Chapter 3, Problem 2.4EC

Find the maturity value of the note.

Your firm has been the auditor of Caribild Products, a listed company, for a number of years. The  engagement partner has asked you to describe the matters you would consider when planning the audit for  the year ended 31January 2022. During  recent visit to the company you obtained the following information: (a) The management accounts for the 10 months to 30 November 2021 show a revenue of $260 million and profit before tax of $8 million. Assume sales and profits accrue evenly throughout the year. In the year ended 31 January 2021 Caribild Products had sales of $220 million and profit before tax of $16 million. (b) The company installed a new computerised inventory control system which has operated from 1 June  2021. As the inventory control system records inventory movements and current inventory quantities, the company is proposing: (i) To use the inventory quantities on the computer to value the inventory at the year-end (ii) Not to carry out an inventory count at the year-end (c)…

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Kentwood Manufacturing uses a standard cost accounting system. In 2022, the company produced 32,000 units. Each unit took several pounds of direct materials and 1.8 standard hours of direct labor at a standard hourly rate of $14.50. Normal capacity was 58,000 direct labor hours. During the year, 145,600 pounds of raw materials were purchased at $0.95 per pound. All materials purchased were used during the year. What was the standard cost per unit of product?