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Concept explainers
a
Introduction:
The responsibility report is prepared by the management to reflect the sales and costs of their respective controllable segment. While preparing the responsibility report, management only considers the controllable costs.
To prepare: The responsibility report for the finishing department.
b
Introduction:
Report C is the type of responsibility report that is prepared by the successive departmental head. It includes the total cost determined in the previous state of operation (Report D).
To prepare: The report C.
c
Introduction:
Report B is the responsibility report prepared by the vice president of the company. It includes the total cost being incurred in all the departments along with additional expenses incurred by the vice president.
To prepare: The report B.
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Chapter 25 Solutions
ACCT.PRINCIPLES (LL)-PACKAGE
- A company enters into a contract to sell 70 products to a customer for $80 each. After the company transfers 30 of the 70 products, the customer orders an additional 25 products. The contract is modified, and the additional 25 products are priced at $40 each. $40 is not reflective of the product's standalone selling price. What is the price per product for the remaining 65 products (40 products from the original contract and 25 products from the modification)? A. $80 for the remaining 40 from the original contract and $40 for the additional 25products from the modification B. $60, the average of the prices for the remaining products C. $40, the new price for the products specified in the contract modification D. $64.62, the blended price for the products from the original contract and the modificationarrow_forwardMonu Enterprises received $9,000 cash from the sale of a machine that had a $13,000 book value. If the company is subject to a 25% income tax rate, the net cash flow to use in a discounted-cash-flow analysis would be_. A. $3,000 B. $6,750 C. $7,750 D. $9,000 E. $10,000arrow_forwardAccountingarrow_forward
- What would be the net income of this financial accounting question?arrow_forwardNet sales for the year were $2,790,000 and cost of goods sold was $2,050,000 for the company's existing products. A new product is presently under development and will have an expected selling price of not more than $74 per unit in order to remain competitive with similar products in the marketplace. Calculate gross profit and the gross profit ratio for the year. Solve thisarrow_forwardDon't use ai solution. .general accounting questionarrow_forward
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- Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage LearningSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningPrinciples of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
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