Chapter 7Problem 1 Chapter 7 Accounting for Materials203PROBLEMSProblem 1The Norman Company predicts that 64,000 units of material will be used during theyear. The materials are expected to cost P20.00 per unit. It is anticipated that it willcost P 40.00 to place each order. The annual carrying cost is P 2.00.Determine:a. The most economical order quantityb. The total cost of ordering and carrying at the EOQ pointProblem 2The cost pESMaterielA

Answered: Problem 1 The Norman Company predicts…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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20:59 ul 4G Done 1920S2 Assignment 2 Question_c... 3 of 4 Question 3 Far East Inc., is a merchandising company that sells school supplies. The company is planning its cash needs for the third quarter. The following information has been assembled to assist in preparing a cash budget for the quarter: Budgeted monthly absorption costing income statements for July–October are as a. follows: July August September October Sales $36,000 $66,000 $64,000 $41,000 21,000 39,000 Cost of goods sold Gross margin 27,000 24,000 15,000 27,000 37,000 17,000 Selling and administrative expenses: Selling expense 6,300 10,500 8,600 8,100 Administrative expense* 3,300 6,300 6,700 6,100 Total selling and administrative expenses 9,600 16,800 15,300 14,200 Net operating income $ 5,400 $10,200 $21,700 $ 2,800 * Includes $1,500 depreciation each month. b. Sales are 20% for cash and 80% on credit. c. Credit sales are collected over a three-month period with 20% collected in the month of sale, 50% in the month…
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3-16A • LO 5 See Example 3-6 on page 3-20, Example 3-8 on page 3-32, Example 3-9 on page 3-32 Vulcan Company is a monthly depositor whose tax liability for March 20-- is $2,505. 1. What is the due date for the deposit of these taxes? 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties: a. Penalty for failure to make timely deposit. b. Penalty for failure to fully pay tax. c. Interest on taxes due and unpaid (assume a 6% interest rate). d. Total penalty imposed. $ $ 2$
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Problem 1 The Norman Company predicts that 64,000 units of material will be used during year. The materials are expected to cost P20.00 per unit. It is anticipated that it cost P 40.00 to place each order. The annual carrying cost is P 2.00. Determine: