Answered: Requirement: 1. Compute the Economic…

Requirement: 1. Compute the Economic Order Quantity. 2. Prepare the table which the entity can procure inventories in several lots as follows : 3,600 units; 1,800 units, 600 units and 360 units.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Product Cost Selling Price Estimated Cost of Disposal A $90,000 $150,000 $20,000 B 110,000 120,000 15,000 C 60,000 70,000 5,000 D 100,000 115,000 5,000
a. Determine the activity rate of the sales order processing activity. $1 per sales order b. Determine the amount of sales order processing cost associated with 7,400 sales orders.
2. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 293 $30.40 $8,907 40 135 $31.20 May 4 91 362 May 10 44 107 38.10 May 21 97 103 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the…
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Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units
Use the following information to complete this exercise: sales, 950 units for $20,400; beginning inventory, 700 units; purchases, 800 units; ending inventory, 550 units; and operating expenses, $7,800. Required: 1. Complete the table for each situation. In Situations A and B (costs rising), assume the following: beginning inventory, 700 units at $8 = $5,600; purchases, 800 units at $10 = $8,000. In Situations C and D (costs falling), assume the opposite; that is, beginning inventory, 700 units at $10 = $7,000; purchases, 800 units at $8 = $6,400. Use periodic inventory procedures. Sales Revenue Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income Situation A FIFO Costs Rising Situation B LIFO $ 20,400 $ 5,600 8,000 13,600 0 5,500 17 8,100 12,300 7,800 4,500 1,350 $ 3,150 $ 20,400 0 7,800 Situation C FIFO 0 Costs Falling $ 20,400 0 7,800 Situation D LIFO $ 0…
Indicate the missing amount of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balance sheet. P1-3AIncomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case 1 Direct materials used $ 9,600 5,000 8,000 (a) 1,000 (b) 24,500 2,500 17,000 (c) 20,000 (d) 3,400 (e) 2,500 (f) (LO 5, 6, 7), AN $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 22,000 3,300 Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income (k) 2,500 7,000 (1) 5,000 Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (C) Prepare an income statement and…
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Required information Exercise 15-34 Determining Markup Percentage; Target ROI (LO 15-3) [The following information applies to the questions displayed below.] The following is cost and production data for the Wave Darter: Variable manufacturing cost Applied fixed manufacturing cost Absorption manufacturing cost Variable selling and administrative cost Allocated fixed selling and administrative cost Total cost Variable manufacturing cost Variable selling and administrative cost Total variable cost Exercise 15-34 Part 1 Based on planned monthly production of 41 units (or 492 units per year). t Rounded The target profit is $49,000, with planned sales equal to production. Per unit $ 370 220 590 55 100+ Markup percentage $745 $370 55 $425 Required: 1. Use the general formula for determining a markup percentage to compute the required markup percentage using variable manufacturing cost. (Round your percentage answer to 2 decimal places (i.e., .1234 should be entered as 12.34).) %
Kk.102. Subject : - Accounting
All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…