GE sold 15,450 units of refrigerators. 12% of which were returned due to factory defect. How many refrigerators were returned?
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- Cortez Company sells chairs that are used at computer stations. Its beginning Inventory of chairs was 230 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 295-unit purchase at $49 per unit; the second was a 355-unit purchase at $51 per unit. During the period, It sold 585 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses a. FIFO b. LIFO c. Weighted average. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO 0.120 LIFO Weighted Average14. Company XYZ is a smart phone merchant. The company purchases smart phones directly from the manufacturer and sells them to customers. During the month of April, the company purchased 60 smart phones and paid $ 900 for each one. The company managed to sell 55 smart phones during the same month for $ 1,200 each. The company incurred total Selling and Administrative costs of $ 4,000 of which 20% is fixed costs. Assume that XYZ did not have a beginning inventory during April, what was the gross margin ($) for April?harshal
- Luke Co. completed 3,600 expensive ladies bags during the last quarter of the current year. The following cost per units are as follows: Materials, P1,000; Labor, P900; Factory overhead including P20 allowance for spoilage, P400. Final inspection revealed that 600 bags were spoiled which were sold as export overruns at 60% of production cost. The good units were delivered and billed to the customer at 60% gross profit. The spoilage is due to the exacting specifications of the customer.How much is the billing price? PPP, QQQ and RRR are partners sharing profits and losses of 5:3:2, respectively. As of December 31, 2020, their capital balances were P99,750; P84,000 and P63,000 respectively. On January 1, 2021, the partners admitted SSS as a new partner and according to their agreement, SSS will contribute P84,000 in cash to the partnership and also pay P10,500 for 15% of QQQ’s share. SSS will be given a 20% share in profits, while the original partners’ share will be…Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12.00 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month’s sales. Ending direct materials inventory should be 30 percent of next month’s production. Expected unit sales (frames) for the upcoming months follow: March 275 April 250 May 300 June 400 July 375 August 425 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold.Iguana, Inc., had $10,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the…Czinn Industries makes refrigerators with the following results in 2021: Units manufactured and sold 10,000 Selling price $2,000 Variable cost per unit $1,200 Hours spent on design 6,000 Testing and inspection hours per unit 0.5 Percentage of units reworked in plant 5% Rework costs per unit $500 Percentage of units repaired at customer site 4% Repair costs per unit $600 Estimated lost sales from poor quality (units) 300 The labor rate in Design is $75 per hour; the labor rate in Testing & Inspection is $40 per hour. MY QUESTION IS, HOW…
- The following information concerns the company Plastic Products S.A. which produces a single product which is sold for 24 euros per unit. Of the 200,000 units produced in 20X3, 160,000 were sold during the year. It is noted that the company had no initial stocks of finished and semi-finished products on 1/1/20X3 and no final stocks of semi-finished products on 31/12/20X3. Then some additional information is given regarding the cost of the business during the 20X3 fiscal year. Cost element Direct materials Direct labor Variable general industrial overhead Fixed general industrial overhead Variable sales expenses Fixed sales expenses Value 480,000 euros 320,000 euros 160,000 euros 480,000 euros 160,000 euros 256,000 euros Calculate the operating result of the use 20X3 according to marginal and absorption costing.Harold Manufacturing produces denim clothing. This year, it produced 5,280 denim jackets at a manufacturing cost of $41.00 each. These jackets were damaged in the warehouse during storage. Management investigated the matter and identified three alternatives for these jackets. 1. Jackets can be sold to a secondhand clothing shop for $7.00 each. 2. Jackets can be disassembled at a cost of $32,800 and sold to a recycler for $11.00 each. 3. Jackets can be reworked and turned into good jackets. However, with the damage, management estimates it will be able to assemble the good parts of the 5,280 jackets into only 3,050 jackets. The remaining pieces of fabric will be discarded. The cost of reworking the jackets will be $101,400, but the jackets can then be sold for their regular price of $41.00 each. Required: 1. Calculate the incremental income. Incremental revenue Incremental costs Incremental income Alternative 1 Sell to a second- hand shop Alternative 2 Disassemble and sell to a recycler…Safe Travel produces car seats for children from newborn to 2 years old. The company is worried because one of its competitors has recently come under public scrutiny because of product failure. Historically, Safe Travel's only problem with its car seats was stitching in the straps. The problem can usually be detected and repaired during an internal inspection. The cost of the inspection is $5.00 per car seat, and the repair cost is $1.00 per car seat. All 200,000 car seats were inspected last year, and 5% were found to have problems with the stitching in the straps during the internal inspection. Another 1% of the 200,000 car seats had problems with the stitching, but the internal inspection did not discover them. Defective units that were sold and shipped to customers needed to be shipped back to Safe Travel and repaired. Shipping costs are $8.00 per car seat, and repair costs are $1.00 per car seat. However, the out-of-pocket costs (shipping and repair) are not the only costs of…
- A92. At the beginning of the month, a supplier of a component used in our product notified us that, because of a minor design improvement, the price will be increased by 10% above the current standard price of $125 per unit. As a result of the improved design, we expect the number of defective components to decrease by 110 units per month. On average, 2,640 units of the component are purchased each month. Defective units are identified prior to use and are not returnable. Effect on materials price variance $ 0 Effect on materials quantity variance $ 08
