Question
In: Accounting
For each of the following independent cases (1–4), compute the missing values. (Enter all amounts as...
For each of the following independent cases (1–4), compute the missing values. (Enter all amounts as positive values.)
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Solutions
Expert Solution
For each of the following independent cases (1–4), compute the missing values.
| Case 1 | Case 2 | Case 3 | Case 4 | |
| Beginning raw materials | $5,400 | 7300 | $23,000 | $106,000 |
| Raw material purchases | 54,000 | 11,850 | 42,640 | 289700 |
| Indirect materials issued | 600 | 1,100 | 1,400 | 2,800 |
| Ending raw materials | 1,200 | 4,150 | 30720 | 93,700 |
| Direct materials used | 57600 | 13,900 | 33,520 | 299200 |
| Direct labor | 32,000 | 21450 | 31000 | 122,350 |
| Manufacturing overhead | 54,000 | 40,250 | 30,080 | 541,730 |
| Total current manufacturing costs | 143600 | 75,600 | 94,600 | 963280 |
| Beginning work in process | 48,000 | 36,600 | 38475 | 101,820 |
| Ending work in process | 53600 | 41400 | 42,650 | 237,200 |
| Cost of goods manufactured | 138,000 | 70,800 | 90,425 | 827,900 |
| Beginning finished goods | 75,000 | 36400 | 52,500 | 418600 |
| Ending finished goods | 71,000 | 30,200 | 31350 | 398,100 |
| Cost of goods sold | 142000 | 77,000 | 111,575 | 848,400 |
ekkarill92 answered 2 years agoRelated Solutions
1. For each of the independent? cases, compute the amounts? (in thousands) for the items indicated...
1. For each of the independent? cases, compute
the amounts? (in thousands) for the items indicated by letters.
Before completing each? case, define the following financial
equations that we will need to solve for the missing amounts. Begin
by selecting the formula to calculate net income.
Revenues
-
Expenses
=
Net income
Select the formula to show the change in the retained earnings
account.
Beginning retained earnings
+
Net income
-
Dividends
=
Ending retained earnings
Select the formula to...
Determine the missing amounts in each of the following independent cases. Case A Case B Case...
Determine the missing amounts in each of the following
independent cases.
Case A
Case B
Case C
Beginning
inventory, raw material
98,000
7,500
Ending
inventory, raw material
199,000
34,000
Purchases
of raw material
295,000
274,000
Direct
material used
235,000
323,000
Direct
labor
395,000
72,000
Manufacturing overhead
595,000
99,000
Total
manufacturing costs
1,135,000
1,130,000
222,000
Beginning
inventory, work in process
89,000
79,000
Ending
inventory, work in process
124,000
4,400
Cost of
goods manufactured
1,088,000
225,000
Beginning
inventory, finished goods
195,000
139,000...
Fill in the missing amounts for the following 4 companies. Each case is independent of the...
Fill in the missing amounts for the following 4 companies. Each
case is independent of the others. Assume that only one product is
being sold by each company:
Company A
Company B
Company C
Company D
Units Sold
600
900
Sales in Dollars
$30,000
$63,000
$235,000
$
Total Variable Expenses
$6,600
$
$
$135,000
Per Unit C/M
$
$60
$270
$140
Total Fixed Expenses
$20,600
$35,000
$144,000
$
Net Operating Income (Loss)
$
$7,000
$(9,000)
$(25,000)
Cross-number problem (fill in the missing amounts in the cases below, each case is independent) Case...
Cross-number problem (fill in the missing amounts in the
cases below, each case is independent)
Case
Units Sold
Sales
Variable Expenses
Contribution Margin per unit
Fixed Expenses
Net Income
1
?
$100,000
?
10
32,000
8,000
2
6,000
300,000
?
?
100,000
(10,000)
Case
Sales
Variable expenses
Average contribution margin (percent)
Fixed expenses
Net Income (loss)
3
$500,000
?
20
?
$7,000
4.
?
?
60
130,000
20,000
Cross-number problem (fill in the missing amounts in the cases below, each case is independent) Case...
Cross-number problem (fill in the missing amounts in
the cases below, each case is independent)
Case
Units Sold
Sales
Variable Expenses
Contribution Margin per unit
Fixed Expenses
Net Income
1
?
$100,000
?
10
32,000
8,000
2
6,000
300,000
?
?
100,000
(10,000)
Case
Sales
Variable expenses
Average contribution margin (percent)
Fixed expenses
Net Income (loss)
3
$500,000
?
20
?
$7,000
4.
?
?
60
130,000
20,000
1. Consider the data for each of the following four independent companies. Calculate the missing values...
1. Consider the data for each of the following
four independent companies. Calculate the missing values in the
table below. For margin and ROI, enter your answers as percentages,
rounded to two decimal places. For example, the decimal value
.03827 would be entered as "3.83" percent. For turnover, enter your
answer as a decimal value rounded to two decimal places.
A
B
C
D
Revenue
$10,000
$49,000
$96,000
$
Expenses
$8,000
$
$90,240
$
Operating income
$2,000
$12,250
$
$...
1. Consider the data for each of the following four independent companies. Calculate the missing values...
1. Consider the data for each of the following
four independent companies. Calculate the missing values in the
table below. For margin and ROI, enter your answers as percentages,
rounded to two decimal places. For example, the decimal value
.03827 would be entered as "3.83" percent. For turnover, enter your
answer as a decimal value rounded to two decimal places.
A
B
C
D
Revenue
$12,500
$48,000
$96,000
$
Expenses
$10,000
$
$90,240
$
Operating income
$2,500
$12,000
$
$...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable...
In each of the following cases, compute AMT (if any). For all
cases, assume that taxable income does not include any dividend
income or capital gain. Mr. and Mrs. BH’s taxable income on their
joint return was $216,000, and their AMTI before exemption was
$217,400. Mr. CK’s taxable income on his single return was $90,260,
and his AMTI before exemption was $112,400. Ms. W’s taxable income
on her head of household return was $203,400, and her AMTI before
exemption was...
Determine taxable income in each of the following independent cases. In all cases, the company was...
Determine taxable income in each of the following independent
cases. In all cases, the company was very profitable in all years
prior to 2017 and it had retained earnings of $1,000,000 at the end
of 2017.
In 2018, Company A has taxable income of $60,000 prior to
consideration of any net operating loss. In 2017, the Company
incurred a net operating loss of $10,000. They did not elect to
waive the carryback period. Determine 2018 taxable income.
In 2018, Company...
Calculate the missing items in the following. Enter all numbers as positive values. Sales Sales Returns...
Calculate the missing items in the following. Enter all numbers
as positive values.
Sales
Sales Returns and Allowances
Net Sales
Beginning Merchandise Inventory
Net Purchases
Cost of Goods Available for Sale
Ending Merchandise Inventory
Cost of Goods Sold
Gross Profit
a.
$242,000
$6,000
$
$152,000
$170,000
$
$136,000
$186,000
$
b.
304,000
297,000
134,000
404,000
176,000
228,000
c.
10,000
628,000
416,000
486,000
89,000
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