The ABC Bicycle Company will be manufacturing both men's and women's models for its Easy-Pedal 10-speed bicycles during the next two months. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Current demand forecasts call for 150 men's and 125 women's mo
Bear Manufacturing begins operations on October 1. Information from job cost sheets shows the following:
Bear Manufacturing begins operations on October 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned (non-cumulative) Job October November December A $11,500 B $5,200 $8,300 C $3,000 $5,800
Clemens Company uses the periodic inventory method and had the following inventory information available for the month of November. Date Transaction Units Unit Cost 11/1 Beginning Inventory 500 $4 11/5 Purchase No. 1 600 $6 11/1
Which of the following is the most important for an organization to manage: cash, receivables, or inventory? Defend you answer. How can different accounting methods impact an organization's net income?
Avon Products plans it aggregate production rate in machine cycles. Forecast demand for the next three months is 5,000, 7,000, and 8,000 machine cycles. If there presently are 20,000 machine cycles worth of molded products inventory on hand and 6,000 cycles per month is the planned production rate, what is the planned ending
I am having a bit of difficulty figured this problem out. I shall post it below and if I could have assistance figuring out the comparative condensed income statements that would be wonderful. Thank you in advance for your assistance. (See attached file for full problem description)
Jim's Music Company uses LIFO for inventory, and the company's profits are quite high this year. The cost of inventory has been steadily rising all year, and Jim is worried about his taxes. You are Jim's accountant and you suggested that the company make a large purchase of inventory to be received during the last week in Decemb
1. A company uses the FIFO inventory method and reports the following data for 2004: Beginning Inventory $75,000 Purchases during 2004 300,000 Ending Inventory 100,000 Income before income taxes 80,000 Tax Rate 40% If the company had used LIFO ending inventory would have been valued at 85,000 dollars a. Compute the
93. A co. EOQ is 100 widgets, and it maintains a 50 unit safety stock. Which of the folowing is the co. average. 100 units 60 57.07 12.25 75
The Molding Department's production report indicates that the cost per equivalent unit for conversion cost for January was $5.37. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January?
75. Rariton Company uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. Percentage
Question 16 (1 point) The relevant activity base for a cost depends upon which base is most closely associated with the cost and the decision-making needs of management. ? True ? False Question 23 (1 point) Because variable costs are assumed to change in constant proportion with changes in the activity leve
E4-16 In June, Naperville Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchases 300 6 1,800 23 Purchases 500 7 3,500 30 Inventory 150 Instructions (a) Compute the cost of the ending inventory and the cost of goods
P4-1A Travel Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of July, Travel's inventory consisted of 40 suitcases pur-chased at $30 each. During the month of July the following merchandising transactions occurred. July 1 Purchased 50 suitcases on acco
During 2005 Gross Profit was 180,000, COGS were 75% of Net Sales, Wage Expense was (1/9) of Net Sales, Wage Expense was (1/9) of COGS and these selected accounts changed as follows: A/P increased $65,000 A/R decreased $35,000 Inventory increased $25,000 Wage Payable decreased $15,000 FYE 12/31/05 compute the amt of 1) N
ABLE -A 01-Jun INVENTORY 200 5 1000 PURCHASES 300 6 1800 500 7 3500 1000 5300 WEIGHTED AVERAGE 5.3 FIFO METHOD VALUATION OF CLOSING INVENTORY 150 UNITS@ 7/- 1050 COST OF GOODS SOLD 5250 OPENING STOCK + PURCHSES - CLOSING STOCK NEED HELP SOLVING THE ATTAC
The management of Congo Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2002, the accounting records show the following data.
2. Cost-flow assumptions-FIFO and LIFO using periodic and perpetual systems. The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2004: # of unit Unit Cost Total Cost Inventory, January 1 . .
PART V - INVENTORY Dyer Company had a beginning inventory of 200 units at a cost of $12 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 4 250 units at $13 August 7 150 units August 15 350 un
I would like someone to check my math and methodologies related to the following problem and identify any errors in my methodology and thought process. Here is the data: Purchased $600,000 in 2000. Purchased $3,000,000 during 2001. Operating expenses (excluding management bonuses) are $400,000, and sales are $6,000,000.
Attached are four spreadsheets (in one excel file) - please answer all questions contained therein. Thanks. Example (Question 1): Presented below (see attachment) is financial information for two different companies. Determine the missing amounts.
1. A small, local, food store stocks kiwi fruit. In the past 50 weeks, the store has experienced the following weekly demand for mangoes: Week! Demand Frequency (number of mangoes) (weeks) 20 10 25 30 40 50 60 10 The food store buys the kiwi fruit from its supplier for $2.00 e
1) Why are consigned goods not included in the physical inventory counts? 2) Why are goods that are not physically present included in the physical inventory count? 3) What impact does FOB shipping point and FOB destinations have on revenue recognition? 4) Which inventory costing meth
1. What are the similarities and differences between periodic and perpetual inventory systems? 2. What types of companies use periodic inventory systems? 3. What types of companies use perpetual inventory systems? 4.. What are the basic journal entries used to record inventory transactions? 5. What are the diffe
Use the following to answer questions 22-23. Morningstar Corporation produces decorator wall coverings. Budgeted production is 480,000 square feet per month, and the standard direct labor requirement to make this amount is 12,000 hours. All overhead is allocated based on direct labor hours. Morningstar's management is inte
1. The raw materials used by a manufacturing company are properly classified as an inventory asset until what point in time? a. The date on which the invoice for the materials is paid.. b. The date on which the completed final products containing the materials is sold to the customer. c. The date on which the materials are
Britt Jewelers had the following transactions in April. Prepare journal entries for these transactions assuming Britt Jewelers uses a perpetual inventory system. Apr. 2: Britt received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB shipping point. Britt paid the freight bill amounting to $2,000. Ap
From the excel document, the inventory records for jippy juice company rasperry juice cans a) assuming a periodic inventory system, determine the cost of the ending inventory and the cost of goods sold using (i) FIFO (ii) Weighted average cost and (III) LIFO methods b) Assuming a perpetual inventory system, determine the
What are precise definitions of stock out costs, carrying costs, order quantity issues, safety stock and EOQ issue? How do these effect a firms operations?
Subject: What is the difference between perpetual and periodic inventory system? Details: 1//03 beginning inventory 50 units @ $30 2/22 purchase 70 @$33 3/7 sale(sold) (100) 4/15 purchase 90 @ 35 6/11 purchase 140@ 36 9/28 sale (100) 10/13 Purchase 50@ 38 12/4 sale (100)
I have a problem to solve: I am the newly named CEO of a large Fortune 500 company. This company has been publicly traded on the NYSE for many years and is well known with the average investor. The company is currently having a difficult time with its earnings. I have discovered that the accounting statements of the firm ha