make sure to do all parts I'll rate

Contribution Margin, Break-Even Sales, Cost-Volume-Profit Chart, Margin of Safety, and Operating Leverage

Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows:

It is expected that 7,020 units will be sold at a price of $288 a unit. Maximum sales within the relevant range are 9,000 units.

Required:

1. Prepare an estimated income statement for 20Y7.

2. What is the expected contribution margin ratio? Round to the nearest whole percent.
%

3. Determine the break-even sales in units and dollars.

4. Construct a cost-volume-profit chart on your own paper. What is the break-even sales?
$

5. What is the expected margin of safety in dollars and as a percentage of sales?

6. Determine the operating leverage. Round to one decimal place.

8 - 14. Vaasa Chemicals has a Mixing Department and a Refining Department. The following information refers to the Mixing Department:

                        Units:

            Work in Process July 1                                    20,000

            Units Started                                                   60,000

            Completed and transferred

            To the Refining Department                           30,000

                        Costs:                                         Beginning costs                    Added in July

            Chemicals P & Q                                     $ 220,750                              $650,000

Conversion costs                                         125,000                                232,500

Chemicals P and Q are both required materials for producing the product. The supervisor’s beginning estimates for completion of materials and work in process are 20% for materials and 30% for conversion cost. The ending work in process in the Mixing Department is 75% with respect to materials, and 50% complete with respect to conversion costs.

Prepare a Process costing report for the Mixing Department for July using the Weighted Average Equivalent Units method.

Include:

1. Account for the actual physical units

2. Compute the Equivalent units for the period March 2010 for Materials and Conversion

     Costs

3. Compute the total costs of Direct Materials and Conversion Costs for the Drawing

     Department.     

4. Compute the dollar amount per Equivalent unit. Round to the nearest cent.

5. Assign overall costs to the Drawing Department. Round to the nearest dollar.

Round to the nearest cent or dollar as instructed above.

Weighted-Average Method

5. Costs assigned to the Cooking Department:

                                Materials    Conversion Cost               Total costs

Transferred out:                                                 =   

Work in Process          _______            ________      =   _________

Total costs                

Estimated Income Statements, using Absorption and Variable Costing

Prior to the first month of operations ending October 31 Marshall Inc. estimated the following operating results:

The company is evaluating a proposal to manufacture 27,200 units instead of 24,800 units, thus creating an Inventory, October 31 of 2,400 units. Manufacturing the additional units will not change sales, unit variable factory overhead costs, total fixed factory overhead cost, or total selling and administrative expenses.

a. 1. Prepare an estimated income statement, comparing operating results if 24,800 and 27,200 units are manufactured in the absorption costing format. If an amount box does not require an entry leave it blank or enter “0”.

a. 2. Prepare an estimated income statement, comparing operating results if 24,800 and 27,200 units are manufactured in the variable costing format. If an amount box does not require an entry leave it blank or enter “0”.

Required information

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

Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year:

During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs:

Delph had no underapplied or overapplied manufacturing overhead during the year.

2. Assume Delph uses departmental predetermined overhead rates based on machine-hours.

a. Compute the departmental predetermined overhead rates.

b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200.

c. If Delph establishes bid prices that are 150% of total manufacturing costs, what bid prices would it have established for Job D-70 and Job C-200?

d. What is Delph’s cost of goods sold for the year?

Complete the question by entering your answers in the tabs given below.

• Required 2A
• Required 2B
• Required 2C
• Required 2D

Compute the departmental predetermined overhead rates. (Round the final answers to 2 decimal places.)

Python Programming- 9.10 MT Practice Simple Food Receipt 2B

"""
Enhance your simple food receipt
a. Ask the user for inputs about two food items using the following prompts in turn [add a space after each
question mark]. Do not forget to assign each user
entry to a unique variable name (do not display the Note to add a space just use print() to add a space between each
set of input statements):
Item 1? [add a space after the question mark]
Item 1 price? [add a space after the question mark]
Item 1 number? [add a space after the question mark]
[Note: add space here using print()]
Item 2? [add a space after the question mark]
Item 2 price? [add a space after the question mark]
Item 2 number? [add a space after the question mark]
[Note: add space here using print()]
Item 3? [add a space after the question mark]
Item 3 price? [add a space after the question mark]
Item 3 number? [add a space after the question mark]
[Note: add space here using print()]
b. Convert the price and quantity variables to integers
c. Calculate the total cost for the order by calculating each item's total price by
multiplying price and quantity for each item and then adding up the total prices for the three items
d. Calculate the total cost plus tax for the order by multiplying the total cose calculated in c by the tax
rate of .0545 (5.45 percent tax) then adding the tax to the total cost
e. Display the results using the structure below. Edit the format string "${:,.2f}".format(identfier) to format the
results of your calculation as currency with the PHP currency type, a space between PHP and the calculated costs,
and 1 decimal place:
RECEIPT
You ordered: [Item 1] [Item 2] [Item 3]
Your cost: [total price for all items calculated in 3c above, formatted with PHP currency and 1 decimal place]
Your cost w tax: {total cost plus tax calculated in 3d above, formatted with PHP currency and 1 decimal place}

"""
#Start your code below

The StamfordStamford store of Gabriel's CornerGabriel's Corner , a chain of small neighborhood convenience stores, has a Kaizen (continuous improvement) approach to budgeting monthly activity costs for each month of 20152015.

Gabriel's CornerGabriel's Corner

has three product categories: soft drinks (35% of cost of goods sold [COGS]), fresh snacks (25% of COGS), and packaged food (40% of COGS). The following table shows the four activities that consume indirect resources at the

StamfordStamford

store, the cost drivers and their rates, and the cost-driver amount budgeted to be consumed by each activity in January

20152015.

1 (Click

the icon to view the four activities and their cost data.)

Each successive month, the budgeted cost-driver rate decreases by

0.10.1 %

relative to the preceding month. So, for example, February's budgeted cost-driver rate is

0.9990.999

times January's budgeted cost-driver rate, and March's budgeted cost-driver rate is

0.9990.999

times the budgeted February rate.

Gabriel's CornerGabriel's Corner

assumes that the budgeted amount of cost-driver usage remains the same each month.

Read the

requirements2.

Requirement 1. What are the total budgeted costs for each activity and the total budgeted indirect cost for March

20152015 ?

Begin by calculating the budgeted cost-driver rates for February, then calculate March. (Round your answers to five decimal places, X.XXXXX.)

Now calculate total budgeted cost for each activity and the total budgeted indirect cost for March. (Use the rates you calculated above in your calculations. Round your answers to the nearest whole number.)

Requirement 2. What are the benefits of using a Kaizen approach to budgeting? What are the limitations of this approach, and how might

Gabriel's CornerGabriel's Corner

management overcome them?

Begin by reviewing the following statements and then select whether each one is a benefit or limitation of a Kaizen approach to budgeting.

For any limitations selected above, determine how

Gabriel's CornerGabriel's Corner

management might overcome them? (Leave unused cells blank.)

1: Data Table

2: Requirements

(1)

Benefit

Limitation

(2)

Benefit

Limitation

(3)

Benefit

Limitation

(4)

Companies must relieve the pressure on managers by eliminating the monthly cost reduction requirements.

Companies need to highlight the importance of seeking large discontinuous improvements as well as small incremental ones.

Suggestions for improvements must come from top management to be effective.

(5)

Companies must relieve the pressure on managers by eliminating the monthly cost reduction requirements.

Companies need to highlight the importance of seeking large discontinuous improvements as well as small incremental ones.

Suggestions for improvements must come from top management to be effective.

(6)

Companies must relieve the pressure on managers by eliminating the monthly cost reduction requirements.

Companies need to highlight the importance of seeking large discontinuous improvements as well as small incremental ones.

Suggestions for improvements must come from top management to be effective.

Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow.

1. Determine whether the costs in the table are variable, fixed, mixed, or none of these.

2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N= Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers.

High-Low

Biblio Files Company is the chief competitor of Cover-to-Cover Company in the bookshelf business. Biblio Files is analyzing its manufacturing costs, and has compiled the following data for the first six months of the year. After reviewing the data, answer questions (1) through (3) that follow.

1. From the data previously provided, help Biblio Files Company estimate the fixed and variable portions of its total costs using the High-Low Method. Recall that Total Costs = (Variable Cost Per Unit x Number of Units Produced) + Fixed Cost. Complete the following table.

2. With your Total Fixed Cost and Variable Cost per Unit from the High-Low Method, compute the total cost for the following values of N (Number of Units Produced).

3. Why does the total cost computed for 4,360 units not match the data for January in the table at the top of this panel?

The High-Low method gives a formula for the estimated total cost and may not match levels of production other than the highest and lowest.

The High-Low method gives accurate data only for levels of production outside the relevant range.

The High-Low method is accurate only for months in which production is at full capacity.

The High-Low method only gives accurate data when fixed costs are zero.

Contribution Margin

Review the contribution margin income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statements panels. Complete the following table from the data provided in the income statements. Each company sold 84,800 units during the year.

Income Statement - Cover-to-Cover

Income Statement - Biblio Files

Sales Mix

Biblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings.

The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as components of one overall enterprise product called “Combined,” the unit contribution margin for the Combined product would be $2.31. Fixed costs for the upcoming year are estimated at $346,962. Recall that the totals of all the sales mix percents must be 100%. Determine the amounts to complete the following table.

Target Profit

Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statement panels. Note that both companies have the same sales and net income. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales.

1. If Cover-to-Cover Company wants to increase its profit by $40,000 in the coming year, what must their amount of sales be?

2. If Biblio Files Company wants to increase its profit by $40,000 in the coming year, what must their amount of sales be?

3. What would explain the difference between your answers for (1) and (2)?

The companies have goals that are not in the relevant range.

Cover-to-Cover Company’s contribution margin ratio is lower, meaning that it’s more efficient in its operations.

Biblio Files Company has a higher contribution margin ratio, and so more of each sales dollar is available to cover fixed costs and provide income from operations.

The answers are not different; each company has the same required sales amount for the coming year to achieve the desired target profit.

Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow.

1. Determine whether the costs in the table are variable, fixed, mixed, or none of these.

2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N= Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers.

High-Low

Biblio Files Company is the chief competitor of Cover-to-Cover Company in the bookshelf business. Biblio Files is analyzing its manufacturing costs, and has compiled the following data for the first six months of the year. After reviewing the data, answer questions (1) through (3) that follow.

1. From the data previously provided, help Biblio Files Company estimate the fixed and variable portions of its total costs using the High-Low Method. Recall that Total Costs = (Variable Cost Per Unit x Number of Units Produced) + Fixed Cost. Complete the following table.

2. With your Total Fixed Cost and Variable Cost per Unit from the High-Low Method, compute the total cost for the following values of N (Number of Units Produced).

3. Why does the total cost computed for 4,360 units not match the data for January in the table at the top of this panel?

The High-Low method is accurate only for months in which production is at full capacity.

The High-Low method gives accurate data only for levels of production outside the relevant range.

The High-Low method only gives accurate data when fixed costs are zero.

The High-Low method gives a formula for the estimated total cost and may not match levels of production other than the highest and lowest.

Contribution Margin

Review the contribution margin income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statements panels. Complete the following table from the data provided in the income statements. Each company sold 84,800 units during the year.

Income Statement - Cover-to-Cover

Income Statement - Biblio Files

Sales Mix

Biblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings.

The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as components of one overall enterprise product called “Combined,” the unit contribution margin for the Combined product would be $2.31. Fixed costs for the upcoming year are estimated at $346,962. Recall that the totals of all the sales mix percents must be 100%. Determine the amounts to complete the following table.

Target Profit

Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statement panels. Note that both companies have the same sales and net income. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales.

1. If Cover-to-Cover Company wants to increase its profit by $40,000 in the coming year, what must their amount of sales be?

2. If Biblio Files Company wants to increase its profit by $40,000 in the coming year, what must their amount of sales be?

3. What would explain the difference between your answers for (1) and (2)?

The answers are not different; each company has the same required sales amount for the coming year to achieve the desired target profit.

Cover-to-Cover Company’s contribution margin ratio is lower, meaning that it’s more efficient in its operations.

Biblio Files Company has a higher contribution margin ratio, and so more of each sales dollar is available to cover fixed costs and provide income from operations.

The companies have goals that are not in the relevant range.

Decompose the Income Statement into labor and facility sustaining cost pools. Divide the cost pools into activity centers at the ratio of 40% for the BOH and 60% for the FOH. Display in the table.

4. Based on the calculation from #3, calculate cost pool rates

50. Total hours worked FOH = 800 hours
50. Total hours worked BOH = 600 hours

5. Calculate an allocation value per menu item for the Facility Sustaining cost pool. The number of menu items sold during the month = 2,000.

6. Last week, 9.75 bottles of 1L Jack Daniel was used. The POS system recorded sales of 102 drinks. If the standard drink size is 1.50 oz, how many potential drinks should have been sold last week?

7. Last week, 9.75 bottles of 1L Jack Daniel was used. The bar pays $25 per bottle and the POS system recorded sales of 98 drinks. If the standard drink size is 1.30 oz and is sold for $6.00 per drink, what is the actual cost % of Jack Daniel?

8. The Night Owl Bar sold 189 of Chivas Regal last month generating sales of $897.75. A bottle of Chivas Regal costs $38.95, with a bottle size of 1.5L. A standard drink size of 1.20 oz is sold for $6.25. The bar sells 32 brands and 9 categories. If the total liquor CM is $17.762.42 and total CM for Whisky category is $1.723.51, what is the profit factor for Whisky category?

The Carlberg Company has two manufacturing departments, assembly and painting. The assembly department started 10,000 units during November. The following production activity unit and cost information refers to the assembly department’s November production activities.