Please show the solution on how to get the answer. Rainbow Company produces a single product. The following data were gathered from therecords of the companyVariable costs:Selling and Administrative P2.00 per unitProduction 4.00 per unitFixed Costs: (In total)Selling and Administrative P14, 000Production 20, 000Assume the following independent cases and answer the questions.Case 1. If the company produced and sold 5, 000 units and earned operating profit of P30,000 during the period under variable costing, what is the amount of selling price per unitCase 2. If the company uses absorption costing the total product cost to produce 4, 000units is ?Case 3. Assume that the company manufactured 5, 000 units and sold 3800 units with nobeginning inventory operating profit using absorption costing ?(greater or lesser) thanvariable costing system?.Case 4. If the company uses variable costing and manufactured 5, 000 units and sold 4, 000,the finished goods inventory will amount to ?

Answer: as per Q/A guidelines, only first three subparts are to be answered Variable Cost: P…

Rainbow Company produces a single product. The following data were gathered from the records of the company Variable costs: Selling and Administrative P2.00 per unit Production 4.00 per unit Fixed Costs: (in total) Selling and Administrative P14, 000 Production 20, 000

Rainbow Company produces a single product. The following data were gathered from the records of the company Variable costs: Selling and Administrative P2.00 per unit Production 4.00 per unit Fixed Costs: (in total) Selling and Administrative P14, 000 Production 20, 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: where is the excel sheet ,so i can see how you get the answer. I want to see the workings please

A: Excel Workings are provided in the solution in the form of Excel snip. One can use the formula…

Q: How did you compute the terminal value? And how did you compute the MIRR? Can you provide their…

A: The terminal value is the sum of all the FV of cash inflows. The formula to determine the FV of each…

Q: do you have the answer in a different format using equations

A: The present value is the present worth of the amount that will be paid or received in the future.

Q: For the second question, were you able to show how that problem would be worked out?

A: The par value is stated in the corporate charter and the company cannot issue shares below the par…

Q: Describe about the DVL methods and what are its advantages?

A: Dollar-value-LIFO: This method shows all the inventory figures at a dollar price rather than units.…

Q: are we also user of accoutanting, if yes how?

A: Financial Accounting provides various useful information to various user groups which helps them in…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: 6) Explain Realisation concept and provide example.

A: Accounting concepts are those rules, regulations and guidelines which are used for the…

Q: Could you please do a step by step solving process for this question?

A: PVIFA refers to present value interest factor of an annuity. It is used to determine the present…

Q: How to choose a Benchmark?

A: Investors select a market index (or a mix of indices) as the portfolio's benchmark. An index…

Q: pos.

A: This statement is also known as Statement of Profit and Loss or Profit and Loss Account. Income…

Q: Describe about the intuitive approach?

A: Supervisors regularly depend on models and intuition to make fast decisions. Intuitive decision…

Q: Explain key features of DLT & mention its potential benefits.?

A: As the name suggests, Distributed Ledger is a database that is spread over multiple locations. These…

Q: how do you calculate this question with excel formulas

A: Information Provided: Withdraw amount = $10,000 Interest rate = 6% Years for withdraw $10,000 = 5…

Q: The solution above is incorrect. Would you be able to fully solve it, please? I have difficulty…

A: a) If LAB is organized LLCAnnual return before taxes = $660,000 x 13%…

Q: Can you show steps on how you got the answers?

A: Workings:

Q: Show me the function

A: Nominal Return: It is the rate of return earned on an investment prior to any deductions regarding…

Q: can you provide me more clear info

A: There are five special journals namely, cash receipt journal, cash disbursement journal, sales…

Q: Can another formula be used to get the answers?

A: Formula for calculation of share price=Dividend last year*(1+ Growth rate)(Required rate of return-…

Q: Explain MBBs and MPTs?

A: Mortgage-backed security: A mortgage-backed security is a kind of asset-backed security which is…

Q: Write a research paper explaining how the T Account process works

A: T accounts are visual representations of individual accounts that looks like a "T" and is used to…

Q: Could someone please explain the DCF model

A: Introduction : Discounted cash flows (also known as discounted cash flows): As discounted cash…

Q: Would you mind sharing a secondary example please?

A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: Explain the benefits of JIT.

A: Just-in-time manufacturing system: Just-in-time (JIT) manufacturing system is an approach to…

Q: Question One FRS for SMEs- Who can use it? Highlights of the Model(s)? Discuss key differences…

A: FRS for SMEs (Financial Reporting Standard for Small and Medium-sized Entities) is a financial…

Q: Explain the PSA prepayment model?

A: What Is a Prepayment Model? In lending, a prepayment model is used to estimate the level of…

Q: Discuss the Crowdfunding Campaign process with appropriate examples.

A: Crowdfunding is defined as the method or techniques used for raising the finances or funds from the…

Q: can you show formulas used to solve this problem?

A: The concept of the time value of money determines that the worth of money gets depreciated over a…

Q: What is the actual formula used to get this answer?

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: can you do the spreedsheet solution of this?

Q: Can you help with the second part?

A: Cost of goods sold is the cost of the value of the inventory which has been sold during the period…

Q: Can you make QBI more understandable? Are you able to describe the steps?

A: Qualified Business Income Deduction (QBID) It is the final deduction to be made before…

Q: Could you please provide the solution without using the excel?

A: concept. Formula. 1. F = S * ert where , F= future price. S= spot price r= interest rate t= time…

Q: please show a clearer solution

A: Here, Investment Amount (PV) is P100 Value of Investment Amount after one year (FV) is P112.55…

Q: Explain FLSA and its purpose.

A: FLSA stands for fair Labor Standards Act. It is an act that aims at protecting the interest of…

Q: Explain subsequent events and why these are important? Explain with the help of example.

A: Subsequent events refer to events or transactions that occur after the balance sheet date but before…

Q: Quèstion 2 A conceptual framework is like a

A: A conceptual framework depicts what you expect to discover as a result of your study. It identifies…

Q: Write the note on JIT technique, what is the full form of JIT?

Q: Write out the equation for the CML and explain its meaning.

A: After the investment in different securities, portfolio is prepared which describe the overall…

Q: What is the full form of ERP? Explain ERP with examples?

A: ERP means Enterprise Resource Planning, it is a process management software used by organizations to…

Q: how to learn CAPM model?

A: In order to increase the return and reduce the risk, investors generally adding some securities to…

Q: Show the solution in a handwritten format/way.

A: Working Note #1 Working Note #2 Working Note #3

Q: Can you please do this problem using an equation.

A: Compound interest is nothing but interest on interest. That means interest is calculated on the…

Q: explain using the IRAC model.

A: IRAC model refers to Issue, Rule, Application as well as conclusion which is considered as an…

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Please show the solution on how to get the answer.

Rainbow Company produces a single product. The following data were gathered from the
records of the company
Variable costs:
Selling and Administrative P2.00 per unit
Production 4.00 per unit
Fixed Costs: (In total)
Selling and Administrative P14, 000
Production 20, 000
Assume the following independent cases and answer the questions.
Case 1. If the company produced and sold 5, 000 units and earned operating profit of P30,
000 during the period under variable costing, what is the amount of selling price per unit
Case 2. If the company uses absorption costing the total product cost to produce 4, 000
units is ?
Case 3. Assume that the company manufactured 5, 000 units and sold 3800 units with no
beginning inventory operating profit using absorption costing ?(greater or lesser) than
variable costing system?.
Case 4. If the company uses variable costing and manufactured 5, 000 units and sold 4, 000,
the finished goods inventory will amount to ?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Explain the process involved in setting goals to assure you would be more likely to achieve them. I need typed answer with explanation N
Kindly use PMT in your computations
Can you simplify this please.
CAN I SEE THE MANUAL WORKING OF THE PROBLEM
Can you please explain more about the alternatives?
1. What is a case and how to defining the Case and Creating Problem Statements? 2. What is Background of the Problem and Problem Statement?
Will you please provide the formulas (explanation) to understand the results or numbers that were added in the solution?
Discuss a monetization model that would work for the app.
Use the information in the following table to answer the questions below
Write out the equation for the SML and explain its meaning.
Explain prospectus