Processing Data and Costs for JuneProportion of Product by Weight Selling Price per Pound ofTransferred to DepartmentsDepartment Costs IncurredCuttingSlicingCrushingJuicingFinal Product$ 60,000None4,70035 %$ 0.6010,580280.553,250270.30Animal feed700100.10Total$ 79,230100 %Compute each of the following amounts.a. The number of pounds of pineapple that result as output for pineapple slices,crushed pineapple, pineapple juice, and animal feed. |b. The net realizable value at the split-o point of the three main products.c. The amount of the cost of the Cutting Department allocated to each of the threemain products. Q18. Top Quality Fruit Company, based on Oahu, grows, processes, cans, and sells threemain pineapple products: sliced, crushed, and juice. The outside skin is cut o inthe Cutting Department and processed as animal feed. The feed is treated as aby-product. The company's production process is as follows:Rineaprles.Est are processed in the Cutting Department. The pineapplesare washed and the outside skin is cut away. Then the pineapples are coredand trimmed for slicing. The three main products (sliced, crushed, juice) andthe by-product (animal feed) are recognizable after processing in the CuttingDepartment. Each product then is transferred to a separate department fornal processing.• The trimmed pineapples are sent to the Slicing Department, where the pineap-Rles are sliced and canned. Any juice generated during the slicing operationis packed in the cans with the slices.• The pieces of pineapple trimmed from the fruit are diced and canned in theCrushing Department. Again, the juice generated during this operation ispacked in the can with the crushed pineapple.• The core and surplus pineapple generated from the Cutting Department arepulverized into a liquid in the Juicing Department. There is an evaporationloss equal to 8 percent of the weight of the good output produced in thisdepartment that occurs as the juices are heated.• The outside skin is chopped into animal feed in the Feed Department.Top Quality Fruit Company uses the net-realizable-value method to assign the costsof the joint process to its main products. The net realizable value of the by-productis subtracted from the joint cost before the allocation.A total of 270,000 pounds were entered into the Cutting Department during June.The following schedule shows the costs incurred in each department, the proportionby weight transferred to the four nal processing departments, and the selling priceof each end product.

GIVEN Pineapples...tat are processed in the Cutting Department. The pineapples are washed and the…

Processing Data and Costs for June Proportion of Product by Weight Selling Price per Pound of Transferred to Departments Department Costs Incurred Cutting Slicing Crushing Juicing Animal feed Final Product $ 60,000 None 4,700 35 % S 0.60 10,580 28 0.55 3,250 27 0.30 700 10 0.10 Total $ 79,230 100 %

Processing Data and Costs for June Proportion of Product by Weight Selling Price per Pound of Transferred to Departments Department Costs Incurred Cutting Slicing Crushing Juicing Animal feed Final Product $ 60,000 None 4,700 35 % S 0.60 10,580 28 0.55 3,250 27 0.30 700 10 0.10 Total $ 79,230 100 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Deliveries to the retailers Sh.so 2,400,000 Set-up costs 6,000,000 Purchase order costs 3,600,000 Total overheads 12,000,000 All director labor is paid at $ 5 per hour. The company holds no inventories. Required: a. Calculate the total profit on each of General Motor's three types of products using each of the following methods: 1. The existing method based upon labor hours 2. Activity based costing
1. Fruit Tea's data show the following information: Aug. 25,000 31 1.75 Estimated sales (units) Sales price per unit Direct labor per unit unit $ $ Labor rate per hour $ C. Direct materials budget d. Direct labor budget Sept. 25,000 31 $ $ $ 21 $ Nov. Dec. 27,500 28,000 $ $ 31 $ 31 1.75 $ 1.75 $ 1.50 $ 1.50 $ 1.50 1.50 $ 21 $ 24 $ 24 $ 24 Oct. 27,000 31 New machinery will be added in October. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month's requirements. Direct material requires 2.5 pounds per unit at a cost of $5 per pound. The ending inventory required for direct materials is 20% of the next month's needs. In August, the beginning inventory is 3,750 units of finished goods and 13,125 pounds of materials. For the first quarter ending in October prepare a: a. Sales budget b. Production budget 4
please answer fast thank you sm
Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 44,000 units during the month with the following unit costs: Direct materials $5.80 Direct labor 3.80 Variable overhead 1.90 Fixed overhead* 7.80 Variable marketing cost 1.60 * Fixed overhead per unit = $343,200 / 44,000 units produced = $7.80 Total fixed factory overhead is $343,200 per month. During October, 42,900 units were sold at a price of $27, and fixed marketing and administrative expenses were $110,900. Required: Question Content Area 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $fill in the blank 4d8e7ff35fc6014_1 per unit 2. How many units remain in ending inventory?fill in the blank 4d8e7ff35fc6014_2 units What is the cost of ending inventory using variable costing?$fill in the blank 4d8e7ff35fc6014_3 Question Content Area 3. Prepare a variable-costing…
Please do not give solution in image format thanku
Management and Allocation Assignm... i) Saved Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs for each department and the proportion of service costs used by the various departments for the month of August follow: Proportion of Services Used by Direct Costs $120,000 76,000 54,000 37,000 Maintenance Machining Assembly Department Machining Assembly Maintenance Cafeteria Cafeteria 0.6 0.2 0.2 0.1 0.2 0.7 Required: Use the step method to allocate the service costs, using the following: a. The order of allocation starts with Maintenance. b. The allocations are made in the reverse order (starting with Cafeteria). Complete this question by entering your answers in the tabs below. Required A Required B The order of allocation starts with Maintenance. (Negative amounts should be indicated by a minus sign. Do not round Intermediate calculations.) To Cafeteria Machining Assembly From Maintenance…
Variable manufacturing overhead Direct materials. Direct labor Fixed manufacturing overhead Variable marketing and administrative Vegas produced and sold 11,000 units. If the product sells for $115, what is the gross margin? Multiple Choice $209,000 $110,000 $396,000 $ 30 25 24 17 9 $297,000
Table 2Activity Cost Pool Total Cost Total ActivityAssembly $ 1,114,920 57,000 machine-hoursProcessing orders $ 47,016 1,800 ordersInspection $ 107,328 1,560 inspection-hours Use Table 2 to answer this question. XYZ Corporation has provided the following data from its activity-based costing system (Table 2). The company makes 430 units of product ABA a year, requiring a total of 1,120 machine-hours, 35 orders, and 40 inspection-hours per year. The product's direct materials cost is $49.81 per unit and its direct labor cost is $12.34 per unit. The product sells for $130 per unit. According to the activity-based costing system, the product margin for product ABA is: Select one: a. $4,290.10. b. $3,815.50. c. none of the given answer. d. $4,159.50. e. $3,602.10.
Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Line Item Description Amount Amount Sales $2,150,000 Manufacturing costs: Direct materials $960,000 Direct labor 420,000 Variable manufacturing cost 156,000 Fixed manufacturing cost 288,000 1,824,000 Selling and administrative expenses: Variable $204,000 Fixed 96,000 300,000 Required: Question Content Area 1. Prepare an income statement based on the absorption costing concept. YoSan Inc.Absorption Costing Income StatementFor the Month Ended July 31 Line Item Description Amount Amount - Cost of goods sold: $- Select - Question Content Area 2. Prepare an income statement…
Full Ton Company Financial Projection for Product USA For the Year Ended December 31, 20X2 Sales (100 units at $100 a unit)... $10,000 Manufacturing cost of good sold Direct Labor. $1,500 Direct Materials Used.. 1,400 Variable Factory Overhead. Fixed Factory Overhead.. Total Manufacturing cost of goods sold Gross Profit... 1,000 500 4,400 5,600 Selling Expenses: Variable. 600 Fixed 1,000 Administrative Expenses: Variable. 500 Fixed.... 1,000 Total selling and administrative expenses Operating Income.. _3,100 $ 2,500 Required: (1) How many units of Product USA would have to be sold to break even? (2) What would the operating income be if sales increase by 25%? (3) What would be the dollar sales at the breakeven point if fixed factory overhead increases by $1,700? (AICPA adapted)
Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 47,000 units during the month with the following unit costs: Direct materials $4.80 Direct labor 2.80 Variable overhead 1.40 Fixed overhead* 6.80 Variable marketing cost 1.10 * Fixed overhead per unit = $319,600 / 47,000 units produced = $6.80 Total fixed factory overhead is $319,600 per month. During October, 46,000 units were sold at a price of $24.5, and fixed marketing and administrative expenses were $117,600. Required: 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $fill in the blank ce3411029f88017_1 per unit 2. How many units remain in ending inventory?fill in the blank ce3411029f88017_2 units What is the cost of ending inventory using variable costing?$fill in the blank ce3411029f88017_3 3. Prepare a variable-costing income statement for Pattison Products,…
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials $ 10 Direct labor $7 $3 Variable manufacturing overhead Variable selling and administrative Fixed costs per year: $3 Fixed manufacturing overhead $ 380,000 Pixed selling and administrative $ 290,000 During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. A b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req 1A Reg 28 Reg 2A Req 18 Compute the unit product cost. Assume that the company uses absorption costing. During the year, the…