Rizio Company purchases a machine for $12,300, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and tookthe $246 discount. Transportation costs of $278 were paid by Rizio. The machine required mounting and power connections costing$850. Another $401 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, themachine was damaged and $330 worth of repairs were made.Complete the below table to calculate the cost recorded for this machine. Equipment:Invoice price of machineLess: DiscountNet purchase priceTransportationAssemblyMounting and power connectionsMaterials used in adjustingTotal cost to be recorded$12,300(123) X12,177278850 x40140$ 13,746

Name: Rizio Company purchases a machine for $12,300, terms 2/10, n/60, FOB
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Description: Rizio Company purchases a machine for $12,300, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and tookthe $246 discount. Transportation costs of $278 were paid by Rizio. The machine required mounting and power connection

Introduction: The total cost formula is used to total the variable and fixed costs of a batch. This…

Business

Accounting

Equipment: Invoice price of machine Less: Discount Net purchase price Transportation Assembly Mounting and power connections Materials used in adjusting Total cost to be recorded $ $ 12,300 (123) X 12,177 278 850 X 401 X 40 13,746

Equipment: Invoice price of machine Less: Discount Net purchase price Transportation Assembly Mounting and power connections Materials used in adjusting Total cost to be recorded $ $ 12,300 (123) X 12,177 278 850 X 401 X 40 13,746

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOF
Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 7,000 shelves $84,000 $9,550 $140,000 14,000 shelves 168,000 17,600 140,000 28,000 shelves 336,000 33,700 140,000 35,000 shelves 420,000 41,750 140,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion…
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Find the missing inventories