You are the purchasing agent for THE BRICK. You have acquired a great deal from a US supplier who is going out of business. "WOODEN KITCHEN TABLE SETS" are available at 50% of the regular price. But the goods must be imported before the end of February 2023 You contact the supplier and he informs you that the price of the SETS were $1800 and now are selling for $900.00 US each and you require 20000 sets Number of units: 20,000 Cost per unit: $900.00 USD Exchange rate: $1 USD = $1.46 CAD GST Rate: standard rate Certificate of origin not available (1) Complete the financial calculations VFCC, VFD, CD, VFT, GST and TDTP for this shipment. All calculation must be shown
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SCENARIO
You are the purchasing agent for THE BRICK. You have acquired a great deal from a US
supplier who is going out of business. "WOODEN KITCHEN TABLE SETS" are available at 50%
of the regular price. But the goods must be imported before the end of February 2023
You contact the supplier and he informs you that the price of the SETS were $1800 and now are
selling for $900.00 US each and you require 20000 sets
Number of units: 20,000
Cost per unit: $900.00 USD
Exchange rate: $1 USD = $1.46 CAD
GST Rate: standard rate
Certificate of origin not available
(1) Complete the financial calculations VFCC, VFD, CD, VFT, GST and TDTP for this shipment. All calculation must be shown
Step by step
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- p?attempt=D1347310&cmid%3D701917&page%=D3 arning services - SQU Libraries - SQU Portal Attendance English (en) ACCTZTZT_yassciy_ializU / IVIIULCITII LAGITI VIIC_I ALLEUZU / LAGIII I Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? on Select one: O a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. O b. The balance in the Work-in-Process account after allocation will be the same under either method. 10 O c. None of given ANSWER is correct. Fini Od. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. Oe. Cost of Goods Sold will be higher if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods…eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse e Page | Zora... Welcome, Quente... E Library Genesis Macmillan Launch... (7) YouTube O11- My Conversations... bnc Apparel, Gifts & T... 国 >> a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Unit Price Amount Date Quantity Amount Number Number price May 1 400 $9 $3,600 26 280 $11 May 4 103 450 May 10 32 190 13 May 21 116 270 May 27 b. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time. %24 %24Working with Incomplete Data from the Income Statement and Schedule of Cost ofGoods Manufactured [ LO4 , LO5 ]Supply the missing data in the following cases. Each case is independent of the others. Case 1 2 3 4 Schedule of Cost of Goods Manufactured Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . $4,500 $6,000 $5,000 $3,000 Direct labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $3,000 $7,000 $4,000 Manufacturing overhead . . . . . . . . . . . . . . . . . . $5,000 $4,000 ? $9,000 Total manufacturing costs . . . . . . . . . . . . . . . . . $18,500 ? $20,000 ? Beginning work in process inventory . . . . . . . . . $2,500 ? $3,000 ? Ending work in process inventory . . . . . . . . . . . ? $1,000 $4,000 $3,000 Cost of goods manufactured . . . . . . . . . . . . . . . $18,000 $14,000 ? ? Income Statement Sales . . . . . . . . . . . . . . . . . . . . . . . . .…
- -My Home * CengageNOwv2 | Online teach x b Kingsford Furnishings Compan x n/ilrn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress-false Maps еВook Show Me How Print Item Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $26,200 Polyester filling 7,900 Lumber 58,700 Glue 2,500 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $130,200 Polyester filling 181,000 Lumber 356,700 Glue 12,400 Materials were requisitioned to individual jobs as follows: Polyester Fabric Lumber Glue Total Filling Job 601 $49,500 $62,400 $166,800 $278,700 Job 602 38,100 67,800 146,000 251,900 Job 603 35,100 46,000 81,200 162,300 Factory overhead-indirect materials $6,400 6,400 Total $122,700 $176,200 $394,000 $6,400 $699,300 The glue is not a significant cost, so…LO1 LO1 E2-1A. Cost Classification Classify each of the following costs relative to the cost object “client project" for a CPA firm that specializes in audit: Staff auditor salaries.. Receptionist salary.. D on on staff auditor laptop computers. pg. 2-33 Hean insurance for administrative staff ... Subscription to cloud backup service for project files Office lease expense. Travel to client location. Salesperson wages Store manager salary.. Depreciation on furniture and fixtures Cost of merchandise Product or Period Online advertising. Cost of discount coupon. Store lease expense. E2-2A. Cost Classification Classify each of the following costs relative to the cost object "customer" for a clothing retailer: Variable, Fixed, or Mixed Product or Period Direct or Indirect Variable, Fixed, or Mixed Direct or Indirect80007 ACG3343 2023 X M Question 3- Chapter X d -8 Quiz i https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... work in process, November 1st started in production during November Work in process, November 30th Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining Industry. The following Information pertains to operations for November. (CMA adapted) F1 Multiple Choice OOOO The beginning Inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending Inventory was 90% complete as to materials and 40% complete as to conversion costs. Costs pertaining to November are as follows: Beginning Inventory: direct materials, $58,560; direct labor, $22,320; manufacturing overhead, $17,240. Costs incurred during the month: direct materials, $487,800; direct labor, $235,280; manufacturing overhead, $443,960. What are the total costs in the ending Work-In-Process…
- SELF-DEVELOPMENT E-LIBRARY ZAIN HANDBOOKS Steven places an order to Peter or the supply of a certain product that was not yet manufactured. On receipt of the order, Peter goes to the market and purchase all the raw material required, hired some employees to get the things done, and successfully completed the order and delivered the goods to Steven. Now here the question arises that the sale is presumed to be recorded at the time of which event? O a. Purchase of raw material O b. Delivery of good O c. Receipt of good O d. Production of goods Finish ?He РОСОРНONЕ SHOT ON POCOPHONE F1 10:07 A 11/3/20-403-4-S1-2021/tool/212e2e19-3762-49f9-8428-0849d6324b2b/jsf/delivery/deliverAssessment Tube Maps 曲 News Translate I New folder O New folder A 11 Research Propos.. Clicxads.com | Cry.. ACCA TX (F6 UK) N... 国 R Sites JESSE JU Time Remaining: 01:11:58 A Hide Time Remaining A The following details relates to the operations of a company for budgeted output of 10000units; selling price- GHC100, total variable cost- GH¢200000, and total fixed cost- GHC400000. At what quantity and value will the company breakeven? O A. 5000units and GHC50000 O B. 5000units and GHC55000 OC. 4500units and GHC45000 O D. 4000unit and GHC40000 Reset Selection Next Save 11:51 AM 3/18/202 Ps carch hp 立Microsoft Office Home M (no subject) - s127095@student X 6 ch01 Cost Concepts Garrison 21 =1764895&cmid=875183&page=15 SQU E- SQU PORTAL ATTENDANCE خدمات التعلم الإلكتروني - الوقت المتبقي 3:06 1:3 Mazoon Leather Company decided to use a multiple predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate chosen is labor hours for Primary Treatment Department and machine-hours for Secondary Treatment Department. The accounting :records shows the following estimates made at the beginning of the year Secondary Treatment Primary Treatment 60,000 $120,000 $4 Manufacturing overhead cost 30,000 2,000 Machine-hours 9,000 3,000 Direct labor-hours 40,000 $60,000 $4 Direct labor cost What predetermined overhead rates would be used in Mazoon Leather for Primary Treatment ?Department and Secondary Treatment Department, respectively and $2 200% .a O and $2 $40 .b O and 150% $2 c O None of the given answer .d O and 150% $40 e O
- 1. MC.14.81.ALGO 2. MC.14.96.ALGO 3. MC.11.69.ALGO 4. MC.11.112.ALGO 5. MC.15.86.ALGO 6. MC.15.125 7. MC.16.71.ALGO 8. MC.16.86.ALGO 9. MC.17.87.ALGO 10. MC.17.129 11. MC.18.58.ALGO 12. MC.18.45.ALGO 13. MC.20.81.ALGO Mocha Company manufactures a single product by a continuous process, involving three production departments. The records. indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. Department 2 has transferred-in costs of $390,000 for the current period. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process at the end of the period totaled $90,000. The journal entry to record the flow of costs into Department 3 during the period is Oa. Work in Process-Department 3…arrison 21 d Microsoft Office Home M (no subject) - s127095@student 6 ch01 Cost Concepts Garrison 21 Pattempt=1764895&cmid=8751838&page=6 SQU E SQU PORTAL ATTENDANCE ختمات التعلم الإلكتروني - الوقت المتيقي 1:45:13 Oman Marble Company has two processing departments. Cutting and Polishing. The company uses a multiple predetermined overhead rate in each processing department under job-order costing system. The Cutting Department's predetermined overhead rate is based on machine-hours and the Polishing Department's predetermined overhead rate is based on direct labor cost. At the :beginning of the current period, the company records show the following estimated information Polishing Cutting 40 20 $4 Direct Labor cost hour 10,000 5,000 Direct labor-hours 5,000 20,000 Machine-hours 40,000 $100,000 $4 Total fixed manufacturing overhead cost 4 Variable manufacturing overhead per machine-hour 6 Variable manufacturing overhead per direct labor-hour During the current period the company started…Microsoft Office Home 6 ch01 Cost Concepts Garrison 212 X M (no subject) - 5127095@student 1764895&cmid%3D875183&page%=1 SQU E SQU PORTAL ATTENDANCE الوقت المتبقي 2:01:25 A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $80,000; direct :materials, $40,000; and factory overhead applied $20,000. The predetermined overhead rate was 4% .a O .200% b O 50% .C O 25% d O %.400 .e O Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, his t his calary At the same time if Ali completod bic NMR greo he wOuld