Gen Combo Looseleaf Financial And Managerial Accounting; Connect Access Card
18th Edition
ISBN: 9781260149197
Author: williams
Publisher: MCG
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Chapter B, Problem 8DQ
To determine
State the factors that cause the present value of a financial instrument to change.
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23
Progressive Manufacturing purchases trees from Tree Nursery and processes them up to the splitoff point, where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October.
Trees processed:
50 trees (yield is 30,000 sheets of paper and 30,000 pencil casings and no scrap)
Production:
paper
30,000 sheets
pencil casings
30,000
Sales:
paper
29,000 at $0.04 per page
pencil casings
30,000 at $0.10 per casing
Cost of purchasing 50 trees and processing them up to the splitoff point to yield 30,000 sheets of paper and 30,000 pencil casings is $1,500.
Progressive Manufacturing's accounting department reported no beginning inventories; however, ending inventory amounts reflected 1,000 sheets of paper in stock.
What is the approximate cost assigned to the pencil…
I don't need ai answer general accounting
18
Which of the following statements is FALSE?
Select one:
a. The timing of inspection affects the amount of abnormal spoilage
b. The cost of spoiled units is the costs incurred prior to detection
c. Spoilage may occur at points other than the inspection point
d. The unit costs of abnormal and normal spoilage are the same if detected simultaneously
e. Spoilage units cannot be sold
Chapter B Solutions
Gen Combo Looseleaf Financial And Managerial Accounting; Connect Access Card
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- 17 The following data of Pepper Pots Corp. relate to the production of 2,000 clay pots during July. Direct Materials (all materials purchased were used): Standard cost: $6.00 per kilogram of clay Total actual cost: $11,200 Standard cost allowed for units produced was $12,000 Materials efficiency variance was $240 unfavourable Direct Manufacturing Labour: Standard cost is 2 pots per hour at $24.00 per hour Actual cost per hour was $24.50 Actual labour was 972 hours What is the standard direct material amount per pot? Select one: a. 4.00 kilograms b. 2.12 kilograms c. 3.00 kilograms d. 1.00 kilogram e. 1.88 kilogramsarrow_forwardSolve this problemarrow_forwardProvide correct option general accountingarrow_forward
- Answer this financial accounting MCQarrow_forwardUnder variable costing: a. net operating income will tend to move up and down in response to changes in levels of production. b. inventory costs will be lower than under absorption costing. c. net operating income will tend to vary inversely with production changes. d. net operating income will always be higher than under absorption costing.arrow_forwardFinancial Account - The Dakota Corporation had a 2015 taxable income of $33,000,000 from operations after all operating costs but before (1) interest charges of $9,300,000; (2) dividends received of $860,000; (3) dividends paid of $5,800,000; and (4) income taxes. What are Dakota's average and marginal tax rates on taxable income?arrow_forward
- 20 Practical capacity is based on which of the following assumptions? Select one: a. that variable costing is used b. Production will occur at peak efficiency all the time. c. Production can never occur at peak capacity d. Production will occur at peak capacity where feasible (e.g., except for maintenance downtime, repairs, holidays, etc.) e. that absorption costing is usearrow_forwardFixed cost allocation rates should be determined using Select one: a. Past production capacity b. Short-term average usage c. Short-term expected usage d. Long-term expected usagearrow_forwardWhen should dynamic allocation models replace static methods? a) Changes create confusion b) Fixed allocations work better c) Changing business conditions demand flexible distribution systems d) Static models fit all casesarrow_forward
- 7 Which of the following reasons is unlikely to be related to an unfavourable variance for labour costs? Select one: a. Excessive equipment downtime b. Labour used was less skilled than usual. c. Poor work scheduling d. Inappropriate standards e. Rate variance in direct materials purchased at the standard qualityarrow_forwardGive me answerarrow_forward12 Which method is used when all fixed manufacturing costs and variable manufacturing costs are included as inventoriable costs: Select one: a. fixed overhead costing b. absorption costing c. variable costing d. direct costing e. manufacturing overhead costingarrow_forward
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