Miller Corporation is a manufacturer with four product lines. Below is some financial information about each...

Miller Corporation is a manufacturer with four product lines. Below is some financial information about each of the four product lines.

Product Segment
	Booyas	Widgets	Humdrums	Loonies	Total
Sales to nonaffiliates	$10,000	$30,000	$35,000	$15,000	$90,000
Intersegment sales	2,000	6,000	8,000	16,000	32,000
Total revenue	$12,000	$36,000	$43,000	$31,000	$122,000
Operating profit (loss)	1,000	6,000	(1,000)	8,000	14,000
Identifiable assets	10,000	15,000	60,000	80,000	165,000

Using all the tests below, determine which of the product segments are reportable segments and

explain how nonreportable segments (if any) should be reported

Revenue Test
	Booyas	Widgets	Humdrums	Loonies	Total

Operating Profit Test
	Booyas	Widgets	Humdrums	Loonies	Total

Assets Test
	Booyas	Widgets	Humdrums	Loonies	Total

75 Percent Combined Revenue Test
	Booyas	Widgets	Humdrums	Loonies	Total

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Please answer the 3 question below about the Miller Corporation Miller Corporation ‐ Year 20X3 During the...

Please answer the 3 question below about the Miller Corporation Miller Corporation ‐ Year 20X3 During the year, you paid the amounts owed for Motorcycles at the end of year 20X2 and collected all the amounts owed by customers for 20X2. You purchased 25 more Motorcycles for $6,000 each and at the same terms as in 20X2. During the year, you sold 22 Motorcycles for $11,000 each at the same terms as 20X2. You paid the money owed to suppliers (Accounts Payable) at the beginning of the...

Information about Roboto, a product sold by Roberts, Inc. is as follows: Each unit requires four...

Information about Roboto, a product sold by Roberts, Inc. is as follows: Each unit requires four pounds of material X37. Roberts is planning raw materials needs for the second quarter. Inventory requirements are as follows: a. The finished goods inventory on hand at the end of each month must be equal to 6,000 units plus 26% of the next month’s sales. The finished goods inventory on March 31 is budgeted based on this requirement. b. The raw materials inventory on...

Each scenario below gives some information about price elasticity of demand for a firm. Use this...

Each scenario below gives some information about price elasticity of demand for a firm. Use this information to answer the following questions.? Round answers to two places after the decimal where applicable. Honest Abe's Used Cars estimates the price elasticity of demand for their cars to be 2.10 . Last month, Abe tried a new marketing scheme which decreased the number of cars sold by 67 %. Abe must have prices. Abe's prices must have changed by % Therefore, Abe's...

Gigabody, Inc., a nutritional supplement manufacturer, produces five lines of protein supplements. Each product line is...

Gigabody, Inc., a nutritional supplement manufacturer, produces five lines of protein supplements. Each product line is managed separately by a senior-level product engineer who is evaluated, in part, based on his or her ability to keep costs low. The five product lines are produced in a joint production process. After splitting off from the joint production process, all five lines are processed further before resale. Traditionally, joint product costs have been allocated to the five product lines using the physical...

A paper manufacturer uses 3 different automated production lines to produce its’ product. Each line was...

A paper manufacturer uses 3 different automated production lines to produce its’ product. Each line was installed at different times as the business grew. The business started with the first machine in 2005, the 2nd line was added in 2010, and the 3rd line was installed in 2015. Each line operates 24 hours/day, 7 days/week and are only down when switching between types of paper, clearing jams, and performing routine maintenance. Because of their age differences each line has a...

Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer...

Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 59,500 Work in process $ 37,600 Finished goods $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 of...

Lawrence Miller is valuing Yucy Corporation, a corporation that is going out of business in four...

Lawrence Miller is valuing Yucy Corporation, a corporation that is going out of business in four years. Projected financial statements for the remaining life of Yucy are given below. Year 0 1 2 3 4 Balance Sheet: Assets 250,000 180,000 130,000 100,000 0 Liabilities 194,604 157,010 116,281 72,072 0 Net worth 55,396 22,990 13,719 27,928 0 Income Statements: Sales 220,000 240,000 260,000 280,000 Variable cash expenses 60,000 70,000 80,000 90,000 Fixed cash expenses 10,000 10,000 10,000 10,000 Depreciation 70,000 50,000...

. Below is information about actual sales of a product for June and July and the...

. Below is information about actual sales of a product for June and July and the expected sales of August, September and October. Selling price for the product is $100. June $230,000, July $240,000, August $220,000, September $280,000 and October $310,000. November $340,000 Costs of Goods Sold equals to 70% of Sales. The end of inventory policy is 40% of the next month of quantity sales. Inventory is purchased on continuous basis during the month. 60% of inventory costs are...

The following represents the financial information of Fabriz Corporation, a manufacturer of electronic components, for two...

The following represents the financial information of Fabriz Corporation, a manufacturer of electronic components, for two months: March April Sales 540,000 500,000 Costs: Process inspection 4,400 3,960 Scrap 3,900 4,860 Quality training 37,800 31,000 Warranty repairs 9,200 9,800 Testing equipment 16,000 16,000 Customer complaints 8,200 7,800 Rework 36,000 47,000 Preventive maintenance 30,000 20,000 Materials inspection 15,000 10,200 Field testing 19,200 ...

[The following information applies to the questions displayed below.] Rustafson Corporation is a diversified manufacturer of...

[The following information applies to the questions displayed below.] Rustafson Corporation is a diversified manufacturer of consumer goods. The company's activity-based costing system has the following seven activity cost pools: Activity Cost Pool Estimated Overhead Cost Expected Activity Labor-related $ 22,000 1,000 direct labor-hours Machine-related $ 10,000 8,000 machine-hours Machine setups $ 36,000 800 setups Production orders $ 29,400 600 orders Product testing $ 27,900 900 tests Packaging $ 68,400 3,600 packages General factory $ 56,800 1,000 direct labor-hours Required:...

Subjects