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CLO Assignment 1
Michael Ayala Coba
Westcliff University
FIN500: Financial & Accounting Skills for Managers
Professor Blount
May 22, 2024
2
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CLO Assignment 1
Cost of Goods Sold in Manufacturing vs Merchandising Companies
The calculation of the cost of goods sold (COGS) in manufacturing companies differs from that in merchandising companies due to the nature of their operations. Manufacturing companies produce goods from raw materials, so their COGS includes raw materials, direct labor, and manufacturing overhead. The formula for manufacturing COGS is: Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory. Cost of Goods Manufactured encompasses all production costs incurred during the period, making the calculation more complex.
(Wild & Shaw, 2022) (Ross et al., 2021)
In contrast, merchandising companies buy finished goods for resale without altering them. Their COGS calculation is simpler, focusing on the cost of purchases and any freight-in costs. The formula for merchandising COGS is: Beginning Inventory + Purchases - Ending Inventory. The key differences lie in the components of costs and the complexity of the calculation, with manufacturing companies needing to account for multiple stages of inventory (raw materials, work-in-progress, and finished goods) and production costs, whereas merchandising companies primarily manage merchandise inventory. (Wild & Shaw, 2022) (Ross
et al., 2021)
Calculation
The annual financial data at December 31, 2017, taken from two different companies are shown below:
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EXERCISE 4-2 Computation of Equivalent Units-Weighted-Average Method [LO4-2]
Clonex Labs, Inc., uses a process costing system. The following data are available for one depart-
ment for October:
Percent Completed
Units
Materials
Conversion
Work in process, October 1
30,000
65%
30%
Work in process, October 31
15,000
80%
40%
The department started 175,000 units into production during the month and transferred
190,000 completed units to the next department.
Required:
Compute the equivalent units of production for October assuming that the company uses the
weighted-average method of accounting for units and costs.
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Exercise 10-13 a1-a2 (Part Level Submission) (Video)
Gill Company, organized in 2020, has the following transactions related to intangible assets.
1/2/20
Purchased patent (7-year life)
$595,000
4/1/20
Goodwill purchased (indefinite life)
360,000
7/1/20
10-year franchise
480,000
9/1/20
Research and development costs
185,000
- (a1)
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required,
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Calculation of Profitability ratios - submission
From the following data, calculate
(a) Gross profit ratio
(b) Net profit ratio
Sales
RO 300,000
Sales returns
RO 10,000
Opening stock
RO 70,000
Closing stock
RO 25,000
Direct expenses
RO 40,000
Purchases
RO 140,000
Net profit
RO 40,000
Share Capital
RO 100,000
Reserve and Surplus RO 25,000
Long term Loans
RO 50,000
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An allocation base:
O a can be units of output if the company has a single product
O b. All the given answers are NOT correct.
Oc is determined at the end of the period.
O d. isameasure used to assign conversion costs to products and services
O e isameasure used to assign prime costs to products and services
ר
A Company uses job order costing and has chosen direct labor hours to allocate its manufacturing overhead. The company estimates
that total direct labor hours to be operated next year are 250,000 hours. The estimated variable overhead is $15 per hour and the
estimated fixed overhead costs are $750,000. The predetermined overhead rate is:
O a $6
O b. None of the answers given
Oc $45
Od. $3
Oe $18
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Current Position Analysis
The following items are reported on a company's balance sheet:
$365,600
Marketable securities
285,700
Accounts receivable (net)
254,900
Inventory
236,400
Accounts payable
394,000
Determine (a) the current ratio and (b) the quick ratio. Round to one declmal place.
a. Current ratio
b. Quick ratio
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b. Divide quick assets by current liabilities. Quick assets are cash, temporary investments, and receivables.
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Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as
variable or fixed cost. (Select "NA" wherever necessary.)
Cost
Costs
Type of cost
Cost head
classification
Product
Factory rent
Company advertising
Wages paid to assembly workers
Depreciation for salespersons' vehicles
Screws
Period
Product
Period
Product
Product
Product
Utilities for factory
Assembly supervisor's salary
Sandpaper
President's salary
Plastic tubing
Product
Period
Product
Product
Period
Paint
Sales commissions
Factory insurance
Depreciation on cutting machines
Wages paid to…
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uestion : 1 a
A distinguishing feature of managerial accounting is
external users.
general-purpose reports
very detailed reports.
quarterly and annual reports.
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What is the difference between a revenue and a gain?
O a.
Revenue results from internal transactions, whereas gains result from external transactions.
O b. Revenues result from transactions related to central operations, whereas gains result from transactions retated to
peripheral operations.
O c. Revenue results from transactions related to peripheral operations, whereas gains result from transactions related to
central operations.
O d. Revenue results from external transactions. whereas gains result from internal transactions.
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Ob Going concern Assumption
Oc Matching Concept
d Consistency Principle
Clear my choice
Who among the following uses accounting information to know the
possible wage increments?
a.
Bankers
Ob. Customers
Oc. Employees
Od. Owners
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Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
( Previou:
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A company reports the following:
Sales
$1,406,700
Average total assets (excluding long-term investments)
781,500
Determine the asset turnover ratio. If required, round your answer to one decimal place.
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Divide sales by average total assets (excluding long-term investments).
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Perez Company reported the following operating results for two consecutive years:
Required
Compute each income statement component for each of the two years as a percentage of sales
due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be e
PEREZ COMPANY
Vertical Analysis of Income Statements
Percentage of
Sales
Percentage of
Sales
Year 4
Year 3
Sales
1,077,500
00S'000'L
Cost of goods sold
550,275
000 Z09
Gross margin on sales
450,225
475,500
Operating expenses
130,500
149,800
319.725
325,700
Income before taxes
79.700
81,800
Income taxes
240.025
243.900
%
Net income
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ESTIMATED PROFIT AND LOSS ACCOUNT (INCOME STATEMENT) FOR KARACHI
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$
Revenue (5000 units @ $3.00)
15000
Cost of goods sold (@ $1.00 per unit)
Gross profit
5000
10000
Overhead expenses
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Operating profit (profit before tax and interest)
6000
Finance costs (interest)
2000
Profit before tax
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Corporation tax @ 20%
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3200
Dividends paid
1200
Retained profit
2000
Profit and loss account for Karachi Traders Ltd for the year ending 31 December 2014
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Wage and Tax Statement Data on Employer FICA Tax
Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal
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required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 20Y9, before the Wage
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Vertical Analysis
Income statement information for Einsworth Corporation follows:
000'
101,400
Sales
Cost of goods sold
Gross profit
009 9
Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number.
Einsworth Corporation
Vertical Analysis of the Income Statement,
Amount Percentage
Sales
$338,000
Cost of goods sold
101,400
0.3
Gross profit
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Divide each element by sales to determine the vertical analysis percentage.
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Exercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7)
Rankin Fabrication reports the following information with respect to its direct materials:
Actual quantities of direct materials used
Actual costs of direct materials used.
Standard price per unit of direct materials.
Flexible budget for direct materials.
Rankin Fabrication holds no materials inventories.
35,500 gallons
$ 201,680
$ 5.79
$ 213,100
Required:
a. Compute the direct material price and efficiency variances.
b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing.
Direct materials price variance
Direct materials efficiency variance
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute the direct material price and efficiency variances.
Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not
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OA. type of transaction the business normally undertakes.
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B. major repetitive activity or event.
C. product or service marketed.
O D. account classification.
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Total elimination is consistent with the parent company concept.
Partial elimination is consistent with the economic unit concept.
Past accounting standards required the total elimination of unrealized intercompany profit in assets acquired from affiliated companies.
none of these.
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Problem 7-39 (LO. 5)
Blue Corporation, a manufacturing company, decided to develop a new line of merchandise. The project began in 2022. Blue had the
following expenditures in connection with the project, all incurred in the U.S.:
Amount of the deduction
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49
2023
$500,000 $600,000
90,000 70,000
8,000
11,000
6,000
8,000
7,000
6,000
11,000
18,000
20,000
14,000
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The new product will be introduced for sale beginning in April 2024.
If an amount is zero, enter "0". Calculate the monthly expense to the nearest dollar and use in subsequent computations.
a. Determine Blue Corporation's research and experimental…
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OMR 252,000 bO
OMR 258,000 cO
OMR 257,000 dO
OMR 247,000 e O
:XYZ Company had the following information for the year
110,000 OMR
Direct materials used
150.000 OMR
Direct labor incurred (4,000 hours)
166,000 OMR
Actual manufacturing overhead incurred
The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is
Pan ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured
OMR 393,000
.a O
OMR 363,000.b O
OMR 383,000
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None of the given answer is correct d O
OMR 418,000 .e O
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Chapter 11 Homework (Application)
Product Pricing using the Cost-Plus Approach Methods; Differential Analysis for Accepting Additional Business
Crystal Displays Inc. recently began production of a new product, flat panel displays, which required the investment of $1,500,000 in assets. The costs of producing and selling 5,000 units of flat panel displays are estimated as follows:
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Direct materials
Direct labor
Factory overhead
Selling and administrative expenses
Total variable cost per unit
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
JABILITIBS E STOCKHOLDER'S…
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Each of the following accounts is closed to Income Summary except
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Exercise 17-22
Whispering Company has the following investments as of December 31, 2017:
$1,570,000
Investments in common stock of Laser Company
Investment in debt securities of FourSquare Company
$3,180,000
In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2017.
Whispering's stock investments does not result in significant influence on the operations of Laser Company. Whispering's
debt investment is considered held-to-maturity. At December 31, 2018, the shares in Laser Company are valued at
$1,120,000; the debt investment securities of FourSquare are valued at $2,310,000. Assume that these…
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Company Dhas the following information:
Revenue
Cost of Goods Sold-
Gross Profit-
Total operating costs-
Operating Income-
-150,000,000
-81,825,000
-68,175,000
47,625,000
-20,550,000
Interest Income--
-290,000
-800,000
Interest Expense-
Pre-Tax income--
Таx (21%)---
Net Income---
-20,040,000
--4,208,400
-15,831,600
Share outstanding--
Share outstanding for diluted
-11,000,000
-12,200,000
Cash-
A/R (avg collect Period-30 days)
Inventory (Days Inv. Held = 40)
Other-
Total Current Asset-
-11,917,808
--8,967,123
-5,000,000
PP&E---
Less Accumulated Depreciation-
Net PP&E-
-50,000,000
-10,000,000
-40,000,000
Total current liability
13,842,466
-21,842,466
Total Liabilities---
a. What is the cash amount?
b. what is the…
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