The bid price of the government contract based on the standard cost sheet.

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Answer 1

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 4.40P

1.

To determine

To compute: The bid price of the government contract based on the standard cost sheet.

2.

To determine

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.

3.

To determine

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

4.

To determine

To identify: The bid price that should be presented to the manger.

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 4.40P

1.

To determine

To compute: The bid price of the government contract based on the standard cost sheet.

2.

To determine

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.

3.

To determine

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

4.

To determine

To identify: The bid price that should be presented to the manger.

Expert Solution & Answer

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Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 4.40P

1.

To determine

To compute: The bid price of the government contract based on the standard cost sheet.

2.

To determine

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.

3.

To determine

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

4.

To determine

To identify: The bid price that should be presented to the manger.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 4.40P

1.

To determine

To compute: The bid price of the government contract based on the standard cost sheet.

2.

To determine

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.

3.

To determine

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

4.

To determine

To identify: The bid price that should be presented to the manger.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.40P

1.

To determine

To compute: The bid price of the government contract based on the standard cost sheet.

2.

To determine

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.

3.

To determine

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

4.

To determine

To identify: The bid price that should be presented to the manger.

Answer 6

Chapter 4, Problem 4.40P

1.

To determine

To compute: The bid price of the government contract based on the standard cost sheet.

Answer 7

Chapter 4, Problem 4.40P

1.

To determine

To compute: The bid price of the government contract based on the standard cost sheet.

Answer 8

2.

To determine

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.

Answer 9

2.

To determine

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.

Answer 10

3.

To determine

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

Answer 11

3.

To determine

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

Answer 12

4.

To determine

To identify: The bid price that should be presented to the manger.

Answer 13

4.

To determine

To identify: The bid price that should be presented to the manger.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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The bid price of the government contract based on the standard cost sheet.

To compute: The bid price of the government contract based on the standard cost sheet.

To compute: The bid price of the government contract based on the previous invoice. Given information: Previous government contract amount is $3,395,760. Number of huts in the previous contract is 200. Number of huts in the current contract is 150.

To identify: The main discrepancies in the bid price calculated in requirement 1 and 2.

To identify: The bid price that should be presented to the manger.

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Chapter 4 Solutions

To compute: The bid price of the government contract based on the previous invoice.

Given information:

Previous government contract amount is $3,395,760.

Number of huts in the previous contract is 200.

Number of huts in the current contract is 150.