A. 50,000 units B. 120,000 units C. 60,000 units D. 100,000 units 46. Data concerning Reynolds Corporation's single product appear below: [pic] The company is currently selling 6,000 units per month. Fixed expenses are $424,000 per month.
All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40% are collected in the following month. Forecasted sales for the first five months of 20X2 are: January, 1,500 units,- February, 1,600 units; March, 1,800 units; April, 2,000 units; May, 2,100 units. 2. Management wants to maintain the finished goods inventory at 30% of the following month's sales.
A company has 2 employees. The company's total salaries for the month of January were $8,000. The federal income tax rate for both employees is 15%. The FICA–social security tax is 6.2% and the FICA–Medicare tax is 1.45%. Calculate the amount of employee taxes withheld and prepare the company's journal entry to accrue the January salaries expense and withholding of January taxes.
Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A $6,500 Job B $5,630 Job C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were in Finished Goods Inv. at the beginning of the month. Jobs C and D were in Work-in-Process at the beginning of the month. Jobs E and F were started during the month.
One of the items was sold during the year. Required: Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of: a. LIFO b. FIFO c. Weighted average (total cost/total number) | |Cost of goods sold |Ending inventory | |LIFO |700 |800 | |FIFO |800 |700 | |Weighted Average |750 |750 | Problem 2. Teague Company purchased a new machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an eight-year life and a $15,000 salvage value. The machine is expected to produce 675,000 finished products during its eight-year life.
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.
(5 points) Annual income Hourly wage 2005 U.S. federal poverty line for a family of four $19,350 $9.675 2005 U.S. median household income $46,326 $23.163 2. For each of the professions in the left column, calculate the annual pay based on full-time, year-round employment consisting of 2,000 hours a year (40 hours per week for 50 weeks each year). Record your calculations under "Annual income" in the table. Then, find the difference
ACCT 550 Week 7 Homework Chapter 11: E11-4, E11-9, E11-11, E11-17 E11-4 (Depreciation Computations—Five Methods) Wenner Furnace Corp. purchased machinery for $279,000 on May 1, 2012. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and working hours of 25,000. During 2013, Wenner Corp. uses the machinery for 2,650 hours, and the machinery produces 25,500 units. Instructions From the information given, compute the depreciation charge for 2013 under each of the following methods. (Round to the nearest dollar.)
In order to calculate the cycle time we need the following: Production time per day / output per day in our conversation with Wu, there is a budget to produce 6 workbooks an hour, with a 40-hour workweek. This information can be used to calculate the cycle time; Production time per day is 8 hours or 480 minutes with a required 48 boots per day for a total of 10 minutes per unit Using these values we can see that the minimum workstation are simply calculated by dividing 46 minutes / 10 = 4.6 or 5 minimum stations and increasing the efficiency to 92%. 1. Please see attached copy of the excel POM workbook that backs up the information discussed above as well as it gives the most efficient production realignment as shown on table below, proving to be the best tool to increase efficiency and reduce the number of stations
3. (TCO 6 and 7) A product is currently made in a job shop, where fixed costs are $4,500 per year and variable cost is $10 per unit. The firm sells the product for $70 per unit. What is the break-even point for this operation? What is the profit (or loss) on a demand of 220 units per