Sales Projections in Units January February March 18 19 20 21 0 Projected Sales Price/Unit $ 1 2 Monthly Projected Selling & Administrative Expenses 13 14 15 16 17 22 8888 = 8838 27 28 29 30 April May 23 24 25 26 Direct Labor 31 32 Variable Cost/Unit Fixed Costs Production: Desired Ending Inventory Beginning Inventory (new business) Materials Desired Ending Inventory Number of Materials per Unit Projected Cost/Material Unit Beginning Inventory (new business) Time per Unit (in hours) Cost per Hour Manufacturing Overhead Variable Cost/Unit Fixed Costs 21,945 28,615 42,948 54,526 34,817 $ $ 12.00 $ 2,662.00 206.00 $ $ 52.6% 0 81.0% 0 7.0 5.00 1.00 $ 16.00 5.00 3,909
Q: Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31,…
A: Closing entries are required to close the temporary accounts after making financial statements…
Q: Required information [The following information applies to the questions displayed below.] Tyrell…
A: Interest due at maturity of a note pertains to the interest amount that is paid when a promissory…
Q: JART manufactures and sells underwater markers. Its contribution margin income statement follows.…
A: The fixed costs are avoidable for the special order that can be fulfilled within the production…
Q: During the month of March, Carla Vista Company's employees earned wages of $80,000. Withholdings…
A: Accounting equation :The accounting equation states that the total assets will equal the sum of…
Q: Spherical Manufacturing recently spent $16 million to purchase some equipment used in the…
A: Dear student, as per Bartleby's guidelines, when multiple sub-parts are asked in the same question,…
Q: Sacramento Memorial Hospital has the following financial data and operational metrics: Number of…
A: Before calculation of hospital’s occupancy rate wr have to calculate total number of inpatient days…
Q: Flexible Budget Performance Report Courses Students Revenue Expenses. Instructor wages Classroom…
A: A flexible budget is a budget that adjusts or flexes with changes in the level of activity. It is a…
Q: Crane Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $16.800.…
A: Payroll: It implies a list of all the employees working in an organization to whom the company makes…
Q: Determine the number of actual labour-hours spent opening batches during the week and determine the…
A: LABOUR COST VARIANCEDirect Labour Cost Variance (also termed Direct Wage Variance) is the difference…
Q: TB MC Qu. 11-64 The management of Furrow Corporation... The management of Furrow Corporation is…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of…
A: According to the question given, we need to compute the cost that should be assigned to each…
Q: Sheridan Bikes Ltd. reports pre-tax cash sales of $4,400 on October 1. (a) Record the sales assuming…
A: Sales tax is one of the indirect tax which is being imposed by goverment. Sales tax is generally…
Q: Abernathy
A: A static budget forecasts revenue and expenses over a specific period but remains unchanged even…
Q: AZ Inc. purchased Equipment on January 1 for $80,000. This equipment is depreciated using the…
A: The Depreciation under the straight-line method is calculated by evenly distributing the cost of an…
Q: [The following information applies to the questions displayed below.] Following are the issuances of…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: Selling price Variable expenses: Direct materials. Other variable expenses Total variable expenses…
A: The problem is to find the maximum contribution margin with limited raw material, the maximum…
Q: ma ns f
A: Residual income is the diffrence betweem actual income and target income. Target income is avg…
Q: Kohler Corporation reports the following components of stockholders' equity at December 31, 2019.…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Fill in the blank based on the above information. Adjusted gross income - $ 155.000 llemized…
A: Federal tax owed by married couples filing jointly pertains to the income tax due based on their…
Q: ot-ror-promt. desee Musie society is a not-for-pront organization that brings guest artists to the…
A: The break-even point is the point at which total cost and total revenue are equal
Q: Prime Products hopes to borrow $79,000 on April 1 and repay it plus interest of $1,140 on June 30.…
A: In this question, we need to prepare the cash budget for the second quarter. For that, we also need…
Q: Internal Rate of Return Lepton Industries has three potential projects, all with an initial cost of…
A: The Internal Rate of Return (IRR) is a financial metric that calculates the discount rate at which…
Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 99,100…
A: The unit cost under absorption is the sum of the per unit variable production cost and per unit…
Q: What is the unrealized profit in inventory on Dec 31, 20X3?What is the unrealized profit in…
A: The process of consolidating financial statements of related businesses into a single group is known…
Q: LeMond Incorporated, a Wisconsin corporation, runs bicycle tours in several states. LeMond also has…
A: Sales Tax Liability:The total amount of sales taxes that a company has amassed from customers on…
Q: A client approached you with a question about the tax consequences of setting up an irrevocable…
A: The objective of the question is to understand the tax implications of setting up an irrevocable…
Q: During 2024, Ryabova entered into the following transactions relating to shareholders' equity. The…
A: EPS stands for Earning per share. It is a method which is used by investors to know the attributable…
Q: Sales Projections in Units January February March April May 21,945 28,615 42,948 54,526 34,817
A: It is the process of undertaking plans to spend money. This plan enables the business in advance to…
Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of…
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Shamrock Company's overhead rate was based on estimates of $186,000 for overhead costs and 18,600…
A: total overhead variance in accounting is the difference between the actual overhead costs incurred…
Q: On June 30, 2024, Crane Ltd's general ledger contained the following liability accounts: Accounts…
A: Journal entries in accounting are a documentation of the financial dealings that a company has…
Q: Hello! I need help with the following accounting problem: Bramble Inc. obtained significant…
A: The objective of the question is to prepare the necessary journal entries for Bramble Inc. for the…
Q: ✔Total cost of goods sold, $791,600 SHOW ME HOW EX 6-8 Weighted average cost flow method under…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Down Under Products, Limited, of Australla has budgeted sales of its popular boomerang for the next…
A: Budgeting is a method of estimating expected future outcomes based on past events. Budgeting…
Q: ABC Corporation has three service departments with the following costs and activity base: Activity…
A: In case of an Activity based costing method, the cost of each department is based on the consumption…
Q: Dave receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is…
A: The tax basis represents the original cost of the property plus certain additional costs. When…
Q: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried…
A: Standard quantity of material allowed= Standard quantity for actual output. If actual price or…
Q: Stuart Publications established the following standard price and costs for a hardcover picture book…
A: Flexible budget :— It is calculated by multiplying standard amount per unit with actual units…
Q: Na is 12 years old, and her only income is $5,500 of interest income from a bank account with money…
A: any money received by a minor child can be categorised into 2 parts 1) Unearned2) EarnedAmount…
Q: On January 1, Wei Company begins the accounting period with a $34,000 credit balance in Allowance…
A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…
Q: Assume that a company provided the following excerpts of information from its flexible budget…
A: Organizations can evaluate how changes in activity levels affect costs and performance by using…
Q: Compute the ending inventory under the dollar-value LIFO method at December 31, 2026. The…
A: As per LIFO method, records the most recently produced items as sold first.LIFO means. last in first…
Q: If you invest $18,000 at 6% interest, how much will you have in 15 years? Use Appendix A to…
A: Future value is a value of an investment or asset on a specific date in the future based on its…
Q: rmation regarding expectations for the month of June. The balance in accounts receivable as of May…
A: The cost incurred by an entity when borrowing money or making use of credit facilities is referred…
Q: Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred…
A: The field of accounting known as cost accounting is utilized by manufacturing organizations to…
Q: Required information [The following information applies to the questions displayed below.] Marco…
A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…
Q: a. What were their monthly payments to settle this loan? b. What was the principal balance on the…
A: There are multiple sub-parts in the question and only the first three sub-parts are solved as per…
Q: Hello! I need help with the following, where we have to determine the amount to be reported as an…
A: The objective of the question is to calculate the amount to be reported as an investment in Shane…
Q: Annie's Homemade is deciding whether to retain or drop a 700-square feet satellite shop location.…
A: Variable costs are costs which changes with change in activity level. Fixed costs do not change with…
Q: Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation…
A: Variances are the differences between the actual values and budgeted values. If the budgeted values…
Step by step
Solved in 3 steps
- Sales Projections in Units January February March 18 10 Projected Sales Price/Unit $ 12 Monthly Projected Selling & Administrative Expenses 13 $ 12.00 14 $ 2,662.00 16 Production: 17 23 April May 20 Materials 21 22 Variable Cost/Unit Fixed Costs 3 24 25 26 Direct Labor 27 5 Desired Ending Inventory Beginning Inventory (new business) 12 28 29 30 Manufacturing Overhead 31 Variable Cost/Unit Fixed Costs 13 Desired Ending Inventory Number of Materials per Unit Projected Cost/Material Unit Beginning Inventory (new business) Show Transcribed Text Time per Unit (in hours) Cost per Hour Number of Units Produced Direct Labor Hours/Unit Total Direct Labor Hours Needed Cost/Direct Labor Hour Total Direct Labor Cost $ Direct Labor Hours/Unit Cost/Direct Labor Hour Cost of Direct Labor per Product $ 21,945 28,615 42,948 54,526 34,817 J 206.00 52.6% 0 81.0% 0 7.0 5.00 1.00 16.00 $ 5.00 $ 3,909 C с DIRECT LABOR BUDGET January February D MarchSales per unit P15.00Variable production cost 8.00Annual fixed production cost 35,000.00Variable selling expense (unit) 3.00Annual fixed selling expense 15,000.00Produced 12,500 units during the periodNo inventory at January 1 (beg.)Sold 10,000 units 21. The ending inventory under direct costing isa. P25,000 b. P27,500 c. P20,000 d. P32,500 22. Ending inventory under absorption costing isa. P32,500 b. P20,000 c. P25,000 d. P27,000Question Content Area The level of inventory of a manufactured product has increased by 7,538 units during a period. The following data are also available: Variable Fixed Unit manufacturing costs of the period $12.00 $6.00 Unit operating expenses of the period 2.00 3.00 The effect on operating income if variable costing is used rather than absorption costing would be a(n) a.$45,228 decrease b.$67,842 increase c.$67,842 decrease d.$45,228 increase
- Enabled: Midterm 2 i C Cost The following information pertains to one item of inventory of the Simon Company. Saved Per unit $ 200 170 190 10 30 Replacement cost Selling price Disposal costs Normal profit margin Using the lower of cost or market method, this item should be valued at:If the net sales 159 150 ID , beginning -1 finished goods inventory 16 500 ID „Cost of goods manufactured 121 050 ID, ending finished goods inventory *.(. .) 9000 ID , the gross profit are 60 600 90 600 30 600 If the prime cost 70 700 ID ,- 2 manufacturing overhead 12 000 ID, beginning work inproces inventory 4 000 ID ,ending work inproces inventory 6 000 ID ,the cost of goods .(. .) manufactured are 80 700 ID. O 100 700 ID. 60 700 ID.Problem 12 Compute the Cost of Goods Sold for 2020 of Pillows Company considering the followinginformation: Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance whichwas P600,000
- A7 fe After analyzing expenses, the company has determined the following cost A B D E F 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 17,000 5 Sales price per unit 48.00 6 7 After analyzing expenses, the company has determined the following cost patterns. Cost of goods sold 9 Sales commissions 8 29.00 per unit 9.50% per dollar of sales 10 11 Administrative salaries $ 45,000.00 per quarter 12 Rent expense 27,000.00 per quarter 13 Depreciation expense 2$ 36,000.00 per quarter 14 15 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost over the last eight quarters are: 16 17 Year 1 Total Shipping Cost Units 18 Quarter 1 $ 67,000.00 12,500 19 Quarter2 $ 94,000.00 21,000 20 Quarter 3 89,800.00 13,800 21 Quarter 4 92,600.00 20,000 22 Year 2 23 Quarter 1 $ 72,500.00 13,700 24 Quarter2 80.000.00 14.000 > %24 %24A EXAMPLE 20.18 The following information relating to the third and last quarter of 2019-20 is furnished by a compan which manufactures and sells a single product: Third Quarter Last Quarter (Actual) 76,24,000 (Estimate) 76,60,000 Sales Inventory of raw material and finished goods: Орening Balance Closing Balance Closing Balance Raw material A (kg) Raw materialB (kg) Finished goods (units) 25,000 23,500 25,000 15,000 12,650 13,400 670 700 1,000 Unit cost data: Raw material A: 10 kg @ 33 = 730 5 kg @ 2 = 10 %3D Raw material B: %3D Direct labour (Machine time 5 hrs @ 4): Machine shop = 20 Assembly 2 hrs. @ 75 (labour time) = 710 Production overheads: %3D Machine shop @ 12 per machine hr. Assembly @10 per labour hr. Selling and Administration O.H. : 20% of production cost Profit margin : 10% on selling price Production and sales occur evenly during the budget period. You are required to prepare for the las quarter of the year. (a) Production budget (in units) (b) Purchase budget (quantity…Selling price Units in beginning inventory Units produced Units sold Units in ending inventory $ 126 0 2,630 2,500 130 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense The total gross margin for the month under absorption costing is: $ 49 $ 17 $ 8 $ 9 $ 84,160 $ 17,500
- Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. $ 450,000 $ 30,000 $ 300,000 $ 15,000 ? $ 18,000 $ 22,500 ? $ 90,000 $ 27,000 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimati operating income will change in response to changes in unit sales? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 to 5 Req 6 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 3. Selling price per unit 4. Variable cost…Refer to Cornerstone Exercise 18.3. Required: 1. Calculate the cost of each unit using variable costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using variable costing? 3. Prepare a variable-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a.Determine the total manufacturing costs and the cost amount per unit for the production and sale of 200,000 units. b.Determine the product cost markup percentage per unit. Round to two decimal place. c.Determine the selling price per unit. Round to the nearest dollar.