itions to plant are made up of: ost from supplier on cost luction testing
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A: The method involves identifying and allocating costs to multiple cost objects known as cost…
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Q: prepare a rea model depicting the issuance of raw materias into the manufacturing process. identify…
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Q: utilizes a computer system to estimate production needs so that required resources are available…
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A: Definition:
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Q: Describe the two-stage allocation process for assigning support service cost to products in a…
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Q: need distrebution the cost of service centers to the production center.
A: Overhead is the cost that is directly involved in the production process of the company. It is…
Q: Question 2: Discuss what may be the issues in using process costing to estimate the cost of the…
A: Process costing is a significantly costing system to measure, monitor and control under different…
Q: e specifications. The product-costing syst ry (direct materials) and a single indirect Dasses…
A: Equivalent unit statement as,
Q: "ABC is a costing method that allocates overhead and indirect costs to related products and…
A: Answer:
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A: Answer: a: Variable cost b: Direct cost
Q: Shroeder Machine Shop has the following activities: Required: 1. Classify each of the activities as…
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Q: Which one of the following costs can be accurately identified as forming part of a cost centre?…
A: A cost centre is a department or segment that incurs costs but does not generate revenue. Examples…
Q: Which of the following is NOT true about a resource cost driver under Activity based costing? a.…
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Q: Describe the two-stage process associated with plantwide overhead rates.
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Q: Describe weighted average method under process costing.
A: Process Costing: Process costing is method of cost accounting in which all the costs that are…
Q: Prepare an REA model depicting the issuance of raw materials into the manufacturing process.…
A: The REA model for manufacturing process is given below as, For any of the manufacturing process, the…
Q: a. Allocate the budgeted overhead costs to the products.
A: Compute the pre-determined overhead rate.
Q: Which costing method is likely to provide the most accurate product cost? a. Volume-based costing…
A: Option d is correct.
Q: Classify the different costs as unit, batch, product, or facility. Answers (unit, batch, product, or…
A: The cost which is incurred whenever a product is produced and service is performed refer to the unit…
This question related with MFRS 116 (property,plant and equipment).
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- Refer to the information provided in E19-13. Required: Using the years-of-future-service method, prepare a set of schedules to determine (1) the amortization fraction for each year and (2) the amortization of the prior service cost.The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…9. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a postive number.) Cost At January 1, 2020 Additions Disposal At December 31, 2020 Accumulated Depreciation At January 1, 2020 Depreciation expense Disposal At December 31, 2020 Carrying Amount At January 1, 2020 At December 31, 2020 Buildings 15,316,200 5,888,910 0 21,205,110 465,268 0 465,268 14,850,932 Equipment 4,457,785 1,601,510 0 6,059,295 798,879 0 798,879 3,658,906 Furniture 18,967,224 14,369,270 0 33,336,494 3,421,627 0 3,421,627 15,545,597 Land 9,872,050 2,361,350 0 12,233,400 0 0 0 9,872,050 Land Improvements 7,820,640 2,041,930 0 9,862,570 1,049,947 0 1,049,947 6,770,693 Total 56,433,899 26,262,970 0 82,696,869 5,735,721 0 0 5,735,721 50,698,178 0
- 4. Prepare journal entry on January 1, 2027 to record the return of the machinery to the lessor. Assume thefair value of the asset is P300,0001. How much is the depreciation expense for the fiscal year ended June 30, 20x9? 2. How much is the revaluation surplus on December 31, 20x8? 3. How much is the carrying amount of the equipment on June 30, 20x9?On January 1, 2018, the Divine Company took out a 12% P10 million loan to finance the construction of a building. The key dates are as follows: January 1 – Loan interest relating to the project starts to be incurredFebruary 1 – Technical site planning commencesMarch 1 – Expenditures on the project start to be incurredApril 1– Construction Work CommencesNovember 1 – Substantially all of the activities necessary to prepare the asset for its intended use are completeDecember 1 – Building brought into use What amount of interest should divine capitalize for the current year?a. 1,000,000b. 900,000c. 800,000d. 700,000 What is the solution for option C?
- Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2020, a single long-term project was begun, which continued through 2018 Information on the project follows: 12/31 Accounts Receivable balance Construction expenses for year Gross Profit recognized in year Bangs during year The 12/31/21 CIP balance is Select one O $50,000 Ob 1322,000 O 1619.000 Od $106.000 O $112,000 2020 $100,000 105,000 122,000 100,000 20121 $300.000 192,000 200,000 420.000On December 31 Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the Product are the following: Research $6,000,000 and Development $4,000,000. The criteria have been met for recognition of the development costs as an asset. Product Master D will be in the market in Year 2 and is expected to marketable for 5 years. Total sales of the product are estimated at $100,000,000. Instructions: Using IAS 38, determine the effect of the Research & Development costs have on Company’s Net Income. Answer the following questions. 1. Choose one and explain Net Income using IFRS will be in Year 1: a. Higher by $________ larger than U.S. GAAP income. b. Lower by $________ larger than U.S. GAAP income. c. Both will be the same. 2. Explanation: 3. Year 3 (ending balance) Determine the Book Value of the asset 4. Explanation:On October 31, Year 1, Trailer Homes Company (THC) determines that it will need to buy 175,000 lbs, of aluminum siding panels on April 30, Year 2. In order to hedge the risk that the price of the aluminum siding panels will increase in six months the Treasurer simultaneously takes a long position in an aluminum forward contract, where the company agrees to purchase 175,000 lbs, of aluminum for $3.756/lb. on April 30, Year 2. The prices for the aluminum siding panels and the aluminum forward are as follows. Aluminum Siding /lb. Aluminum Forward/Ib. October 31, Year 1 $5.390 $3,756 January 31, Year 1 $5.552 $3. 881 $5.768 $3.925 April 30, Year 2 inanols on
- Arab Construction Company began work in 2021 on contract XXXX, which provided for a contract price of €19,200,000. Other details follow: 2021 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year OA €1,200,000. B. €1,600,000. C. €4,800,000. €3,200,000 9,600,000 3,600,000 2,400,000 Assume that Arab uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized as income in 2021 is D. €6,400,000 €9,800,000 0 14,400,000 15,600,000 202 GUR OMAt the end of Year 1, how much is the balance of the assets account Production-in-Progress if WW Guy uses the percentage of completion method? see the options in attached screenshot.Study the information given below and answer the following questions:5.1 Calculate the profit or loss on the disposal of the equipment. 5.2 Prepare the following note to the financial statements as at 28 February 2020:* Property, plant and equipment INFORMATIONThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year:RVehicles 300 000Accumulated depreciation on vehicles 140 000Equipment 130 000Accumulated depreciation on equipment 75 000Additional information1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019.2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019.3) Depreciation is calculated on equipment at 10% per annum on cost.4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.