Good Day, Kindly assist me with the following Query.Regards Using the following information, compile the Supply and Use table and the Productionaccount for Bestland:a. The agriculture sector imported Dasheen $6000 and 50% is used by the farmers.b. Household purchased 10% from the agriculture sector while the Manufacture sectorpurchased 30% to produce Dasheen Chips. A production tax of $440 was applied tothe manufacturing sectorc. The remaining percentage was bought evenly by the tourism and the private sector.d. Wages paid to workers in the manufacturing sector $700Goods Favorland purchased chips from Bestland worth $2000

Supply and Use Table:A Supply and Use table shows how goods are produced, consumed, and traded…

Answered: Using the following information,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 8EA: Using the information in the previous exercises about Marleys Manufacturing, determine the operating...

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Can you answer this financial accounting question?
Using the information in the previous exercises about Marleys Manufacturing, determine the operating income for department B, assuming department A sold department B 1,000 units during the month and department A reduces the selling price to the market price.
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During its first year of operations, Silverman Company paid $9,160 for direct materials and $9,700 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,700 while general, selling, and administrative expenses totaled $4,200. The company produced 5,300 units and sold 3,200 units at a price of $7.70 a unit. What is Silverman's cost of goods sold for the year? Multiple Choice O $27,560 $13,923 $16,640 $23,060
what is Gross margin?
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…
Fortunate Inc. is involved in retailing and has three profit centers classified as “East” and “West” and “South.” East Division sold 38,000 units during the year for a selling price of $25 each—These items cost $15 each and had $2.50 of variable selling expenses (sales commissions) that could be directly traced to the units. West Division sold 16,000 units during the year for a selling price of $27 each—These items cost $17 each and that had $3 of variable selling expenses (sales commissions) that could be directly traced to the units. South Division sold 42,000 units during the year for a selling price of $26 each—These items cost $16 each and had $2 of variable selling expenses (sales commissions) that could be directly traced to the units. Fixed Division Operating Costs that could be directly traced to the divisions were $160,000 for East Division and $95,000 for West Division, and $200,000 for South Division. There were $230,000 of Corporate Costs (which was $20,000 for…
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During its first year of operations, Silverman Company paid $16,360 for direct materials and $10,300 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,300 while general, selling, and administrative expenses totaled $4,800. The company produced 6,200 units and sold 3,800 units at a price of $8.30 a unit. What is Silverman's cost of goods sold for the year?
Arctic Air Inc. manufactures cooling units for commercial buildings. The price and cost of goods sold for each unit are as follows: Category Per Unit Dollar Amount Price $60,000 Cost of goods sold Gross profit 28,000 32,000 In addition, the company incurs selling and administrative expenses of $226,250. The company wishes to assign these costs to its three major customers, Gough Industries, Breen Inc., and The Martin Group. These expenses are related to three major nonmanufacturing activities: customer service, project bidding, and engineering support. The engineering support is in the form of engineering changes that are placed by the customer to change the design of a product. The budgeted activity costs and activity bases associated with these activities are: Budgeted Activity Cost Activity Base $51,500 Number of service requests Activity Customer service Project bidding Engineering support 64,000 Number of bids 110,500 Number of customer design changes Total costs 226,000…
A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For the current period, unprocessed wheat was purchased for $ 140,000, and the following quantities of product and sales revenues were produced. Product Pounds Price per pound Feed 110, 000 $ 0.80 Flour 50,000 2.20 Starch 20,000 1.10 How much of the $140,000 cost should be allocated to flour if the value basis is used?
Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.

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