The cost of depreciation on factory machinery is classified as: Prime Cost Product Cost A) No No B) Yes No C) No Yes D) Yes Yes A. Option A B. Option B C. Option C D. Option D 2. The following data pertains to activity and maintenance costs for two recent years: Year 1 Year 2 Activity in Units 500 400 Maintenance Costs $15,000 $13,000 Using the high-low method, the cost formula for maintenance would be: A. $0.50 per unit B. $3.00 per unit C. $10,000 plus $0.50 per unit D. $5,000 plus $2.00 per unit

The cost of depreciation on factory machinery is classified as: Prime Cost Product Cost A) No No B) Yes No C) No Yes D) Yes Yes A. Option A B. Option B C. Option C D. Option D 2. The following data pertains to activity and maintenance costs for two recent years: Year 1 Year 2 Activity in Units 500 400 Maintenance Costs $15,000 $13,000 Using the high-low method, the cost formula for maintenance would be: A. $0.50 per unit B. $3.00 per unit C. $10,000 plus $0.50 per unit D. $5,000 plus $2.00 per unit

Name: 1. The cost of depreciation on factory machinery is classified as:Pri
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: 1. The cost of depreciation on factory machinery is classified as:Prime CostProduct CostA)B)NoNoYesNoC)NoYesD)YesYesA. Option AB. Option BC. Option CD. Option D2. The following data pertains to activity and maintenance costs for two recent years:Yea

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

Given the following table, what is the minimum profit and overhead for this project? Description Grading and Excavation Sanitary Sewer Water Line Storm Drain Site Concrete - Labor Site Concrete - Concrete - Outside Lighting O $33,515 $31,485 $29,835 O $25.945 Contract Billed to Date Actual Costs Amount $234,699 $234,699 $57,800 $27,365 $31,750 $16,850 $19,200 $21,265 $23,600 $197,830 Budgeted Costs $59,000 $28,200 $31,000 $17,000 $19,200 $20,900 $23,600 $198,900 Overrun -1,200 -835 750 -150 0 365 0 -1,070
Provide what is required of the problem correctly.
AUBURN CAR WASH Cost of new car wash machines: $800,000 Estimated residual value: $ 50,000Machine life in years :5 Machine life in hours: 10,000 Actual use per year: Year Hours used 1 2,000 2 1, 800 3 2,200 4 2, 100 5 1,900 Use the information on the Given Data worksheet to prepare three depreciation schedules using the following methods: straight- line, double - declining balance, and activity - based. Auburn Car Wash Straight Line If you hover your mouse over a cell with a red flag you will see the comment Auburn Car Wash Double - Declining - Balance If you hover your mouse over a cell with a red flag you will see the comment Note: for year 5 you must make the year end book value equal to the Residual Value Therefore you will need to take the beginning book value less the Residual Value Auburn Car Wash Activity - Based When you have completed all three schedules answer the following question. What do you observe about the Book Value at the end of the 5th year for all three methods?…
Determine the cost of goods manufactured? (Answer in 3 decimal places. No long explanation needed. Rate will be given) Finished goods inventory, beginning P 20,000 Finished goods inventory, ending 40,000 Depreciation, factory 27,000 Administrative expenses 110,000 Utilities, factory 8,000 Maintenance, factory 40,000 Supplies, factory 11,000 Insurance, factory 4,000 Purchases of raw materials 125,000 Raw materials inventory, beginning 9,000 Raw materials inventory, ending 6,000 Indirect Labor 15,000 Direct Labor 70,000 Work in process inventory, beginning 17,000 Work in process inventory, ending 30,000 Sales 500,000 Selling expenses 80,000
Flint Tooling Company is considering replacing a machine that has been used in its factory for four years. Relevant data associated with the operations of the old machine and the new machine, neither of which has any estimated residual value, are as follows: Old Machine Cost of machine, 10-year life $109,900 Annual depreciation (straight-line) 10,990 Annual manufacturing costs, excluding depreciation 39,400 Annual nonmanufacturing operating expenses 12,800 Annual revenue 94,700 Current estimated selling price of the machine 36,900 New Machine Cost of machine, six-year life $136,800 Annual depreciation (straight-line) 22,800 Estimated annual manufacturing costs, exclusive of depreciation 18,600 Annual nonmanufacturing operating expenses and revenue are not expected to be affected by purchase of the new machine. Required: 1. Prepare a differential analysis as of November 8 comparing operations using the present machine (Alternative 1) with…
D1. Account
Required information [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $173,000 Direct labor 324,000 During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: $226,000 16,000 Raw material Work in process Finished goods 30,000 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above. Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory: Raw material $ 53,000 Work in process Finished goods
Kk176.
A company is manufacturing a chemical product making use of four different types of raw materials as follows : Raw material Share of total input (%) Cost of raw material ($/kg) A 40 50 B 30 80 20 90 D 10 100 There is an inevitable normal loss of 10% during the processing. For April 2019, the management furnished the following information : Raw material Quantity consumed (kgs.) Cost of raw material ($/kg) 42,000 31,000 18,000 9,000 48 80 92 110 Output obtained for the month was 92,000 kgs. Calculate : (a) Material cost variance, (b) Material price variance, (c) Material mix variance. ABCD
Please do not give solution in image format thanku
JOOVI Inc. has recently purchased and installed a new machine for its manufacturingplant. Th e company incurred the following costs:Purchase price $12,980Freight and insurance $1,200Installation $700Testing $100Maintenance staff training costs $500Th e total cost of the machine to be shown on JOOVI’s balance sheet is closest to:A. $14,180.B. $14,980.C. $15,480.
a. Under Weighted Average Method, the EUP, what was the total unit cost?