1)

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $708,526 in total. The ending work in process inventory in January consisted of 2,600 units, which were 70% complete with respect to materials and 50% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:

QUESTIONS REQUIRED:

a)

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2)

Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow:

No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department.

Required:

1. Compute the Drying Department's equivalent units of production for pulping and conversion in March.

2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March.

3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March.

4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March.

5. Prepare a cost reconciliation report for the Drying Department for March.

On January 1, Year 1, a contractor agrees to build on the customer’s land a bridge that is expected to be completed at the end of Year 3. The bridge is a single performance obligation to be satisfied over time. The contractor determines that the progress toward completion of the bridge is reasonably measurable using the input method based on costs incurred. The contract price is $4,000,000, and initial expected total costs of the project are $2,400,000.

^ this is the question form the professor and I did the answers for year 1-2-3 :

Year 1
By the end of Year 1, 25% [$600,000 ÷ ($600,000 + $1,800,000)] of the total expected costs have been incurred. Using the input method based on costs incurred, the contractor recognizes 25% of the total expected revenue ($4,000,000 contract price × 25% ) = $1,000,000 and cost of goods sold $2,400,000.× 25%) = $600,000. The difference between these amounts is the gross profit for Year 1.

Revenue $1,000,000, Cost of goods sold $600,000 , Gross profit (1,000,000 – 600,000) =$400,000. The gross profit in Year 1 of $400,000 also may be calculated as total expected gross profit from the project of $1,600,000 ($4,000,000 - $2,400,000) times the progress toward completion of the contract of 25%.

Year 2
By the end of Year 2, total costs incurred are $1,800,000 ($600,000+ $1,200,000). Given that $1,200,000 is expected to be incurred in the future, the total expected cost is $3,000,000 ($1,800,000 + $1,200,000). The change in the total cost of the contract must be accounted for prospectively. By the end of Year 2, 60% ($1,800,000 ÷ $3,000,000) of expected costs have been incurred.
Thus, $2,400,000 ($4,000,000 × 60%) of cumulative revenue and $1,800,000 ($ 3,000,000 × 60%) of cumulative cost of goods sold should be recognized for Years 1 and 2.
Because $1,000,000 of revenue and $600,000 of cost of goods sold were recognized in Year 1, revenue of $1,400,000 ($2,400,000 cumulative revenue - $1,000,000) and cost of goods sold of $1,200,000 ($1,800,000 cumulative cost of goods sold - $600,000) are recognized in Year 2.
Revenue
$1,400,000
Cost of goods sold
1,200,000
Gross profit -- Year 2
$200,000*
* The gross profit in Year 2 of $200,000 also may be calculated as the cumulative gross profit for Years 1 and 2 of $600,000 [($4,000,000 - $3,000,000) × 60%] minus the gross profit recognized in Year 1 of $400,000.

Year 3
At the end of Year 3, the project is completed, and the total costs incurred for the contract are $2,900,000 ($600,000 + $1,200,000 + $1,100,000). Given $2,400,000 of cumulative revenue and $1,800,000 of cumulative cost of goods sold for Years 1 and 2, $1,600,000 ($4,000,000 contract price - $2,400,000) of revenue and $1,100,000 ($2,900,000 total costs - $1,800,000) of cost of goods sold are recognized in Year 3.

Revenue
$1,600,000
Cost of goods sold
1,100,000
Gross profit -- Year 3
$500,000
NOTE: (1) The total gross profit from the project of $550,000 ($400,000 + $200,000 + $500,000) equals the contract price of $4,000,000 minus the total costs incurred of $2,900,000. (2) When progress toward completion is measured using the cost-to-cost method, as in the example above, the cost of goods sold recognized for the period equals the costs incurred during that period.

NOW : I need the answer for this question:

An entity may not be able to estimate the degree of completion of a project at the end of the first year, perhaps because this is the first time such a project has been undertaken by the firm. In that case, how much revenue would the firm recognize in that year if significant costs have been incurred in the construction process?

Custom Clothing Ltd is a manufacturer of pieces of clothing ordered by customers in their own design. The minimum number of pieces to accept an order is 80 pieces. The following information for the year 2019 is provided by this company:  

​​​​​​​Identification of costs

From the information provided, calculate the following costs:

MATLAB CODE

Let’s say you need to write a small script that takes in the total amount of money entered, and a cost, and returns the correct change in quarters/dimes/nickels/pennies.

• Initialize counter variables for quarters, dimes, nickels and pennies to 0. Counter variables are used to keep track of how many of each coin are to be returned.
• Calculate the amount of change to be given using the ‘total’ and ‘cost’ variables.
• While there is still change to be given, find the largest coin that can be returned, increment the coin’s counter, and subtract the coin value from the amount of change to be given.
• Display the total change, as well as how many of each coin are being returned.

function value = get_coin_value(coin)

%Set value to be the correct number based on coin.

%For example, if coin == 'q', value = 25

THIS IS THE CODE SO FAR FOR THE PARTS BEFORE THE ONE I NEED HELP WITH

if coin == 'q'

value = 25;

elseif coin == 'd'

value = 10;

elseif coin == 'n'

value = 5;

elseif coin == 'p'

value = 1;

else

value = 0;

end

%}

function total = insert_coins

%your code here

total = 0;

%Loop to keep asking user for coin till total is less than 115 cents

while(total<115)

coin = input('Enter q for quarter, d for dime, n for nickel,p for penny:','s');

total = total + get_coin_value(coin);

end

disp("Your NAU power juice has been dispensed")

end

THIS IS THE CODE I NEED HELP WITH GETTING TO WORK

function [quarters, dimes, nickels, pennies] = get_change(total)

%your code here

cost = 115;

total = insert_coins;

change = total - cost;

while change >= 25

   quarters = 'q' + 1;

   change = change - 25;

end

while change >= 10

   dimes = 'd' + 1;

   change = change - 10;

end

while change >= 5

   nickels = 'n' + 1;

   change = change - 5;

end

while change >= 1

   pennies = 'p' + 1;

   change = change - 1;

end

disp('Total change: ' + (total - cost))

disp('Quarters: ' + quarters)

disp('Dimes: ' + dimes)

disp('Nickels: ' + nickels)

disp('Pennies: ' + pennies)

end

The table above shows the production and cost schedule for producing t-shirts. Each worker is paid $250 per day and the total fixed cost of capital is $1000. T-shirts can be sold at a local store for $15.

1. Use this information to complete the table. How many workers should the firm hire to maximize the firm’s profits?
2. How many t-shirts will be produced at maximum profits?
3. Suppose the price of t-shirts falls to $5. Explain how many t-shirts would be supplied in the short-run.
4. Explain how many t-shirts would be supplied in the long-run.
5. Suppose that prices return to $15 and the workers take this is a sign to negotiate a pay rise to $350 per day. What will be the profit-maximising quantity of t-shirts if their negotiations are successful?
6. Explain which of the cost curves will move and which will stay the same.

She developed an ABC system very similar to the one used by Kane​'s
chief rival. Part of the reason Johnson developed the ABC system was because Kane​'s
profits had been declining even though the company had shifted its product mix toward the product that had appeared most profitable under the old system. Before adopting the new ABC​ system, the company had used a plantwide overhead rate based on direct labor hours that was developed years ago.

The​ company's managers expect to produce 1,000 units of each model during the year.

Activity Cost:

Activity.... Allocation Base........ Allocation Rate

Materials handling. . . .Number of parts.... $4.50 per part

Machine setup. . . . . . .Number of setups.... $325.00 per setup

Insertion of parts. . . . .Number of parts.......$31.00 per part

Finishing. . . . . . . . . . . .Finishing direct labor hours....$51.00 per hour

Requirement 1. Compute the total budgeted manufacturing overhead cost for the upcoming year. ​(Enter the rates to two decimal​ places.)

Requirement 2. Compute the manufacturing overhead cost per wheel of each model using ABC. ​(Round the cost allocation base to three decimals and cost per wheel to the nearest​ cent.)

Requirement 3. Compute the​ company's traditional plantwide overhead rate. Use this rate to determine the manufacturing overhead cost per wheel under the traditional system.  

Begin by identifying the formula to compute the current plantwide manufacturing overhead​ rate, then compute the rate. ​(Round your answer to the nearest​ cent.)

Now use the plantwide overhead rate to determine the manufacturing overhead cost per wheel. ​(Round your answers to the nearest​ cent.)

1. A key part of understanding a market is to understand something about the supply of products and services produced by profit-maximizing firms; firms that try to maximize the value of revenues minus costs. The core profit equation is thus:

Profit = Price x Quantity – Variable Costs – Fixed Costs

1. What are the distinctions between fixed costs, sunk costs, variable costs and marginal costs?
2. What is the difference between economic profit and accounting profit? Why should managers focus mainly on economic profits?
3. What is the basic profit maximization rule in relation to MC for businesses when trying to choose production levels for most market structures?

4. Complete the following table:

5. Referring to the cost table you calculated above:

• If the product being produced is currently priced at $2.00 comment on the short-term and long-term operating choices faced by the firm.

• If the product is currently selling for $10.00 what would you anticipate happening in the long-run for this firm?

• If the ATC represents the long-term average total costs for the industry, and the market is perfectly competitive, what would you predict as the long-run price of the product?

Estimating a Cubic Cost Function

Using the Production and Total Cost Data from Question 6, use regression analysis in Excel to estimate a Cubic Cost function for this firm. The dependent variable will be Total Cost (TC) and the independent variables will be Q, Q^2, and Q^3. You will have to generate/calculate the Q^2 and Q^3 variables in separate columns, and then use them as part of your independent variables in the regression.

1. Estimate the equation for a cubic cost function and report the results:

Total Cost (TC) = F + aQ + bQ² + cQ³

2. Are all of the coefficient estimates “significant”? Explain the importance of whether the coefficients are significant or not.

3. What is the R-Square value of the cost function estimate, and how do you interpret that?

4. Compare the intercept of your regression to what you know about the actual fixed costs in the table. How close are they? What does this tell you about estimating cost equations?

Absorption and Variable Costing Income Statements for Two Months and Analysis

During the first month of operations ended July 31, Head Gear Inc. manufactured 23,000 hats, of which 21,400 were sold. Operating data for the month are summarized as follows:

During August, Head Gear Inc. manufactured 19,800 hats and sold 21,400 hats. Operating data for August are summarized as follows:

Required:

1a. Prepare income statement for July using the absorption costing concept.

1b. Prepare income statement for August using the absorption costing concept.

2a. Prepare income statement for July using the variable costing concept.

2b. Prepare income statement for August using the variable costing concept.

Skittles Company's inventory on March 1 and the costs charged to Work in Process—Dipping Department during March are as follows: Beginning work in process, 500 units, 60% completed $ 3,460 From Sugar Mixing Department, 10,000 units (direct materials) 36,300 Direct labor incurred 7,960 Factory overhead incurred 12,500 ​ During March, all direct materials were transferred from the Mixing Department, the units in process at March 1 were completed, and of the 10,000 units entering the department, all were completed except 1,200 units that were 25% completed as to conversion costs. Inventories are costed by the first-in, first-out method. ​ Prepare a cost of production report for March. Round unit cost data to four decimal places and total cost to nearest cent. You do not need to enter dollar signs ($). Be sure to double-check your answers. A typo will be marked as incorrect. M&M Company Cost of Production Report - Dipping Department For the Month Ended March 31 Unit Information Units charged to production: Inventory in Process, March 1 500 Received from Mixing Dept Total units accounted for by Dipping Department Units to be assigned Cost: Whole Units Direct Materials (Equivalent Units) Conversion Costs (Equivalent Units) Inventory in Process, March 1 (60% Complete) 500 Started and Completed in March 8,800 Transferred to Finished Goods in March 9,000 Inventory in Process, March 31 (70% Complete) 1,200 Total units to be assigned costs 10,500 9,300 Cost Information: Direct Materials Conversion Costs per equivalent unit: Total costs for March in Dipping Department $36,300 Total equivalent units Cost per equivalent unit $2.20 Costs assigned to Production Total Costs Inventory in process, March 1 $3,460 Costs incurred in March Total costs accounted for by Dipping Department $ Costs Allocated to completed and partially completed units: Direct Materials Cost Conversion Costs Total Costs Inventory in process, March 1, balance $ To complete inventory in process, March 1 $ $440 Started and completed in March 31,944 Transferred to finished goods in March $55,204 Inventory in process, March 31 4,356

Total costs assigned by Dipping Department $60,220

Mastery Problem: Process Cost Systems

Grainy Goodness Company

Grainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as oats, sweeteners, and nuts being introduced in the Mixing Department. From the Mixing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready for shipment to retail outlets. Direct materials are added at the beginning of each process, and conversion costs are incurred evenly throughout production in each department.

During March, the President and sole stockholder, Jonathan Groat, reviewed the Cost of Production Report for the Mixing Department. He is concerned that the Mixing Department may not be operating efficiently, and asks for your help.

Cost of Production

Jonathan has noticed that his production manager has omitted some of the data on the Cost of Production. Determine the missing information. If there is no amount or an amount is zero, enter "0". Round your per-unit computations to the nearest cent, if required.

Grainy Goodness Company

Cost of Production Report-Mixing Department

For the Month Ended March 31

Unit Information

Units charged to production:

Inventory in process, March 12,000

Received from materials storeroom38,000

Total units accounted for by the Mixing Department40,000

Units to be assigned costs:

Equivalent Units

Whole
UnitsDirect
Materials
Conversion

Inventory in process, March 1 (40% completed)2,000

Started and completed in March35,00035,00035,000

Transferred to Baking Department in March37,000

Inventory in process, March 31 (90% completed)3,000

Total units to be assigned costs40,000

Cost Information

Cost per equivalent unit:

Direct
Materials
Conversion

Total costs for March in Mixing Department$40,660$36,955

Total equivalent units÷÷

Cost per equivalent unit$$

Costs assigned to production:

Direct
Materials
Conversion
Total

Inventory in process, March 1$2,200$600$2,800

Costs incurred in March77,615

Total costs accounted for by the Mixing Department$80,415

Cost allocated to completed and partially completed units:

Inventory in process, March 1-balance$2,800

To complete inventory in process, March 11,1401,140

Cost of completed March 1 work in process$3,940

Started and completed in March37,45033,25070,700

Transferred to Baking Department in March$

Inventory in process, March 313,2102,565

Total costs assigned by the Mixing Department$

Feedback

Review the format and the steps to complete the Cost of Production Report.

February Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of February using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

Cost Analysis for February - Mixing Department

AmountEquivalent UnitsCost per Unit

Direct Materials in inventory in process, March 1$$

Conversion costs in inventory in process, March 1

Total cost per unit$

Feedback

Look for the dollar amount and number of equivalent units on the Cost of Production Report that pertain to the inventory in process on March 1. Don’t forget that direct materials are added at the beginning of the process and so have all been added to inventory in process on March 1. The conversion costs are only partially complete.

March Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of March using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

Cost Analysis for March- Mixing Department

AmountEquivalent UnitsCost per Unit

Costs for March: Direct Materials$$

Costs for March: Conversion

Total cost per unit$

Feedback

Look for the dollar amount and number of equivalent units on the Cost of Production Report that pertain to the costs and units added in March. Don’t forget that direct materials are added at the beginning of the process. The conversion costs are added evenly through the month.

Mixing Dept. Evaluation

After reviewing your work on the February Cost Analysis and March Cost Analysis, assist Jonathan Groat in evaluating the Mixing Department’s performance by answering the following questions:

In March, was the Mixing Department’s total cost per unit higher or lower than in February?

For which component was the cost per unit for March higher than in February?

What is most probably your recommendation to Jonathan Groat given your computations?

Journal

On March 31, using the data provided on the Cost of Production, journalize the entry to move the appropriate amount of cost from the Mixing Department to the Baking Department. If an amount box does not require an entry, leave it blank.

Mar. 31