10) Corp expects to sell 20,000 pool cues for $12.00 each. DM costs are $2.00, DL is $4.00, and O/H is$0.80 per pool cue. The following inventory levels apply to 2016:Beginning inventory Ending inventoryDirect materialsWork-in-process inventoryFinished goods inventory24,000 unitsO units2,000 units24,000 unitsO units2,500 unitsOn the 2016 budgeted income statement, what amount will be reported for sales?11) How many pool cues need to be produced in 2016?12) On the 2016 budgeted income statement, what amount will be reported for cost of goods sold?13) What are the 2016 budgeted costs for 1)direct materials, 2)direct manufacturing labor, and 3)manufacturing overhead, respectively?

Answer : 10) Amount that will be reported for sale budget Amount that will be reported for sale…

Answered: 2,000 units 2,500 units he statement,…

2,000 units 2,500 units he statement, what amount will be reported ed to be produced in 2016? come statement, what amount will be reporte

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: (20 Eastorn Droams Lid manufachures a single product The bodgetod sales and production for Yoar 2021…

A: The calculation solution for the above mentioned question given in the following steps for your…

Q: Ester Limited produces two products X and Y by producing a common raw material in a common…

A: Cost allocation is a process of assigning or allocating indirect cost to each and every unit It can…

Q: The following three identical units of Item K113 are purchased during April: Item Beta Units Cost 1…

A: FIFO (First-In, First-Out): The FIFO method is based on the assumption that the first items added to…

Q: The following information for Dept. B of Kitkat Company for the month of May Received from Dept. A…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: 22/06/2023 Q1. ABC Company is a manufacturing company that produces product (X) and sell it for…

A: Variable Costing -In this costing method, variable costs are considered while preparing the cost of…

Q: Question 1 The following sales forecast was developed by the sales team at Broadworld…

A: Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

Q: Total cost and number of units in the first seven months of 2020 are given below. According to this…

A: Let's start with Variable cost:- It is a cost that changes with the change in the production. This…

Q: Current Attempt in Progress Shamrock Company is preparing its manufacturing overhead budget for 2022…

Q: Walter Company is planning to sell and produce the units below for July, August, and September July…

A: Budgets are the estimates or forecasts that are made for future period of time. Examples of budgets…

Q: QUESTION 1 Jay Emm Ltd manufactures and sells only one product. The following information refers to…

A: Finished goods are those goods which are produced or turned out from a raw material to a valuable…

Q: Calculate the number of cars produced and the extent of production efficiency, Sloud

A: Given in the question: Number of Labors = 400 Standard production = 180 Cars Annual productivity of…

Q: 8 - ABC production company calculates production costs according to the phase cost system. The…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: 12 Our company currenty makes and sells two products: A and B. The relative number of production and…

A: The Break-even point indicates that total units are to be sold by the business entity to recover its…

Q: delivery time: 3.5 weeks Normal usage: 52 000 units per year Purchase price per unit: R8.50 Cost of…

A: Calculation of Economic ordering quantity (EOQ) :

Q: How do you get this answer A company manufactured 50.000 units of a product at a cost of $450,000.…

A: To determine the gross profit, you need to know the total revenue from sales and the cost of goods…

Q: reorder level.

A: Reorder level = Average demand * Lead time

Q: Concord Corporation's activity for the first three months of 2022 are as follows January February…

A: Introduction: A variable cost is a production charge that rises or falls in response to variations…

Q: Eric Clothing Limited’s annual demand for materials X is 50 000 units, and the ordering cost is P10…

A: Economic order quantity is the number of units at which both the ordering cost and holding or…

Q: Q5. Dabney Corporation has provided the following production and total cost data for two levels of…

A: Variable cost is the cost which changes with change in activity level , such as material cost,…

Q: A EXAMPLE 20.18 The following information relating to the third and last quarter of 2019-20 is…

A: The phrase "production budget" is used explicitly in the film industry as well as more generally in…

Q: REQUIRED Use the information provided below to calculate the expected production cost for November…

A: Expected production cost means the amount of cost estimated to be incurred in the making of the…

Q: Time remaining: 00:08:51 Accounting The Walton Toy Company manufactures a line of dolls and a sewing…

A: Guideline: Thanks for the question. “Since you have posted a question with multiple sub-parts, we…

Q: The Future Corporation manufactured 3 products from a joint process in December 2023 as follows:…

A: Lets understand the basics.When more than one product gets produced from single process then all the…

Q: Question 7 The cost data relating to units of production for the year ending 31st December 2020 are…

A: Inventory valuation is an accounting practice that is followed by companies to find out the value of…

Q: ABC production company calculates production costs according to the phase cost system. The…

A: Process costing is a method of cost accounting, which is used where there is continuous production…

Q: JANUARY 2022 RESULTS In January, 2022, sales were $103,500 on 4,060 units sold. 90 metric tons of…

A: Income Statement of Sharpe Glassworks Inc Particulars Amount in $ Sales Revenue 103,500…

Q: In applying the high-low method, what is the fixed cost? Month Miles Total Cost January 80000…

Q: Monroe Company produces and sells three products. Information regarding these three products for…

A: Contribution per unit = Selling price per unit - Variable cost per unit Total Contribution =…

Q: - ABC production company calculates production costs according to the phase cost system. The…

A: In process costing equivalent units need to be calculated for proper apportionment of cost incurred.…

Q: A production manager wants to determine how many units of each product to produce weekly to maximize…

A: Production managementThe process of converting the material used into a final product for the sale…

Q: QUESTION 5 THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1-12. Test Company derived the following…

A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…

Q: Company XYZ is currently producing and selling 100 units. At this level, the total direct materials…

A: Incremental Cost:-It is an increased difference producing two different types of units, like the…

Q: The following is actual data from the two months of operations. Pounds Shipping expense 350…

A: Using high low method, the fixed costs and variable costs are identified from the mixed costs.

Q: The following information is available for electricity costs for the last six months of the year:…

A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…

Q: 5. The following are data of materials inventory for the year 2020 of Mars Corp: Number of pounds…

A: EOQ is economic order quantity that should be ordered in one time in order to minimise inventory…

Q: D Question in applying the high-low method, data from which months should be used? Month Miles Total…

A: In an attempt to break down a mixed cost one that has both fixed and variable elements into its…

Q: The following three identical units of Item 3C07 are purchased during April: Item Beta Units Cost…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: QUESTION 2 A factory's records show the following costs and outputs for the last five months: Month…

A: High-low method is used to differentiate the fixed and variable cost from a limited amount of data.

Q: Porvide answer in table format Cobe Company has already manufactured 19,000 units of Product A at a…

A: Product A = 19000 units Unit variable cost = $25 per unit Total variable costs = 19000 * $25 = $…

Q: Planned costs of product A - 150000 Planned costs of product B - 250000 Real costs of product A -…

Q: ... Babylon Furniture manufactures sofa sets and seats. The company uses a standard cost accounting…

A: The variance is the difference between the standard and actual production data. The variance can be…

Q: Current Attempt in Progress * Your answer is incorrect. Sunland Ltd. estimates sales for the second…

A: Material cost refers to the total cost of the raw materials and other supplies needed to produce a…

Q: first question An industrial company produces and markets one type of product whose planned data…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Prepare a CVP income statement for Ivanhoe Industries for the month of May. (Round per unit answers…

A: A CVP income statement is an income statement in which the details about the contribution margin per…

Q: Q2 The following information relating to third and last quarter of 2018-19 is furnished by a company…

A: Given information profit margin = 10% of selling price Beginning inventory for 4th quarter = 700…

Q: Monroe Company produces and sells three products. Information regarding these three products for…

A: Contribution per unit = Selling price per unit - Variable cost per unit Total Contribution =…

Q: Graded Discussion #3 _C-V-P Analysis Greek Manufacturing Company produces and sells a line of…

A: d) Marginal Income statement- Particulars Amount Sales 4,500,000 Less, variable cost…

Q: SELLING PRICE PER UNIT 200 OPERATING INCOME 42,000 IN 2018 Variable expenses per…

A: Operating income =Total sales-Variable cost-Fixed cost Variable Cost =Direct material +Direct…

Q: Question 1 A manufacturing company, VMTC PLC, makes the product, blitz. Monthly sales for the first…

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Question

10) Corp expects to sell 20,000 pool cues for $12.00 each. DM costs are $2.00, DL is $4.00, and O/H is
$0.80 per pool cue. The following inventory levels apply to 2016:
Beginning inventory Ending inventory
Direct materials
Work-in-process inventory
Finished goods inventory
24,000 units
O units
2,000 units
24,000 units
O units
2,500 units
On the 2016 budgeted income statement, what amount will be reported for sales?
11) How many pool cues need to be produced in 2016?
12) On the 2016 budgeted income statement, what amount will be reported for cost of goods sold?
13) What are the 2016 budgeted costs for 1)direct materials, 2)direct manufacturing labor, and 3)
manufacturing overhead, respectively?

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

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

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

Q.4 Standard cost systems provide companies with a number of advantages, argue the statement. Following are the details of Abbass Industries for the period ended June 30, 2020. Company establish standard on its normal capacity of 120,000 units/hours in a year: Direct Material 600,000 kgs at Rs. 9 per kg Direct Labor 4 hours per unit at Rs. 6 per hour Factory overhead: Fixed cost Rs. 240,000 per year or Rs. 20,000 per month. Variable Cost Rs. 4.50 per hour. During the one month of operation, company produced 11,000 units. Direct material used: 60,500 kgs at Rs. 9.10 per kg Direct labor used:…
dont give image in answer mode
Q2: components X are used as follows: Normal usage = 100 units per week each Minimum usage = 50 units per week each Maximum usage = 150 units per week each Re - order Quantity = X : 600 units . X:4 to 6 weeks Re - order period . Required: Re - order level %3D 2. Maximum level 3. Minimum level
please answer no. 2 cost of production report for A,D,E
QUESTION 4 An organisation manufactures a single product. The following information with regard to the raw material needed in the production process is supplied to you: Normal delivery time: 2.5 weeksMaximum delivery time: 3.5 weeksNormal usage: 52 000 units per yearPurchase price per unit: R8.50Cost of placing an order: R18.00Interest rate: 2% per yearStoring cost per unit: R2.50 Required: Calculate the re-order point if the organisation has a policy to keep safety stock. Calculate the safety stock that should be kept by the organisation.
#44 Mercu Jaya currently has 20 workers who work 8 hours per day and 25 days a month. The labor hours required to produce a product is 0.8 hours. Calculate the standard output per worker per month. Answer A 5,000 units B 250 units C 160 units © 2014 - 2022 Chat With Us
In applying the high-low method, what is the fixed cost? Month Miles Total Cost January 86000 $182000 February 60000 150000 March 78000 178000 April 92000 200000 $22000 $28000 $56250 $32000
pls help answer letter a and b pls thanks
The theoretical velocity is A. 2.32 units per hour B. 2.44 units per hour C. 2.5 units per hour D. 2.75 units per hour
Question 4 View Policies Current Attempt in Progress Concord Corporation required production for June is 62000 units. To make one unit of finished product, three pounds of direct material Z are required. Actual beginning and desired ending inventories of direct material Z are 230000 and 260000 pounds, respectively. How many pounds of direct material Z must be purchased? 186000 216000. O 168000. O 198000. hp C ins prt sc + delete home end & 7 num backspace lock Y 7 home K 4 enter pause T shift end alt ctr Σ 00 I
Question Two Pass-Well Company Limited produces a product that passes through two processes, Process 1 and Process 2. Details of activities for the month of December, 2020 is as follows; Process 1 @GH₵200.00 200hrs 3,500units GH₵20 per unit Process 2 GH₵25,000.00 600hrs 3,150units GH₵40 per unit a. You are required to prepare the relevant accounts b. You are required to prepare the relevant Accounts With practical example, differentiate between cost assignment and cost apportionment; product cost and period costs; direct Material introduced (4,000 units) Material added Labour Costs (@GH₵400 per hour) Output in units Scrap value of normal loss Note; i. Overhead is absorbed at 80% of labour costs. ii. Normal loss is estimated at 10% for both process. iii. No opening and closing stocks cost and indirect cost
5