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- Accounting Addidas sells shoes at $55 per pair. The following data are related to its 2022 operation: Items Year 2022 Sales 95,000 unit Beginning inventory 20,000 unit Production 85,500 unit Ending inventory 10,500 unit Variable manufacturing cost per unit $20 Fixed manufacturing overhead costs $2,000,000 per year Denominator machine hours 1800 Standard production rate 50 units per machine hour Variable operating expenses $5 per unit Fixed selling and administration expenses $100,000 per year Assumption: The standard cost per unit is same for units in beginning and unit produced during the year and no price, spending or efficiency variance. Required:a. Prepare income statements for year 2022 using absorption costing.b. Prepare income statements for year 2022 using variable costing.c. Explain why the income was different each year using the two methods.d. Explain why absorption costing has potential for leading to undesirable incentives for managers. Please answer all parts i cant post…Fidalgo Company makes stereo systems. During the year, Fidalgo manufactured and sold 75,700 stereo systems at a sales price of $570 per unit. Fidalgo's per-unit product cost was $505, and selling and administrative expenses totaled $2,270,000. Compute the total sales revenueCarla Vista Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers. For the year 2022, management estimates the following revenues and costs. Sales Direct materials Direct labor Manufacturing overhead-variable Manufacturing overhead-fixed $2,000,000 550,000 400,000 420,000 190.000 Selling expenses-variable Selling expenses-fixed Administrative expenses-variable Administrative expenses-fixed $109,000 58,000 21,000 52.000
- A confectioner , a chain of candy stores , purchases its candy in bulk from its suppliers For a recent shipment , the company paid P4,000 and received 10, 500 pieces of candy that are allocated among three groups. Group 1 consists of 2,500 pieces that are expected to sell for PO.40 each. Group 2 consists of 6,000 pieces that are expected to sell. For P0.60 each . Group 3 consists of 2,000 pieces that are expected to sell is the cost for P0.70 each . Using the relative sales value method , what is the cost per item in group 3?17. Calculate the prime costs and conversion costs if a company incurs the following to produce wine glasses: $4,000 for molten glass, $15,000 paid to employees who create the glasses, and $2,000 paid to employees who repair equipment used in the production facilities. 28. As of January 1, 20Y5, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The company's ending balance of raw materials inventory totaled $13,900. Every four months, the company purchases 250 pounds of raw materials at $25 a pound. Calculate the cost of direct materials used for the year. 29. Tippy Cup Co. also incurred $10,550 for factory overhead and 250 hours of direct labor at $10.30 per hour. Using the cost of direct materials used calculated in Exercise 28, determine the total manufacturing costs incurred for the year.A Carrefour supermarket in Ajman uses a supplier in Fujairah for a particular brand of bottled water. The annual demand for this product is 42,000 units (bottles of water). This Carrefour purchases bottled water from its supplier at a price of 0.8 Dirhams per bottle. The inventory holding cost per bottle of water per year is 0.4 Dirhams. The ordering cost for this Carrefour is 80 Dirhams per order, and the lead-time is 2 days. The company operates 260 days a year. This Carrefour uses the basic EOQ model to manage its inventories. Note: Show all the steps and details of your calculations to get full mark. Note: For questions 2.A, 2.B, and 2.C only, please use 2 decimal points in your answers This is not the case for question 2.D, as discussed in class (for ROP). Q.2.C. What is the average inventory?
- Q25 Mixing Company manufactured 1,098 units of its only product during 2022. The inputs for this production are as follows: 610 pounds of Material A at a cost of $1.50 per pound 460 pounds of Material H at a cost of $3.55 per pound 620 direct labor hours at $52 per hour The firm manufactured 3,000 units of the same product in 2021 with the following inputs: 660 pounds of Material A at a cost of $2.00 per pound 520 pounds of Material H at a cost of $3.30 per pound 560 direct labor hours at $50 per hour In 2022, the partial financial productivity of Material A is: Multiple Choice 1.20. 1.10. 0.44. 1.15. 0.97.Required information [The following information applies to the questions displayed below.] California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Number 1 Number 2 Sales $ 448,800 367,200 Number 3 Total 204,000 $ 1,020,000 The company incurred the following joint costs for the year. $ Tree pruning and care 618,800 Pickup, sorting, and grading 176,800 2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint costs. ✓ Answer is complete but not Gross ect. Grade Profit |Number 1 $ 99,760X Number 2 110,469X Number 3 44,171X Total $ 254,400A Carrefour supermarket in Ajman uses a supplier in Fujairah for a particular brand of bottled water. The annual demand for this product is 42,000 units (bottles of water). This Carrefour purchases bottled water from its supplier at a price of 0.8 Dirhams per bottle. The inventory holding cost per bottle of water per year is 0.4 Dirhams. The ordering cost for this Carrefour is 80 Dirhams per order, and the lead-time is 2 days. The company operates 260 days a year. This Carrefour uses the basic EOQ model to manage its inventories. Note: Show all the steps and details of your calculations to get full mark. Note: For questions 2.A, 2.B, and 2.C only, please use 2 decimal points in your answers This is not the case for question 2.D, as discussed in class (for ROP). Q.2.D. What is the re-order point (ROP) for this Carrefour?
- Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 £000 £000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10, n/30. Auge uses the net price method to account for purchase discounts. Freight costs amount to $10,000 and storage and handling costs to $7,500. What is Net Purchase Amount?