HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 9, Problem 13RQ
To determine
Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year which is, acquired by a company to be used in its business activities, for generating revenue.
To explain: the difference between the discarding of a plant asset and selling of a plant asset.
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Kubin Company’s relevant range of production is 11,000 to 14,000 units. When it produces and sells 12,500 units, its average costs per unit are as follows:
Average Cost per Unit
Direct materials
$ 7.20
Direct labor
$ 4.20
Variable manufacturing overhead
$ 1.70
Fixed manufacturing overhead
$ 5.20
Fixed selling expense
$ 3.70
Fixed administrative expense
$ 2.70
Sales commissions
$ 1.20
Variable administrative expense
$ 0.70
Required:
For financial accounting purposes, what is the total product cost incurred to make 12,500 units?
For financial accounting purposes, what is the total period cost incurred to sell 12,500 units?
For financial accounting purposes, what is the total product cost incurred to make 14,000 units?
For financial accounting purposes, what is the total period cost incurred to sell 11,000 units?
Choose a manufacturing company then discuss the following:
First, name your company and list its main products and direct materials used.
What is spoilage?
Give an example of spoilage that might occur during the manufacturing of the company's product.
What is scrap?
Give an example of scrap that might occur during the manufacturing of the company's product.
What does rework mean?
Give an example of rework that might occur during the manufacturing of the company's product.
A leading manufacturer recently said, "What has been regarded as normal spoilage in the past will not acceptable as normal spoilage in the future?
What are they talking about?
What do you think are the external or internal factors that may affect the level of normal spoilage in the future?
The accounting equation helps keep financial records balanced. It shows that a company's assets are always equal to its liabilities plus stockholders' equity (Assets = Liabilities + Equity). This equation helps track how money moves in and out of a business. When a company buys or sells something, the equation makes sure everything is recorded correctly.
Respond to the above paragraph
Chapter 9 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 9 - Prob. 1QCCh. 9 - Prob. 2QCCh. 9 - Which method almost always produces the most...Ch. 9 - A Celty Airline jet costs 28,000,000 and is...Ch. 9 - A copy machine costs 45,000 when new and has...Ch. 9 - Suppose Print and Photo Center in the preceding...Ch. 9 - Prob. 7QCCh. 9 - Prob. 8QCCh. 9 - Liberty Corporation reported beginning and ending...Ch. 9 - A truck costs 50,000 when new and has accumulated...
Ch. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - What is the difference between a capital...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - How does a business decide which depreciation...Ch. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - How is gain o r loss determined when disposing of...Ch. 9 - Prob. 15RQCh. 9 - Prob. 16RQCh. 9 - Prob. 17RQCh. 9 - Prob. 18RQCh. 9 - Prob. 19RQCh. 9 - What does it mean if an exchange of plant assets...Ch. 9 - Prob. 9.19E
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