Exercise: Determine if Variable, Fixed or Mtxed 2000 units 5000 units 1. Depreciation 2. Materials 3. Labor 4. Factory Supplies 5. Factory Supervisars' salaries 6. Insurance P5,000 P5,000 P10,000 P25,000 P4,000 P10,000 P8,000 P10,000 P10,000 P10,000 P1,000 P3,000 7. Maintenance 8. Rent 9. Electricity P5,000 P19,000 P10,000 P10,000 P5,500 P16,250
Q: An entity provided the following records connected to its inventory transactions: Date and transacti...
A: Inventory Valuation: The valuation of inventory can be done by using various inventory methods like ...
Q: What effect does a weakening in U.S dollar have on Net Income for subsidiaries of U.S companies?
A: whenever there is reduction in the dollar then it reduces the purchasing power internationally and e...
Q: What is intraperiod tax allocation and why is it necessary? How is the income tax expense related to...
A: Income tax seems to be the amount of tax collected by the federal government on the earnings of indi...
Q: Sarasota Corp. reported net sales S 600,000, cost of goods sold S 336,000, operating expenses S 160,...
A: Formula: Profit margin = ( Net income / Net sales ) x 100
Q: PROBLEM SOLVING: The following balances were taken from the book of TIWALA-LANG Partnership as of Ju...
A: Solution Liquidation is the process by which an entity converts its assets to cash or other assets a...
Q: The following is the accounts found in the trial balance of Mei, Inc., an SME: Lease liabilities ...
A:
Q: Flowerworks Corporation purchases a vehicle for $32,800 to deliver flowers to the surrounding commun...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Required: Determine the following measures for 20V2, rounding to one decimal place, except for dolla...
A: Lets understand meaning of ratios. Working capital is a current asset less current liabilities. In o...
Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent begi...
A: Formula: Monthly rent = Total Rent paid / 6 months.
Q: a) Covid Company Limited purchased a machine on 1 April 2020 incurring the following costs: Supplier...
A: Depreciation = (Purchase price-Residual value)/Useful life of assets
Q: Finthe olanks Mr. Pluto had the following income during the year: Gross compensation income includin...
A: Gross income is the one in which the deductions and expenses are yet to be adjusted.
Q: 3.12 L, V, and M put up an accounting firm on January 1, 200A. Their capital balances on December 31...
A:
Q: Monty Corp. reported net sales $610,000, cost of goods sold S366,000, operating expenses $151,000, a...
A: Formula: Gross profit rate = ( Gross profit / Net sales ) x 100
Q: 2. Dos Enterprises has historically reported bad debt expense of 5% of sales in each quarter. The en...
A: The bad debt expense is estimated on the basis of sales revenue earned during the period. The allow...
Q: The records of Acme Corporation, domestic, orgval engaged in retail, how the
A: In Phillipines the CIT is 30% for domestic corporations . But the...
Q: Which account would be credited when closing the account for rent expense for the year?A. Prepaid Re...
A: A closure entry seems to be a journal entry executed at the conclusion of an accounting period that ...
Q: REQUIRED a) Prepare the Statement of Profit Loss and Comprehensive Income for the year ended 31* Aug...
A: Statement of financial position is in the specified tabular format in which the company's assets and...
Q: 3. Tres Company has three lines of business, each of which was determined to be reportable segment. ...
A: Sales aggregated = P7,500,000 Contributed by segment one = 40% Traceable costs = P1,750,000 Common c...
Q: The Chowning Company manufactures ear buds that sell for $20 a pair. The variable cost of each set o...
A: Formula: Total cost = Variable cost + Fixed cost
Q: stributors sold merchandise on account to Fronke's Franks for $3,630 on Inv Id was $2,260. Payment w...
A: The journal entries have been recorded below.
Q: True or False. 2. A corporation can be formed by another corporat...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: seven-year useful equipment life term. he seven equal annual P800, paid on December 31, 2021. terest...
A: The leased equipment is initially recorded at the present value of lease payments. In this case the ...
Q: ransactions for 2021 were as follows: An new elevator system costing P800,000 was installed o...
A:
Q: Problem 8-1A (Algo) Part 4 4. Compared to straight-line depreciation, does accelerated depreciation ...
A: Accelerated depreciation is any method of depreciation used for income tax purposes that allow for s...
Q: Qestion 1 a) Many loan agreements have financial covenants that rely on: Multiple Choice A. float...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: A process costing system in your company. Direct material A is placed into production at the beginni...
A:
Q: Helsinki Inc. produces premium bottled water. Helsinki purchases artesian water, stores the water in...
A: Process Costing: Process Costing is one of the technique of costing where a product is manufactured ...
Q: arasota Corp. reported net sales S 600,000, cost of goods sold S 336,000, operating expenses S 160,0...
A: Profitability ratio is one of the important type of ratios which is being used by the accountants fo...
Q: Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purcha...
A: Journal entries are the basic method for recording financial transactions in the books of accounts. ...
Q: Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrat...
A: The gross profit is calculated as difference between sales and cost of goods sold. The gross profit ...
Q: Other Operating Expenses Sales Revenue Cost of Goods Sold Gross Profit Net Income Firm $125,000 $ 60...
A: Formula: Gross profit = Sales revenue - Cost of goods sold
Q: Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disburseme...
A: Purchase journal records all the transactions related to purchasing, whether it is the purchase of g...
Q: Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is fr...
A: Solution Working note- % Of one free night redeemed over total paid nights = (70%/5) = 14%. Revenue ...
Q: A). Long term debt for zooey corporation in 2020 b.) total assets for zooey corporation in 2020 c....
A: Assets are resources that are controlled which results from prior transactions that are expected to ...
Q: A country passes a law that mandates secondary education. Which resource is the primary focus of thi...
A: Human capital seems to be the monetary worth of labour capabilities and characteristics that impact ...
Q: ension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 1...
A: In this question, we have to calculate pension expenses.
Q: Which of the following accounting records is the main source of information used to prepare thefinan...
A: Financial statements seem to be a set of high-level reports that summarize a company's monetary perf...
Q: On January 1, Mitzu Company pays a lump-sum amount of $2,6C Improvements 1. Building 1 has no value ...
A: In this question, we have to calculate straight-line depreciation.
Q: 4. If two years' preferred dividends are in arrears, what are the book values per share of the prefe...
A: Book Value Per Preferred Share = (Stockholders' equity applicable to Preferred Shares + Preferred Di...
Q: Explain the relevance of the international accounting standards board in today's reporting environme...
A: Accounting Standard- The goal of international accounting standards is to generate efficient capital...
Q: how to reduce outstanding receivable amount? give 6 ways to on how it can be reduced.
A: To reduce the outstanding receivable amount is state the payment terms clearly on invoices Businesse...
Q: Which two accounts are used to recognize shipping charges for a buyer, assuming the buyerpurchases w...
A: The term "free on board" (FOB) relates to whether the vendor or customer is liable for damaged or de...
Q: At the beginning of current year, Samal Company Issued P5,000,000 8% serial bonds, to be repaid in t...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: What is the amount to be capitalized when repairs or improvements that significantly increase the va...
A: Assets are being repaired every now and then. Some repairs are ordinary in nature while others are o...
Q: Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5.000, A...
A: Income statement: It is one of the financial statement that is prepared by the business to show its ...
Q: Company P purchases a 100%o interest in Company S for $800,000. If Company
A: APIC is Additional Paid In Capital is the amount paid by the i...
Q: 3.16 After six months of operations, the partnership of Pat, Neri, and Cip made a profit of P 372,00...
A: The statement of partner's capital is a financial report that shows the changes in total partners' c...
Q: NEW table of Amortization Date 1/1/2023 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31...
A: The present value is calculated by multiplying the amount of lease payment made by the present value...
Q: Meagley Company presents the following condensed income statement and balance sheet information for ...
A: Vertical Analysis - Common Size Statement is also known as the vertical analysis method. The Company...
Q: Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500. The...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Please answe with brief explanation
Step by step
Solved in 2 steps
- Problem 1Classify the following as to Fixed, Variable or Mixed Cost1. Factory Rent2. Wages of workers paid based on units produced3. Cost Accountant Salary4. Depreciation based on output5. Salary of Factory supervisor6. Basic Salary plus sales commission of salesman7. Paper in manufacturing of books8. Factory Insurance9. Monthly Depreciation of Building10. Bottle used in packagingInstruction: Read each problem carefully ana proviue h n Prob Problem 1. Classify each of the following costs of Bug Company in two ways: (a) as variable (V) fixed costs (F); (b) as inventoriable costs (I) or period costs (P): Example: Direct labor 1. Salary of company 2. Fire insurance on direct materials controller 3. Property taxes on finished goods held for sale 4. Direct materials used tico of 5. Factory.renty p 6. Sales Commissions R 7. Overtime premium of machine operators 8. Straight-line depreciation of Factory equipment 9. Straight-line depreciation of trucks used for delivery R. of sales to customers 10. Salary of factory supervisor 16The objective manufactured. A manufacturer wishes to produce two commodities x and y. The number of units of material, labor and equipment needed to produce one unit of each commodity is Shown below together with the available number of units of each of the items. available no. of units 480 y material 4 labor 4 240 equipment 4 200 profit/unit P120 P100 Find the number of units to produce in order to maximize the profit. 429
- Problem 7-16 (Algo) Comparing Traditional and Activity-Based Product Margins [LO7-1, L07-3, LO7-4, LO7-5] Hi-Tek Manufacturing, Inc., makes two types of industrial component parts-the B300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc. Income Statement $ 1,657,500 1,224,620 432,880 620,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss $4 (187,120) Hi-Tek produced and sold 60,500 units of B3o0 at a price of $19 per unit and 12,700 units of T500 at a price of $40 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: в300 T500 Total Direct materials $ 400,600 $ 120,400 $ 162,700 $ 42,000 563,300 162,400 498,920 Direct labor Manufacturing overhead Cost of goods sold $…QUESTION 2/15 2020033800068702: From the following information distribute cost of Time Keeping department among various other departments: Total cost of Time keeping department as per primary Distribution: Rs. 10000, Ratio of Stores Requisition: 4:3:2:1, Ratio of Machine Hours: 3:3:2:2, Ratio of No of Employee: 3:4:2:1 and Ratio of Floor area: 5:3:1:1 O Rs. 4000, Rs. 3000, Rs. 2000 and Rs. 1000 O Rs. 3000, Rs. 3000, Rs. 2000 and Rs. 2000 O Rs. 3000, Rs. 4000, Rs. 2000 and Rs. 1000 O Rs. 5000, Rs. 3000, Rs. 1000 and Rs. 1000What is the total costs transferred from Department 1 to Department 2? a.P200,045 b.P115,200 c.P111,150 d.P195,175
- Matching Cost Behavior Descriptions to Cost Behavior Graphs Select the graph (A through L) that best matches the numbered (1 through 7) italicized descriptions of various cost behavior. For each graph, the vertical (y) axis represents total dollars of cost, and the horizontal (x) axis represents output units during the period. The graphs may be used more than once. 1. The cost of depreciation. The asset being depreciated is a large piece of production machinery equipment where the straight-line depreciation method is used. letter _________ 2. The cost of operating a forklift. The forklift is used to move work-in-process inventory in groups of 100 units across the factory floor. letter _________ 3. The cost of direct materials. The first 2,000 pounds of direct materials are free because they are donated by the local city government. After that, the direct materials cost consists of a per-unit amount that decreases after a threshold of 2,500 total pounds is reached. letter _________ 4. The cost of inspecting finished goods inventory. Each unit is inspected by a quality expert who is paid the same amount for each unit inspected. letter _________ 5. The cost of product shipping for all output shipped in the period. The shipping cost per unit decreases with each unit shipped up to a certain number of units, at which time the shipping cost per unit remains constant. letter _________ 6. The cost of compliance with Environmental Protection Agency (EPA) regulations. An electric car plant manufactures car batteries. Part of the manufacturing process involves the emission of toxic chemicals into the environment, which is regulated by the EPA in the form of a fee assessed on a per-unit manufactured basis. The per-unit cost of complying with these regulations increases with every fifth battery produced. letter ______ 7. The cost of customer energy consumption. The local electric utility company uses a pricing system designed to encourage customers to conserve energy usage. Therefore, the rate per kilowatt-hour that is charged to customers increases with each hour the customer consumes. letter _______Question 4: Match Set A with Set B Set A Set B A. Allocate indirect and overhead costs to unit of products based on what actually used. 1. MOOP costing B. Where costs vary by machine, operation, department, or some other overhead costs. 2. Depreciation C. Start once manufacturing operations, tooling, set-up time and cycle time are estimated. 3. Operation costing 4. PHC costing D. Allocate an amount of money over the recovery life of asset. E. Estimate costs based on future and actual expenditure. 5. ABC costing Set A 1 3 4 5 Set B Your choicengageNOWv2 | Online teachin X + om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... € Compute conversion costs given the following data: direct materials, $363,600; direct labor, $192,400; factory overhead, $204,500 and selling expenses, $35,600. Oa. $396,900 Ob. $568.100 Oc. $168,900 Od. $760,500 8 5/2
- What is the total units to account for (TUTAF) in Department 1? a.20,000 b.18,500 c.19,000 d.18,000 What is the equivalent units of production (EUP) on Materials in Department 1? a.19,500 b.19,000 c.18,500 d.20,000 What is the equivalent units of production (EUP) on Materials in Department 2? a.18,500 b.19,000 c.18,275 d.18,850 What is the equivalent units of production (EUP) on conversion in Department 3? a.19,000 b.18,500 c.18,275 d.18,850 What is the average unit cost of finished goods transferred out from Department 3? a.14.89 b.15.23 c.15.17 d.15.36P Flag question According to following information, which of the following is the total cost function in the form of Y = F+V*X ? Number of units produced is 16500. Fixed Variable Total Cost Cost Costs Material used in Production 87,000 57,000 144,000 Labour used in Production 60,000 59,500 119,500 102,500 367,000 Production Facilities cost 55,000 48,500 TOTAL COST 202,000 165,000 Select one: O a. Y = 202,000+V*16.5 O b. Y = 367,000+V*10 O c. Y = 367,000+v*16.5 O d. Y = 202,000+V*10Planned costs of product A - 150000 Planned costs of product B- 220000 Real costs of product A - 140000 Real costs of product B – 200000 During the period: Dr Finished products. B Cr Production process. B - ?