True False The job cost sheet is used in both job-order and process costing. True False Byklea Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 200 units. The costs and percentage completion of these units in beginning inventory were: A total of 7,000 units were started and 6,700 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 90% complete with respect to materials and 45% complete with respect to conversion costs.
A: 40,500/10=4050 B: 33,600/9=3733 C: 36,000/8=4500 D: 19,000/7=2714 E: 23,500/6=3916 Total Straight-line depreciation = $18,913 Total Cost = $152,600 Depreciation Rate = 18,913/152,600 = 12.4% (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. Depreciation – Plant Assets 18,913
A company leases a machine on January 1, Year One for five years which call for annual payments of $4,000 for the first year and then $10,000 per year after that. The present value of these payments based on a reasonable interest rate of 10 percent is assumed to be $38,000. This lease
depreciation over 3 years Depreciation costs per year: 24/3= 8 mln per year. Q3. Tax rate in 2012 = Income Tax Expense / Income Before Tax = 1127mln/4914 mln = 22,93% Q4. | Year 0 | Year 1 | Year 2 | Year 3 | | | | | | | | R&D expenses | -77 | | | | | | | | | | | Total Revenues | | 110 | 83 | 55 | All in millions | Cost of Goods Sold | | -8 | -8 | -5 | | Gross Profit | | 102 | 75 | 50 | | depreciation | | -8 | -8 | -8 | | Adm/sales/etc | | -3 | -3 | -2 | | EBIT | -77 | 91 | 64 | 40 | | Unl Net income | -59,34 | 70,13 | 49,32 | 30,83 | | Q5.
Increase of $8,000 B. Increase of $1,000 C. Decrease of $7,000 D. Decrease of $1,000 47. The following monthly data are available for the Eager Company and its only product: Sales (7,000 units @ $75)………………...$525,000 Variable expenses (7,000 units @ $30)…..$210,000 Total fixed expenses……………………...$180,000 The margin of safety for the company for March was: A. $315,000 B. $225,000 C. $135,000 D.
The following costs were incurred in September: Direct materials $42,700 Direct labor $29,400 Manufacturing overhead $27,300 Selling expenses $23,600 Administrative expenses $33,700 Conversion costs during the month totaled: → $56,700 $70,000 $72,100 $156,700 Conversion cost = Direct labor + Manufacturing overhead = $29,400 + $27,300 In September direct labor was 25% of conversion cost. If the manufacturing overhead for the month was $108,750 and the direct materials cost was $25,800, the direct labor cost was: rev: 06_06_2013_QC_31398, 09_24_2013_QC_36205 → $36,250 $5,583 $91,250 $22,250 Givens: Direct labor = 0.25 × Conversion cost Manufacturing overhead = $108,750 Conversion cost = Direct labor + Manufacturing overhead Conversion cost = Direct labor + $108,750 Conversion cost = 0.25 × Conversion cost + $108,750 0.75 × Conversion cost = $108,750 Conversion cost = $108,750 ÷ 0.75 Conversion cost = $145,000 Direct labor = 0.25 × Conversion cost = 0.25 × $145,000 = $36,250 A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $5,040 and is paid at the beginning of the first year. Seventy percent of the premium applies to manufacturing operations and 30% applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage?
Exercise 3-13. Costing Units Completed and Ending Work in Process: [LO 2,3,4] At the start of November, Penco Refinery had Work in Process inventory consisting of 4,000 units that were 90 percent complete with respect to materials and 50 percent complete with respect to conversion costs. The cost of the units was $43,000 ($30,000 of material cost and $13,000 of labor and overhead). During November, the company started 44,000 units and incurred $421,990 of material cost and $394,880 of labor and overhead. The company completed 45,000 units during the month, and 3,000 units were in process at the end of November.
Cash Budget November December January February March April May June July Sales $220,000 175,000 $90,000 120,000 135,000 240,00 300,000 270,000 225,000 Collections: Month of Sales (10%) 9,000 12,000 13,500 24,000 30,000 27,000 22,500 First month (60%) 105,000 54,000 72,000 81,000 144,000 180,000 162,000 Second month (30%) 66,000 52,500 27,000 36,000 40,500 72,000 90,000 Total collections 180,000 118,500 112,500 141,000 214,500 279,000 274,500 Purchases 54,000 72,000 81,000 144,000 180,000 162,000 135,000 90,000 Payments 54,000 72,000 81,000 144,000 180,000 162,000 135,000 90,000 Cash receipts 180,000 118,500 112,500 141,000 214,500 279,000 274,500 Cash Disbursements
Barbara was able to maintain herself economically. She tried to spend less so that she will have enough money for her house rent, gas and food. She bought no clothing except for the required slacks. She made the decision to move close to where she works due to the amount spent on gas daily. “in a month, I earned approximately $1040 and spent $517 on food, gas, toiletries, laundry, phone, and utilities”( 75 reading across the curriculum, pages 395-426, paragraph 65).
However employers do not have to give sick pay if the employee has been ill for less than 4 days, or is paid less than £111 a week. In this situation, both the employee and employer can benefit from this legislation. In regards to Holiday Entitlement, current legislation states that any employee working 5 days a week is entitled to 28 days of paid leave a year. Employees are also allowed to build up their holiday entitlement, depending on their contract, for example if they don't use all their 28 days in one year, the extra days can be added to the next year, as long as this is fewer than 8 days. However the law enables employers to decide whether employees are paid for bank holidays.