L-Ida Sidha Karya Company is a famly-owned compay located on the Island of Balı In Indonesla. The company produces a handcraftedBalinese musical Instrument called a gamelan that Is similar to a xylophone. The gamelans are sold for $910. Selected data for thecompany's operations last year follow:Units in beginning inventoryUnits producedз00Units sold26535Units in ending inventoryVariable costs per unit:Direct materials115Direct labor325Variable manufacturing overheadVariable selling and administrative4528Fixed costs:Fixed manufacturing overheadFixed selling and administrative$ 72,900$ 34,800The absorption costing Income statement prepared by the company's accountant for last year appears below:$ 241, 150192, 125SalesCost of goods soldGross marginSelling and administrative expense49,82539,3009,725Net operating incomeRequlred:1. Under absorption costing, how much fixed manufacturing overhead cost Is Included in the company's Inventory at the end cof lastyear?2 Prepare an Income statement for last year using varlable costing. What is the amount of the difference in net operating incomebetween the two costing methods?

Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Answered: L- Ida Sidha Karya Company is a…

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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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 285-unit purchase at $49 per unit; the second was a 380-unit purchase at $51 per unit. During the period, it sold 555 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 LIFO Weighted Average
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Star me up Inc. manufactures caffeinated energy drink that sells for $4.80 each. The results for its first year of operations appear in the table below:
Ida Sidha Karya Company is a family owned company located on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $898. Selected data for the company's operations last year follow Units in beginning inventory Units produced Units sold . Units in ending inventory. Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ 1 Absorption costing unit product cost 22,000 20,000 2,000 240 470 49 16 $ 640,000 $ 520,000 4 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing Compute the unit product cost for one gamelan.
Zabeer Company is a large retailer of custom-built air conditioning units for commercial buildings. The company assembled the information shown below for the quarter ended March 31:Total sales revenue Tk.6,00,000Selling price per unit Tk.450 Variable selling expense per unit Tk.45Variable administrative selling expense per unit Tk.30Total fixed selling expense Tk.170,000Total fixed administrative expense Tk.130,000Merchandise inventory, opening balance Tk.60,000Merchandise inventory, ending balance Tk.1,10,000Merchandise purchase Tk.2,40,000Required: i. Prepare a traditional format income statement for the quarter ended March 31. ii. Prepare a contribution format income statement for the quarter ended March 31.
Required information [The following information applies to the questions displayed below.] Iguana, Incorporated, 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 $13 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 April May June July August 310 320 370 470 445 495 Variable manufacturing overhead is incurred at a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $4,800 ($400 per month) for expected production of 4,800 units for the year. Selling and administrative expenses are estimated at $500 per month plus $0.50 per unit sold. Iguana, Incorporated, had…
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Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold to a Canadian importer for $850. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Sales Cost of goods sold Gross margin Selling and administrative expenses Operating income Total fixed manufacturing overhead in ending inventory $ $ $ $ An absorption costing income statement prepared by the company's accountant appears below: Variable expenses: 0 500 450 50 Fixed expenses: 150 270 40 25 $120,000 $ 40,000 $382,500 315,000 67,500 51,250 $ 16,250…
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Island Novelties, Incorporated, of Palau makes two products-Hawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit and annual sales volume are as follows: Hawaiian Fantasy Tahitian Joy Selling price per unit $ 12 $ 120 Variable expense per unit $9 $ 48 Number of units sold annually 36,000 5,400 Fixed expenses total $ 437,000 per year. Required: 1. Assuming the sales mix given above, do the following: a. Prepare a contribution format income statement showing both dollar and percent columns for each product and for the company as a whole. b. Compute the company's break - even point in dollar sales. Also, compute its margin of safety in dollars and its margin of safety percentage. 2. The company has developed a new product called Samoan Delight that sells for $45 each and that has variable expenses of $27 per unit. If the company can sell 12,000 units of Samoan Delight without incurring any additional fixed expenses: a. Prepare a revised contribution…
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC…

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