Product W4 $16,000 $5,920 lle expenses xpenses for the entire company were $42,760.
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- Kingsbury Manufacturing has net sales revenue of $800,000, cost of goods sold of $343,600, and all other expenses of $327,800. The net profit margin is: Multiple Choice 0.37 0.16 0.57 0.84 < Prev Next im 39 of 50Question 7 - HW 1 (Chapter 2) ezto.mheducation.com xtmap/index.html?_con=c ernal browser=081aunchUr=https253A232252E Saved Required information (The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities 12,000 26,000 100,000 26,000 30, 000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110.000, The firm's tax rate is 40 percent. 3. Prepare an income statement. Prisc Insert F8 F10 F11 F12 F9 24 & 4. 7 8. 10Repair-Hour $15.00 $ 7.80 $ 0.50 $ 1.80 per Month $ 21,400 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses $ 2,740 $ 5,730 $ 4,670 $ 3,860 Rent Administrative expenses $ 0.60 For example, wages and salaries should be $21,400 plus $15.00 per repair-hour. The company expected to work 3,000 repair-hours in May, but actually worked 2,900 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating income
- For the Year Ended December 31, 20Y8 Raw Wool Wool Yarn Rug Yarn Total Company Sales $210,000 $155,000 $167,000 $532,000 Costs of goods sold: Variable costs $(48,000) $(18,600) $(37,180) $(103,780) Fixed costs (32,000) (12,400) (24,800) (69,200) Total cost of goods sold $(80,000) $(31,000) $(61,980) $(172,980) Gross profit $130,000 $124,000 $105,020 $359,020 Operating expenses: Variable expenses $(5,000) $(7,750) $(53,120) $(65,870) Fixed expenses (89,000) (77,000) (106,200) (272,200) Total operating expenses $(94,000) $(84,750) $(159,320) $(338,070) Operating income (loss) $36,000 $39,250 $(54,300) $20,950 Complete the following table using the data in the preceding income statement to compare the effects of dropping the rug yarn line of products. If required, use a minus sign to indicate a loss. Differential Analysis Continue Rug Yarn (Alternative 1) or Discontinue Rug Yarn (Alternative 2) December 31, 20Y8 Continue Rug Yarn (Alternative 1) Discontinue Rug Yarn (Alternative 2)…Evans Company reported the following: Manufacturing costs Units manufactured Units sold Beginning inventory $2,385,000 53,000 40,000 units sold for $100 per unit O units What is the amount of gross profit margin? $2,915,000 $4,000,000 $1,615,000 $2,200,0001.3 ll all a 22% )I 10:56 K/s Assignment. Not saved yet Following questions are to be solved for this assignment: Question 1 A company is preparing its production overhead budgets and determining the apportionment of those overheads to products. Cost centre expenses and related information have been budgeted as follows. Machine Machine Mainten- shop A 2$ shop B Assembly Canteen $ 9,190 8,700 Total ance 2$ 78,560 16,900 16,700 $ $ 2$ Indirect wages 8,586 15,674 29,650 15,460 Consumable materials 6,400 1,200 600 Rent and rates 2,400 8,600 3,400 40,200 402,000 Buildings insurance Power Heat and light Depreciation (machinery) Value of machinery 201,000 179,000 22,000 Power usage (%) Direct labour (hours) Machine usage (hours) Area (sq ft) 100 55 40 3 2 35,000 8,000 6,200 18,000 12,000 20,800 25,200 45,000 7,200 10,000 15,000 6,000 2,000 Required Using the direct apportionment to production departments method and bases of apportionment which you consider most appropriate from the…
- Details Product J Product G Product P Total Direct $25 $20 $11 $12,38,000 Material Cost Direct Labor 4/3 1 88,000 Hours Machine 4/3 1 76,000 Hours Direct Labor $8 $12 $6 Cost No. of 3 7 20 30 production run No. of 3 20 32 Deliveries No. of 15 35 220 270 Receipts (2*7) No. of 15 10 25 50 production orders Production 30,000 20,000 8,000 and sales units Raw material 11 usage units The total overhead costs is $18,48,000. Set-up 1.623377%, Machines 41.125541%, Receiving 23.538961%, Packing 13.528139% and Engineering 20.183983% of total overhead costs. The company operates a just-in-time inventory policy, and receives each component once per production per run. In the past the company has allocated overheads to products on the basis of direct labor hours. However, the majority of overheads are more closely related to machine hours than direct labor hours. The company has recently redesigned its cost system by recovering overheads using two volume-related bases: machine hours and materials…The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.Question Content Area A company manufactured 50,000 units of a product at a cost of $450,000. It sold 45,000 units at $15 each. The gross profit is a. $240,000 b. $600,000 c. $750,000 d. $270,000
- Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %A partial listing of costs incurred at Backer Corporation during November appears below: Direct materials $157,000 Direct labor Manufacturing Overhead Selling Expenses Administrative Expenses 114,000 77,000 145,000 99,000 Calculate the total conversion costs for the month: Question 6 options: $234,000 $191,000 $271,000 $244,000 $348,000The following information has been taken from the accounting records of ABC Company for last year: Php 140,000 90,000 60,000 36,000 150,000 162,000 750,000 2,500,000 40,000 15,000 270,000 300,000 87,000 180,000 100,000 260,000 Finished Goods Inv. Dec. 31 210,000 Selling expenses Raw Mat'ls Inv. Jan.1 Raw Mat'ls Inv. Dec. 31 Utilities, Factory Direct Labor Cost Depn., Factory Purchases, Raw Mat'ls. Sales Insurance, Factory Supplies, Factory Admin. Expenses Indirect Labor Maintenance, Factory WIP INV., Jan. 1 WIP INV., Dес. 31 Finished Goods Inv. Jan 1 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Compute the cost of goods sold. 3. Using the data as needed from (1) and (2); prepare an Income Statement.
