1. Budgeted Income Statement and Supporting Budgets

   The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March:

   1. Estimated sales for March:

      Batting helmet	1,200 units at $40 per unit
      Football helmet	6,500 units at $160 per unit

   2. Estimated inventories at March 1:

      Direct materials:
      Plastic	90 lbs.
      Foam lining	80 lbs.
      Finished products:
      Batting helmet	40 units at $25 per unit
      Football helmet	240 units at $77 per unit

   3. Desired inventories at March 31:

      Direct materials:
      Plastic	50 lbs.
      Foam lining	65 lbs.
      Finished products:
      Batting helmet	50 units at $25 per unit
      Football helmet	220 units at $78 per unit

   4. Direct materials used in production:

      In manufacture of batting helmet:
      Plastic	1.2 lbs. per unit of product
      Foam lining	0.5 lb. per unit of product
      In manufacture of football helmet:
      Plastic	3.5 lbs. per unit of product
      Foam lining	1.5 lbs. per unit of product

   5. Anticipated cost of purchases and beginning and ending inventory of direct materials:

      Plastic	$6 per lb.
      Foam lining	$4 per lb.

   6. Direct labor requirements:

      Batting helmet:
      Molding Department	0.2 hr. at $20 per hr.
      Assembly Department	0.5 hr. at $14 per hr.
      Football helmet:
      Molding Department	0.5 hr. at $20 per hr.
      Assembly Department	1.8 hrs. at $14 per hr.

   7. Estimated factory overhead costs for March:

      Indirect factory wages	$86,000
      Depreciation of plant and equipment	12,000
      Power and light	4,000
      Insurance and property tax	2,300

   8. Estimated operating expenses for March:

      Sales salaries expense	$184,300
      Advertising expense	87,200
      Office salaries expense	32,400
      Depreciation expense—office equipment	3,800
      Telephone expense—selling	5,800
      Telephone expense—administrative	1,200
      Travel expense—selling	9,000
      Office supplies expense	1,100
      Miscellaneous administrative expense	1,000

   9. Estimated other income and expense for March:

      Interest revenue	$940
      Interest expense	872

   10. Estimated tax rate: 30%

   Required:

   1. Prepare a sales budget for March. Enter all amounts as positive numbers.

   Gold Medal Athletic Co. Sales Budget For the Month Ending March 31
   	Unit Sales Volume	Unit Selling Price			Total Sales
   Batting helmet		$			$
   Football helmet
   Total revenue from sales					$

   2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

   Gold Medal Athletic Co. Production Budget For the Month Ending March 31
   	Units
   	Batting helmet	Football helmet

   3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

   Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31
   		Plastic		Foam Lining		Total
   Units required for production:
   Batting helmet
   Football helmet
   Desired units of inventory, March 31
   Total units available
   Estimated units of inventory, March 1
   Total units to be purchased
   Unit price	$		$
   Total direct materials to be purchased	$		$		$

   4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers.

   Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31
   		Molding Department		Assembly Department		Total
   Hours required for production:
   Batting helmet
   Football helmet
   Total
   Hourly rate	$		$
   Total direct labor cost	$		$		$

   5. Prepare a factory overhead cost budget for March.

   Gold Medal Athletic Co. Factory Overhead Cost Budget For the Month Ending March 31
   	$
   Total	$

   6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

   Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31
   			$
   		$
   Direct materials:
   	$
   Cost of direct materials available for use	$
   Cost of direct materials placed in production	$
   Total manufacturing costs
   Total work in process during period		$
   Cost of goods manufactured
   Cost of finished goods available for sale			$
   Cost of goods sold			$

   7. Prepare a selling and administrative expenses budget for March.

   Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31
   Selling expenses:
   		$
   Total selling expenses			$
   Administrative expenses:
   		$
   Total administrative expenses
   Total operating expenses			$

   8. Prepare a budgeted income statement for March.

   Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31
   			$
   			$
   Operating expenses:
   		$
   Total operating expenses
   Income from operations			$
   Other revenue and expense:
   		$
   Income before income tax			$
   Net income			$

Whitley has recently completed work for three clients: Harrison, Barnes, and Tyler. The cost data for each of the three jobs are summarized below:

Budgeted direct materials cost and direct labor cost for the year are estimated at $515,000 and $730,000, respectively. Direct labor hours are budgeted at 29,000 hours, and total overhead is budgeted at $493,000.

Required:

1. Calculate the total cost of each of the three jobs.

2. Suppose that for the entire year, Whitley used 30,300 labor hours and total actual overhead was $512,000. What is the amount of underapplied or overapplied overhead?

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2

Calculate the total cost of each of the three jobs.

Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 40,000 Rets per year. Costs associated with this level of production and sales are given below: Unit Total Direct materials $ 25 $ 1,000,000 Direct labor 10 400,000 Variable manufacturing overhead 3 120,000 Fixed manufacturing overhead 7 280,000 Variable selling expense 2 80,000 Fixed selling expense 6 240,000 Total cost $ 53 $ 2,120,000 The Rets normally sell for $58 each. Fixed manufacturing overhead is $280,000 per year within the range of 35,000 through 40,000 Rets per year. Required: 1. Assume that due to a recession, Polaski Company expects to sell only 35,000 Rets through regular channels next year. A large retail chain has offered to purchase 5,000 Rets if Polaski is willing to accept a 16% discount off the regular price. There would be no sales commissions on this order; thus, variable selling expenses would be slashed by 75%. However, Polaski Company would have to purchase a special machine to engrave the retail chain’s name on the 5,000 units. This machine would cost $10,000. Polaski Company has no assurance that the retail chain will purchase additional units in the future. What is the financial advantage (disadvantage) of accepting the special order? (Round your intermediate calculations to 2 decimal places.) 2. Refer to the original data. Assume again that Polaski Company expects to sell only 35,000 Rets through regular channels next year. The U.S. Army would like to make a one-time-only purchase of 5,000 Rets. The Army would pay a fixed fee of $1.20 per Ret, and it would reimburse Polaski Company for all costs of production (variable and fixed) associated with the units. Because the army would pick up the Rets with its own trucks, there would be no variable selling expenses associated with this order. What is the financial advantage (disadvantage) of accepting the U.S. Army's special order? 3. Assume the same situation as described in (2) above, except that the company expects to sell 40,000 Rets through regular channels next year. Thus, accepting the U.S. Army’s order would require giving up regular sales of 5,000 Rets. Given this new information, what is the financial advantage (disadvantage) of accepting the U.S. Army's special order?

Mohr Company purchases a machine at the beginning of the year at a cost of $30,000. The machine is depreciated using the straight-line method. The machine’s useful life is estimated to be 8 years with a $4,000 salvage value. The book value of the machine at the end of year 2 is:

PLEASE HELP!!

foursquare technology corporation establish foreign operations in lithuania and taiwan in the current year corporate management has decided to evaluate the foreign operations and their managers on the basis of earnings before tax discuss the issues the foursquares corporate management should consider in determining exactly how its foreign operations earnings before tax will be measured for performance evaluation purposes

(Accountant Trainee Position)

QUESTIONS

1. Please explain why you are interested in this position, including what you can contribute to the team and what you hope to gain from this experience.
2. This position involves communication with other staff, management, other agencies and vendors. Please describe your oral and written communication abilities.
3. Please describe your knowledge, skills, and experience using accounting software/systems

Golding Bank provided the following data about its resources and activities for its checking account process:

• Computers are used only by the issuing (40 percent) and processing transaction (60 percent) activities.
• Phone and supplies are 70 percent customer inquiries with the other 30 percent divided equally among the remaining activities, including supervising the checking operation.
• The supervisor spends 100 percent of his time on supervision. In addition to the 28,000 clerical hours, there are 4,000 hours of supervision used (the hours used by the supervising clerks activity, which is not listed above).

Required:

Calculate the cost of each activity. If required, round your answers to the nearest dollar.

3. If the cost of the supervising activity is assigned to the other four activities, what is the final cost of these four primary activities? If required, round your answers to the nearest dollar.

Oliver Corporation decided on January 1, 2020, that its Canadian subsidiary’s functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsidiary amounted to C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2020, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends of C$1,000,000. No other changes in owners’ equity occurred.

Required

Calculate the translation gain or loss for 2020, and the cumulative translation gain or loss at December 31, 2020. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration date); $0.79/C$ (December 31, 2020).

Instructions for Translation Gain or Loss table:

1. Use negative signs with answers to indicate a negative exposed position balance.
2. Use negative signs with answers to indicate an amount that reduces the exposed position balance.
3. Using the drop-down menu, select the appropriate answer to indicate a translation gain or loss and a cumulative translation gain or loss.
4. Do not use a negative sign with your translation gain or loss and cumulative gain or loss answers.
5. Enter answers using all zeros (do not abbreviate to millions or thousands).

An article entitled "Changes to the Creole Menu" written by Carla Méndez Martí was recently published. It summarizes the new dietary guidelines issued by the United States Department of Agriculture and the Department of Health. These guidelines prohibit excess sugar and salt, suggest limiting fat intake, and increasing consumption of fruits and vegetables, fiber, and low-fat dairy products. It is also recommended to eat whole wheat and not white bread, and exercise regularly. The new guidelines attempt to tackle the increase in obesity in our population, including young adults and the elderly.

Some researchers have associated a healthy diet with fewer health problems and greater longevity. Suppose that Puerto Ricans change our lifestyle and diet to follow the recommendations of the United States Department of Agriculture and the Department of Health.

Under current accounting standards, how could the new lifestyle of Puerto Rican society affect the accounting of a defined benefit pension plan of a local company? Specifically, which components of pension expense could be affected?

Units Costs Beginning work in process (22% complete) 63,900 Direct materials $ 99,000 Conversion cost 175,000 Total cost of beginning work in process $ 274,000 Number of units started 121,500 Number of units completed and transferred to finished goods 161,400 Ending work in process (67% complete) ? Current period costs Direct materials $ 246,700 Conversion cost 332,000 Total current period costs $ 578,700

Required: 1 & 2. Using the weighted-average method of process costing, complete each of the following steps:

a. Reconcile the number of physical units worked on during the period.

b. Calculate the number of equivalent units.

c. Calculate the cost per equivalent unit. (Round cost per Equivalent Unit to 5 decimal places.)

d. Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount.)

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]
  
Hemming Co. reported the following current-year purchases and sales for its only product.
    

Exercise 5-9A Perpetual: Inventory costing system LO P3

Required:
Hemming uses a perpetual inventory system.
  
1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and LIFO method.

Custom Designs

Please use the following data to determine the value of cost of goods sold that should be included within Custom Design’s income statement.

Inventories Beginning Ending

Work in Process $120,000 $97,000

Finished Goods $118,000 $140,000

Additional Information

Direct Materials $310,000

Direct Labor $270,000

Labor Hours Worked 6,800 DLH

Estimated Labor Hours Worked 7,000 DLH

Manufacturing Overhead Incurred $254,000

Estimated Manufacturing Overhead $224,000

Mr. Massey, who is in the 32 percent marginal tax bracket and itemizes deductions, recently inherited $30,000. He is considering three alternative uses for this windfall: He could buy shares in a mutual bond fund paying 6 percent interest a year. He could pay off a $30,000 personal debt to a local bank on which he pays $2,350 interest each year. He could pay off $30,000 of the mortgage incurred to buy his home. This principal repayment would decrease his annual home mortgage interest expense by $2,900. Compute the annual increase in Mr. Massey's after-tax cash flow for each of these three alternatives. Which alternative would you recommend and why? Can you show the break down of all 3 parts?