Financial & Managerial Accounting
18th Edition
ISBN: 9781259692406
Author: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
Publisher: McGraw-Hill Education
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Chapter 19, Problem 12E
a.
To determine
Compute the target cost for PP Limited, and compute the amount of costs PP Limited has to cut down to achieve the target cost.
b.
To determine
Indicate the areas for achieving savings to meet savings by PP Limited.
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Can you explain this financial accounting question using accurate calculation methods?
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Use the information provided to answer following questions
Larry Ltd. is a registered VAT taxpayer. His business transactions for the months of January to March are included below. The VAT rate is 12.5%. All the amounts given are VAT inclusive.
Months
Sales
Purchases
Imports
January
$50,625
$30,375
$17,662.50
February
$63,337.50
$38,475
$25,087.50
March
$67,500
$52,312.50
$22,612.50
1. What is the Larry Ltd. VAT input tax for the 3 months period?
A.$7,262.50
B.$13,462.50
C.$20,725
D.$20,162.50
2. What is the Larry Ltd. VAT output tax for the 3 months period?
A.$20,152.50
B.$7,037.50
C.$5,812.50
D.$20,162.50
3. What is the Larry Ltd. VAT payable/refund for the 3 months period?
A.$13,125 payable
B.$1,562.50 refund
C.$562.50 refund
D.$20,143.50 payable
Chapter 19 Solutions
Financial & Managerial Accounting
Ch. 19 - Prob. 1STQCh. 19 - Prob. 2STQCh. 19 - 3. JUT inventory systems strive to:
a. Cultivate...Ch. 19 - 4. Which of the following would not be considered...Ch. 19 - Prob. 5STQCh. 19 - 1. What are three important criteria for...Ch. 19 - 2. Suppose you are interested in opening up a new...Ch. 19 - 3. What activities would make up the marketing and...Ch. 19 - 4. Distinguish between value-added and...Ch. 19 - 5. Assume you are the manager of the finished...
Ch. 19 - 6. Why is target costing most effectively applied...Ch. 19 - 7. What is the objective of activity-based...Ch. 19 - 8. Why is the output of a JIT system likely to...Ch. 19 - 9. Why is JIT often described as a “philosophy,”...Ch. 19 - 10. List and describe the four components of the...Ch. 19 - 11. What is life-cycle costing and why should it...Ch. 19 - 12. Explain why the selection of cost drivers is...Ch. 19 - 13. Some managers believe machine performance is...Ch. 19 - 14. Why is it so important that target costing...Ch. 19 - 15. What are the four components of target...Ch. 19 - Prob. 1BECh. 19 - Prob. 2BECh. 19 - Prob. 4BECh. 19 - Prob. 5BECh. 19 - BRIEF EXERCISE 19.6
Activity-Based Management Cost...Ch. 19 - Prob. 7BECh. 19 - Prob. 8BECh. 19 - Prob. 9BECh. 19 - Prob. 10BECh. 19 - Prob. 1ECh. 19 - Prob. 2ECh. 19 - EXERCISE 19.3
Value-Added versus Non-Value-Added...Ch. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - EXERCISE 19.6
Just-in-Time Manufacturing
Carts...Ch. 19 - EXERCISE 19.7
Cost of Quality
Charles Berkle is...Ch. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - EXERCISE 19.10
Quality Costs and Value Cham...Ch. 19 - Prob. 11ECh. 19 - Prob. 12ECh. 19 - EXERCISE 19.13
Classifying Activities
Classify...Ch. 19 - Prob. 14ECh. 19 - Prob. 15ECh. 19 - Prob. 1APCh. 19 - Prob. 2APCh. 19 - Prob. 3APCh. 19 - Prob. 4APCh. 19 - Prob. 5APCh. 19 - Prob. 6APCh. 19 - Prob. 7APCh. 19 - Prob. 1BPCh. 19 - Prob. 2BPCh. 19 - Prob. 3BPCh. 19 - Prob. 4BPCh. 19 - Prob. 1CTCCh. 19 - Prob. 2CTC
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