Here are account balances as of December 31, 2003: Cash - $12,000 Accounts Payable - $24,000 Accounts Receivable - $50,000 Salary Payable - $5,000 Trust Account - $40,000 Insurance - $1,000.00 Inventory - $10,000 Accumulated Depreciation - $4,200 Depreciation Exp - $4,800 Notes Payable - $5,000 Retained Earnings - $
Compute the Predetermined Overhead Rate [LO] Harris Fabrics 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 $134,000 and the total direct labor would be 20,000 hours. Its actual total manufacturing overh
Product Cost Flows; Product versus Period Costs [LO2, LO3] The Devon Motor Company produces motorcycles. During April, the company purchased 8,000 batteries at a cost of $10 per battery. Devon withdrew 7,600 batteries from the storeroom during the month. Of these, 100 were used to replace batteries in motorcycles used by the com
Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold [LO1, LO3, LO4] The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labor cost $70,000 Purchases of raw materials $118,
Classification of Costs as Fixed or Variable [LO5] Below are a number of costs that are incurred in a variety of organizations. Required: Classify each cost as being variable or fixed with respect to the number of units of product or services sold by the organization. Cost Behavior Cost ------------
Exercise 2-4: Prepare a Schedule of Cost of Goods Manufactured [LO4] Lompac Products manufactures a variety of products in its factory. Data for the most recent month's operations appear below: Beginning raw materials inventory $60,000 Purchases of raw materials $690,000 Ending raw materials inventory $45,000
Preparation of a schedule of costo goods Manufactured and cost goods sold. The following cost and inventory data for the just completed year are taken from the accounting records of eccfles company: Cost incurred: Advertising Expense:..............................$100,000 Direct labor cost..............................
A company is a merchanding company that used the periodic inventory system. the data below if the from the accounting records for the year ended dec 31, 2004 calculate cost of goods sold for 2004, show all calculations: sales revenue-585,000 sales discounts-3,000 purchases-420,000 purchase returns and allowances-5,000 in
Determine the gross profit ration using the following info: sales 830,000 cost of sales 320,000 income tax expense 120,000 selling expenses 40,000 genral and administrative expenses 100,000
Calculate the book value per share: common stock, $1 par, 100,000 shares authorized-$80,000 additional paid in capital common-60,000 retained earnings-40,000 total contributed capital and retained earnings-180,000 less treasury stock (2,000 common shares at cost)-20,000 total stockholders equity 160,000
A company purchased a trunk on Jan 1, 2002 for $40,000. The truck has an estimated life of 6 years and an estimated residual value of $4,000. The company used the straight-line method to depreciate the asset. On July 1, 2004, the truck was sold for $14,000 csh. What's the gain or loss on the sale?
Please help with the following problem. Stone Works Tile Shop purchased two years of insurance coverage for its retail shop on July 1, 2004 iao of $3,600. Stone Works recorded the prepayment as an asset. Stone Works prepares its adjusting entries at year end December 31. What adjusting journal entry is necessary at Dec 31
The pizza parlor manager, Joe, purchases $100 rack to hold small bag of peanuts. The bag costs 24c, Joe will sell it for 40c. If he sells 50 bags a week, it will take him 12 1/2 weeks to cover the cost of bag. After that Joe thinks he will have clear profit of 16c a bag. Cost-allocation experts tell Joe that this rack is cos
22. What is the cash conversion cycle for a firm with a receivables period of 40 days, a payables period of 30 days, and an inventory period of 60 days? A) 10 days B) 50 days C) 70 days D) 130 days 23. What is the cash conversion cycle for a firm with $3 million average inventories, $1.5 million average account
Please see the attached file. --- Roxy's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digitally recorded tape of the performance, and a professional music producer/mixer. Anticipated annual volume is 1,000 sessions. The company has invested $2,
Please see the attached file. --- Selleck Corporation makes a commercial-grade cooking griddle. The following information is available for Selleck Corporation's anticipated annual volume of 30,000 units. Per Unit Total Direct materials $17 Direct labor $ 8 Variable manufacturing overhead $11 Fixed man
Chocolate Candies Company produces chocolate candy in large quantities. They have two departments, a Mixing department and a Packaging department. The manufacturing costs in the Mixing department during December were: Direct Materials Added $
Please see the attached file. --- Galavic Corporation manufactures snowmobiles in its Blue Mountain, Wisconsin plant. The following costs are budgeted for the first quarter's operations. Machine setup, indirect materials $ 4,000 Inspections 16,000 Tests 4,000 Insurance, plant 110,000 Engineering design
Please refer to attached Word Document for Instructions. --- Problem 1. The following monthly budgeted data are available for a wholesale company: Product L Product Z Product C Sales $400,000 $200,000 $800,000 Variable expenses 240,000 140,000 640,000 Contribution margin $160,000 $ 60,000 $160,000
I am racking my brain trying to figure out the attached problem and I am in need of some help! If you could give a detailed explaination to each of your steps it would be most appreciated.
Acme Corp is a company in Florida. Management is concerned because as their sales have grown, their cash flow has shrunk. Management doesn't understand how this could happen and has approached your team to find a solution for this dilemma. Part I Calculate the following: (from attached excel doc) 1. Inventory conversion per
Cash conversion cycle Problem . Kolan Inc. has annual sales of $36,500,000 ($100,000 a day on a 365-day basis). On average, the company has $12,000,000 in inventory and $8,000,000 in accounts receivable. The company is looking for ways to shorten its cash conversion cycle (calculated on a 365-day basis)
Peoria Implements Company produces farm implements. Peoria is in the process of measuring its manufacturing costs and is particularly interested in the costs of the manufacturing maintenance activity, since maintenance is a significant mixed cost. Activity analysis indicates that maintenance activity consists primarily of main
Cash Conversion Cycle. Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm: Income statement data: Sales 5,000 Cost of goods sold 4,200 Balance sheet data: Beginning of Year End of Year 1. Inventory 500 600 2. Accounts rece
Please refer to the attached file. Managerial Accounting 560 Problem 1 Cosgrove, Inc., is a wholesaler that distributes a single product. The company's revenues and expenses for the last three months are given below: Cosgrove Company Comparative Income Statement For the Three Months Ended June 30
A company has fixed costs of $5000. Sales for 600 units have been made. The budgeted unit details are Selling price $ 26 Varible cost $19 Fixed cost $ 2 Profit $ 5 At what minimum price should an order for 200 additional units be accepted in order to break even. A $19 B $23 C $24 $ 26 Q The m
I am doing a power-point presentation of managerial accounting. One of the problems that is stumping me is: A few slides that might suggest certain metrics to monitor, how they are obtained, and whey they would be important.
Operations deals with how the company is performing. Operations may be refined into different manufacturing processes such as design, materials procurement, assembly, testing and so on. A VP of operations has asked you to make a presentation at the weekly status meeting on how to improve the efficiency and effectiveness of e
What is Pareto efficiency? Why do economists use this criterion for comparing alternative economic systems?
Use the following to answer questions 39-40: Bergeron Inc. reported the following data for last year: Work in process inventory, beginning $100 Work in process inventory, ending $150 Finished goods inventory, beginning $180 Finished goods inventory, ending $200 Direct labor cost $300 Direct materials cost $500 Manu