Good Evening, Please help with the attached problems. Thank you. The editor of Spunk Magazine is considering three alternative prices for her new monthly periodical. Her estimate of price and quantity demanded are: Quantity Price Demanded $6.95 20,000 $5.95 25,000 $4.95 32,000
On January 1, 2009, Turner Inc. reports net assets of $480,000 although a building (with a 10-year life) having a book value of $260,000 is now worth $300,000. Plaster Corporation pays $540,000 on that date for a 90 percent ownership in Turner. On December 31, 2011, Turner reports a Building account of $182,000 while Plaster r
Problem 17-43 Computation, Recording, and Funding of Pension Expense Averon Industrial, Inc., computed the following components of pension expense for the years 2011-2013: (In thousands) Components of Pension Expense 2011 2012 2013 Service cost.............................................................
See Article Attached. Access and read the article: Baxendale, S. J., Boyd, L. H., Gupta, M. (2006, Nov/Dec). The absorption costing/inventory management conundrum. Cost Management, 20(6), 30-39. Write a summary on the article.
Match the description to the pronouncements. 1. _____ Staff Positions 2. _____ Interpretations (of the Financial Accounting Standards Board) 3. _____ Statement of Financial Accounting Standards 4. _____ EITF Statements 5. _____ Opinions 6. _____ Statement of Financial Accounting Concepts (a) Official pronouncements of
Above-the-line versus Itemized Deductions What is the difference between above-the-line deductions and itemized deductions ? Which is "better" for the taxpayer? Why? Where would you find each of these types of deductions on your Form 1040?
ABC Bread sells a box of bagels for with a contribution margin of 62.5%. Its fixed costs are $150,000 per year. How much sales dollars does ABC Bread need to break-even per year if bagels are its only product?
The following numbers were calculated from the financial statements for a firm for 2009 and 2008. 2009 2008 Core profit margin 4.7% 5.1% Asset turnover 2.4 2.5 Calculate the core return of net operating asset (core RNOA).
A firm reported $818 million of net income in its income statement after $140 million of net interest expense and income tax expense of 4402 million. Calculate the operating income after tax and net financial expense after tax, using a statutory tax rate of 35 percent.
A) Irrelevant costs include costs that are: 1 different among alternatives. 2 avoidable. 3 sunk. 4 opportunity costs. b) The difference in total costs between two alternatives is referred to as the: 1 direct cost. 2 incremental cost. 3 sunk cost. 4 opportu
Allocation and valuation of land, buildings, equipment and repairs for Oscar, Jazz, Morton, and Lenny companies.
36. The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $180,000. At the time of acquisition, Oscar paid $12,000 to have the assets appraised. The appraisal disclosed the following values: Land .................................................. $120,000 Buildings .......
Please help with the attached questions. Total of 5 files. - I am attaching each file separately. File 3 of 5 Question 13: The Nelson Company experienced the following costs in 2007: During 2007 the company manufactured 120,000 units and sold 145,000 units. Assume the same unit costs in all years. Total variab
Consider the following scenario: Assume you are the division controller for Norwich Cookie Company. You are looking over some cost of production reports segmented by cookie line. You notice there is a drop in the material and labor costs for "Chips for Days", a best-selling cookie. On further investigation you discover why ch
The materials price variance is due strictly to differences in cost per unit. If unfavorable, the cost per unit is higher than the standard (or expected) cost. Either the standard is too low, or the purchase price is higher than expected. Can a positive materials price variance be a bad thing? Explain. Can it affect the e
Actual price per unit of input (per lb ) $ 7.80 Standard price per unit of input (per lb) $ 7.00 Standard inputs allowed per unit of output 10 lbs Actual units of input 115,000 lbs Actual units of output (product) 14,400 What is the formula to compute
1. Budgeted overhead for Harrington Company at normal capacity of 30,000 direct labor hours is $4.50 per hour variable and $3 per hour fixed. In May, $232,500 of overhead was incurred in working 31,500 hours when 32,000 standard hours were allowed. The overhead controllable variance is $3,750 F $1,500 F $7,50
Bangkok Custom Shirt Company uses a special fabric in the production of dress shirts. During August, Bangkok Custom Shirt purchased and used 7,900 square yards in the production of 3,800 shirts at a total cost of B5,490,500. (B stands for the Thai baht. There are roughly 35 bahts to the U.S. dollar). The standard allows two yard
Lang Glass Company makes stained glass lamps. Each lamp that it sells for $210 per lamp requires $12 of direct materials and $48 of direct labor. Fixed overhead costs are expected to be $135,000 per year. Lang Glass expects to sell 1,000 lamps during the coming year. Selling and administrative expenses were zero. Required.
Consider the following scenario: Due to seasonal fluctuations, Gilman Corporation has a problem determining the unit cost of its products. For example, high heating costs during the winter months cause the cost per unit to be higher than the per unit cost in the summer months, even when producing the same number of units of t
How would equipment obtained a business combination have been recorded under each of the following methods: Pooling of Interests Purchase a) Recorded value Recorded value b) Recorded value Fair Value c) Fair Value Fair Value d) Fair Value Recorded value
Winston has the following account balances as of Feb 1: Inventory $600,000.00 Land $50,000.00 Buildings (net) (valued at $1,000,000) $900,000.00 Common stock ($10 per value) $(800,000.00) Retained earnings 1/1 $(1,100,000.00) Revenues
Alex, Inc, buys 40 percent of Steinbart Company on January 1, 2008 for $530000. The equity method of accounting is to be used. Steinbarts net assets on that date were $1.2 million. Any excess of cost over book value is attributable to trade name with a 20-year remaining life. Steinbart immediatlely begins suppling inventory
What methods are used in practice to determine the extent of progress toward completion? Identify some "input measures" and some "output measures" that might be used to determine the extent of progress.
1.Tom Y, a longtime client and golfing buddy, has asked you to prepare his tax return. In looking at the material he has prepared for you, you notice that he has not mentioned the BMW that he won in the annual club tournament. When you ask Tom about this, he says that he knows that the club never reports these items to the I
Greenleaf Manufacturing Company has two production departments: Cutting and assembly. August 1 inventories are: Raw Material $4,200 Finished Goods $31,900 Work-in Process Cutting $3,900 Work-in Process Assembly $10,600 Journalize these transactions 1. Purchased raw materials for $56,300 2.Incurreed factor labor
Pinewood Company, which has only one product, has given the following data regarding its last month of operations: Selling Price.......................................................................$200 Units in beginning inventory....................................0 Units produced.......................................
See attached Excel file. Exercise E5: 11-18 General Information Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is $25 Costs involved in production are: Direct materials $4.00 Direct labor $3.00 Variable manufacturing overhead $2.0
Which of the following is true about both process costing systems and job costing systems? 1. Either one can be easily implemented in any type of manufacturing situation. 2. The use of finished goods accounts is unnecessary in either method. 3. None of the other answers 4. Both utilize work in process accounts to accumulat
Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling. The following exchange rates were in effect during 2009: Jan 1 $1 = £.625 June 30 $1 = £.610 Dec 31 $1 = £.620 Weighted average rate for the year $1 = £.630 Required: 1) Westmore reported sal
Mikor has an account payable of $7,700 due to Smiley, Inc., one of its suppliers. The amount was due to be paid on October 15, 2008. Mikor only had enough cash on hand then to pay $1,700 of the amount due, so Mikor's treasurer called Smiley's treasurer and agreed to sign a note payable for the balance. The note was dated October