On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson’s perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Quantity Unit Cost Total Cost Apr. 9 105 $ 1,500 $ 157,500 May 1 45 $ 1,600 72,000 Total on hand 150 $ 229,500

Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following.

a. Specific identification method (97 of the units sold were purchased on April 9, and the remaining units were purchased on May 1).

b. Average-cost method.

c. FIFO method.

d. LIFO method.

[The following information applies to the questions displayed below.]


Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:

* Includes purchase price and cost of freight.

8,000 units were on hand at the end of the month.

Required:

1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

Required information

[The following information applies to the questions displayed below.]


Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows:

* Includes purchase price and cost of freight.

8,000 units were on hand at the end of the month.

2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.

Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows.

Part 1

Compute the physical units of production.

Attempts: 0 of 1 used

Part 2

Compute equivalent units of production for materials and for conversion costs.

Attempts: 0 of 1 used

Part 3

Determine the unit costs of production.

Attempts: 0 of 1 used

Part 4

Show the assignment of costs to units transferred out and in process.

Attempts: 0 of 1 used

Part 5

Prepare the production cost report for July 2020.

The cost curve for a given competitive company is as follows: CT(Q)=?3 − 30?2 + 250?+10

a) Calculate the average total cost, the average variable cost and the marginal cost. (6 points)

b) What is the minimum price at which the company will decide to produce its products? (6 points)

In a cost-plus-incentive-fee contract, a buyer and a seller agreed on a target cost of $7,000, and a fixed fee of $1,000. Any cost overruns or underruns will be shared between the buyer and the seller by 50% and 50%, respectively. When the actual cost of $8,000 is incurred, how much will the supplier get paid in total?

In a cost-plus-incentive-fee contract, a buyer and a seller agreed on a target cost of $7,000, and a fixed fee of $1,000. Any cost overruns or underruns will be shared between the buyer and the seller by 50% and 50%, respectively. When the actual cost of $8,000 is incurred, how much will the supplier get paid in total?

Tipton company manufactures shirts. During June Tipton made 1200 shirts but had budgeted production at 1400 shirts.

Tipton gathered the following additional data:

13. Calculate the variable overhead cost variance.

Select the formula, then enter the amounts and compute the cost variance for variable overhead (VOH) and identify whether the variance is favorable (F) or unfavorable (U).

14. Calculate the variable overhead efficiency variance.

Select the formula, then enter the amounts and compute the efficiency variance for variable overhead and identify whether the variance is favorable (F) or unfavorable (U).

15. Calculate the total variable overhead variance

16. Calculate the fixed overhead cost variance

Select the formula, then enter the amounts and compute the cost variance for fixed overhead (FOH) and identify whether the variance is favorable (F) or unfavorable (U).

17. Calculate the fixed overhead volume variance

First, select the formula, then enter the amounts and compute the fixed overhead allocated to production. (Abbreviations used: SQ = standard quantity, AO = actual output.)

Now, select the formula, then enter the amounts and compute the fixed overhead volume variance and identify whether the variance is favorable (F) or unfavorable (U).

18. Calculate the total fixed overhead variance.

Statement of Cost of Goods Manufactured for a Manufacturing Company

Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:

a. Prepare a cost of goods manufactured statement for January.

b. Determine the cost of goods sold for January.
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Manufacturing Income Statement, Statement of Cost of Goods Manufactured

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

2. Prepare On Company's statement of cost of goods manufactured for December.

3. Prepare On Company's income statement for December.

Thank you so much for your help!!