h7 Finch Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of1,000 units. Finch made 26,000 blankets during the prior accounting period. The cost of producing the blankets is summarized here.Materials cost ($24 per unit x 26,000)Labor cost ($19 per unit x 26,000)Manufacturing supplies ($2 x 26,000)Batch-level costs (26 batches at $8,000 per batch)Product-level costsFacility-level costsTotal costs$ 624,000494,00052,000208,000280,000310,000$1,968,000Cost per unit = $1,968,000 +26,000 = $75.69cesRequireda. Sunny Motels has offered to buy a batch of 400 blankets for $60 each. Finch's normal selling price is $96 per unit. Calculate therelevant cost per unit for the special order. Based on the preceding quantitative data, should Finch accept the special order?b. Sunny offered to buy a batch of 1,000 blankets for $60 per unit, calculate the relevant cost per unit for the special order. ShouldFinch accept the special order?(For all requirements, round "Cost per unit" to 2 decimal places.)a.Cost per unitShould Finch accept the special order?b. Cost per unitShould Finch accept the special order?No

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Description: h7 Finch Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of1,000 units. Finch made 26,000 blankets during the prior accounting period. The cost of producing the blankets is summ

Direct costs are the expenses that are directly used for the production of goods and services for…

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Finch Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of 1,000 units. Finch made 26,000 blankets during the prior accounting period. The cost of producing the blankets is summarized here. Materials cost ($24 per unit x 26,000) Labor cost ($19 per unit x 26,000) Manufacturing supplies ($2 x 26,000) Batch-level costs (26 batches at $8,000 per batch) Product-level costs Facility-level costs Total costs $ 624,000 494,000 52,000 208,000 280,000 310,000 $1,968,000 Cost per unit = $1,968,000 +26,000 = $75.69 es Required a. Sunny Motels has offered to buy a batch of 400 blankets for $60 each. Finch's normal selling price is $96 per unit. Calculate the relevant cost per unit for the special order. Based on the preceding quantitative data, should Finch accept the special order? b. Sunny offered to buy a batch of 1,000 blankets for $60 per unit, calculate the relevant cost per unit for the special order. Should Finch accept the special order? (For all requirements, round "Cost per unit" to 2 decimal places.) a. Cost per unit Should Finch accept the special order? No b. Cost per unit Should Finch accept the special order?

Finch Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of 1,000 units. Finch made 26,000 blankets during the prior accounting period. The cost of producing the blankets is summarized here. Materials cost ($24 per unit x 26,000) Labor cost ($19 per unit x 26,000) Manufacturing supplies ($2 x 26,000) Batch-level costs (26 batches at $8,000 per batch) Product-level costs Facility-level costs Total costs $ 624,000 494,000 52,000 208,000 280,000 310,000 $1,968,000 Cost per unit = $1,968,000 +26,000 = $75.69 es Required a. Sunny Motels has offered to buy a batch of 400 blankets for $60 each. Finch's normal selling price is $96 per unit. Calculate the relevant cost per unit for the special order. Based on the preceding quantitative data, should Finch accept the special order? b. Sunny offered to buy a batch of 1,000 blankets for $60 per unit, calculate the relevant cost per unit for the special order. Should Finch accept the special order? (For all requirements, round "Cost per unit" to 2 decimal places.) a. Cost per unit Should Finch accept the special order? No b. Cost per unit Should Finch accept the special order?

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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Mr. Wonder purchased a machine amounting to P7,000,000 on January 1, 2013 providing the newest kind of technology to improve their operations. It has a useful life of 20 years and a salvage value of P500,000. However, on June 30, 2018, they decided to dispose it to liquidate some of its debts. Therefore, they classified it as held for sale. The fair value of the machine on that date P5,100,000 and the cost of disposal is P100,000. On November 30, 2019, the company decided again to continue to use it since they were able to obtain funding from their investors through follow-on offering of additional shares to pay their currently maturing obligations. On this date, the fair value of the machine is P4,900,000 and the cost of disposal is P50,000. How much is the gain or loss in the reclassification in 2019? *
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