Beaumont company recently purchased some real estate that contained, land improvements (parking lot) and a building. Beaumont has the property appraised after the purchase. The information is below:
| Land Purchase | 375,927 | |
| Land Appraisal | 175,000 | |
| Improvement appraisal | 87,000 | |
| Building Appraisal | 210,000 |
| 1 | Allocate the total cost to the three assets | |||||
| Asset Description | Appraisal Values | Percent of Total Appraised Value | x total acquisition cost | = allocated cost | ||
| Land | ||||||
| Land improvements | ||||||
| Building | ||||||
| Totals | ||||||
| 1 | Prepare the Journal entry to record the purchase | |||||
| Debit | Credit | |||||
| Land | ||||||
| Land improvements | ||||||
| Building | ||||||
In: Accounting
|
After evaluating Null Company’s manufacturing process, management decides to establish standards of 3 hours of direct labor per unit of product and $16.60 per hour for the labor rate. During October, the company uses 21,000 hours of direct labor at a $352,800 total cost to produce 7,200 units of product. In November, the company uses 23,600 hours of direct labor at a $398,840 total cost to produce 7,600 units of product. |
| (1) |
Compute the direct labor rate variance, the direct labor efficiency variance, and the total direct labor cost variance for each of these two months. |
In: Accounting
Given the following information for a monopolistic competitor:
Demand: P = 78 – 5(Q)
Marginal revenue: MR = 78 – 10(Q)
Marginal cost: MC = 2(Q) + 10
Average total cost at equilibrium is 14
1. At what output (Q) will this firm maximize profit? _____
2. At what price (P) will this firm maximize profit? _______
3. What is the total revenue (TR) earned at this output level? _____
4. What is the total cost (TC) accrued at this output? _____
5. What profit or loss is experienced by this firm? ______
6. Could this firm be in a longrun situation? (answer 1 = yes, 2 = no) _____
In: Economics
The increases to Work in Process—Roasting Department for Boston Coffee Company for March 2016 as well as information concerning production are as follows:
| Work in process, March 1, 1,900 pounds, 50% completed | $26,150 |
| Coffee beans added during March, 117,200 pounds | 902,300 |
| Conversion costs during March | 379,230 |
| Work in process, March 31, 1,100 pounds, 80% completed | _ |
| Goods finished during March, 118,000 pounds | _ |
Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent.
| Boston Coffee Company | ||
| Cost of Production Report-Roasting Department | ||
| For the Month Ended March 31, 2016 | ||
| Unit Information | ||
| Units to account for during production: | ||
| Inventory in process, March 1 | ||
| Received from materials storeroom | ||
| Total units accounted for by the Roasting Department | ||
| Units to be assigned costs: | ||
| Whole Units | Equivalent Units of Production | |
| Transferred to finished goods in March | ||
| Inventory in process, March 31 | ||
| Total units to be assigned costs | ||
| Cost Information | ||
| Costs per equivalent unit: | ||
| Costs | ||
| Total costs for March in Roasting Department | $ | |
| Total equivalent units | ||
| Cost per equivalent unit | $ | |
| Costs assigned to production: | ||
| Inventory in process, March 1 | $ | |
| Costs incurred in March | ||
| Total costs accounted for by the Roasting Department | $ | |
| Costs allocated to completed and partially completed units: | ||
| Transferred to finished goods in March | $ | |
| Inventory in process, March 31 | ||
| Total costs assigned by the Roasting Department | $ | |
In: Accounting
Activity-Based Costing and Conventional Costs Compared
Cuisinart, a Conair Corporation, manufactures outdoor gas cookers and charcoal smokers. Assume that Cuisinart only makes a single model of each product and that the following information pertains to the total manufacturing costs for the products in the current month.
| Gas Cooker | Charcoal Smoker | |
|---|---|---|
| Units | 4,000 | 3,500 |
| Number of batches | 80 | 35 |
| Number of machine hours | 16,000 | 3,000 |
| Direct materials | $ 225,500 | $ 108,500 |
| Direct labor | $ 100,683 | $ 50,341 |
Manufacturing overhead follows:
| Activity | Cost | Cost Driver |
|---|---|---|
| Materials acquisition and inspection | $ 50,100 | Amount of direct materials cost |
| Production assembly | 123,500 | Numbers of machine hours |
| Scheduling | 15,180 | Number of batches |
| $ 188,780 |
Rounding instructions: Do not round until your final answers. Round total cost answers to the nearest dollar and per unit answers to the nearest cent.
(a) Determine the total and per-unit costs of manufacturing the Gas
Cooker and Charcoal Smoker for the month, assuming all
manufacturing overhead related to these two products assigned on
the basis of direct labor dollars.
| Total cost | Answer | |
| Gas Cooker | Answer | per unit |
| Charcoal Smoker | Answer | per unit |
(b) Determine the total and per-unit costs of manufacturing the Gas
Cooker and Charcoal Smoker for the month, assuming manufacturing
overhead is assigned using activity-based costing.
| Total cost | Answer | |
| Gas Cooker | Answer | per unit |
| Charcoal Smoker | Answer | per unit |
In: Accounting
A customer in a grocery store is purchasing three items. Write the pseudo code that will:
• Ask the user to enter the name of the first item purchased. Then ask the user to enter the cost of the first item purchased. Make your program user friendly. If the user says the first item purchased is milk, then ask: “What is the cost of milk.” [This should work no matter what item is entered by the user. I might buy candy rather than milk.]
• Ask the user to enter the name and cost of the second item purchased.
• Ask the user to enter the name and cost of the third item purchased.
• Calculate the amount of sales tax due on the total purchase price. The sales tax rate is 5%.
• Tell the user • The name and price of each item entered
• The total cost of the items purchased • The amount of sales tax due on the total purchase.
• The total amount due from the user [total cost plus sales tax] • Hint: Your first line of code should be: constant real SALES_TAX_RATE = .05;
Structure your code as follows: 1. Declare variables 2. Get user input 3. Do calculations. 4. Output what is required
Idk if its c or c++ but this is an example I have, need it to be written like that
// declare variables
Real totalSales;
Real profits;
// get user input
print "Enter amount of total sales";
totalSales = User Input;
// do calculations
profit = totalSales * .10;
// output
print "Your profit is", profit;
In: Computer Science
home / study / business / accounting / accounting questions and answers / uptown mart reported the following amounts on their financial statements for 2012, 2013, and ...
Question: Uptown Mart reported the following amounts on their financial statements for 2012, 2013, and 2014...
Uptown Mart reported the following amounts on their financial statements for 2012, 2013, and 2014:
(Note: Pages 233-234 explain the effect of inventory errors. Use them to work on this problem.)
|
For the Year Ended December 31 |
|||
|
2012 |
2013 |
2014 |
|
|
Cost of goods sold |
$95,000 |
$107,000 |
$87,000 |
|
Net income |
32,000 |
26,000 |
24,000 |
|
Total current assets |
145,000 |
152,000 |
120,000 |
|
Equity |
238,000 |
255,000 |
268,000 |
It was discovered early in 2015 that the ending inventory on December 31, 2012, was overstated by $8,000 and the ending inventory on December 31, 2013, was understated by $3,500. The ending inventory on December 31, 2014, was correct. Ignoring income taxes, determine the correct amounts of cost of goods sold, net income, total current assets, and equity for each of the years 2012, 2013, and 2014.
|
2012: |
Cost of goods sold = Net income = Total current assets = Equity = |
|
2013: |
Cost of goods sold = Net income = Total current assets = Equity = |
|
2014: |
Cost of goods sold = Net income = Total current assets = Equity = |
|
For the Year Ended December 31 |
|||
|
2012 |
2013 |
2014 |
|
|
Cost of goods sold |
|||
|
Net income |
|||
|
Total current assets |
|||
|
Equity |
|||
Please explain why you are adding or subtracting something, thank you.
In: Accounting
The increases to Work in Process—Roasting Department for Highlands Coffee Company for May as well as information concerning production are as follows:
| Work in process, May 1, 1,500 pounds, 10% completed | $20,670 |
| Coffee beans added during May, 92,600 pounds | 712,850 |
| Conversion costs during May | 299,600 |
| Work in process, May 31, 900 pounds, 80% completed | _ |
| Goods finished during May, 93,200 pounds | _ |
Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent.
| Highlands Coffee Company | ||
| Cost of Production Report-Roasting Department | ||
| For the Month Ended May 31 | ||
| Unit Information | ||
| Units to account for during production: | ||
| Inventory in process, May 1 | ||
| Received from materials storeroom | ||
| Total units accounted for by the Roasting Department | ||
| Units to be assigned costs: | ||
| Whole Units | Equivalent Units of Production | |
| Transferred to finished goods in May | ||
| Inventory in process, May 31 | ||
| Total units to be assigned costs | ||
| Cost Information | ||
| Costs per equivalent unit: | ||
| Costs | ||
| Total costs for May in Roasting Department | $ | |
| Total equivalent units | ||
| Cost per equivalent unit | $ | |
| Costs assigned to production: | ||
| Inventory in process, May 1 | $ | |
| Costs incurred in May | ||
| Total costs accounted for by the Roasting Department | $ | |
| Costs allocated to completed and partially completed units: | ||
| Transferred to finished goods in May | $ | |
| Inventory in process, May 31 | ||
| Total costs assigned by the Roasting Department | $ | |
In: Accounting
1) Which of the following is NOT true for monopoly? A) The profit maximizing output is the one at which marginal revenue and marginal cost are equal. B) Average revenue equals price. C) The profit maximizing output is the one at which the difference between total revenue and total cost is largest. D) The monopolist's demand curve is the same as the market demand curve. E) At the profit maximizing output, price equals marginal cost
In: Economics
At an activity level of 8,400 machine-hours in a month, Curt Corporation's total variable production engineering cost is $732,480 and its total fixed production engineering cost is $180,400. What would be the production engineering cost per machine-hour, both fixed and variable, at an activity level of 8,800 machine-hours in a month? Assume that this level of activity is within the relevant range. (Do not round intermediate calculations.)
In: Accounting