On your own words, talk briefly about two of the inventory costing methods, give one example of each method.

Problem 2-16 Plantwide Predetermined Overhead Rates; Pricing [LO2-1, LO2-2, LO2-3]

Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates:

During the year, Job 550 was started and completed. The following information is available with respect to this job:

Required:

1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach:

a. Compute the plantwide predetermined overhead rate.

b. Compute the total manufacturing cost of Job 550.

c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?

2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach:

a. Compute the plantwide predetermined overhead rate.

b. Compute the total manufacturing cost of Job 550.

c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?

(Round your intermediate calculations to 2 decimal places. Round your "Predetermined Overhead Rate" answers to 2 decimal places and all other answers to the nearest whole dollar.)

During Heaton Company’s first two years of operations, it reported absorption costing net operating income as follows:

* $3 per unit variable; $249,000 fixed each year.

The company’s $36 unit product cost is computed as follows:

Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings.

Production and cost data for the first two years of operations are:

Required:

1. Using variable costing, what is the unit product cost for both years?

2. What is the variable costing net operating income in Year 1 and in Year 2?

3. Reconcile the absorption costing and the variable costing net operating income figures for each year.

Jason has an opportunity with his current employer to work overseas for five years. If he takes this option, Jason would move overseas, while his family would stay in Canada. In this case, Jason would visit his family often, returning to Canada for his six weeks of vacation and as many holidays as possible. Jason is unsure how working overseas will impact his residency in Canada for tax purposes. Explain the difference between deemed resident, ordinarily resident, and non-resident for an individual for tax purposes in Canada. In addition, Jason knows that an individual can be considered either a full-time or part-time resident, but he doesn't know the difference between the two. Explain the difference between full-time and part-time residents to Jason. (Full answer please and thanks you)

Cost of Goods Sold Budget

Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 31,900 barrels of oil for purchase in June for $63 per barrel. Direct labor budgeted in the chemical process was $221,100 for June. Factory overhead was budgeted $361,700 during June. The inventories on June 1 were estimated to be:

The desired inventories on June 30 were:

Use the preceding information to prepare a cost of goods sold budget for June.

Thinking of a trip that you or someone you know, is planning on taking. In planning a budget for the trip, what types of costs should be included in the budget? List at least five costs. Classify the costs as either fixed or variable, explaining what the variable cost drivers are.

How can we differentiate between whether an individual would be considered an independent contractor or a W-2 employee?
What repercussions, if any, does an employer face if they incorrectly identify an employee as an independent contractor?

Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2019 when he files his tax return. Evan also receives a 2018 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses

Compute the effect of the HSA transactions on Evan’s adjusted gross income.
These transactions________________(increase/decrease) Evan's AGI by __________ $

Explain the approaches (steps and techniques) required to complete a quality audit.

Explain in summary of how an auditor audited cash and marketable securities.

The Foster Company has two manufacturing departments, forming and painting. The company uses the FIFO method of process costing.   At the beginning of the month, the forming department has
3,000 units in inventory, 60% complete as to materials and 30% complete as to conversion costs.

The beginning inventory cost of $8,000 consisted of
$5,500 of direct material costs and $2,500 of conversion cost.

During the month, the forming department started 40,000 units. At the end of the month, the forming department had 4,000 units in ending inventory, 70% complete as to materials and 25% complete as to conversion.
Units completed in the forming department are transferred to the painting department.

Cost information for the forming department is as follows:   
Beginning work in process inventory $8,000   
Direct materials added during the month $160,000
Conversion added during the month $101,660    

Assume that Foster uses the FIFO method of process costing. Complete the Forming Department cost report for:
1. Calculating the equivalent units of production.  
2. Calculating the costs per equivalent unit of production. (Round your answer to 2 decimal places.)
3. Showing the cost reconciliation.

Grant Industries, a manufacturer of electronic parts, has recently received an invitation to bid on a special order for 25,000 units of one of its most popular products. Grant currently manufactures 50,000 units of this product in its Loveland, Ohio, plant. The plant is operating at 50% capacity. There will be no marketing costs on the special order. The sales manager of Grant wants to set the bid at $14 because she is sure that Grant will get the business at that price. Others on the executive committee of the firm object, saying that Grant would lose money on the special order at that price.

Required

2. What would be the Relevant cost per unit if the order is accepted at the price recommended by the sales manager? What do you think the minimum (short-term) bid price should be?

4. What would the total opportunity cost be if by accepting the special order the company lost sales of 6,800 units to its regular customers? Assume the preceding facts plus a normal selling price of $30 per unit.

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student volunteers time at a local school to help with their underfunded music program. He could have earned $400 with the time he spent there.	$300	$4,000	$1,000	12%	$3,300

   What is the amount of the Maximum Benefit?

QUESTION 12

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student volunteers time at a local school to help with their underfunded music program. He could have earned $400 with the time he spent there.	$300	$4,000	$1,000	12%	$3,300

   What is the amount of the Taxable Scholarship?

0.5 points   

QUESTION 13

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student spent $20 to take a first date to an ice skating. He did not know how to skate. The subsequent rejection made him feel sad.	$600	$3,000	$3,000	12%	$4,000

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 14

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student spent $20 to take a first date to an ice skating. He did not know how to skate. The subsequent rejection made him feel sad.	$600	$3,000	$3,000	12%	$4,000

   What is the amount of the Taxable Scholarship?

QUESTION 17

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student paid $400 for salsa dancing lessons from a local bar. He hoped his dancing skills would impress a particular female student. It did not work.	$700	$10,000	$1,000	12%	$3,000

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 18

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student paid $400 for salsa dancing lessons from a local bar. He hoped his dancing skills would impress a particular female student. It did not work.	$700	$10,000	$1,000	12%	$3,000

   What is the amount of the Taxable Scholarship?

0.5 points   

QUESTION 19

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student just finished his second semester of grad school. His final paper was about Batman…in an accounting course.	$700	$10,000	$3,000	12%	$11,000

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 20

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student just finished his second semester of grad school. His final paper was about Batman…in an accounting course.	$700	$10,000	$3,000	12%	$11,000

   What is the amount of the Taxable Scholarship?

Nineteen Measures of Solvency and Profitability

The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $64 on December 31, 2016.

Required:

Determine the following measures for 2016, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.

13. Divide the sum of net income plus interest expense by average total assets. Average total assets = (Beginning total assets + Ending total assets) ÷ 2.

14. Divide net income by average total stockholders' equity. Average total stockholders' equity = (Beginning total stockholders' equity + Ending total stockholders' equity) ÷ 2.

15. Divide net income minus preferred dividends from the retained earnings statement by average common stockholders' equity. Common stockholders' equity = Common stock + Retained earnings. Average common stockholders' equity = (Beginning common stockholders' equity + Ending common stockholders' equity) ÷ 2.

16. Divide net income minus preferred dividends from the retained earnings statement by common shares outstanding (common stock ÷ par value).

17. Divide common market share price by common earnings per share (use answer from requirement 16).

18. Divide common dividends (from Retained Earnings Statement) by common shares outstanding (common stock ÷ par value).

19. Divide common dividends per share (use answer from requirement 18) by market share price.

Purchase Receipt 1

Purchase Receipt 2

Purchase Receipt 3

Scroll down to complete all parts of this task.

At December 31, Year 5, Aaron Co. had the following property, plant, and equipment:

Determine the impairment losses recognized for Year 5 under U.S. GAAP and IFRS. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive numbers. If the correct answer is zero, enter a zero (0).