The CC Manufacturing Company deliveredten DVD players to CLTV Company onconsignment. These DVD player cost P3,000each and are to be sold at P5,000 each. TheCC Manufacturing Co. paid shipment cost ofP2,500. CLTV Co. submitted an accountsales stating that it had returned one unitand was remitting P21,900. This amountrepresents the total amount due to CCManufacturing Co. after deducting thefollowing from the selling price of the DVDplayer sold:Commission :20% of selling priceAdvertising . .P1,000Delivery and installation ....Cartage on consigned goods . P500P600The profit (loss) on consignment realized byCC Manufacturing Company is:

A consignment is the act of a manufacturer or producer sending a number of items to their…

The CC Manufacturing Company delivered ten DVD players to CLTV Company on consignment. These DVD player cost P3,000 each and are to be sold at P5,000 each. The CC Manufacturing Co. paid shipment cost of D2 500 CLTV Co submittecd an ac Count

The CC Manufacturing Company delivered ten DVD players to CLTV Company on consignment. These DVD player cost P3,000 each and are to be sold at P5,000 each. The CC Manufacturing Co. paid shipment cost of D2 500 CLTV Co submittecd an ac Count

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

b) Almond Delites manufactures various types of biscuits. FMF Biscuits Ltd has approached wwwwwww Almond Delites with a proposal to sell the company its top-selling biscuit at a price of $22 000 for 20 000 units. The costs shown are associated with the production of 20 000 units of almond biscuits: Direct materials Direct labour Manufacturing overhead Total cost $12,000 $5,000 $ 8,000 $25,000 The manufacturing overhead consists of $2 000 of variable costs, with the balance being allocated to fixed costs. Assume that 40% of the fixed costs would be avoidable if the almond biscuits were purchased externally rather than produced internally. Required: i) Should Almond Delites make or buy the almond biscuit? ANSWER b (i): ii) What qualitative factors should Almond Delites consider before making its decision? ANSWER b (ii):
Answer the following question(s) using the information below: Five Appliances Store sells a refrigerator and a freezer as a single package for $1,000. Other data are in the chart below. Selling price Manufacturing cost per unit Stand-alone product revenues Refrigerator Full-size Freezer $825 $620 O a. $620.00 O b. $687.50 O c. $500.00 O d. $775.00 e. $612.50 $1,225,000 $375 $180 $775,000 Packaged Price $1,000 Using the stand-alone method with manufacturing cost per unit as the weight for revenue allocation, what amount will be allocated to the refrigerator?
Please answer completely
Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. Period 1: During the period, PDI purchased $4,000 of Iron Ore. At the end of the period, they had $2,400 of ore left in Raw Materials They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods. Prepare the Schedule of Cost of Goods Sold for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Cost of Goods Sold Finished Goods Beginning Inventory Cost of Goods Manufactured Account Cost of Goods Available for Sale Finished Goods Ending Inventory Cost of Goods Sold WIP Inventory Based on your work above, compete the Inventory section of the Balance Sheet as of…
CAR-93482 company purchases battery powered bikes from a manufacturer for $1,497 per unit and then sells them to its customers- for $2,300 each. The company's monthly selling and administrative costs are the following: Costs Cost Formula Selling: Advertising Sales salaries and commissions Delivery of bikes to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $ 951 per month $ 4,792 per month, plus 5% of sales $ 60 per unit sold $ 667 per month $ 4,994 per month $ 13,496 per month $ 692 per month $ 2,455 per month, plus $38 per unit sold $ 926 per month Last month CAR-93482 sold 63 units. How much was the company's total contribution margin for the month? O$ 50,589 O$ 37,170 O$ 107,730 O$ 94,311
Kindly provide the correct option for number 6. Thankyou
A9
Beach Blanket Bonanza Corporation sells its popular mid-century beach towel for $18 per unit, and the standard cost card for the product shows the following costs: Direct material $1 Direct labor 2 Overhead (80% fixed) 7 Total $10 Beach Blanket Bonanza Corporation received a special order for 1,000 units of the beach towel. The only additional cost to Beach Blanket Bonanza would be foreign import taxes of $1 per unit. If Beach Blanket Bonanza is able to sell all of the current production domestically, what would be the minimum sales price that Beach Blanket Bonanza would consider for this special order? Group of answer choices $11.00 $19.00 $5.40 $18.00
A10 please help.....
BIKE Company starts with $3,000 cash to finance its business plan of producing bike helmets using a simple assembly process. During the first month of business, the company signs sales con- tracts for 1,300 units (sales price of $9 per unit), produces 1,200 units (production cost of $7 per unit), ships 1,100 units, and collects in full for 900 units. Production costs are paid at the time of production. The company has only two other costs: (1) sales commissions of 10% of selling price when the company collects from the customer, and (2) shipping costs of $0.20 per unit paid at time of shipment. Selling price and all costs per unit have been constant and are likely to remain the same. Required: a. Prepare comparative (side-by-side) balance sheets and income statements for the first month of BIKE Company for each of the following three alternatives: (1) Revenue is recognized at the time of shipment. (2) Revenue is recognized at the time of collection. (3) Revenue is recognized at the…