Metlock Marine Products began the year with 11 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 32 units at $17; July 16, 16 units at $20; and December 7, 21 units at $24. Assume there are 24 units on hand at the end of the period. Metlock uses the periodic system.
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- Determine the cost goods sold under LIFO
- Determine the cost of goods sold under average-cost
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- Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 65,000 to 105,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 95,000 units during the year at a selling price of $9.36 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit $ $ $ 65,000 Units Produced and Sold 85,000 214,500 430,000 644,500 $ 0.00 $ 43,000 43,000 $ 0.00 $ 105,000 43,000 43,000 0.00Dunne Co. sells equipment service contracts that cover a twoyear period. The sales price of each contract is $600. Dunne's past experience is that, of the total dollars spent for repairs on service contracts, 40% is incurred evenly during the first contract year and 60% evenly during the second contract year. Dunne sold 1,000 contracts evenly throughout the current year. In its December 31 balance sheet, what amount should Dunne report as deferred service contract revenue? Group of answer choices $540,000 $480,000 $360,000 $300,000NAPAPALUNOK AKO AS OF THE MOMENT INC. sells 3-year service contracts for air conditioning units for P1,500 each. Sales of service contracts are made evenly throughout each year. The company estimates that 15% of repairs are done in the first year from the date of sale, 35% in the second year, and 50% in the third year. Service contracts sold are as follows. How much is the unearned revenue from service contracts as of December 31, 2019? 1. Use the information given. How much revenue from service contracts is recognized in 2019? a. P204,750 b. P525,000 c. P729,750 d. P1,144,500 Use the information given. How much revenue from service contracts sold in 2019 is recognized in 2020? a. P682,500 b. P862,500 c. P955,500 d. P1,842,750
- NAPAPALUNOK AKO AS OF THE MOMENT INC. sells 3-year service contracts for air conditioning units for P1,500 each. Sales of service contracts are made evenly throughout each year. The company estimates that 15% of repairs are done in the first year from the date of sale, 35% in the second year, and 50% in the third year. Service contracts sold are as follows. How much is the unearned revenue from service contracts as of December 31, 2019? Use the information given. How much is the unearned revenue from service contracts as of December 31, 2020? a. P4,657,125 b. P3,468,750 c. P2,475,000 d. P1,237,500NAPAPALUNOK AKO AS OF THE MOMENT INC. sells 3-year service contracts for air conditioning units for P1,500 each. Sales of service contracts are made evenly throughout each year. The company estimates that 15% of repairs are done in the first year from the date of sale, 35% in the second year, and 50% in the third year. Service contracts sold are as follows. How much is the unearned revenue from service contracts as of December 31, 2019? a. P 1,417,500 b. P 2,525,250 c. P 3,370,500 d. P 3,942,750Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencinglosses on its bilge pump product line for several years. The most recent quarterly contribution formatincome statement for the bilge pump product line follows:Thalassines Kataskeves, S.A.Income Statement—Bilge PumpFor the Quarter Ended March 31Sales ................................................................................................. €850,000Variable expenses:Variable manufacturing expenses ................................................. €330,000Sales commissions ....................................................................... 42,000Shipping ........................................................................................ 18,000Total variable expenses .................................................................... 390,000Contribution margin .......................................................................... 460,000Fixed expenses:Advertising…
- Amianan Company consigned five calculators, with cost of P800 each, to the Bisdak Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. Amianan Company paid shipping costs of P200 on the shipment. Correspondingly, Bisdak Company paid P320 on the freight of the shipment. On the last day of the year, Bisdak Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. Bisdak Company remitted all the cash due. 1. How much is the remittance of the consignee to the consignor?2. How much is the consignment profit?MJ Company consigned five calculators, with cost of P800 each, to the JM Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. The MJ Company paid shipping costs of P200 on the shipment. Correspondingly. JM Company paid P320 on the freight of the shipment. On the last day of the year, JM Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. JM Company remitted all the cash due. 6. The amount of cash remitted by JM Company is? 7. The consignment profit (loss) is? 8. The amount of inventory on consignment of MJ Company is? Thank you! Please answer completeSanju
- SAP Company manufactures boats. During October, 2020, the company purchased 200 motors at a cost of P300 each. Tarkus transferred 140 motors from the warehouse to production during the month which were installed in boats manufactured during the same period. Of the boats put into production during October, 2020, 90% were completed and transferred to the company's storage lot. By October 31, a total of 100 boats completed during the month were sold. Instructions Determine the cost of motors that would appear in each of the following accounts at October 31, 2020: Raw materials inventory Work in process inventory Finished goods inventory Cost of goods soldIn December, the Win Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of manufacturing each set is P3,000. At the end of December, the dealer reports the sale of 8 sets at P5,000 each and remits sales proceeds less 15% representing commissions and all expenses paid by the consignee. Freight paid by the consignee on the receipt of the sets is 1,500. Delivery and installation expense for the units sold was P1,200. The consignee returned 1 defective set of books to the consignor and paid freight of P1,000. How much is the cash remittance? how much is the net income related with the consignment sales?Kikiam Company sells equipment service contracts that cover a two-year period. The sales price of each contract is P4,000. Kikiam Company’s past experience shows that of the total pesos spent for repairs in service contracts, 40% in incurred evenly during the first contract year and 60% evenly during the second contract year. Kikiam Company sold 1,500 contracts evenly throughout 2020 and 900 contracts evenly throughout 2021. How much should Kikiam Company report as contract service revenue for the year ended December 31, 2021?