition is intense, being based on both price and, particularly, product quality.Case study problemsStandard costs are revised at the start of each financial year (see Exhibit 301.2) and are based on the middle-range size of surgical needle produced in the division.It is frequently pointed out at board meetings by Joe Cool that the Blank Division can still achieve a 33% mark-up on its standard unit cost, and that no competing firm can approach this level of margin.In recent years the Blank Division has produced highly satisfactory return-on investment figures and a reasonable profit growth. The board has, however, been concerned by the large unfavorable variances which have been consistently reported. The normal retort of the Blank Division manager to queries on the size of variances has been to state unequivocally that ‘it is the bottom line that matters; if that’s OK you can forget the rest’. He has also consistently promoted the performance of his division during 2006 and 2007 to the board as ‘excellent’ and rebuffed any judgements to the contrary. Results for the last two years are given in Exhibits 301.1 and 301.3. 2006 2007 (£000) (£000)Budgeted sale 8000 10940Selling price variance – -Sales volume variance (1600) U (2735) UActual sales 6400 8205Standard cost of sales 4800 6150Standard operating profit 1600 2055Cost variancesDirect material price (100) U (80) UDirect material usage (220) U (280) ULabour rate (150) U (130) ULabour efficiency (200) U (300) UVariable overhead spending (180) U (300) UVariable overhead efficiency (250) U (275) UFixed overhead spending (120) U (150) UFixed overhead volume – -Operating profit 380 540 2006 2007Unit standard costDirect material 0.50 0.60Direct labour 0.75 0.90Variable overheads 0.50 0.60Fixed overheads 1.25 2.00Actual unit selling prices 4.00 5.47This case requires the analysis of budgeted versus actual performance for different organizational functions and considers strategic versus operational issues. David Jones, president and principal shareholder of Instrumental Ltd, sat at his desk reflecting on the 2007 results (Exhibit 302.1). For the second year in succession the company had exceeded its profit target. David was obviously happy with the 2007 results. All the same, he wanted to get a better feel for the relative contributions of the R
Given the following tax structure, Taxpayer Salary Total Tax Mae
Question Given the following tax structure, Taxpayer Salary Total Tax Mae $ 22,000 $ 1,892 Pedro $ 44,000 $ 4,444 Venita $ 22,000 ??? What tax would need to be assessed on Venita to make the tax horizontally equitable?
The following information applies to the questions displayed below.] Camille
Question The following information applies to the questions displayed below.] Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $50,000 and contributed $4,000 of it to a qualified retirement account (a for AGI deduction). She also received $5,000 of alimony from her former husband. Finally, Camille paid $15,100 of expenditures that qualified as itemized deductions. a. What is Camille’s taxable income?
The advantages of calculating Contribution Margins of a company’s products
Question The advantages of calculating Contribution Margins of a company’s products seem to be overwhelming according to the author. One can quickly calculate their break-even point and evaluate pricing changes and product quality improvements. But after reviewing several annual reports, apparently no one is using this technique. What’s missing in this analysis?
A local country club runs a very successful “19th Hole”
Question A local country club runs a very successful “19th Hole” that golfers frequent for a few drinks after a round of golf. The club also offers hot snacks to these golfers but the overhead of the food operation appears to be excessive. The new Golf Pro argues that the food operation should be discontinued because it is losing money and dragging down the net income of the club and thus affecting his bonus. As a management accounting student and a weekly golfer, what advice would you offer the Pro?
“declared dividends of $700, payable in xx” how to use
Question “declared dividends of $700, payable in xx” how to use residual analysis method to analyse such as what’s this transaction’s past event, present obligation, economic resourceHow about”received a $150 utility expense bill for June, payable in July”
Hi tutors can you please help me solve this for
Question Hi tutors can you please help me solve this for my exam revision. alt=”Accounting.jpg” /> ATTACHMENT PREVIEW Download attachment Accounting.jpg Ms Ji-Yong has not kept proper bookkeeping records, but she has kept notes in a personal note form of her business transactions as at 31 May 2019. The following transactions relate to financial year ended on 31 May 2018. DR CR Bank 18 200 Cash 1 400 Accounts Receivable and Payable 7 800 6 850 Motor Vehicle (Net Depreciation) 22 500 Furniture and Fittings at cost 16 700 Inventory – 31 May 2018 8 490 Prepaid Rent and Accrued Stationery Expense 510 150 During the financial year ended 31 May 2019, the following transactions occurred. Paid suppliers N$ 26 400 by cheque and N$ 990 by cash. During the year received N$ 38 800 by cheque and N$ 2 600 by cash. N$ 1 200 set-off was negotiated and granted. During year, customer refund amount to N$ 500. Stationery expense paid during the year was N$ 8 700 and was paid by bank cheque. Rent expense was also paid an amount of N$ 3 420 by cheque. The following expenses was paid by cheque: Transport Expense N$ 750, Telephone Expense N$ 2 150 and General Expense N$ 680, Staff Welfare N$ 500 and by cash Municipal Service N$ 380. Motor vehicle was acquired on 01 June 2017 and is depreciated at 10% per annum, Furniture and fittings was also acquired on 01 June 2018 and depreciated at 10% per annum and both on straight line method and no scrap value. At 01 June 2019, the following balances still exist in Ji-Yong books: Page 13 of 18 DR CR Bank 22 000 Cash 2 630 Rent Expense 540 Stationery Expense 300 Inventory – 31 May 2019 5 540 Drawings – 31 May 2019 16 300 Accounts Receivable and Payable 700 1 260 NB: WORKINGS ARE NOT REQUIRED Required: a) Prepare statement of comprehensive income as at 31 May 2019 19 Marks b) Prepare statement of financial position as at 31 May 2019 29 MarksRead more
I want help to get a good way and understand
Question I want help to get a good way and understand how to answer this question style=”color:rgb(51,51,51);background-color:transparent;”>(( creat unique hypothetical weighted average cost of capital (WACC) and rate of return. Recommend whether or not the company should expand, and defend your position.
You are planning your retirement in 10 years. You currently
Question You are planning your retirement in 10 years. You currently have $200,000 in a bond account and $400,000 in a stock account. You plan to add $10,000 per year at the end of each of the next 10 years to your bond account. The stock account will earn an 11.5 percent return and the bond account will earn a 7.5 percent return. When you retire, you plan to withdraw an equal amount for each of the next 25 years at the end of each year and have nothing left. Additionally, when you retire you will transfer your money to an account that earns 6.75 percent. How much can you withdraw each year?
do you mind helping me with the formula and answer
Question do you mind helping me with the formula and answer ? ATTACHMENT PREVIEW Download attachment 7-4.PNG
Read the following narrative, then answer the question that follows:Smith
Question Read the following narrative, then answer the question that follows:Smith Inc. designs and produces custom print jobs for businesses and consumers and sells them on a “made-to-order” basis. When print jobs are finished, factory personnel send the completed sales orders and print jobs over to the shipping department. A shipping clerk records the sales order number into the computer in the shipping department. The computer retrieves the sales order from the sales order master data and displays the open sales order on the shipping clerk’s computer screen. The shipping clerk verifies that the correct sales order has been displayed. She then types the item quantities for each item being shipped. After she is through typing, she reviews the data and, if correct, accepts the input.At this point, the computer updates the sales order master data to show that the order has been completed (i.e., closes the sales order). In addition, an invoice is created automatically by the computer, and the accounts receivable master data is updated. Invoices are also printed at this time in the billing office and distributed to the appropriate parties.Question:Identify 3 control plans that are present in the above narrative and for each of the 3 plans you mention, also mention which INPUT control goals are met. Do NOT write explanations of the control plans or why they meet the goals you have chosen.
This question was created from 09-2 https://www.coursehero.com/file/12732244/09-2/ Can you explane
Question This question was created from 09-2 https://www..com/file/12732244/09-2/ Can you explane how to calculate this discount rate please? ATTACHMENT PREVIEW Download attachment 12732244-333988.jpeg 15) Assume that the market thinks the real rate is 2.00%, the inflation premium is 2.70%, the bond’s default risk justifies a premium of 2.10%, the maturity premium is 0.50%, and the liquidity premium is 1.10%. Since the cash flows are denominated in euros, the foreign-exchange rate premium is 1.50%. What is the discount rate?
please see the 3 questions relative to the Hub Store
Question please see the 3 questions relative to the Hub Store below;(please kindly show calculations) ATTACHMENT PREVIEW Download attachment attachment_08072019.png Hub Store at a university in eastern Canada is considering purchasing a self-serve checkout machine similar to those used in many grocery stores and other retail outlets. Currently the university pays part-time wages to students totalling $59,500 per year. A self-serve checkout machine would reduce part-time student wages by $39,500 per year. The machine would cost $330,000 and has a 10-year useful life. Total costs of operating the checkout machine would be $5,900 per year, including maintenance. Major maintenance would be needed on the machine in five years at a total cost of $10,900. The salvage value of the checkout machine in 10 years would be $44,500. CCA rate is 25%. Management requires a 9% after- tax return on all equipment purchases. The company’s tax rate is 30%. 1. Determine the before-tax net annual cost savings that the new checkout machine will provide. 2. Using the data from (1) above and other data from the exercise, compute the checkout machine’s net present value. (Hint: Use Microsoft Excel to calculate the discount factor(s).) (Do not round intermediate calculations and round your final answer to the nearest dollar amount. Negative value should be indicated with minus sign.) 3. Would you recommend that the machine be purchased?
Please help me to figure out 2 questions below!! thank
Question Please help me to figure out 2 questions below!! thank you so much.1. Explain how management of Caribee ( as an Australian producer of backpacks, travel and outdoor products) can use budget to assist their planning and control activities.2. Identify management accounting information that could assist managers in making each of the following decisions. Remember to consider non-fiancial information where relevant.a. A making manager is considering whether or not to launch a new productb. A travel company is considering whether it should increase its staff numbers by one third.c. A production tram leader is considering whether an important customer order should be produced next week ,or during overtime hours tonight.d. A fast-food chain is considering a site for a new store
1) In 2022, Blanchard Corporation has plant equipment that originally
Question 1) In 2022, Blanchard Corporation has plant equipment that originally cost $120,000 and has accumulated depreciation of $48,000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Blanchard use to record the retirement of the equipment?A.CB.BC.AD.D2) A plant asset with a cost of $600,000 and accumulated depreciation of $570,000 is sold for $70,000. What is the amount of the gain or loss on disposal of the plant asset?A.$70,000 lossB.$40,000 gainC.$70,000 gainD.$40,000 loss3) Rodgers Company purchased equipment and these costs were incurred:Rodgers will record the acquisition cost of the equipment asA.$58,600.B.$59,240.C.$60,100.D.$55,000.4) Brevard Corporation purchased a taxicab on January 1, 2021 for $34,000 to use for its shuttle business. The cab is expected to have a five-year useful life and no salvage value. During 2022, it retouched the cab’s paint at a cost of $1,600, replaced the transmission for $4,000 (which extended its life by an additional 2 years), and tuned-up the engine for $200. If Brevard Corporation uses straight-line depreciation, what amount of annual depreciation will Brevard report for 2022?A.$6,800B.$5,500C.$5,200D.$5,467 Attachment 1 Attachment 2 ATTACHMENT PREVIEW Download attachment q143-1.png a. Loss on Disposal of Plant Assets 72.000 Equipment 72.000 b. Accumulated Depreciation – Equipment 48,000 Loss on Disposal of Plant Assets 72.000 Equipment 120,000 c. Loss on Disposal of Plant Assets 72,000 Accumulated Depreciation – Equipment 72.000 d. Plant Equipment 120,000 Accumulated Depreciation – Equipment 48.000 Loss on Disposal of Plant Assets 72.000 ATTACHMENT PREVIEW Download attachment q67-1.png Cash price $55.000 Sales taxes 3.600 Insurance during transit 640 Installation and testing 860 Total costs $60.100
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