4

Woodsman Company sells a product for $220 per unit. The variable cost is $120 per unit, and fixed costs are $520,000.

Determine (a) the break-even point in sales units and (b) the break-even point in sales units if the company desires a target profit of $202,800.

Jaynes Inc. acquired all of Aaron Co.'s common stock on January I, 2017, by issuing 11,000 shares of SI par value common stock. Jaynes' shares had a $17 per share fair value. On that date, Aaron reported a net book value of S120,000. However, its equipment (with a five-year remaining life) was undervalued by $6,000 in the company's accounting records. Any excess of consideration transferred over fair value of assets and liabilities is assigned to an unrecorded patent to be amortized over ten years. The following figures came from the individual accounting records of these two companies as of December 31, 2017Aaton Co.276,000 144,000 Jaynes Inc S 720,000 528,000 Not given 00,000 Revenues Expenses Investment income Dividends paid 60,000 The following figures came from the individual accounting records of these two companies as of December 31, 2018 Aaron Co 336.000 180,000 Jaynes Inc Revenues Expenses Investment income Dividends paid Equipment Retained carnings, 12/31 18 balance 840,000 552,000 Not given 110,000 600,000 50,000 360,000 960.000 216000

A.What was the total for consolidated patents as of December 31, 2018?

B. What was consolidated equipment as of December 31, 2018?

C.What balance would Jaynes' Investment in Aaron Co. account have shown on December 31, 2018, when the equity method was applied for this acquisition?

D. What was consolidated net income for the year ended December 31, 2018?

Please provide solutions and answers

1)

Managers trace _____ to service departments. Managers allocate ______ to service departments.

A) producing department costs; service department costs.

B) producing department costs; producing department costs.

C) direct costs; indirect costs.

D) direct costs; producing department costs.

2)

The allocation of fixed costs in service departments to user departments is based on _______.

A) actual capacity used in last period.

B) budgeted capacity available to user.

C) actual usage by user department.

D) actual usage by service development.

3)

When allocating fixed costs from service departments to production departments, managers should use ______ instead of _____.

A) capacity used; capacity available

B) capacity available; budgeted capacity

C) capacity used; budgeted capacity

D) capacity available; capacity used

4)

By-products differ from joint products because by- products have _____.

A) no joint costs before the split-off point

B) joint costs before the split-off point

C) significant sales value when compared to other products at the split-off point

D) insignificant sales value when compared to other products at the split-off point

Your office has the option of leasing a copy machine for 60 months or just purchasing one outright. You decide to make a cost comparison of the two options. The total costs for leasing a copy machine for 60 months is $100 per month plus 5 cents per copy. The total cost for purchasing the same machine is $2000 plus 7 cents per copy to cover maintenance and supplies.

Display a graph of the two equations showing the ‘break-even point’ using the Intersect function where the costs are the same for leasing or purchasing as well as a detailed explanation of this “break-even point” and be sure to state how many copies from each option are needed.

A.(i) Moment Inc. provides the following data for June 2016 when 15,000 Units are manufactured: Standard Material Cost (Per Unit) 8.50 kg @ $ 7.50/kg Actual Material Cost (Per Unit) 6.75 kg @ $ 13.5/kg Standard Labor cost (Per Unit) 5.5 hrs @ $ 15/hr Actual Labor cost (Per Unit) 6.5 hrs @ $ 12.2/hr Calculate: Direct Material Price Variance Direct Material Quantity/Usage Variance Total Material Cost Variance Direct Labor Rate Variance Direct Labor Efficiency Variance Total Labor Cost Variance (ii) Calculate Variable Overhead Spending Variance if actual labor hours used are 260,standard variable overhead rate is $10.40 per direct labor hour and actual variable overhead rate is $9.30 per direct labor hour. Also specify whether the variance is favorable or unfavorable.   (iii) Calculate the variable overhead efficiency variance using the following figures: Number of Units Produced 620 Standard Direct Labor Hours Per Unit 0.2 Actual Direct Labor Hours Used 260 Standard Variable Overhead Rate $10.40

B. “Managers of most organizations continually plan for the future, and after the plan is implemented, managers assess whether they achieved their goals. What are the two functions that enable management to go through the process of continually planning and evaluating?

HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 12 properties with an average of 200 rooms in each property. In year 1, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 75 percent, based on a 365-day year. The average room rate was $218 for a night. The basic unit of operation is the “night,” which is one room occupied for one night.

The operating income for year 1 is as follows.

In year 1, the average fixed labor cost was $419,000 per property. The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights. Utilities and depreciation are fixed for each property. The remaining costs (management, marketing, and other costs) are fixed for the firm.

At the beginning of year 2, HomeSuites will open three new properties with no change in the average number of rooms per property. The occupancy rate is expected to remain at 75 percent. Management has made the following additional assumptions for year 2.

• The average room rate will increase by 8 percent.
• Food and beverage revenues per night are expected to decline by 15 percent with no change in the cost.
• The labor cost (both the fixed per property and variable portion) is not expected to change.
• The miscellaneous cost for the room is expected to increase by 20 percent, with no change in the miscellaneous revenues per room.
• Utilities and depreciation costs (per property) are forecast to remain unchanged.
• Management costs will increase by 6 percent, and marketing costs will increase by 8 percent.
• Other costs are not expected to change.

Required:

Prepare a budgeted income statement for year 2. (Round your per unit average cost calculations to 2 decimal places.)

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments:

The cost of beginning inventory according to the company’s costing system was $7,875 of which $4,849 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $180,742. The costs per equivalent unit for the month were:

Required:

1. Compute the total cost per equivalent unit for the month.

2. Compute the equivalent units of material and conversion in the ending inventory.

3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory.

4. Compute the number of units started and completed during the month.

5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month.

6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.

1)

Compute the total cost per equivalent unit for the month. (Round your answer to 2 decimal places.)

2)

Compute the equivalent units of material and conversion in the ending inventory.

3)

Compute the equivalent units of material and conversion that were required to complete the beginning inventory.

4)

Compute the number of units started and completed during the month.

5)

Compute the cost of ending work in process inventory for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.)

6)

Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month. (Round your intermediate calculations to 2 decimal places.)

ABC-A Service Application
Grand Haven is a senior living community that offers a full range of services including independent living, assisted living, and skilled nursing care. The assisted living division provides residential space, meals, and medical services (MS) to its residents. The current costing system adds the cost of all of these services (space, meals, and MS) and divides by total resident days to get a cost per resident day for each month. Recognizing that MS tends to vary significantly among the residents, Grand Haven's accountant recommended that an ABC system be designed to calculate more accurately the cost of MS provided to residents. She decided that residents should be classified into four categories (A, B, C, D) based on the level of services received, with group A representing the lowest level of service and D representing the highest level of service. Two cost drivers being considered for measuring MS costs are number of assistance calls and number of assistant contacts. A contact is registered each time an assistance professional provides medical services or aid to a resident. The accountant has gathered the following data for the most recent annual period:

a. Determine the ABC cost of a resident day for each category of residents using assistance hours as the cost driver.

Round answer below to the nearest dollar.

Medical services cost per assistance hour $Answer   

NOTE: Use your rounded answer above to compute answers below. Round final answers to the nearest dollar.

b. Determine the ABC cost of a resident day for each category of residents using assistance contacts as the cost driver.

Round answer below to the nearest dollar.
Medical services cost per assistance contacts $Answer

NOTE: Use your rounded answer above to compute answers below. Round final answers to the nearest dollar.

E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 Skip to question [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year 2,800 $ 13 For the current year: Purchase, April 11 8,960 14 Purchase, June 1 7,850 19 Sales ($52 each) 10,960 Operating expenses (excluding income tax expense) $ 189,000 E7-7 Part 3 3. Which inventory costing method may be preferred for income tax purposes?

Problem 8-80A
Ratio Analysis

Consider the following information taken from GER's financial statements:

Also, GER's operating cash flows were $12,829 and $14,874 in 2020 and 2019, respectively.

Required:

Round your answers to two decimal places.

1. Calculate the current ratios for 2020 and 2019.

2. Calculate the quick ratios for 2020 and 2019.

3. Calculate the cash ratios for 2020 and 2019.

4. Calculate the operating cash flow ratios for 2020 and 2019.

5. Conceptual Connection: What are some reasons why GER's liquidity may be considered to be improving and some reasons why it may be worsening?

GER’s liquidity appears to hold constant when one looks only at the quick ratio . However, because the receivables and inventories  may not be easily converted to cash, the liquidity of GER may be worsening.

A. Journalize the following transactions and post them to ledger. From the following transactions of Phoenix Inc for Oct ,2016. (i)Journalize the below transactions (ii)Post the Journal entries in to ledger accounts Date Transactions 2016 Oct 1 Niel started business with cash $ 800,000 Oct 2 purchased goods worth $ 3000 Oct 15 Sold goods for $ 25000 Oct 18 Purchased stationeries $4000 Oct 23 Purchased furniture for $ 24,000 Oct 25 Paid electricity charges with cash $3000 Oct 26 Paid Salary $18000 Oct 28 Paid rent $500 B. “Bookkeeping is synonymous to accounting” Analyse this statement.

Sheffield Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,845 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $800. 6 Received $45 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,400. The cost of the merchandise sold was $850. 20 Purchased books on account for $800 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,700. The cost of the merchandise sold was $770. 30 Granted General Bookstore $210 credit for books returned costing $30. Need to know what each one is for either positive or negative for cash, accts Rec, Inv, accts pay, common stock, rev, exp.

Need to know if positive or negative for either cash, accts rec, inv, accts pay, common stock, rev, exp.

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 410 $4.00 Transactions during the year: a. Purchase, January 30 310 3.50 b. Purchase, May 1 470 5.00 c. Sale ($6 each) (170) d. Sale ($6 each) (710) Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.

Examine the wellness wheel. The wellness wheel provides the different aspects of a person’s life that contributes to a good quality of life. Which among these do you want to improve? Which aspects of your life do you want to focus on? Write a letter to yourself or to other people on what you will do given this pandemic. For example, if you choose, the physical wellness, what will you do to achieve physical wellness (e.g. exercise, eat healthy, etc.). Specify and elaborate. This will serve as your commitment to remain positive in this trying time. You may choose at least one or more than one it depends on you.

PLEASE ANSWER ASAP THANKS