Mahugh Corporation, which has only one product, has provided the following data concerning its most recent month of operations:

Required:

a. What is the unit product cost for the month under variable costing? (Do not round intermediate calculations.)

b.  What is the unit product cost for the month under absorption costing?

c.  Prepare a contribution format income statement for the month using variable costing.

d.  Prepare an income statement for the month using absorption costing.

e.  Reconcile the variable costing and absorption costing net operating incomes for the month

Cost of Production Report

Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:

Required:

1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.

2. Assuming that the July 1 work in process inventory includes $8,330 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.

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Straight-Line Depreciation

A building acquired at the beginning of the year at a cost of $85,300 has an estimated residual value of $3,300 and an estimated useful life of 10 years. Determine the following:

Tidewater Company uses the product cost concept of applying the cost-plus approach to product pricing. The cost and expenses of producing and selling 50,000 units of Product K are as follows:

Tidewater desires a profit equal to a 10% rate of return on invested assets of $1,285,000.

a. Determine the amount of desired profit from the production and sale of Product K.
$ 128,500

b. Determine the total manufacturing costs and the cost amount per unit for the production and sale of 50,000 units of Product K.

c. Determine the markup percentage for Product K.
%

d. Determine the selling price of Product K. Round your answer to two decimal places.
$21.25

I'm having trouble with C.

On January 1, 2015 $20,000,000 of 20 year bonds were issued with a coupon rate of 6.5% when the market rate was 6%. Interest is paid every six months on June 30th and December 31st. Prepare the following journal entries and show your calculations as to how you arrived at the numbers.

1)Issuance of bonds on January 1, 2015

2) Payment of interest on June 30th and December 31st of both 2015 and 2016.

3) What is the carrying value of the bonds that would be presented on the balance sheet at December 31st 2016.

Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget:

a. Prepare a sales budget.

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

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.

Required:

1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)

1. 2-a. Of the four methods, which will result in the highest gross profit?

• Last-in, first-out

• Weighted average cost

• First-in, first-out

• Specific identification

1. 2-b. Of the four methods, which will result in the lowest income taxes?

• Last-in, first-out

• Weighted average cost

• First-in, first-out

• Specific identification

Cash Budget

The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budgetinformation:

The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $7,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.

Current assets as of September 1 include cash of $55,000, marketable securities of $79,000, and accounts receivable of $163,100 ($128,000 from July sales and $35,100 from August sales). Sales on account for July and August were $117,000 and $128,000, respectively. Current liabilities as of September 1 include $7,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $22,000 will be made in October. Bridgeport’s regular quarterly dividend of $7,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $54,000.

Required:

1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations.

1. Ludell Corp. shows the following data-

Projected benefit obligation 1/1/17-             $560,000

Plan Assets 1/1/17-                                        $546,200

On 1/2017, Ludell amends the plan and grants prior service cost benefits of $120,000

Settlement rate - 9%              Service Cost - $58,000            Contribution - $65,000

Actual/expected returns-$52,280      Benefits paid-$40,000

PSC amortization-$17,000.

A. Prepare the pension worksheet showing the journal entry for pension expense.

B. Show Y/E balances in the pension accounts (Memo record and OCI accounts included) C. Indicate amounts to be reported on Balance sheet and Income statements.

Allocation: Fixed and Variable Costs, Budgeted Fixed and Variable Costs

Biotechtron, Inc., has two research laboratories in the Southwest, one in Yuma, Arizona, and the other in Bernalillo, New Mexico. The owner of Biotechtron centralized the legal services function in the Yuma office and had both laboratories send any legal questions or issues to the Yuma office. The legal services support center has budgeted fixed costs of $175,000 per year and a budgeted variable rate of $66 per hour of professional time. The normal usage of the legal services center is 2,925 hours per year for the Yuma office and 1,575 hours per year for the Bernalillo office. This corresponds to the expected usage for the coming year.

Required:

1. Determine the amount of legal services support center costs that should be assigned to each office. In your computations, carry ratio values out to two decimal places. Round your final answers to the nearest dollar if rounding is required.

2. Since the offices produce services, not tangible products, what purpose is served by allocating the budgeted costs?

3. Now, assume that during the year, the legal services center incurred actual fixed costs of $178,300 and actual variable costs of $254,740. It delivered 3,840 hours of professional time—2,270 hours to Yuma and 1,570 hours to Bernalillo.

Determine the amount of the legal services center's costs that should be allocated to each office.

Fill in the missing amounts in the following schedules.

• Fill in the missing amounts in the following schedules.

  	Accounts receivable, 12/31/x0 ¥1,740,000 ‡ Sales on account during 20x1 4,548,000 Collections of accounts receivable during 20x1 (3,932,000) Accounts receivable, 12/31/x1

• 	Retained earnings, 12/31/x0 $1,540,300 Net income for 20x1 301,200 Dividends paid in 20x1 0 Retained earnings, 12/31/x1

• *Half of each month’s sales are on account. March sales amounted to $186,000.

  †60% of credit sales is collected in the month of sale; 40% is collected in the following month.

  ‡Yen is the Japanese national currency.