Accounting question and answers for November 20, 2023
- Q Challenger Corporation manufactures specialty aerospace tiles. For each unit, $3,400 of direct material is used and there is $2,600 of direct manufacturing labor at $16 per hour. Manufacturing overhead is...
- Q On January 1, 2017, Bim Distributiors sold a warehouse to Jamble Leasing for $s50,000 and immediately leased it back. The warehouse was carried on bim' books at $s11,000. The term...
- Q Greenfield Consultants conducts analyses of public policy issues. The company has two units: Government (with various U. S. government agencies as the only clients) and Corporate (with several corporations as...
- Q The following data (in thousands of dollars) have been taken from the accounting. records of Larder Corporation for the just completed year. Sales ........................................................................... Php950 Purchases of raw materials ...........................................
- Q On July 1, Job 46 had a beginning balance of $680. During July, prime costs added to the job totaled $680. Of that amount, direct materials were three times as...
- Q Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is $30. There is no beginning inventory. Costs involved in production are: Direct materials$5.00 Direct labor4.00...
- Q Shangri-La Manufacturing Limited Company has the following data for the month of March 2019. Direct labour cost $ 14,000 (140% of F.O.H) Cost of goods sold $ 56,000 Inventory accounts...
- Q Briefly explain the trade-off between the cost of quality control to the cost of failing to control quality.
- Q The Tori Company had budgeted production for the year as follows: Quarter 1 2 3 4 Production in units 10,000 12,000 16,000 14,000 Four pounds of raw materials...
- Q Continuing the previous problem, use Goal Seek for each value of number mailed (once for 80,000, once for 90,000, and so on). For each, find the response rate that allows...
- Q Tucariz Company processes Duo into two joint products, Big and Mini. Duo is purchased in 1,000 gallon drums for $2,000. Processing costs are $3,000 to process the 1,000 gallons of...
- Q In2017, CommodityInc., processor of whole grainflour, had the capacity to produce10,000,000 pounds of product at a conversion cost per pound of$0.20. The conversion cost per pound was$0.15 in 2016(the previousyear)....
- Q Omar operates a car wash. Incoming cars are put on an automatic conveyor belt. Cars are washed as the conveyor belt carries them from the start station to the finish...
- Q LO.10 (Appendix: EOQ) Diane Delbert operates a health food bakery that uses a special type of ground flour in one of its high-margin products. The bakery operates 365 days a...
- Q Assume your goal in life is to retire with four million dollars. How much would you need to save at the end of each year if interest rates average 9%...
- Q 9-4 Explain the main conceptual issue under variable costing and absorption costing regarding the timing for the release of fixed manufacturing overhead as expense.
- Q CASE STUDY 2New Manufacturing Facility in China At its January 15 meeting, the board of directors of Omega Consolidated Industries made a decision to build a new manufacturing facility in...
- Q 1.What is the difference between an accounting standard and a conceptual framework of accounting?
- Q "The management of a liquid cleaning product manufacturing company is trying to decide whether to install a job or process costing system. The manufacturing vice president has stated that job...
- Q ACTIVITY-BASED COSTING 65 The traditional methods of cost allocation, cost apportionment and absorption into products are being challenged by some writers who claim that much information given to management is...
- Q Chester's product manager is considering lowering the price of the Cure product by $2.50 and wants to know what the impact will be on the product's contribution margin. Assuming no...
- Q Flannel and flounder Ltd sales budget in units for months ending 30 June 2005 are as follows: Jan 1000, Feb 1200, March 1300 April 1500, May 1700, June 1800. price...
- Q Info (Q2): Green Grow Inc. (GGI) manufactures lawn fertilizer. Because of the product's very high quality, GGI often receives special orders from agricultural research groups. For each type of fertilizer...
- Q GIVEN: Moon Inc., a publicly listed company, has a building with an initial cost of $400,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $110,000. The...
- Q On feb 20th, a 5 month note for $5,860 was received by Lucky Company to settle an amount owing from a customer. It bears interest at the rate of 8%...
- Q The accounting records of Wall's China Shop reflected the following balances as of January 1, 2018: Cash$17,400 Beginning inventory17,850(210 units @ $85)Common stock15,400Retained earnings19,850 The following five...
- Q Pharmacy Company produces three main products which share joint costs from a joint process, Altor, Loral, and Hycor.A hazardous waste product called Dorzinox is also produced from the process. The...
- Q A construction company has just completed a bridge over the Snake River. This is the first bridge the company ever built, and it required 100 weeks to complete. Now having...
- Q Maxey & Sons manufactures two types of storage cabinetsTypeA and Type Band applies manufacturing overhead to all units at the rate of $136 per machine hour. Production information follows. ...
- Q Raveen Products sells camping equipment. One of the company's products, a camp lantern, sells for $90 per unit. Variable expenses are $63 per lantern, and fixed expenses associated with the...
- Q If the contributionmargin ratio is 0.5, targeted net income is $105,000, and targeted sales volume in dollars is $450,000, then total fixed costs are:
- Q 13.14Outline the differences betweenextrinsicandintrinsic motivation, and explain how organisations can encourage intrinsic motivation.
- Q A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price ............................................... $103 Units in beginning inventory ..................... 0...
- Q In August , the idle capacity variance of ZYNC Inc. was zero, and the spending variance as P6,000 unfavorable. In September, the idle capacity variance was P8,000 unfavorable, but the...
- Q Decent Limited is a manufacturer of different electrical components. Company is operating in a highly competitive market. All components use same material and passes through from same production process. Since...
- Q PAUL Corporation manufactures chairs which are it sells a price of $100 per chair. The following standard costs are associated with the production of one chair: ...
- Q Red Sea Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of the coming year are: January 13,140 February 12,300 March 15,075 The variable overhead rate...
- Q The Modern Co. does not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the...
- Q Reyes Corporation applies overhead using a normal costing approach based upon machine-hours. Budgeted factory overhead was $266,400, budgeted machine-hours were 18,500. Actual factory overhead was $287,920, actual machine-hours were 19,050....
- Q Dorchester Bay Electronics Co. (DBEC) produces gadgets for the coveted small appliances market. The following data reflect activity for the year 2020: Costs incurred: (in $) Purchases...
- Q Julliene's Pizzeria provided the following information for the month of October: a.Sales are budgeted to P157,000.About 85% of sales is cash; the remainder is on account. b.Julliene's expects that, on...
- Q Sara's Sodas produces a popular soft drink. Operating data for January follow: Materials $710,000 Labor 260,000 Manufacturing overhead 2,950,000 Sara's Sodas produced 14 million liters of the beverage in...
- Q I am having difficulty with the calculations of this problem, can someone show me a step-by-step way to calculate this? Ferdon Watches, Inc., makes four models of watches,...
- Q Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced...
- Q 1.Denpasar Moon Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities: Beginning work in process inventory...
- Q Activity No. 1 The post-closing trial balance of ABC Manufacturing Company at September 30, 2020 is reproduced as follows: ABC Manufacturing Company Post-Closing Trial Balance September...
- Q Slavin Corporation manufactures two products, Alpha and Delta. Each product requires time on a single machine. The machine has a monthly capacity of 500 hours. Total market demand for the...
- Q Q2) How is a credit check in the advanced technology system fundamentally different from a credit check in the basic technology system? (10 marks)
- Q Rossie owns EMCO's Casuals, a company specializing in good-quality, high-priced clothing. The materials are purchased from local suppliers and South Korea for premium cloths, made up into the finished garments...
- Q Explain why JIT with dedicated cellular manufacturing increases product costingaccuracy. II.Explain how backflush costing works. III.Assume that a company has recently switched to JIT manufacturing. Each manufacturing cell...
- Q Assume that Ocean King Products sells three varieties of canned seafood with the following prices and costs. Selling Price per CaseVariable Cost per CaseFixed Cost per MonthVariety 1$15$12-Variety 21614-Variety...
- Q Skycell, a major European cell phone manufacturer, is makingproductionplans for the coming year. Skycell has worked with its customers (the service providers) to come up with forecasts of monthly...
- Q Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell,...
- Q Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured, and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed...
- Q Aries Corporation manufactures eighteenth-century, classical-style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor-hours. Budgeted factory overhead for the year 2014 was...
- Q Problem 6. Value-added and non-value added activities. Pleasantville Company's sole piece of machine housing made from sheet metal, is produced in the following steps: (a)Metal received and inspected...
- Q Sweet Syrups, Ltd., [SSL], a maple syrup manufacturer, was incorporated in 2017 but began its business operations only on January 1, 2018. During its first year, 2017, it purchased specialized...
- Q Ms Hudson is 60 years of age, is in excellent health, pursues a simple but active lifestyle, and has no children. She has interest in a private company for R180...
- Q CHS is a large multidivision firm. One division, Health Services, is well known inside CHS for its efficient information technology (IT). A smaller division, Optics, has approached Health Services with...
- Q A jewellery store paid a unit price of $250 less 40% and 16 2/3% and a 8% shipment of designer watches. The store's overhead is 65% of the cost and...
- Q CA7-7 (Reporting of Notes Receivable, Interest, and Sale of Receivables) On July 1, 2014, Moresan Company sold special-order merchandise on credit and received in return an interest-bearing note receiv- able...
- Q "We really need to get this new material-handling equipment in operation just after the new year begins. I hope we can finance it largely with cash and marketable securities, but...
- Q The initial cost of a pickup truck is $12,294 and will have a salvage value of $4,414 after five years. Maintenance is estimated to be a uniform gradient amount of...
- Q Nihon, Inc. is a manufacturer of digital cameras. It has twodepartments: assembly and testing. In January 2017, the company incurred $850,000 on direct materials and $820,000 on conversioncosts, for a...
- Q CW Ltd makes one product in a single process. The details of the process for period two were as follows. There were 800 units of opening working progress valued as...
- Q Menlo Company distributes a single product. The company's sales and expenses for last month follow: Total Per Unit Sales $302,000 $20 Variable expenses 211,400 14 Contribution margin 90,600...
- Q (a)Zealandia ltd is the parent company holding 90 percent interest in the Oceania ltd. For each of the following independent cases, provide adjusting entries necessary to eliminate the effect of...
- Q Consider Devi a newly employed worker in a chocolate factory who has a performance meeting with the Floor Manager. They agree on a performance contract that sets Devi's weekly output...
- Q Part of the practice exercises for finals, help appreciated since this is extremely complicated for me AT&T Manufacturing presents two direct costs: Direct Material and Direct Labor and a...
- Q Carla VistaIndustries Corp. purchased the following assets and also constructed a building. All this was done during the current year using a variety of financing alternatives. Assets 1...
- Q The following T-accounts represent November activity. Materials InventoryEB (11/30)56,400Work-In-Process InventoryBB (11/1)32,600Dir.Materials86,200Finished Goods InventoryEB (11/30)101,000Cost of Goods SoldManufacturing Overhead ControlApplied Manufacturing Overhead264,000Wages PayableSales Revenue725,400 Additional Data Materials of $113,600...
- Q PROBLEM SOLVING. Answer the following problems. Show your solutions and highlight your final answers. Problem 1 (High-Low Method) The Amano Hotel has accumulated records of the total electrical...
- Q ABC Company's budgeted sales for June, July, and August are 12,400, 16,400, and 14,400 units respectively. The following cost behavior patterns are budgeted for ABC Company's operating expenses each month:...
- Q At December 31, 2020Concord Corporationhad293000shares of common stock and10600shares of6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2020...
- Q Jackson, Inc., manufactures two products that it sells to the same market. Excerpted below are its budgeted and actual operating results for the year just completed: Unit Sales...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!