1) Southwestern Company needs 1000 motors in its manufacture of automobiles. It can buy the motors from Jinx Motors for $1250 each. Southwestern's plant can manufacture the motors for the following costs per unit: Direct materials-$500 Direct manufacturing labor- $250 Variable manufacturing overhead- $200 Fixed manufac
Westin Watercrafts predetermined overhead rate for year 2011 is 200% of direct labor. Information on the company's production activities during May 2011 are as follows. a. Purchased raw materials on credit, $125,000. b. Paid $84,000 cash for factory wages. c. Paid $11,000 cash to a computer consultant to reprogram factor
This company makes a single product. The following information has been taken from the company's production, sales, and cost records for the month. Production in units 32,000 Sales in units ?? Beginning Finished Goods in Units 0 Ending Finished goods in units ?? Total Sales in dolla
Funk Manufacturing Company produces specially machined parts. The parts are produced in batches in one continuous manufacturing process. Each part is custom produced and requires special engineering design activity (based on customer specifications). Once the design is completed, the equipment can be set up for batch production.
Bama company showed the following balance in its inventory accounts as of Jan 1, 2004: raw materials inventory $10,000 work - in - process inventory $ 20,000 finished goods inventory $10,000 The following transaction took place during 2004: 1. manufacturing overhead cost of $96,000 were incurred and placed
1. How is the purpose of managerial accounting different from financial accounting? 2.. Are more accountants involved in the financial or managerial functions today? Please, provide factual information (not merely opinions) backed up by details or examples.
In order for companies to prepare and issue financial statements, their accounting equations (debits and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement. Bookkeeping is largely done today using a computer and software. Discuss whether you feel this is a help or a
Gore Range Carpet Cleaning is a family-owned business in Eagle-Vail, Colorado. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $22.55 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs fo
The following are the financial statements for Nederland Consumer Products Company for the fiscal year ended September 30, 2011. Nederland Consumer Products Company Income Statement for the Fiscal Year Ended September 30, 2011 Net sales $ 64,986 Cost of goods sold
What role does financial ratios play in a company? Analyze the commonly used financial ratios by categories. Using Kindred Healthcare, Inc., how does the company's financial ratios compare to those of the nation's healthcare industry? How could the company improve? What suggestions would you make to the company?
What role does financial ratios play in a company? Analyze the commonly used financial ratios by categories. Using Kindred Healthcare, Inc., how does the company's financial ratios compare to those of the nation's healthcare industry? How could the company improve? What suggestions would you make to the company? http://www.
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO6] The following data from the just completed year are taken from the accounting records of Eccles Company: Sales ......................................................................................... $643,000 Direct labor cost ......
Identify an industry in which a job order cost system or a process cost system could be used. How might each of the cost systems be implemented within this particular industry? Does an industry exist in which the job order and the processing cost systems would not be suitable? Explain your rationale.
Generally Accepted Accounting Principles (GAAP) vs. the International Financial Reporting Standards (IFRS)
In addition to preparing financial statements in accordance with GAAP, U.S. companies may be required, in the near future, to prepare these statements according to the International Financial Reporting Standards (IFRS). In what specific ways do the two sets of standards differ from one another? If the United States adopted IFRS
Have several questions that I need help with. Need answer and example. 1. What is the financial objective of financial reporting of external users? 2. For accounting purposes, what is an account? Explain why accounts are used in an accounting system. 3. Define a business transaction in the broad sense, and give an example
The following financial data apply to the DVD production plant of the Randall Company for March 2011: Budgeted Manufacturing Cost per DVD Pack Direct Materials $1.60 Direct Manufacturing Labor 0.90 Variable Manufacturing Overhead 0.70 Fixed Manufacturing
11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%? A. $3,000,000 B. $90,000 C. $300,000 D. $210,000 12) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 201
What are the legal, ethical and technological concerns of the accounting and financial reporting of businsses? How are these concerns being actively addressed.
What is cost accounting? Why do companies use cost accounting system? When did it started and the reason/s behind it? What are the Pros and Cons of utilizing the cost accounting system? Research a company that utilizes the cost accounting system for financial management, how has that company improved since using cost account
Improving working Capital: In Essentials of Healthcare Finance, What is working capital and how would you calculated it? How they can improve their working capital? What are the great approaches for cash management? If you are the controller who is in charge of managing cash, what methods would you take and why?
Unit 3 Assignment Questions Problem 6-5 pg 318 Internal Control At Morris Mart Inc., all sales are on account. Mary Morris-Manning is responsible for mailing invoices to customers, recording the amount billed, opening mail, and recording the payment. Mary is very devoted to the family business and never takes off more than on
A ______________ records manufacturing activities using a perpetual inventory system, which continuously updates records for costs and materials, goods in process, and finished goods inventory. Answer A. none of the other answers B. job cost sheet C. job lot D. cost accounting system
Question #2 The following per unit information is based on expected production and sales of 1,200 units: Selling price $25 Var COGS $8 Fixed COGS $6 Gross Profit $11 Var S&A $2 Fixed S&A $4 Operating Income $5 The firm's tax rate is 40%. a) How many units need to be sold to break-even? b) How many units n
Abstract: The Financial Accounting Standards Board and the International Accounting Standards Board are scheduled to release a joint exposure draft proposing significant changes to how businesses present their financial statements. Two major objectives of the proposed financial statements are "disaggregation" and "cohesi
Income Statement, Corrections, The Matching Principle Explained.Please see attachment.
1. By definition, which of the following represents the owners of a corporation? a Customers b Creditors c Stockholders c Employees 2. An individual asset has increased. Which of the following is possible? a There is an equal decrease in another asset. b There is an equal decr
During 2013 oil company engaged in 86 different exploratory projects only 20 successful costs was 24 million 5.6 million was associated withe success end of 2013 production not started. Using success method how much would be shown on income statement 2013? How much will be capitalized and shown as an asset on balance sheet? Sam
1. Define variable cost, fixed cost, and mixed cost. 2. What is a scatter diagram? How is a scatter diagram used to estimate cost behavior?
Fiber Systems manufactures an optical switch that is uses in its final product. Fiber System incurred the following manufacturing costs when it produced 70,000 units last year: Direct materials Direct labor Variable overhead Fixed overhead Total manufacturing cost for 70,000 units RM630,000
Please help answer the following question. A finance manager considers the accounting break-even point more important than the financial break-even point. Do you agree with the manager? Give reasons.
Consider the following information: Q1 Q2 Q3 Beginning inventory (units) 0 300 300 Actual units produced 1,000 800 1,250 Budgeted units to be produced 1,000 1,000 1,