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

Question

Want to see the full answer?

Answer 1

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

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

General accounting

Provide correct solution and accounting question

General accounting question

Answer 2

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

Ch. 4 - Define cost pool, cost tracing, cost allocation,...Ch. 4 - How does a job-costing system differ from a...Ch. 4 - Why might an advertising agency use job costing...Ch. 4 - Describe the seven steps in job costing.Ch. 4 - Give examples of two cost objects in companies...Ch. 4 - Describe three major source documents used in...Ch. 4 - What is the advantage of using computerized source...Ch. 4 - Give two reasons why most organizations use an...Ch. 4 - Distinguish between actual costing and normal...Ch. 4 - Describe two ways in which a house-construction...

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.

Want to see the full answer?

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.