##### Required information [The following information applies to the questions displayed below.] Antuan Company set the following...

Required information

[The following information applies to the questions displayed below.]

Antuan Company set the following standard costs for one unit of its product.

 Direct materials (4.0 Ibs. @ $4.00 per Ib.)$ 16.00 Direct labor (1.9 hrs. @ $12.00 per hr.) 22.80 Overhead (1.9 hrs. @$18.50 per hr.) 35.15 Total standard cost $73.95 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory’s capacity of 20,000 units per month. Following are the company’s budgeted overhead costs per month at the 75% capacity level.

 Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $15,000 Indirect labor 75,000 Power 15,000 Repairs and maintenance 30,000 Total variable overhead costs$ 135,000 Fixed overhead costs Depreciation—Building 23,000 Depreciation—Machinery 70,000 Taxes and insurance 16,000 Supervision 283,250 Total fixed overhead costs 392,250 Total overhead costs $527,250 The company incurred the following actual costs when it operated at 75% of capacity in October.  Direct materials (61,500 Ibs. @$4.10 per lb.) $252,150 Direct labor (22,000 hrs. @$12.40 per hr.) 272,800 Overhead costs Indirect materials $41,250 Indirect labor 176,250 Power 17,250 Repairs and maintenance 34,500 Depreciation—Building 23,000 Depreciation—Machinery 94,500 Taxes and insurance 14,400 Supervision 283,250 684,400 Total costs$ 1,209,350

rev: 03_28_2018_QC_CS-122864

Required:
1&2. Prepare flexible overhead budgets for October showing the amounts of each variable and fixed cost at the 65%, 75%, and 85% capacity levels and classify all items listed in the fixed budget as variable or fixed.

3. Compute the direct materials cost variance, including its price and quantity variances.

AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
4. Compute the direct labor cost variance, including its rate and efficiency variances.

AH = Actual Hours
SH = Standard Hours
AR = Actual Rate
SR = Standard Rate

5. Prepare a detailed overhead variance report that shows the variances for individual items of overhead.

In: Accounting

##### Non-statistical sampling should not be used in auditing as it is not as reliable as statistical...

Non-statistical sampling should not be used in auditing as it is not as reliable as statistical sampling. Do you (dis)agree with the statement and why?

In: Accounting

##### Using the below information open an excel file and create a Sales Budget, a Cash Receipt...

Using the below information open an excel file and create a Sales Budget, a Cash Receipt Schedule and a Production Budget for Fiwrt for the months of Oct, Nov, and Dec. Make sure to use proper format including dollar signs and headers - this will count in the grade. Upload the excel file as your response.

Fiwrt Corporation manufactures and sells stainless steel coffee mugs. Expected mug sales (in units) are expected to be as follows: September – 32,000, October – 30,000, November – 36,000, December – 34,000, and January 35,000.

In: Accounting

##### Part 2 Consider the budgeted income statement for Happy Turtles for the month ended 30 June...

Part 2

Consider the budgeted income statement for Happy Turtles for the month ended 30 June 2017 below:-

  Sales                                               Less:   Cost of Goods Sold 290,000 Inventory, 31 May 2017 50,000 Purchases 192,000 Available for sale 242,000 Inventory, 30 June 2017 (40,000) 202,000 Gross profit 88,000

Less:   Operating expenses

Wages                                                                                        36,000

Utilities                                                                          5,000

Depreciation                                                                                1,000

Office expenses                                                            4,000

Insurance and property taxes                                                    3,000                (59,000)

Operating profit                                                                                                                                 29,000

=====

• The cash balance on 31 May 2017 $15,000. • Sales proceeds are collected as follows: 80% the month of sale; 10% the second month; and 10% the third month; explain what % will be use and why the other % will not be use. • Accounts receivable are$ 44,000 on 31 May 2017 consisting of $20,000 from April 2017 sales and$24,000 from May 2017 sales, show the calculation and write process of getting the answer.
• Accounts payable on 31 May 2017 are $145,000. • Happy Turtles pay 25% of purchases during the month of purchase and the remainder during the following month, what is the month of purchase, specify your answers. • All operating expenses requiring cash are paid during the month of recognition, except that insurance and property taxes are paid annually in December for the forthcoming year. • do we put amortization on the cash budget, write the reason. Required: Prepare a cash budget for June 2017. Confine your analysis to the given data. Ignore income taxes. In: Accounting ##### PharmaNiaga Bhd (PNB) is considering its intangible assets on how the matters below should be treated... PharmaNiaga Bhd (PNB) is considering its intangible assets on how the matters below should be treated in its financial statements for the year ended 31 March 2020. a). On 1 October 2019, PNB acquired Halia Bhd, a small company that specializes in pharmaceutical drug research and development on the usage of local source, halia hitam, for skin care products. The purchase consideration was by a share exchange and valued at RM35 million. The fair value of Halia Bhd’s net assets was RM15 million (excluding any items referred to below). Halia Bhd owns a patent for an established successful product that had a remaining life of 8 years. A firm specialist advisor, HebatBrand, has estimated the current value of this patent to be RM10 million, however the company is awaiting the outcome of clinical trials where the product has been tested to treat a different skin problem. If the trials are successful, the value of the product is estimated to be RM15 million. Also included in the company’s statement of financial position is RM2 million for medical research that has been conducted on behalf of a client. b). PNB has developed and patented a new drug which has been approved for clinical use. The costs of developing the drug were RM12 million. Based on early assessments on its sales success, HebatBrand, has estimated its market value at RM20 million. c).PNB’s manufacturing facilities have recently received a favorable inspection by government medical scientists. Consequently, the company has been granted an exclusive five-year license to manufacture and distribute a new vaccine. Although the license had no direct cost PNB, its directors feel its granting is a reflection of the company’s standing and have asked HebatBrand to value the license. Accordingly, they have placed a value of RM10 million on it. d) In the current accounting period, PNB has spent RM3 million sending its staff PNB’s on specialist training courses. Whilst these courses have been expensive, they have led to a marked improvement in production quality and staff now needs less supervision. This in turn led to an increase in revenue and cost reductions. The directors of PNB believe these benefits will continue at least three years and wish to treat the training costs as an asset. e). In December 2019, PNB paid RM5 million for a television advertising campaign for its products that will run for 6 months from 1 January 2020 to 30 June 2020. The directors believe that increased sales as a result of the publicity will continue for two years from the start of the advertisements. Required: Explain with reasons and justifications how the directors of PNB should treat the above items in the financial statements for the year ended 31 March 2020. Note: The values given by Hebatbrand can be taken as being reliable measurements. Ignore depreciation. In: Accounting ##### please be inform that the formula used and process of how each number have been get... please be inform that the formula used and process of how each number have been get must be mention Short term decision making Shot plc manufactures three types of furniture products - chairs, stools and tables. The budgeted unit cost and resource requirements of each of these items are detailed below:  Chair ($) Stools($) Table ($) Timber cost 5.00 15.00 10.00 Direct labour cost 4.00 10.00 8.00 Variable overhead cost 3.00 7.50 6.00 Fixed overhead cost 4.50 11.25 9.00 16.50 43.75 33.00 Budgeted volumes per annum 4,000 2,000 1,500

These volumes are believed to equal the market demand for these products. The fixed overhead costs are attributed to the three products on the basis of direct labour hours. The labour rate is $4.00 per hour. The cost of timber is$2.00 per square metre. The products are made from a specialist timber. A memo from the purchasing manager advises you that because of a problem with the supplier it is to be assumed that this specialist timber is limited in supply to 20,000 square metres per annum.

The sales director has already accepted an order for 500 chairs, 100 stools and 150 tables, which if not supplied would incur a financial penalty of $2,000. These quantities are included in the market demand estimates above. The selling prices per unit of the three products are: - Chair$20.00

Stool $50.00 Table$40.00

Required:

1. Determine the optimum production plan and state the net profit that this should yield per annum.
2. Discuss one qualitative factor that you should consider (especially in the long term) in your decision in part (a).

In: Accounting

##### Entries for Direct Labor and Factory Overhead Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses...

Entries for Direct Labor and Factory Overhead

Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows:

 Job 11-101 $2,240 Job 11-102 1,520 Job 11-103 1,200 Job 11-104 1,830 Job 11-105 1,200 Factory supervision 1,040 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of$30 per direct labor hour. The direct labor rate is $17 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.  Work in Process Factory Overhead Wages Payable b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank.  Work in Process Factory Overhead In: Accounting ##### Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for... Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process.  Work in process, January 1, 10,600 units, 75% completed$100,965* *Direct materials (10,600 × $7.2)$76,320 Conversion (10,600 × 75% × $3.1) 24,645$100,965 Materials added during January from Weaving Department, 163,200 units $1,199,520 Direct labor for January 229,536 Factory overhead for January 280,544 Goods finished during January (includes goods in process, January 1), 165,200 units — Work in process, January 31, 8,600 units, 25% completed — a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places.  Karachi Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, January 1 Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total units to be assigned cost Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department$ $Total equivalent units Cost per equivalent unit$ $Costs assigned to production: Direct Materials Conversion Total Inventory in process, January 1$ Costs incurred in January Total costs accounted for by the Cutting Department $Costs allocated to completed and partially completed units: Inventory in process, January 1 balance$ To complete inventory in process, January 1  Cost of completed January 1 work in process $Started and completed in January$ Transferred to finished goods in January $Inventory in process, January 31 Total costs assigned by the Cutting Department$

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b. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (December). If required, round your answers to two decimal places.

 Increase or Decrease Amount Change in direct materials cost per equivalent unit $Change in conversion cost per equivalent unit$

In: Accounting

##### On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...

On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April 1 Nozomi invested $41,000 cash and computer equipment worth$25,000 in the company in exchange for common stock.

April 2 The company rented furnished office space by paying $2,400 cash for the first month’s (April) rent. April 3 The company purchased$1,200 of office supplies for cash.

April 10 The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid$900 cash for two weeks' salaries earned by employees.

April 24 The company collected $15,500 cash for commissions earned. April 28 The company paid$900 cash for two weeks' salaries earned by employees.

April 29 The company paid $250 cash for minor repairs to the company's computer. April 30 The company paid$1,350 cash for this month's telephone bill.

April 30 The company paid $1,600 cash in dividends. The company's chart of accounts follows:  101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense—Computer Equip. 124 Office Supplies 622 Salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accumulated Depreciation—Computer Equip. 650 Office Supplies Expense 209 Salaries Payable 684 Repairs Expense 307 Common Stock 688 Telephone Expense 318 Retained Earnings 901 Income Summary 319 Dividends Use the following information: 1. Prepaid insurance of$133 has expired this month.
2. At the end of the month, $400 of office supplies are still available. 3. This month’s depreciation on the computer equipment is$400.
4. Employees earned $400 of unpaid and unrecorded salaries as of month-end. 5. The company earned$2,400 of commissions that are not yet billed at month-end.

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30.
5b. Prepare the statement of retained earnings for the month of April 30.
5c. Prepare the balance sheet at April 30.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

In: Accounting

##### Net Present Value and Competing Projects For discount factors use Exhibit 12B.1 and Exhibit 12B.2. Spiro...

1. Net Present Value and Competing Projects

For discount factors use Exhibit 12B.1 and Exhibit 12B.2.

Spiro Hospital is investigating the possibility of investing in new dialysis equipment. Two local manufacturers of this equipment are being considered as sources of the equipment. After-tax cash inflows for the two competing projects are as follows:

 Year Puro Equipment Briggs Equipment 1 $320,000$120,000 2 280,000 120,000 3 240,000 320,000 4 160,000 400,000 5 120,000 440,000

Both projects require an initial investment of $560,000. In both cases, assume that the equipment has a life of 5 years with no salvage value. Required: Round present value calculations and your final answers to the nearest dollar. 1. Assuming a discount rate of 10%, compute the net present value of each piece of equipment.  Puro equipment:$ Briggs equipment: $2. A third option has surfaced for equipment purchased from an out-of-state supplier. The cost is also$560,000, but this equipment will produce even cash flows over its 5-year life. What must the annual cash flow be for this equipment to be selected over the other two? Assume a 10% discount rate.
$per year In: Accounting ##### Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of... Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: Materials June 1 Balance 28,300 June 30 Requisitions (A) June 30 Purchases 113,600 Work in Process June 1 Balance (B) June 30 Completed jobs (F) June 30 Materials (C) June 30 Direct labor (D) June 30 Factory overhead applied (E) Finished Goods June 1 Balance 0 June 30 Cost of goods sold (G) June 30 Completed jobs (F) Wages Payable June 30 Wages incurred 112,500 Factory Overhead June 1 Balance 21,300 June 30 Factory overhead applied (E) June 30 Indirect labor (H) June 30 Indirect materials 15,100 June 30 Other overhead 88,500 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June:  Job No. Style Quantity Direct Materials Direct Labor 201 T100 180$18,500 $14,000 202 T200 390 33,110 26,000 203 T400 200 14,800 8,000 204 S200 250 31,100 24,000 205 T300 150 17,450 14,000 206 S100 110 5,880 4,000 Total 1,280$120,840 $90,000 b. Factory overhead is applied to each job at a rate of 160% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows:  Job No. Style Work in Process, June 1 201 T100$5,400 202 T200 15,900 Total $21,300 d. Customer jobs completed and units sold in June were as follows:  Job No. Style Completed in June Units Sold in June 201 T100 X 144 202 T200 X 312 203 T400 0 204 S200 X 210 205 T300 X 125 206 S100 0 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers.  Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 201$ 5,400 $18,500$ 14,000   No. 202 15,900 33,110 26,000 No. 203 14,800 8,000 No. 204 31,100 24,000 No. 205 17,450 14,000 No. 206 5,880 4,000 Total $21,300$120,840 $90,000$ 

a. Materials requisitions $b. Work in process beginning balance$

c. Direct materials $d. Direct labor$

e. Factory overhead applied $f. Completed jobs$

g. Cost of goods sold $h. Indirect labor$

2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.

 Materials $Work in process$ Finished goods $Factory overhead$

In: Accounting

##### Your friend Tom Smith has decided to expand Smith Sales Company. He has acquired an expansion...

Your friend Tom Smith has decided to expand Smith Sales Company. He has acquired an expansion loan and purchased \$500,000 of plant assets as part of the expansion. Tom values your advice and requests your help in properly depreciating the plant assets. Tom has paid you well for your advice and you readily accept the challenge.

Explain the different methods that can be used to calculate depreciation including: Straight-line, Double declining balance, Units of production & Sum of years digits.

In: Accounting

##### The Sarbanes-Oxley Act is arranged into eleven titles. As far as compliance is concerned, the most...

The Sarbanes-Oxley Act is arranged into eleven titles. As far as compliance is concerned, the most important sections within these are often considered to be 302, 401, 404, 409, 802 and 906. in your own words, what are this sections about? please no copy and paste, explain with your own words, and no handwriting please, thanks!

In: Accounting