1/ Philadelphia Acoustics builds innovative speakers formusic and home theater systems. Identify each cost asvariable (V), fixed (F), or mixed (M), relative to number ofspeakers produced and sold.1. Units of production depreciation on routers used to cutwood enclosures.2. Wood for speaker enclosures.3. Patents on crossover relays.4. Total compensation to salesperson who receives a salaryplus a commission based on meeting sales goals.5. Crossover relays.6. Straight-line depreciation on manufacturing plant.7. Grill cloth.8. Cell phone costs of salesperson.9. Glue.10. Quality inspector's salary2/Gabrick Company sells a product for $30 per unit.Variable costs are $20 per unit, and fixed costs are $2,500per month. The company expects to sell 560 units inSeptember. Prepare an income statement for Septemberusing the contribution margin format.

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

Answered: 1/ Philadelphia Acoustics builds…

1/ Philadelphia Acoustics builds innovative speakers for music and home theater systems. Identify each cost as variable (V), fixed (F), or mixed (M), relative to number of speakers produced and sold.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use the following data to prepare a model that allocates the support departments using the three…

A: Cost allocation: Cost allocation can be defined as the process of distributing the cost between…

Q: For each product line, compute operating income using the activity-based costing system. Product…

A: Total cost will remain the same whether we follow traditional costing or activity based cost. Only…

Q: Alanco, Inc. manufactures a variety of products and is currently maunfacturing all of its own…

A: Make or buy is the decision making analysis that helps the entity to decide whether the goods should…

Q: MSI's educational products currently are sold without any supplemental materials. The company is…

A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…

Q: Theory of constraints, contribution margin, sensitivity analysis. Damon Furniture (DF) produces…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: A process cost system would be appropriate for Oa. custom cabinet builder b. natural gas refinery…

A: There are many methods of costing and costing depends on the industry and types of customers and…

Q: Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic…

A: Solution:1 & 2)Identification of Preceding Costs :CostsAmountType of costsCosts headCost…

Q: The Adventure Studio creates escape room scenarios that are then sold to escape rooms around the…

A: In cost accounting, cost allocation is the process of identifying and assigning costs to cost…

Q: Identify the cost unit applicable to the bicycle industry. a. Cost per tonne b. Cost per day c. Cost…

A: Introduction: Cost Accounting: Cost Accounting is for Internal users. It helps management in…

Q: Define value chain and classification of costs for “Payment to David Newbury Designs for design of…

A: value chain :Value chain refers to functional activities or process wherein, a company adds value…

Q: Define value chain and classification of costs for “Cost of cartridges from outside supplier to be…

A: value chain:Value chain refers to functional activities or process wherein, a company adds value for…

Q: Davis Company produces two hair dryers: regular and deluxe. The company has four activities:…

A: ABC is a system that focuses on activities as the fundamental cost objects and uses the cost of…

Q: How do I find the product cost per unit?

A: Product costing is the computation or determination of the total costs of the product that is…

Q: Markup on Cost, Cost-Based Pricing Arthur Quillen Construction Company is a general contractor that…

A: Cost accounting is one of the important branch of accounting process. Under this branch, all type of…

Q: 1. The table below shows a list of costs for a company that produces custom, professional lacrosse…

A: Cost classification is a procedure used to classified the cost based on their nature of expenditure…

Q: Lifecycle Costs (LCC) estimates for design, test, production, operations for manufacturing an…

A: Life Cycle Cost Life cycle cost is the technique which was used for the business to effective in the…

Q: valent production for materials, labor and overhead. 2. Unit cost for materials, labor and overhead…

A: FIFO stands First and First Out, under this method of inventory valuation, the inventory which is…

Q: Summary of material costs by key items (GFE etc; not just a $ ROM) for manufacturing electric b

A: Answer: Material costs are the cost that relates purely to the materials used in manufacturing any…

Q: Wanda Instrumentation produces navigational equipment for ships, aircraft (both staffed and drones),…

A: Predetermined Overhead Rate for Direct Material: The predetermined overhead rate for direct material…

Q: Operation costing might be used to determine the cost of all of the following products except: 01.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The general term used to identify both .2 the tracing and the allocation of :accumulated costs to a…

A: Cost assignment to various departments requires cost tracing and cost allocation.

Q: Classify each of the following costs as either unit-level, batch-level, product-level, or…

A: Activities that are completed every time a batch of goods or products is created, or a set of…

Q: Which of the following is a proper classification of this cost?

A: Answer: Period cost

Q: TB MC Qu. 1-72 The cost of lubricants ... The cost of lubricants used to grease a production machine…

A: Costs which are directly attributable to the individual items produced are called direct cost.…

Q: Anytime fitness has two operating departments- Programming & Classes and Individual fitness. There…

A: Allocation of service department costs to operating departments Costs incurred by service…

Q: Could I'm ou help me find the activity rates for sorting , cleaning , and combing

A: Activity Based Costing: Activity Based Costing refers to the allocation of the factory overheads…

Q: Explain a key difference in the interpretation of the ABC data in 5-7 (Patio Grill Company) and the…

A: Time-driven ABC Costing: In this method of costing, cost drivers are used in terms of the time…

Q: Explain the most appropriate sales force objectives, strategy, structure and the sales force…

A: Company is work for the increase in profit and revenues, these could increase with the help of…

Q: Classify each cost element as either fixed, variable, or mixed

A: Variable Cost: variable cost is the cost that varies in total cost with change in the unit…

Q: Longwood Corporation processes a liquid into three outputs: K-2. K-4, and K-5. The sales value of…

A: Joint and by product comes into existence in the process costing, when product has similar value…

Q: Victory Company uses weighted average process costing. The company has two production processes.…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Please classify the following cost: Oil used to lubricate sewing machines at an Ann Taylor…

A: Direct Materials are the materials that are directly used in the production. Direct labor is…

Q: hang Construction Company is a general contractor that specia verhead and profit." Whang's bidding…

A: Markup direct cost refers to the additional percentage or amount added to the direct cost of a…

Q: hoose the correct letter in each item. Kindly answer all items. NO EXPLANATION NEEDED 1. Wages for…

A: Costing - Any system for allocating expenses to a business component is known as costing. In order…

Q: Standard Product Cost Santa Clara Furniture Company manufactures designer home furniture. Santa…

A: Management calculates standard costs in order to compare it with actual costs. It helps management…

Q: Body-Solid Inc. manufactures elliptical exercise machines and treadmills. The products are prouced…

A: Activity-based costing is the method of allocating overhead costs to various products by identifying…

Q: Using the information provided in the document under Module 3 Unit 1 titled "Module 3 activity +…

A: 📍 Approach to solving the question: To answer the question accurately and comprehensively, follow…

Q: Lelime Precision Tools makes cutting tools for metalworking operations. It makes two types of tools:…

A: The objective of the question is to determine the product mix of A6 and EX4 that will maximize…

Q: Please refer to the following notes as given in the images. Part 1: Understanding Activity-Based…

A: Activity-Based Costing (ABC) has emerged as a strategic tool for organizations seeking to unravel…

Q: Posting errors are identified in the following table. In column (1), enter the amount of the…

A: Description of Posting Error Difference between Debit and Credit Columns Column with the Larger…

Q: C-Cubed makes bicycles that are personalized to match each rider's exact body-type, called the…

A: Job cost is an estimation of the total cost of a customized order in a specific time period.

Q: Company X recorded the following adjusting entries to their accounts at the end of the year: 1.…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: In Activity-based costing, completing the design work of a new smartphone model is considered: O a.…

A: Activity based costing is a type of costing system in which all indirect costs or overheads are…

Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

1/ Philadelphia Acoustics builds innovative speakers for
music and home theater systems. Identify each cost as
variable (V), fixed (F), or mixed (M), relative to number of
speakers produced and sold.
1. Units of production depreciation on routers used to cut
wood enclosures.
2. Wood for speaker enclosures.
3. Patents on crossover relays.
4. Total compensation to salesperson who receives a salary
plus a commission based on meeting sales goals.
5. Crossover relays.
6. Straight-line depreciation on manufacturing plant.
7. Grill cloth.
8. Cell phone costs of salesperson.
9. Glue.
10. Quality inspector's salary
2/Gabrick Company sells a product for $30 per unit.
Variable costs are $20 per unit, and fixed costs are $2,500
per month. The company expects to sell 560 units in
September. Prepare an income statement for September
using the contribution margin format.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Markup on Cost, Cost-Based Pricing Whang Construction Company is a general contractor that specializes in custom residential housing. Each job requires a bid that includes Whang's direct costs and subcontractor costs as well as an amount referred to as “overhead and profit.” Whang's bidding policy is to estimate the costs of direct materials, direct labor, and subcontractors' costs. These are totaled, and a markup is applied to cover overhead and profit. In the coming year, the company believes it will be the successful bidder on 10 jobs with the following total revenues and costs: Revenue $8,386,400 Direct materials $2,281,000 Direct labor 1,884,000 Subcontractors 3,459,000 7,624,000 Overhead and profit $762,400 Required: 1. Given the preceding information, what is the markup percentage on total direct costs?fill in the blank 1 % 2. Suppose Whang is asked to bid on a job with estimated direct costs of $559,000. What is the bid?$fill in the blank 2 3.…
Aa-3
Please avoid solution image based thank you
11. There are two logistics network systems. Company JYZ is currently applying system 1 for the distribution and warehousing of its raw materials. In system 1, the raw materials are shipped from suppliers to the warehouse, where sorting is implemented. The materials are then shipped from the warehouse to the customers. JYZ is now thinking of implementing system 2, where raw materials are shipped from suppliers directly to the customers. The costs of both systems are provided below (per quarter). The cost formula is y=a+x(b₁ + b₂ + b3), where b₁,b2b3 are the unit cost for handling, logistics, and sorting. System 1 System 2 Fixed cost $2000 Variable cost Variable cost Variable cost (handling per unit) (logistics per unit) (Sorting per unit) $0.02 $0.01 $0.03 $0.01 $0.01 $0.05 y = a + b(x1+x2+x3) a. What is the breakeven point for the two systems to have identical total cost? b. The total number of units of JYZ is 90,000. Given the total unit 90,000, do you think it will be worth it if…
Markup on Cost, Cost-Based Pricing Whang Construction Company is a general contractor that specializes in custom residential housing. Each job requires a bid that includes Whang's direct costs and subcontractor costs as well as an amount referred to as “overhead and profit.” Whang's bidding policy is to estimate the costs of direct materials, direct labor, and subcontractors' costs. These are totaled, and a markup is applied to cover overhead and profit. In the coming year, the company believes it will be the successful bidder on 10 jobs with the following total revenues and costs: Revenue $8,553,660 Direct materials $2,281,000 Direct labor 1,937,000 Subcontractors 3,488,000 7,706,000 Overhead and profit $847,660 Required: 1. Given the preceding information, what is the markup percentage on total direct costs?fill in the blank 1 % 2. Suppose Whang is asked to bid on a job with estimated direct costs of $560,000. What is the bid?$fill in the blank 2
Operation costing might be used to determine the cost of all of the following products except: 01. living-room sofas. 02. automobiles. 03. sweaters. 04. dishwashing detergent. 05. O high-definition (HD) and surround-sound cables.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
>>>>_____
1. Give at least 3 Characteristics of Main and By-Products. 2. Discuss something about Joint Products and By-Products. 3. How do you prepare an absorption and variable costing income statement shows a draft or format only. minimum of 100 words
see enclosed jpeg please. Explain as clear as possible how you come to the solution.
Please do not give solution in image format thanku
Ises A Cost Syste X C Acme Inc. Has The Following Info x C Dog Bone Bakery, Which Bakes D x ment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator=&inprogress=false еВook Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Sitka Industries bought 15,400 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,400 pounds? Amount paid $ 69,550 V B. What is the direct materials quantity variance? Direct materials quantity variance $ 900 V Favorable v C. What is the total direct…