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    Consignment Accounting for Tingey Industries

    Tingey Industries sells merchandise on a consignment basis to dealers. The selling price of the merchandise averages 25% above cost of merchandise. The dealer is paid a 10% commission on the sale price for all sales made. All dealer sales are made on a cash basis. The following consignment sale activities occurred during 2013:

    Job Cost Flows

    Job Cost Flows The job cost sheet for 1,000 units of toy trucks is: Job Number 555 Date Started 4/13 Date Completed 6/18 Raw Materials Direct Labor Date Type Cost Qty. Amount Cost Hours Amount 4/13 565 $ 3 1,000 $3,000 $18 20 $ 360 5/24 889 1 4,000 4,000 12 10 120 6/18 248 2 1,000 2,00

    Knowledge of Accounting

    I need help with the following question: Discuss how knowledge of accounting is vital to the success of a business. Some specific functions that you might want to include are internal auditing, external auditing, managerial accounting, taxation, knowledge of GAAP, and safeguarding assets. I also need references.

    Total Cost Assigned to Job

    XYZ corporation has two departments, Machining and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Machining Department bases its rate on machine hours and the Assembly Department bases its rate on direct labor cost. At the beginning of the year, the compan

    Predetermined Overhead Rate Used in Packaging & Assembly Departments

    Need some help on this, please show all work so I can save this for the future. I am very confused with accounting practices. Tanner Bay Inc. has two departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Assembly Department bases its

    Under-applied or Over-applied Manufacturing Overhead

    Smith Jones Company uses a predetermined overhead rate of 75% of direct labor cost. This predetermined rate was based on $60,000 estimated direct labor cost and $45,000 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $52,000 and $71,000 of direct labor cost during the

    Predetermined Overhead and Overhead Applied

    Snapper Corp. computes its predetermined overhead rate annually on the basis of direct-labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $240,000 and the total direct labor hours (dlh) would be 6,000. Its actual total manufacturing overhead for the year was $210,000 and its act

    Downsizing and Fixed Costs

    Industry downsizing has been a major part of the corporate world, even government agencies are downsizing. GovernmentExecutive.com "covers the business of the federal government and its huge departments and agencies - dozens of which dwarf the largest institutions in the private sector" on its website. Read the assigned Governme

    Overhaul Expenditures

    Redline Publishers, Inc. produces various manuals ranging from computer software instructional booklets to manuals explaining the installation and use of large pieces of industrial equipment. At the end of 2013, the company's balance sheet reported total assets of $62 million and total liabilities of $40 million. The income stat

    Profit Allocation

    Day and Night formed an accounting partnership in 2008. Capital transactions for Day and Night during 2008 are as follows: (see attachment) Date Transaction Amount Day 1/1 Beginning balance $75,000 4/1 Withdrawal 18,750 6/1 Investment 37,500 11/1 Investment 18,750 Night 1/1 Beginning balance $37,500 7/1 Investment

    Income Taxes and Deduction

    In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mortgage, he took out a home equity loan for $220,000. He used the funds to purchase a

    Evaluating Allocation of Costs

    Scenario: The sample company is an integrated oil company. It extracts oil from its many wells throughout the world and then refines the oil into gasoline and diesel fuel. The total (full) cost of extracting 500,000 barrels of oil from the ground is $5,000,000. Once refined, the oil yields 5,000,000 gallons of gasoline that

    Brain Drain: Product Launch Expected Value

    Brain Drain is about to launch a new product. Depending on the success of the new product, there are three possible outcomes for value next year: $210 million, $150 million or $60 million. These outcomes are all equally likely, and this risk is diversifiable. Suppose the risk-free interest rate is 5%. (Ignore all other market im

    Goal Incongruence and Return on Investment.

    a) What is goal incongruence? b) How can using the metric "return on investment" for performance evaluation lead to goal incongruence? c) What can a firm do to reduce goal incongruence caused by using "return on investment" for performance evaluation?

    Discussion of the Theory of Constraints

    Hi, I need some assistance with the following question: Question: In your own words, explain the 'Theory of Constraints'. As part of your answer, be sure to mention the basic assumptions underlying it, strengths of the method, and the weaknesses of the method.

    Barker Company: Incremental Net Operating Income, Per Unit Break-Even

    Barker Company has a single product called a Zet. The company normally produces and sells 84,000 Zets each year at a selling price of $48 per unit. The company's unit costs at this level of activity are given below: Direct materials $ 7.50 Direct labor 10.00 Variable manufacturing overhead 3.80 Fixed manufacturi

    Cost: net realizable method

    A company processes a chemical, dx-1, through pressure treatment. The process has two outputs, A and B. The January costs to process dx-1 are $50,000 for materials and $100,000 for conversion costs. The outputs sell for a total of $250,000. The sales revenues from A are $200,000 of the total. Using the net realizable method, ass

    Cost Allocation

    A critic of cost allocation noted, "you can avoid arbitrary cost allocations by not allocating any costs." Please explain.

    Preferred Stock Cash Dividend Calculations

    In the equity section of Jeans Incorporated the following is listed: Preferred stock, 5% cumulative, 6,000 shares issued and outstanding $120,000 Common stock, 1$ par value, 36,000 shares issued $180,000 Retained earnings

    Powell Company and Safety Chemical

    Powell Company produces a single product. Its income statement under absorption costing for its first two years of operation follow. 2010 2011 Sales ($44 per unit) $ 968,000 $ 1,848,000 Cost of goo

    Labour Rate and Material Price Variance Questions

    a) What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500? b) Calculate the total direct labor rate variance for November given that actual hours is 5000 and the actual labor rate is 7.72 whereas the standard labor rate is 8.

    Operating Profits

    A Inc is currently operating at 80 % capacity. Worried about the company's performance, the general manager reviewed the company's operating performance. (All fixed costs are allocated to the segments) Segment North South East West Sales 30 40 20 10 Less: variable costs 11 8 21 8 Contribution margin 19 32 (1) 2 Less

    Buy or Make Decision

    Company A uses 12,000 units of a product in production each year. Presently, this component is purchased from an outside supplier at $9.50 per unit. There has been idle capacity in the factory that could be utilized to make this product. The costs associated with manufacturing the product internally rather than buying it from th

    Bonds: After-tax returns

    As a financial adviser to individual investors, your boss has asked you to write a memo to him analyzing a choice of two bonds for a client seeking to invest $350,000. The Florida-based client has a relatively high taxable income, and while she has an affinity for municipal bonds, she is looking for interesting fixed income alte

    Western Manufacturing Company CVP variable absorption costing

    (see template attached) Using the information about Western Manufacturing Company provided below, complete the following two tabs in this MS Excel Workbook: - Cost-volume-profit (CVP) Analysis prepared in February 20X1 regarding planned operations for month of March 20X1 - Contributio

    Company A Disposal of Land and Building with a Mortgage Invo

    On January 1, 2001, Company A buys a Building and Land totaling $50,000 ($30,000 and $20,000 respectively) by placing a down payment of $10,000, and a mortgage payable of 40,000. December 31, 2001 - the depreciation method used is straight-line, the residual value of the building is $5,000, and the life of the building is 16

    Tax forms: Donna Harp

    At the beginning of the current year, Donna Harp was employed as a cinematographer by Farah Movie, Inc., a motion picture company in Los Angeles, California. In June, she accepted a new job with Ocala Production in Orlando, Florida. Donna is single and her Social Security number is 223-77-6793. She sold her house in California o

    Modified Accelerated Cost Recovery System

    Problem 1 Suppose new instruments for a firm cost $18,000 with an additional installation fee of $2,000, both of which are depreciable. Complete the depreciation schedule shown below using the Modified Accelerated Cost Recovery System (MACRS) 3-year class. Year Rate Basis Depreciation 1 2 3 4 Proble