Using the following transactions below, compile the Supply and Use Table
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Using the following transactions below, compile the Supply and Use Table
1.
i. Corn was imported by the agricultural sector (100,000) and 80% used by the sector.
ii. Manufacturing industry utilizes 20% of imported corn to produce bread which is sold to
government, private sector and hotels equally.
iii. Household sector and private sector utilize the remaining corn equally
2.
i. Oil refinery imported $720,000 worth of crude oil to produce.
ii Oil refinery uses crude oil to produce $500,000 worth of petrol and $220,000 worth of diesel.
iii Household purchased (40%) of petrol government (30%), manufacturing (10 %) and exports (20%).
3.
$5000 was paid as wages in for workers in the agricultural and manufacturing sector.
Tax on the production of petrol was $7000.
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- A domestic manufacturing company made the following sales to various entities during the current period as follows:Gross sales to ABC Company, a resident domestic company, P600,000 Gross sales to DEF Company, an export-oriented domestic company, P700,000Gross sales to GHI Enterprises, a non-resident foreign company, US$15,000Gross sales to JKL Corporation, an export-oriented domestic company, P500,000Gross sales to MNO Company, a non-resident foreign company, US$13,000The exchange rate at the time of sale was US$1 = P40The export sale of DEF Company is 65% of its total annual production during the periodGHI Enterprises paid in foreign currency and the transaction was properly accounted in accordance with BSP rules and regulationsThe export sale of JKL Corp is 80% of its total annual production during the period.MNO Company paid in equivalent Philippine peso What amount is subject to 12% VAT and 0%? What is the amount of output VAT for the period?The following information pertains to Madagascar Co. Sheep 500,000 Wool 6,000 Rubber products 10,000 Thread 3,000 Trees in a timber plantation 95,000 Felled trees 8,000 Maize plants 40,000 Clothing 150,000 Lumber 62,000 Milk 9,000 Pigs 200,000 Carcass 7,000 Roasted peanuts 20,000 Sugar 67,000 Cotton plants 10,000 Harvested cotton 13,000 Peanut plants 5,000 Harvested peanuts 140,000 Sugarcane 25,000 Harvested cane 22,000 Tobacco plants 45,000 Picked leaves 3,000 Tea bushes 800,000 Oil palms 300,000 Dairy cattle 1,000,000 Picked grapes 2,000 Fruit trees 600,000 Picked fruit 10,000 Tea 43,000 Grape vines 2,000,000 Rubber trees 300,000 Harvested latex 10,000 Yarn 22,000 Cured tobacco 320,000 Carpet 33,000 Wine 500,000 Logs 45,000 Processed fruit 20,000 Wheat plants 60,000 Palm oil 50,000…Shown below is a segmented income statement for Hickory Company’s Kitchen Set product lines: Teflon Spatula Roaster TotalSales Revenue $ 400,000 $ 200,000 $ 300,000 $ 900,000Less: Variable Expenses 225,000 120,000 250,000 595,000Contribution Margin $ 175,000 $ 80,000 $ 50,000 $ 305,000Less Direct Fixed Expenses:Machine Rent (5,000) (20,000) (50,000) (75,000)Supervision (15,000) (10,000) (20,000) (45,000)Depreciation (35,000) (10,000) (25,000) (70,000)Segment Margin $ 120,000 $ 40,000 $ (45,000) $ 115,000 Refer to the information for Hickory Company above. Hickory’s management is deciding whether to keep or drop the Roaster product line. Hickory’s parquet flooring product line…
- Kk.48.Shown below is a segmented income statement for Hickory Company’s Kitchen Setproduct lines:Teflon Spatula Roaster TotalSales Revenue $ 400,000 $ 200,000 $ 300,000 $ 900,000Less: Variable Expenses 225,000 120,000 250,000 595,000Contribution Margin $ 175,000 $ 80,000 $ 50,000 $ 305,000Less Direct Fixed Expenses:Machine Rent (5,000) (20,000) (50,000) (75,000)Supervision (15,000) (10,000) (20,000) (45,000)Depreciation (35,000) (10,000) (25,000) (70,000)Segment Margin $ 120,000 $ 40,000 $ (45,000) $ 115,000Refer to the information for Hickory Company above. Hickory’s management is deciding whether to keepor drop the Roaster product line. Hickory’s parquet flooring product line has a contribution margin of$50,000 (sales of $300,000 less total variable costs of $250,000). All variable costs are relevant. Relevantfixed costs associated with this line include 80% of Roaster’s machine rent and all of Roaster’ssupervision salaries.Required:1. Would you recommend the company to drop the Roaster…Required information [The following information applies to the questions displayed below.] California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Number 1 Number 2 Sales $ 448,800 367,200 Number 3 Total 204,000 $ 1,020,000 The company incurred the following joint costs for the year. $ Tree pruning and care 618,800 Pickup, sorting, and grading 176,800 2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint costs. ✓ Answer is complete but not Gross ect. Grade Profit |Number 1 $ 99,760X Number 2 110,469X Number 3 44,171X Total $ 254,400
- XYZ transferred 11,000 units of product X from its manufacturing division in China to its selling division in the US during the year just ended. The manufacturing cost of each unit of product X was $120 (75% of which was variable cost). The market price for each unit of product X in China was $300. The Chinese division’s profit after tax for its sales to the US division for the year ended was $1,008,000. The US division incurred marketing and distribution costs of £40 for each unit of product N and sold the product for £250 a unit. The US tax rate was 25%. (Exchange rate: £1 = $1.50) 1. If product X had been transferred at China’s market price, the tax rate in China must have been (to the nearest percentage point):Ple'egrea Pte Ltd. sells books in Madagascar. They have supplied the following data: • Units sold: 3,291 • Sales revenue: $4,710,350 • Variable manufacturing expense: $2,107,995 • Fixed manufacturing expense: $1,207,163 . Variable selling and administrative expense: $437,696 Fixed selling and administrative expense: $334,084 • Net operating income: $623,412 Ple'egrea's contribution margin ratio is closest to: ● Select one: O A. 29.6% OB. 13.2% O C. 83.6% O D. 46.0% OE. 67.3%! Required information [The following information applies to the questions displayed below.] The Slumber Store (TSS) is a national wholesaler of beds, mattresses, pillows, and sheets. Key totals from TSS's most recent and forecasted financial statements are presented in the table below. From the income statement Sales Revenue Cost of Goods Sold Gross Profit From the balance sheet Inventories Last Year $ 560,000 346,500 213,500 This Year $ 615,000 405, 250 209,750 Last Year This Year $ 88,000 $ 101,808 Next Year $ 770,000 556,300 213,700 Next Year $ 179,825 Required: 1. Use the financial statement totals to compute the company's actual inventory turnover ratio for this year and its forecasted inventory turnover ratio for next year. Also compute the days-to-sell for this year (actual) and next year (forecasted). Is inventory turnover expected to improve or worsen next year? 2. Use the financial statement totals to compute the company's actual gross profit percentage for this year and its…
- Smith & Chief Ltd. of Sydney, Australia, is a merchandising firm that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company's income statements for the four most recent quarters follow. SMITH & CHIEF LTD. Income Statements For the Four Quarters Ending December 31 Quarter 1 Quarter 2 6,100 5.600 A$610,000 A$560,080 A$692,000 366,000 336,000 415,280 244,800 224,800 276,800 Sales in units Sales revenue Less: Cost of goods sold Gross margin Less: Operating expenses: Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total operating expenses Net income Advertising expense Shipping expense Salaries and commissions expense (Note: Smith & Chief Ltd.'s Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by A$.) S Advertising expense 22,600 22,600 22,600 40,408 42.400 42,080 87,600 81,200 97,840 94,288 7,500 7,600 7,600…Decision on Accepting Additional Business Miramar Tire and Rubber Company has capacity to produce 204,000 tires. Miramar presently produces and sells 156,000 tires for the North American market at a price of $102.00 per tire. Miramar is evaluating a special order from a South American automobile company, Rio Motors. Rio Motors is offering to buy 24,000 tires for $82.40 per tire. Miramar’s accounting system indicates that the total cost per tire is as follows: Direct materials $39 Direct labor 14 Factory overhead (60% variable) 23 Selling and administrative expenses (30% variable) 20 Total $96 Miramar pays a sales commission equal to 5% of the selling price on North American orders, which is included in the variable portion of the selling and administrative expenses. However, this special order would not have a sales commission. If the order was accepted, the tires would be shipped overseas for an additional shipping cost of $6.00 per tire. In addition, Rio has…1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3. How much is the cost of goods manufactured? 4. How much is the cost of good sold? 5. How much is the gross income?