Accounting question and answers for November 20, 2023
- Q Company had the following department information about physical units and percentage of completion: Work in process, May 1 (60%) with Physical Units of 60,000 Completed and transferred out Physical Units...
- Q PLEASE USE DETAILS AND EXAMPLES SOMETHING THAT HAS NOT BEEN USED BEFORE. Thank you! Your team attends a trade conference on the subject of globalization. They have attended several seminars...
- Q Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs that we know are direct." Do you agree? Why?
- Q The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) 1st Quarter 17,200 2nd Quarter 16,200 3rd Quarter...
- Q Premier Corp expects to spend $800,600 in 2017 in appraisal costs if it does not change its incoming materials inspection method. If it decides to implement a new receivingmethod, it...
- Q Note: while the case information is dated, the concepts covered are as appropriate and meaningful today as they were back in the early 1990s Case Summary In the fall of...
- Q After-Tax Profit Target Olivian Company wants to earn $540,000 in net (after-tax) income next year. Its product is priced at $350 per unit. Product costs include: Direct...
- Q Question.Wear ItManufacturer creates hoodies for recent Superbowl Champions. The company sews the Hoodies from wool fabric and attaches a team logo patch. Data relating to the current team is as...
- Q Portia is a Lieutenant Colonel in the Air Force. In August of 2020, her duty station changed from Arnold Air Force Base in Tennessee to Holloman Air Force Base in...
- Q The CEO of your company is concerned about cyber security and has asked you to perform a "breach of customer data" risk assessment. Beyond the costs of resolving the technical...
- Q Boston Bottle(BB) buys and sells a variety of glass and plastic bottles nationwide. Each type of BB inventory has a unique item #. An individual sale or purchase can consist...
- Q Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was Rs. 50,000 and...
- Q Consider the following selected cost data for the Charles Forging Company for 2020. Budgeted manufacturing overhead costs $7,500,000 Budgeted machine-hours 250,000 Actual manufacturing overhead costs $7,300,000...
- Q Derby Phones is considering the introduction of a new model of headphones with the following price and cost characteristics. Sales price$21per unit Variable costs7per unit Fixed costs24,000per month Assume...
- Q West Mullet Manufacturing earned operating income last year as shown in the following income statement: SalesP3,750,000 Cost of goods sold2,250,000 Gross margin1,500,000 Selling and administrative expenses1,200,000 Operating income300,000 Less:Income tax...
- Q Maxson Products distributes a single product, a woven basket whose selling price is $8 and whose variable cost is $6 per unit. The company's monthly fixed expense is $5,500. Required:...
- Q The president ofMacDonald Inc., has asked the Controller, Laura Spence, to review the way the company is costing its products. The company uses manufacturing cost as a basis for setting...
- Q Weltin Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $370,000 for...
- Q Q1 What are support departments, and why are their costs allocated to other departments?What process is used to allocate support department costs? Q2 How are joint costs allocated?...
- Q XYZ Ltd signs a contract on 30 June 2015, agreeing to build a bridge for ABC Limited at a contract price of $40 million. XYZ Ltd estimates that construction costs...
- Q Describe the four types of quality costs and provide three examples of each type (5 marks)
- Q Hanung Corp has two servicedepartments, Maintenance and Personnel. Maintenance Department costs of$350,000 are allocated on the basis of budgeted maintenancehours. Personnel Department costs of$110,000 are allocated based on the number...
- Q ABC Company uses the weighted-average method in its process costing system. During January, the company completed its processing of 25,000 units and transferred them to the next department. The cost...
- Q For this week's forum, we are exploring websites that check information for bias, misinformation, and possible fake news misinformation. Go to the following websites and review the methodology they use...
- Q Lancer, Inc. (a U.S.-based company), establishes a subsidiary in a foreign country on January 1, 2016. The following account balances for the year ending December 31, 2017, are stated in...
- Q BarGraphs Corp. had capacity to produce4,000 units of L3 using40,000 kg of direct materials. BarGraphs produced3,850 units of L3 by processing35,500 kg of direct materials. Conversion cost per unit is$7.00....
- Q BluStar Company has two service departments, Administration and Accounting, and two operating departments, Domestic and International. Administration costs are allocated on the basis of employees, and Accounting costs are allocated...
- Q The program office for a Navy shipboard communications system early in the TMRR phase just conducted an affordability analysis of their key performance parameters.The program can save 10% on overall...
- Q Locate the financial information for a company that has only domestic manufacturing operations. Assume management desires to expand into the global market with its current products. The company is currently...
- Q The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 67,200 Conversion...
- Q Ms. Walters has $22,000 in pre-tax income that she does not need in the current year, but will require in two years to purchase a condo. She is considering...
- Q You plan to deposit $6100 at the end of each of the next years into an account paying 11.3 percent interest. a. How much will you have in your account...
- Q Equipment replacement (LO1, LO2, LO3, LO5). Copy Center is considering replacing one of its copiers. The new copier will cost $90,000; it has an expected life of three years with...
- Q Department II of Charity Manufacturing Company presents the following production data for the month of May, 2011: Opening inventory, 3/8 completed4, 000 units Started in process 13, 000...
- Q Analyze the financial statements and disclosure notes of a publicly traded company. Obtain the most recent 10K from a public corporation that is interesting to you and answer the questions...
- Q Scott company uses an absorption costing system based on standard costs. total variable manufacturing costs, including direct materials, are $3.00 per unit. The standard production rate is 10 units per...
- Q Eye Spy (ES) produces home security cameras that can be connected to personal devices through Wi-Fi and 5G. The company is worried because one of its competitors has recently come...
- Q Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to...
- Q Problem 3 A company is considering raising of funds of about Rs. 100 lakhs by one of two alternative method, viz., 14% institutional term loan or 13% non-convertible...
- Q Given the returns and probabilities for the three possible states listed here, calculate the covariance between the returns of Stock A and Stock B. For convenience, assume that the expected...
- Q 1. a Calculate the number of units to be produced in Mayif your desired ending inventory is 20% of the next month's sales, beginning finished goods inventory for May was...
- Q Candid, Inc., is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2020, the company incurred $800,000 on direct materials and $805,000 on conversion costs,...
- Q Cost of Production Report The debits to Work in ProcessRoasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August...
- Q CELSO and JOSHUA created a partnership to own and operate a health-food store. The partnership agreement provided that CELSO receives an annual salary of P4,800 and JOSHUA a salary of...
- Q Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses$152,000Depreciation expenseadministrative office75,800Depreciation expenseplant and equipment322,000Depreciation expensedelivery trucks46,400Materials inventory, beginning18,000Materials inventory,...
- Q Olivet Devices sells two models of fitness devices. The budgeted price per unit for the wireless model is $38 and the budgeted price per unit for the wireless and cellular...
- Q 1- Which one of the following statements would not be TRUE for a zero-leveraged firm? a)There would be no tax shield. b)L would be equal to U. c)Firm value would...
- Q The facts and figures relating to Irrigation Corporation are as follows. Irrigation Corporation produces plastic garden sprinklers. The company is preparing its budget for 2021. The first step is to...
- Q Pilar Chemicals has a mixing department and a refining department. Its process-costing system in the mixing department has two direct materials cost categories (chemical P and chemical Q) and one...
- Q Lennox Candies manufactures jaw-breaker candies in a fully automated process. The machine that produces candies was purchased recently and can make 3,900 per month. The machine costs $18,000 and is...
- Q Responsibility accounting (LO1, LO2, LO3). Chemco International is a large firm that has operations in numerous countries and many product lines. The underlying manufacturing processes in the various factories have...
- Q Julio Manufacturing Company uses activity-based costing. The factory overhead budget for the coming period is $500,000,consisting of the following cost Pools: Direct labor support- $150,000, Machine support - $200,000, Machine...
- Q St. Kilda Enterprises produces parts for the electronics industry. The production manager and cost analyst reviewed the accounts for the previous month and have provided an estimated breakdown of the...
- Q A factory manufactures two types of screws A and B; each type requiring the use of two machines an automatic and a hand operated. It takes 4 minutes on...
- Q Dipaola Corporation has provided the following data concerning last month's operations. Purchases of raw materials $26,000 Indirect materials included in manufacturing overhead $6,000 Direct labor cost $58,000 Manufacturing overhead applied...
- Q Pitree, In, uses standard cost system. Overhead cost information for product WK for the month of May is as follows: Total overhead cost incurredP12,600 Fixed overhead budgetedP3,300 Total standard overhead...
- Q At the beginning of the year Jimmy Jones Company purchased a quilting machine for$35,000. The following expenditures were incurred: * Freight= $1,200 * Installation = $1,200 * Property tax on...
- Q On January 1, 2020, H and N formed a limited partnership to acquire and operate a rental apartment building. N, the limited partner, contributed $360 and H, the general partner,...
- Q Haughton Company uses a job costing system for its production costs and a predetermined factory overhead rate based on direct labor costs to apply factory overhead to all jobs. During...
- Q Question 4: (10 Marks) Explain why many companies link achievement of performance targets to employee remuneration.
- Q The Ste. Marie Division of Pacific Media Corporationjust started operations. It purchased depreciable assets costing $45 million and having a four-year expected life, after which the assets can be salvaged...
- Q A worker under the halsey method of remuneration has a day rate of Rs 12 per week of 48 hours, plus a cost of living bonus of 10...
- Q Materials costs of $300,000 and conversion costs of $214,200 were charged to a processing department in the month of September. Materials are added at the beginning of the process; conversion...
- Q A company manufactures two products A and B. The budget statement below was produced using a traditional absorption costing approach. It shows the profit per unit for each product based...
- Q The Band Company is a publicly traded corporation that produces different types of digital control systems.My name is Alan Smith and I have worked for this company for the last...
- Q On January 1, 2019, EKKO Company sold equipment with a carrying amount of P4,800,000 in exchange for a P6,000,000 noninterest bearing not due January 1, 2022. There was no established...
- Q Gatco industries ia a decentralized firm. It has two productions centers. Vancouver and Kamloops. Each one is evaluated based on its return on investment. Vancouver has the capacity to manufacture...
- Q A firm has $10 million in current liabilities, $20 million in long-term debt, $30 million in stockholders' equity, and total assets of $60 million. There are 1 million shares outstanding...
- Q Prepare Cost of Production Reports for all the departments. Fifo, abnormal Lost units. The Boy Manufacturing Co. manufactures a product which is processed in three successive departments - Department...
- Q We assume that the lease is appropriately recorded as an operating lease by Harter, Harter Company leased machinery to Stine Company on Jan 1, 2018, for a ten-year period expiring...
- Q The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in $000s) appears in the accounting records for last year. Administrative...
- Q Cheryl invested $1,000 on Monday. Each day after that the stockincreased by 1% of its original value. On Wednesday she was charged anadministrative fee of $10.QuestionPlot a graph showing the...
- Q The following information is departmental cost allocation with two service departments and two production departments. Percentage Service Provided to Department Cost S1 S2 P1 P2 Service...
- Q A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to figure it out for some time, the employee seeks assistance in...
- Q AFN Company produces plastic that is used for injection-moulding application such as gears for small motors. In 2020, the first year of operations, AFN Company produced 4000 tonnes of plastic...
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