Newton Corporation uses a process costing system to trace costs through several phases of production, starting with the Blending Department and ending with the Packaging Department. Recent computer problems have caused some of the company’s accounting records to be destroyed. Shown is a partial summary of information retrieved by accountants from the Blending Department’s February production cost report.

a. Compute the number of units that were in the Blending Department’s beginning inventory on February 1.

b. Compute the number of units that were started and completed by the Blending Department in February.

c. Compute the cost per equivalent unit of direct materials and conversion carried forward from January and assigned to the Blending Department’s beginning inventory on February 1.

d. Compute the Blending Department’s cost per equivalent unit of direct materials consumed in February.

The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:

The following is a summary of the transactions for the year:

The following information is available for the adjusting entries.

Depreciation for the year on the machinery is $5,400. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $7,400 paid in advance by customers, $5,700 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,300.

On January 1, 20X1, Porta Corporation purchased Swick Company’s net assets and assigned goodwill of $80,900 to Reporting Division K. The following assets and liabilities are assigned to Reporting Division K on the acquisition date:

Required:
On December 31, 20X3, Porta must test goodwill for impairment. Determine the amount of goodwill to be reported for Division K and the amount of goodwill impairment to be recognized, if any, if Division K’s fair value is determined to be

1. $349,000.
2. $289,000.
3. $269,000.

Hilton Corporation began operations on 1-1-2012. Hilton used the last-in-first-out (LIFO) inventory costing method from 1-1-2012 through 12-31-2014. Presented below are effects of using LIFO for 2014 and earlier years.

Hilton Corporation changed its inventory costing method from LIFO to the first-in-first-out (FIFO) as of 1-1-2015. Presented below are effects of using FIFO for 2014 and earlier years.

When Hilton issued its 2015 financial statements, it elected to provide comparative statements from the three previous years, i.e., 2012, 2013 and 2014. The change will be accounted for using the retrospective approach.

Required

When the 2015 financial statements are issued in April of 2016, what will be the comparative retained earnings from the 12-31-2013 balance sheet ?

Give an example of an assurance-type warranty and an example of a service-type warranty. Be specific: think about the types of warranties offered by businesses. I want real life examples.

In general, what are two key differences in these two types of warranties? Explain, explain, explain!

Why might differences exist between the amount of property tax revenues recorded for the current year by governmental funds and the amount of property tax revenues recorded for the current year for governmental activities in a given year?

he Sawtooth Leather Company manufactures leather handbags and moccasins. For simplicity, the company has decided to use a single plantwide factory overhead rate method to allocate factory overhead. Handbags = 60,000 units, 2 hours of direct labor Moccasins = 40,000 units, 3 hours of direct labor Total budgeted factory overhead cost = $360,000 Calculate the amount of factory overhead to be allocated to each unit using direct labor hours. Round your answers to two decimal places, if necessary. Handbags: $ per unit Moccasins: $ per unit

Describe the biggest ethical concerns in the auditing profession, why they exist, and how auditors can navigate ethical dilemmas. DON'T COPY & PASTE from any websites

Montana Company manufactures three products in its plant: X, Y, and Z.

Unit costs and machine hour usage for the three products are:

1. Assume that Montana uses a traditional method of overhead allocation, based on direct labor cost. Budgeted overhead for the period is $4,091,800. Compute the unit cost of production to the nearest cent for products X,Y, and Z.
2. Now assume that Montana uses an ABC system with three cost drivers: machine hours, setups, and number of parts. Product X requires two setups per period, and requires five distinct parts. Product Y requires four setups, and eight parts. Product Z requires ten setups and fifteen parts.

Compute the unit cost of production for products X, Y, and Z using the ABC system.

3. Identify several possible advantages or disadvantages to Montana of using the ABC method. (Limit 200 words).

In 2011, a firm purchased a portfolio of marketable securities for $2,000, which it holds as current assets. At the end of 2011, the portfolio had a market value of $1,600. During 2012, the firm sold some of the securities for $240 which had originally cost $200, but which had a market value of $180 at the end of 2011. At the end of 2012, the remaining securities had a market value of $2,300.

a. Assume the firm treats its holdings as available for sale.

1. Record the entry made at the end of 2011.

2. Record the entries made during 2012 and at the end of 2012.

b. Assume the firm treats its holdings as trading securities.

1. Record the entry made at the end of 2011.

2. Record the entries made during 2012 and at the end of 2012.

Yukon Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Canada, Montana, Idaho, Oregon, and Washington. Yukon Bike Corp. declared the following annual dividends over a six-year period ending December 31 of each year: Year 1, $36,000; Year 2, $45,000; Year 3, $72,000; Year 4, $207,000; Year 5, $252,000; and Year 6, $324,000. During the entire period, the outstanding stock of the company was composed of 30,000 shares of 3% preferred stock, $100 par, and 100,000 shares of common stock, $20 par.

Instructions:

1. Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years. If required, round your answers to the nearest cent. If the amount is zero, please enter "0".

2. Calculate the average annual dividend per share for each class of stock for the six-year period. If required, round your answers to the nearest cent.

3. Assuming a market price per share of $210 for the preferred stock and $25 for the common stock, calculate the average annual percentage return on initial shareholders' investment, based on the average annual dividend per share for preferred stock and for common stock.

Round your answers to two decimal places.

Kubin Company’s relevant range of production is 30,000 to 35,000 units. When it produces and sells 32,500 units, its average costs per unit are as follows:

Required:

1. Assume the cost object is units of production:

a. What is the total direct manufacturing cost incurred to make 32,500 units?

b. What is the total indirect manufacturing cost incurred to make 32,500 units?

2. Assume the cost object is the Manufacturing Department and that its total output is 32,500 units.

a. How much total manufacturing cost is directly traceable to the Manufacturing Department?

b. How much total manufacturing cost is an indirect cost that cannot be easily traced to the Manufacturing Department?

3. Assume the cost object is the company’s various sales representatives. Furthermore, assume that the company spent $146,250 of its total fixed selling expense on advertising and the remainder of the total fixed selling expense comprised the fixed portion of the company's sales representatives’ compensation.

a. When the company sells 32,500 units, what is the total direct selling expense that can be readily traced to individual sales representatives?

b. When the company sells 32,500 units, what is the total indirect selling expense that cannot be readily traced to individual sales representatives?

Make sure any calculations are clearly shown.

a) Complete the chart, showing manufacturing cost at various levels of production for Company X

b) What pattern do you observe in the behavior of unit cost? Explain briefly why this occurs.

c) Develop an equation in the form of Y = a +bX to forecast total manufacturing cost. Use this equation to forecast total costs at a level of 70,000 units.

d) Identify one reason why your forecast in c) may be unreliable.