Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost Cost per Car Washed per Month Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $0.80 $0.15 $0.20 $0.30 $1,200 $5,000 $6,000 $8,000 $4,000 $0.10 For example, electricity costs should be $1,200 per month plus $0.15 per car washed. The company expects to wash 9,000 cars in August and to collect an average of $4.90 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,800 Revenue $ 43,080 Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent 7,560 2,670 2,260 8,500 6,000 8,000 4,950 39,940 $ 3,140 Administrative expenses Total expense Net operating income

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost Cost per Car Washed per Month Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses $0.80 $0.15 $0.20 $0.30 $1,200 $5,000 $6,000 $8,000 $4,000 $0.10 For example, electricity costs should be $1,200 per month plus $0.15 per car washed. The company expects to wash 9,000 cars in August and to collect an average of $4.90 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,800 Revenue $ 43,080 Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent 7,560 2,670 2,260 8,500 6,000 8,000 4,950 39,940 $ 3,140 Administrative expenses Total expense Net operating income

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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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company’s costs: Fixed Cost per Month Cost per Car Washed Cleaning supplies $ 0.70 Electricity $ 1,100 $ 0.09 Maintenance $ 0.15 Wages and salaries $ 4,000 $ 0.20 Depreciation $ 8,200 Rent $ 1,900 Administrative expenses $ 1,700 $ 0.02 For example, electricity costs should be $1,100 per month plus $0.09 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.50 per car washed. Prepare the company’s planning budget for August.
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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company’s costs: Fixed cost per month Cost per car washed Cleaning supplies $0.40 Electricity $1,200 $0.08 Maintaince $0.25 Wages and salaries $4,000 $0.30 Depreciation $8,000 Rent $1,900 Administrative expenses $1,500 $0.03 For example, electricity costs should be $1,200 per month plus $0.08…
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West Co.'s manufacturing costs are as follows: Direct material and direct labor Other variable manufacturing costs $700,000 $100,000 Depreciation of factory building and manufacturing equipment $80,000 Other fixed manufacturing overhead $18,000 What amount should be considered product costs for external reporting purposes if the company uses absorption costing? A. $700,000 B. $800,000 C. $880,000 D. $898,000
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The following information is available for a company. How much of the factory rent should be charged to Department S? Factory rent = £15,000 Departments R S T 1,250 2,500 1,250 30 40 30 200 200 200 Bases of apportionment Floor area (square metres) Machine utilisation (%) No. of employees a) £7,500 b) £3,750 c) £5,000 d) £6,000
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost per Month Cost per Car Washed Cleaning supplies $ 0.80 Electricity $ 1,200 $ 0.05 Maintenance $ 0.10 Wages and salaries $ 4,700 $ 0.40 Depreciation $ 8,400 Rent Administrative expenses $ 1,900 $ 1,400 $ 0.02 For example, electricity costs should be $1,200 per month plus $0.05 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.20 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Required: 8,500 $ 54,180 7,220 1,590 1,080 8,420 8,400 2,100 1,468 30,278 $ 23,902 Prepare a flexible budget performance…