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Financial Accounting & Bookkeeping

Detailed Cost Accounting Calculations

Helmer Sporting Goods Company manufactured 100,000 units in 20X5 and reported the following costs: Sandpaper $ 32,000 Leasing costs- Plant 384,000 Materials handling $ 320,000 Depreciation- equipment 224,000 Coolants & lubricants

Cost accounting for Hareston Company and Weller Company

See attached file for problems requirements. The production department of Hareston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 7,000 8,000 9,000 6,000 In addition, the beginning raw

Reciprocal Allocation Method-Cost Accounting

See the attached file. Reciprocal Allocation Method Maintenance direct costs: $15,000 Personnel direct costs: $36,000 Printing direct costs: $45,000 Developing direct costs: $30,000 Machine Hours Labor-hours Dept. Costs Maintenance 0 0% 500 $15,000 Personal 1000 0 0% $36,000 P

Cost Accounting: Cost Drivers

The Bank offers only checking accounts. Customers can write checks and use a network of automated teller machines. The bank earns revenue by investing the money deposited; currently, it averages 5.2 percent annually on its investments of those deposits. To compete with other banks, The bank pays depositors 0.5 percent on all dep

Cost Flows and Cost Behavior, Cost Estimation

See the attached file. Problem 1: Cost Terminology, Cost Flows and Cost Behavior Part 1: The Miami Company suffered major losses in a fire on October 23, 2007. In addition to destroying several buildings, the blaze destroyed the company's work in process inventory for an entire product line. Fortunately, the company wa

Cost accounting P8-17, P8-18, P8-19; P8-21

8- 17 Fixed manufacturing overhead, variance analysis ( continuation of 8- 16). Esquire Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labor- hours per suit. Data pertaining to fixed manufacturing overhead costs for June 2009 are budgeted, $ 62,400, and actual, $ 63,916. Requir

Explain why variance analysis is important.

1) How does planning of fixed overhead costs differ from planning of variable overhead costs? Can you think of fixed and variable costs in your personal budget? 2) Explain why variance analysis is important.

Records of Larsen Manufacturing for the Year

See the attachments. PROBLEM 3 The following data have been taken from the records of Larsen Manufacturing for the year ended 12/31/2011. Sales $860,000 WORD BANK Purchases of raw materials 150,000 12/31/2011 Direct labor 110,000 Cost of goods available for sale

Cost-Volume-Profit Analysis Cost Accounting

Kool-skinz Company manufactures custom-designed skins (covers) for iPods and other portable MP3 devices. Variable costs are $10.80 per custom skin, the price is $18, and fixed costs are $66960. Required: 1. What is the contribution margin for one custom skin? 2. How many custom skins must Kool-skins Company sell to break ev

Cost Accounting, Flexible Budget, Static Budget & Variances

7- 17 Flexible budget. Connor Company's budgeted prices for direct materials, direct manufacturing labor, and direct marketing ( distribution) labor per attaché case are $ 40, $ 8, and $ 12, respectively. The president is pleased with the following performance report: Actuals Co

JVR Corporation Cost function for High-low method

Ken Howard, financial analyst at JVR Corporation, is examining the behavior of quarterly maintenance costs for budgeting purposes. Howard collects the following data on machine-hours worked and maintenance costs for the past 12 quarters: Quarter Machine-Hours Maintenance Costs 1 - 90,000 $185,000 2 - 110,000 $220,000

Accounting MC: Matching revenue and expense; financial statements

Please select the correct answer: 1. MC Matching revenues and expenses refers to: a). recording revenues when a product is sold or a service is rendered. b). accurately reflecting the results of operations for a fiscal period. c). recording revenues when cash is received. d). having revenues equal expenses 2

Cost accounting

Please give examples of what types of companies may engage in job-costing and what types of companies that may engage in process-costing. Be specific in your examples and support your argument from the product or service that your organization delivers. Discuss your thoughts on the single-driver approach to allocating manufa

Budgeting for Material Needs

AAA Inc. has developed the following production budget for one of its products for the second quarter of the year: month production april 18,300 may 15,400 june 12,000 Each unit takes 4 pounds of material 256, which costs $3 per pound. AAA inc has 1600 pounds of material 256

Accounting (cost data) - Parker Trophies

Parker Trophies makes and sells trophies it distributes to little league ballplayers. The company normally produces and sells between 8,000 and 14,000 trophies each year. The following cost data apply to various activity levels. a. Complete the preceding table by filling in the missing amounts for the levels of activity shown

Identify possible cost drivers for each cost pool

The following are six cost pools established for a company using activity-based costing.The pools are related to the company's products using cost drivers. Cost Pools: 1. Inspection of raw materials 2. Production equipment repairs and maintenance 3. Raw materials storage 4. Plant heat, light,water, and power 5. Finished

Keep or drop a segment, special order cost accounting tasks

1. Dockers, Inc. is a retail chain with 125 stores organized into 5 regions. The most recent annual income statement for the Snert, ND store is given below (in $000). It is typical of recent years, and Hagar is considering closing the store because of chronic losses. What factors should Dockers consider in making the decisio

Finance: dividend valuation model

1. Implementing a dividend valuation model to determine the value of the common shareholders' equity requires an analyst to measure three elements. Discuss what three elements need to be measured by the analyst. 2. Under the assumption of clean surplus accounting how would you compute total dividends paid to common equity-ho

Cost Accounting

Problem 7 The Greater Insurance Company has two service departments -- actuarial (S1) and premium rating (S2), and two production departments -- marketing and sales. The distribution of each service department's efforts to the other departments is shown below: FROM TO Actuarial Premium Marketi

Financial Accounting

Problem 2-7 The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the year ended December 31, 2008. Advertising expense $1,500 Commission expense $2,415 Cost of goods sold $29,200 Depreciation expense - office building $2,900 Income tax expense $1,540 Insu

Accounting: Fixed and Variable Costs

As I understand it, costs such as the salary of the vice president of transportation operations are variable because the more traffic you handle, the lowers your unit costs are. In contrast, costs such as fuel are fixed because each ton-mile should entail consumption of the same amount of fuel and hence bear the same unit cost.

financial and management accounting reports for managers

You are heading for an interview at a fortune 500 company. You know there will be interviews for 2 different positions; one in the financial accounting department, and one in their managerial accounting department. You expected to interview by managers from each department, and in fact they have each sent you a set of questions

Review Intuit's Quickbooks bookkeeping software.

Review Intuit's Quickbooks bookkeeping software. Please download a sample copy of the software from the following site: http://quickbooks.intuit.com/product/accounting-software/free-accounting-software.jsp. After experimenting with the software write a report discussing the positive and negative aspects of the software. Is th

Financial accounting problems dealing with account receivable, preparing journal entries related to bad debts expense, computing bad debts amounts, accounts receivable turnover ratio, and weakness of direct-write off method.

Also please see the attached files P9-1A and P9-2A. P9-1A Preparing journal entries related to bad debts expense. At December 31 2007, Leis Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2008, the company had the follo