Feeling so relieved that he finally finished the chainsaw carving of a bear in red oak for his customer, Thomas sat down to figure outwhat it really cost him to make this delicate piece of art. He paid $200 for the log but only used half of it for this project (he will use theother half in another project), and it took him 20 hours to carve this beauty. Thomas's hourly rate is $35, and his budgeted MOH rate is$15/hour to cover the cost of the chainsaw, torches for getting just the right color on the carving, and other power and supply costs.What is Thomas's total cost for carving this bear?Total cost$

In this activity, you need to compute for Thomas's total cost for carving the bear. First, Let's…

Answered: Feeling so relieved that he finally…

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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The Tuff Wheels was getting ready to start its development project for a new product to be added to its small, motorized vehicle line for children. The new product is called the Kiddy Dozer. It will look like a miniature bulldozer, complete with caterpillar tracks and a blade. Tuff Wheels has forecasted the demand and the cost to develop and produce the new Kiddy Dozer. The following table contains the relevant information for this project. Development cost $900,000; Estimated development time 9 months; Pilot testing $200,000; Ramp-up cost $400,000; Marketing and support cost $150,000 per year; Sales and production volume 60,000 per year; Unit production cost $100; Unit price $170; Interest rate 8% Tuff Wheels also has provided the project plan shown as follows. As can be seen in the project plan, the company thinks that the product life will be three years until a new product must be created. Assume all cash flows occur at the end of each period. What is the net present value…
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As production manager, Paul noticed that several recent production runs generated a decent-sized collection of scrap pieces in the designated scrap bin. He looks at current prices for this scrap and recognizes the market price is relatively high for this material right now, so he makes plans to sell it. He estimates that there are 51 pounds of scrap available to be sold. The current sales price is $10 per pound for this particular scrap material. (a) Assume Paul uses the sales method to account for scrap. Record the journal entry for the sale of all the scrap for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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