RequiredPrepare a schedule showing the reconciliation of beginning balances to ending balance of biological assets and the changes during the period due to purchase and change in fair value.Compute for the change in fair value less cost to sell of the biological asset due toPrice change andPhysical changeReconcile the ending balance computed in (a) with the fair value less cost to sell of the animals at December 31, 2016Give the entries for 2017 to record the foregoing information. Bonakid Corporation produces milk on its farms. At December 31, 2016, the herds of cows are asfollows:2,000 cows (3 years old) all purchased In prior years1,000 heifers (1.5 years old when purchased on June 30, 2016)500 heifers (2 years old) purchased on December 31, 2016)No animals were born or sold during the year 2017.The unit values less estimated cost to sell of the animals were as follows:As of December 31, 20161-year old1.5-year old2-year old3-year old$25,00029,00035,00044,000At June 30, 20171-year old1.5-year old26,50030,000At December 31, 20172-year old3-year old4-year old37,50047,00055,000

1000 heifers which are of 1.5 years when purchased on june 30 , these are also become 2 years old at…

Required Prepare a schedule showing the reconciliation of beginning balances to ending balance of biological assets and the changes during the period due to purchase and change in fair value. Compute for the change in fair value less cost to sell of the biological asset due to Price change and

Required Prepare a schedule showing the reconciliation of beginning balances to ending balance of biological assets and the changes during the period due to purchase and change in fair value. Compute for the change in fair value less cost to sell of the biological asset due to Price change and

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints

Section: Chapter Questions

Problem 7E: Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The...

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Cider Hill Farm is a producer of milk and byproducts. A single production process at Cider Hill Farm yields milkas the main product, as well as ghee, a byproduct of milk production, that can be sold. Both products are fullyprocessed by the splitoff point, and there are no separable costs. For the month of October 2020, the cost ofoperations is $335,000.Production and sales data are as follows: Cider Hill Farm is a producer of milk and byproducts. A single production process at Cider Hill Farm yields milk as the main product, as well as ghee, a byproduct of milk production, that can be sold. Both products are fully processed by the splitoff point, and there are no separable costs. For the month of October 2020, the cost of operations is $335,000. Production and sales data are as follows: (Click the icon to view the production and sales data.) There were no beginning inventories on October 1, 2020. Read the requirements Requirement 1. What is the gross margin for Cider Hill Farm under…
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LLAP Company manufactures a specialized hoverboard. LLAP began 2017 with an inventory of 240 hoverboards. During the year, it produced 1,200 boards and sold 1,300 for $800 each. Fixed production costs were $319,000, and variable production costs were $375 per unit. Fixed advertising, marketing, and other general and administrative expenses were $150,000, and variable shipping costs were $20 per board. Assume that the cost of each unit in beginning inventory is equal to 2017 inventory cost. Q. The company that supplies LLAP with its specialized impact-resistant material has announced a price increase of $20 for each board. What effect would this have on the breakeven points previously calculated in requirement 3?
LLAP Company manufactures a specialized hoverboard. LLAP began 2017 with an inventory of 240 hoverboards. During the year, it produced 1,200 boards and sold 1,300 for $800 each. Fixed production costs were $319,000, and variable production costs were $375 per unit. Fixed advertising, marketing, and other general and administrative expenses were $150,000, and variable shipping costs were $20 per board. Assume that the cost of each unit in beginning inventory is equal to 2017 inventory cost. Q. Compute the breakeven point in units sold assuming LLAP uses the following: a. Variable costing b. Absorption costing (Production = 1,200 boards)
LLAP Company manufactures a specialized hoverboard. LLAP began 2017 with an inventory of 240 hoverboards. During the year, it produced 1,200 boards and sold 1,300 for $800 each. Fixed production costs were $319,000, and variable production costs were $375 per unit. Fixed advertising, marketing, and other general and administrative expenses were $150,000, and variable shipping costs were $20 per board. Assume that the cost of each unit in beginning inventory is equal to 2017 inventory cost. Q. Assume that $44,000 of fixed administrative costs were reclassified as fixed production costs. Would this reclassification affect the breakeven point using variable costing? What if absorption costing were used? Explain
Feed 'N Grow Co. manufactures fertilizer for farmers in the prairies. It specialises in fertilizer that helps crops grow during dry seasons. The income statement presented below shows the operating results for the fiscal year just ended. Feed 'N Grow had sales of 1,800 tonnes of product during that year. The maximum output under the existing manufacturing facilities at Feed 'N Grow is 4,800 tonnes. Feed 'N Grow Co. Revenues Variable Costs: Income Statement For the year ended June 30, Year 6 Direct materials Direct labour Sales commissions Maintenance expenses Administration expenses Total variable costs Fixed costs: Amortization - Factory equipment Marketing expenses Administrators' salaries Other Total fixed costs Operating income before income taxes Income taxes Net Income 225,000 75,000 55,000 44,000 33,000 125,000 90,000 60,000 25,350 $1,080,000 432,000 300,350 347,650 69,530 $ 278,120 Required: a) If the sales volume is estimated to increase by 600 tonnes for next year, and if the…
Flexgen Corporation uses trucks to transport bottles from the warehouse to different retail outlets. Gasoline costs are $0.25 per kilometre driven. Insurance costs are $5,500 per year. Calculate the total costs and the cost per kilometre for gasoline and insurance if the truck is driven (a) 21,000 kilometres per year or (b) 37,000 kilometres per year. Complete the table below. (Round the costs per kilometre to the nearest cent, $X.XX.) Total costs Cost per kilometre (a) Driven 21,000 kilometres (b) Driven 37,000 kilometres
Easton Company makes and sells scooters. Easton incurred the following costs in its most recent fiscal year: Cost Items Appearing on the Income Statement Materials cost ($10 per unit) Company president's salary Depreciation on manufacturing equipment Salaries of administrative personnel Labor cost ($4 per unit) Advertising costs (150,000 per year) Shipping and handling ($500 per year) Research and development costs Real estate taxes on factory Inspection costs Easton can currently purchase the scooters it makes from Weston Company. If the company purchases the scooters, Easton would still continue to use its own logo, sales staff, and advertising programs. If Easton outsources the scooters to Weston, which of the following costs would be relevant to the outsourcing decision? Multiple Choice X Materials cost Shipping and handling Inspection costs All of these answers are correct.
In 2018, Samantha's Bath and Body Shop had variable costs of $27,000, fixed costs of $18,000, and a net loss of $4,500.Samantha's 2018 break-even sales volume was a.$49,500. b.$37,500. c.$36,000. d.$54,000.
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