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Financial Accounting & Bookkeeping

What are the estimated cost. for design, programming, in-house testing?

Below is a project WBS with cost apportioned by percents. If the total project cost is estimated to be $600,000, what are the estimated costs for the following deliverables? Design? Programming? In-house testing? What weaknesses are inherent in this estimating approach? Exercise 5.2 WBS Figure

Cash Funds Established

If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to which of the following accounts? A. Petty Cash, $100 B. Cash, $95; Cash Over and Short, $5 C. Cash, $100 D.

Cost of prod with avg cost method

Daniel LLC incurred the following cost in the month of October: Material $55,000 Labor $46,000 Factory Overhead $23,000 There was no beginning inventory. Ending work in process was 10,000 units at 50 percent complete. 15,000 units were completed and transferred out. Prepare a cost of production

Direct and Step Method Cost Accounting

4B-1 Direct Method Seattle Western University has provided the following data to be used in its service department cost allocations. Service Departments Operating Departments Administration Facility Undergraduate Graduate Services Programs Programs Department c

Ratios and financial health

Discuss the trend for each ratio and what it tells you about the organization's financial health. Ratios are attached. 2008 Ratio Calculations Wal-Mart 2008 Current ratio = (Current Assets)/(Current Liabilities) Current ratio = (47,585 (m))/(58,454 (m)) Current ratio = 0.814 Debt Ratio = (Total Debt)/(Total Asset

Cost Versus Replacement Value: present arguments to support data based on cost

The chairman of the board of directors of the company for which you are the chief accountant has told you that he has little use for accounting figures based on cost. He believes that replacement values are of far more significance to the board of directors than out-of-date costs. Present several arguments to convince the ch

Intermediate Financial Accounting

ONLY HIGHLIGHTED AREAS OF THE ATTACHMENT 13. The following information was extracted from the accounts of Colaw Corporation at December 31, 2007: CR(DR) Total reported income since incorporation $750,000 Total cash dividends paid (400,000) Cumulative effect of changes in accounting principle (60,000)

Principles of accounting

Use the information below for the year ended December 31, 20xx, to prepare the statement of cost of goods manufactured. Inventories Beginning Ending Materials inventory $41,000 $ 51,000 Work in process inventory 62,000 78,000 Direct materials purchased 258,000 Total direct labor costs 372,000 Total indirect labor costs

Financial Bookkeeping: Adjusting Entries

Byp3-5 In reviewing the accounts of Keri Ann Co. at the end of the year, you discover that adjusting entries have not been made. Instructions Write a memo to Keri Ann Nickels, the owner of Keri Ann Co., that explains the following: the nature and purpose of adjusting entries, why adjusting entries are needed, and the typ

Financial Accounting Homework

1. RNO Company's market for the Model 55 has changed significantly, and RNO has had to drop the price per unit from $265 to $125. There are some units in the work in process inventory that have costs of $150 per unit associated with them. RNO could sell these units in their current state for $100 each. It will cost RNO $10 pe

Financial Management Practice Test of 50 multiple choice questions

1 A company has $27 per unit in variable costs and $1,000,000 per year in fixed costs. Demand is estimated to be 100,000 units annually. What is the price if a markup of 40% on total cost is used to determine the price? A) $51.80 B) $37 C) $27 D) $37.80 2 True or False: Firms that have high levels of fixed costs have lo

Comparison of straight line and accelerated methods

Problem 7-2 a Protecting Cash Osage Farm Supply had poor internal control over its cash transactions. Facts about the company's cash position at November 30 are described below. The accounting records showed a cash balance of $ 35,400, which included a deposit in transit of $ 1,245. The balance indicated in the bank statement

Cost Accounting Level 200: 33 practice exam multi choice questions

1. The budgeted amount of selling and administrative expense for a period can be found here a. sales budget. b. cash budget. c. pro forma income statement. d. pro forma balance sheet. 2. In multiple-product firms, the product that has the highest contribution margin per unit will a. generate more profit for

Dooley Manufacturing, Han Furniture, Jacobson Electronics

See attached file for clarity. Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (c) Prepare an income statement and the current assets se

Barletta corporation: cost accounting

Barletta Corporation has one service department and three producing departments. The budget for the following year allocates the service department costs to the producing departments based on the number of employees in each department. Currently, the budget for the service department is $2,400,000 and the number of employees in


Charlottetown Powder Company produces powder in batches. Each powder can be sold in its current condition or processed further and specialized for high priced department stores. Data concerning the various products appear below. Joint processing costs are $200,000. Required: (a) Determine which products should be sold


Crazy Cool Colas prepares specialty-flavored sodas for large grocery chains and bakeries. The company employs a process-costing system. Most of the basic ingredients, labeled Material Group A, are added at the beginning of the mixing process. However, to give the sodas the special "sizzle" they are named for, the company adds a

Monrovia: cost accounting

Monrovia Corporation manufactures two models of its product named "Model One" and "Model Two." In the past, Monrovia had been using a traditional overhead allocation system based solely on machine hours. Total overhead costs were estimated as follows: ..............................................Estimated Activity.....

Cost accounting

Factory overhead is applied at a rate of $50 per machine hour. The beginning and ending balances of work in process and finished goods are zero. All goods manufactured are sold. Other information includes the following: Cost of goods sold $ 6,000,000 Direct labor $ 2,000,000 Direct labor hours used 100,000 hours

Cost accounting problems for Valdez Company

BE22- 1 Valdez Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor are $ 1,000,000 and $ 1,600,000. Compute the estimates for (a) a standard cost and (b) a budgeted cost. BE22- 2 Hideo Company accumulates the following data co

The answer to Product cost

Walton Manufacturing Company was started on January 1, 2008, when it acquired $85,000 cash by issuing common stock. Walton immediately purchased office furniture and manufacturing equipment costing $10,000 and $54,000, respectively. The office furniture had a five-year useful life and a zero salvage value. The manufacturing equi

Flexible Budgets and Budget Estimates

EXERCISE 23.10 Preparing a Flexible Budget LO6 The flexible budget at the 70,000-unit and the 80,000-unit levels of activity is shown below. (see attached file for data) Complete the flexible budget at the 90,000-unit level of activity. Assume that the cost of goods sold and variable operating expenses vary direct

Financial Interpreting Coca-Cola and PepsiCo

INTERPRETING FINANCIAL STATEMENTS BYP13-4 The Coca-Cola Company and PepsiCo, Inc. provide refreshments to every corner of the world. Selected data from the 2004 consolidated financial statements for The Coca-Cola Company and for PepsiCo, Inc., are presented here (in millions). Coca-Cola PepsiCo Total current

Cost Accounting question

1- What are some of the advantages and disadvantages of standard costs? How do managers determine what the standard cost should be? Describe the effect of inaccurate standard costs on financial reporting 2- When should variances be investigated? Who should be responsible for correcting a negative variance? Why? What are