P18.8 (LO 2, 3) (Time Value, Gift Cards, Discounts) Presented below are two independent revenue arrangements for Colbert Company.
Instructions
Respond to the requirements related to each revenue
arrangement.
a. Colbert sells 3D printer systems. Recently, Colbert provided a special promotion of zero-interest financing for 2 years on any new 3D printer system. Assume that Colbert sells Lyle Cartright a 3D system, receiving a $5,000 zero-interest-bearing note on January 1, 2020. The cost of the 3D printer system is $4,000. Colbert imputes a 6% interest rate on this zero-interest note transaction. Prepare the journal entry to record the sale on January 1, 2020, and compute the total amount of revenue to be recognized in 2020.
b. Colbert sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2020. The paper has a standalone selling price of $100 (cost $80). The gift cards expiration date is June 30, 2020. Colbert estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows.
Redemption Total
March 31
50%
April 30
80%
June 30
85%
Prepare the 2020 journal entries related to the gift cards at March
1, March 31, April 30, and June 30.
In: Accounting
Question:
Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Tempo Ltd. for the month of January 2020.
Ignore GST
| Date | Description | Quantity | Unit Cost or Selling Price |
| December 31 | Ending inventory | 150 | £19 |
| January 2 | Purchase | 100 | 21 |
| January 6 | Sale | 150 | 40 |
| January 9 | Sale return | 10 | 40 |
| January 9 | Purchase | 75 | 24 |
| January 10 | Purchase return | 15 | 24 |
| January 10 | Sale | 50 | 45 |
| January 23 | Purchase | 100 | 26 |
| January 30 | Sale | 160 | 50 |
1)Calculate (i) cost of goods sold and (ii) ending inventory under perpetual moving average cost. Round unit cost calculations to three decimal places.
Follow these format:
|
Date |
Purchases |
Cost of Goods Sold |
Balance (in units and cost) |
2)Calculate ending inventory and cost of goods sold under periodic FIFO. There were 60 units correctly counted in ending inventory. (Hint: Ignore sales and sales returns when creating COGA; but do not ignore purchase returns.)
Follow these format:
|
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
In: Accounting
Personal Selling Territory Plan: Liz works in sales for a developer of a new community. Please use the following information to assist with questions 1-9
Price of each home: 200,000
Q4 Sales: 2,400,000
Jan sales: 1,000,000
Feb sales: 1,200,000
March Sales: 1,400,000
1) What were Liz's Sales in Q1?
2) What was Liz's sales change/growth in sales from Jan to Feb (In dollars and percentage)?
3) If Liz receives a commission of 1% for each sale, how much commission does she make per each home sale (dollars) ?
4) How much commission did Liz earn in January?
?In addition to commission, Liz has a quarterly quota and earns a bonus for meeting quota. She receives $3,000 for selling 80% to quota and $100 for each additional percentage point met. In Q1, Liz'a quota was $3,000,000.
5) How many homes did Liz have to sell in Q1 to achieve quota (100% to quota)?
6) What was Liz's quota in Q1?
7) How much did Liz earn in Q1?
8) If all New Home Sales in Liz's zip code in January were $10,000,000 what was Liz's market share of new home sales?
9) If Liz's sales in Q2 are $3,000,000 what is Liz's sales change/growth in sales from Q1 to Q2?
In: Finance
Speed Company produces three types of DVD Analog, Digital, and Smart and operates at capacity. Data related to the three products are presented here: Analog Digital Smart Annual production in units 30,000 60,000 10,000 Direct material costs $600,000 $1,000,000 $800,000 Direct manufacturing labor costs $1,400,000 $1,200,000 $900,000 Direct manufacturing labor-hours 10,000 20,000 5,000 Machine-hours 10,000 15,000 7,000 Number of production runs 90 70 100 Inspection hours 11,000 16,000 14,000 Total manufacturing overhead costs are as follows: Total Cost Driver Machining costs $2,300,000 Machine-Hours Setup costs 1,850,000 Production-Runs Inspection costs 1,000,000 Inspection-Hours Speed’s simple costing system allocates overhead costs to its products based on manufacturing labor costs. Required: 1. Calculate the manufacturing overhead cost per unit for each product using the simple costing system. 2. a- Compute the manufacturing cost per unit for each product using the Activity-Based-Costing system. b- Given the following prices: Type Price/unit Analog $100 Digital $60 Smart $180 Use the cost per unit found in part 2-(a), What is the company’s break-even point in units, assuming that the given sales mix is maintained and that the total fixed costs are $5,445,000?
Hello sir , please i need the answer quickly ...
In: Accounting
(a)
Given the information in the table below (Table 1) for three consecutive years) in an economy, calculate the missing data in the table labelled (A) to (F). Also, show how you have worked out your answer for each missing value.
Table 1
|
Year |
Nominal GDP ($ billion) |
Real GDP (2018 $ billion) |
GDP Deflator (2018 = 100) |
Inflation |
Real GDP per capita (2018 $) |
Population (million) |
|
2017 |
547.1 |
(A) |
98.8 |
1.3 |
(B) |
18.31 |
|
2018 |
(C) |
540 |
(D) |
1.2 |
(E) |
18.52 |
|
2019 |
(F) |
(G) |
100.2 |
(H) |
31471 |
18.75 |
(b) Government survey takers determine that the typical family expenditures each month in the year designated as the base year are as follows:
20 pizzas at $10 each
Rent of apartment, $600 per month
Petrol and car maintenance, $100
Phone service, $50
In the year following the base year, the survey takers determine that pizzas have risen to $11 each, apartment rent is $640, petrol and car maintenance has risen to $120, and phone service has dropped in price to $40.
i) Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year.
ii) The family’s nominal income rose by 5 percent between the base year and the subsequent year. Are they worse off
or better off in terms of what their income is able to buy?
In: Economics
Rabin Ltd uses a perpetual FIFO inventory system and has compiled the following cost information for the year ended December 31, 2017. Opening inventory consisted of 100 units. The cost per unit of opening inventory is $100 DM, $60 DL and $110 MOH (of which 20% is variable). Robin produced 1,400 units and sold 1,250 units during 2017. The selling price per unit is $320.
| Direct materials | $135,000 |
| Wages for assembly workers | 104,000 |
| Utilities on factory (of which 25,000 is fixed) | 68,000 |
| Factory supervisor salary | 50,000 |
| Bookkeeper salary | 35,000 |
| Office rent | 60,000 |
| Amortization of factory and equipment | 45,000 |
Answer the following for the year ended December 31, 2017 (round
your answer to the nearest unit or dollar and use the rounded
answer for subsequent calculations):
(a) How many units are left in ending inventory at December 31,
2017? units
(b) What is the cost per unit in ending inventory under:
absorption costing $/ unit?
variable costing $/ unit?
throughput costing $/ unit?
(c) Calculate the total cost of opening inventory using:
absorption costing $?
variable costing $?
throughput costing $?
(d) Calculate: gross profit $?
contribution margin $?
throughput margin $?
(e) Net income will be greatest under which costing method? Absorption costing or Variable costing
(f) Net income will be lowest under which costing method? Absorption costing or Variable costing
In: Accounting
| Part II | ||||||
| The following table is inventory history of AAA. | ||||||
| # of units | Price per Unit | Total Cost | ||||
| Dec 1 | Beginning Inventory | 100 | $ 12 | 1,200 | ||
| Dec 3 | Purchase | 200 | $ 13 | 2,600 | ||
| Dec 4 | Purchase | 300 | $ 14 | 4,200 | ||
| Dec 20 | Purchase | 400 | $ 15 | 6,000 | ||
| Dec 25 | Purchase | 500 | $ 16 | 8,000 | ||
| Total | 1,500 | 22,000 | ||||
| During December, AAA sold 700 units at $30 | ||||||
| How much is the Cost of Goods Available for Sale? | ||||||
| $ 22,000 | (100 x 12) + (200 x 13) + (300 x14 ) + (400 x 15) + (500 x 16) | |||||
| 1,200 +2,600 + 4,200 + 6,000 + 8,000 | ||||||
| How much is the net sale? | ||||||
| $ 19,000 | 20,500 1,5000 | |||||
| Complete the following table | ||||||
| In this table, you have to calculate Cost of Goods Sold and Ending Inventory under LIFO, FIFO, Weighted Average method | ||||||
| For weighted average method, round up the average cost per unit to the two decimal points | ||||||
| Suppose that your income tax rate is 27% of your income before income tax. | ||||||
| FIFO | LIFO | W. Average | ||||
| Net Sales | $ 12,720.00 | |||||
| Cost of Goods Sold | $ 8,280.00 | |||||
| Gross Profit | $ 4,440.00 | |||||
| Operating Expense | 100.00 | 100.00 | 100.00 | |||
| Income From Operation | ||||||
| Other gain | 100.00 | 100.00 | 100.00 | |||
| Income Before Income Tax | ||||||
| Income Tax | ||||||
| Net Income | ||||||
In: Accounting
Wyoming Corporation produces heavy equipment for military applications. As part of this process, it currently manufactures a fuel valve; the cost of the valve is indicated below:
| unit cost | ||
| variable costs | ||
| direct materials | $900 | |
| direct labor | $530 | |
| variable overhead | $240 | |
| total variable costs | 1,670 | |
| fixed costs | ||
| equipt. Depreciation | $300 | |
| building depreciation | $100 | |
| supervisory salaries | $100 | |
| total fixed cost | $500 | |
| total unit cost |
$2,170 |
|
The company has an offer from an outside valve manufacturer to produce the part for $1,850 per unit and supply 1,000 valves (the number needed in the coming year).
If the company accepts this offer and shuts down production of valves, production workers and supervisors will be reassigned to other areas needing their services.
The equipment cannot be used elsewhere in the company, and it has no market value.
The space occupied by the production of the valve can, however, be used by another production group of the company that is currently leasing space for $41,000 per year.
REQUIRED:
What are the costs involved should they decide to outsource the production of the valves?
What are the benefits involved should they decide to outsource the production of the valves?
Should they outsource the production of the valves or continue to manufacture them?
In negotiating with the outside vendor, what is the MAXIMUM price that the company could offer the outside manufacturer without losing money on this decision.
List and explain TWO qualitative factors that the company might address as part of this decision.
In: Accounting
SUPPLIER
Sno Sname Status City
s1 Smith 20 London
s2 Jones 10 Paris
s3 Blake 30 Paris
s4 Clark 20 London
s5 Adams 30 NULL
PART
Pno Pname Color Weight City
p1 Nut Red 12 London
p2 Bolt Green 17 Paris
p3 Screw NULL 17 Rome
p4 Screw Red 14 London
p5 Cam Blue 12 Paris
p6 Cog Red 19 London
SHIPMENT
Sno Pno Qty Price
s1 p1 300 .005
s1 p2 200 .009
s1 p3 400 .004
s1 p4 200 .009
s1 p5 100 .01
s1 p6 100 .01
s2 p1 300 .006
s2 p2 400 .004
s3 p2 200 .009
s3 p3 200 NULL
s4 p2 200 .008
s4 p3 NULL NULL
s4 p4 300 .006
s4 p5 400 .003
QUESTIONS (SOLUTIONS MUST BE SQL QUERY IN SQL SERVER):
1. Print supplier numbers for suppliers who ship at least all those parts shipped by supplier S3. Do not include S3 in the answer and do not "count".
2. Print supplier numbers for suppliers who ship ONLY red parts.
In: Computer Science
Quiz #4
Spring 2018
Emerson Company produces ceramic tea pots. Emerson allocates overhead based on the number of direct labor hours. The company is considering using a standard cost system and has developed the following standards (a batch is 100 teapots).
Standard Costs:
Direct Material 60 lbs. per batch $ 5.00 per lb. .
Direct Labor 3.0 hr. per batch $17.00 per hr.
Variable Manufacturing Overhead 3.0 hr. $7.00 per hr.
Fixed Manufacturing Overhead 3.0 hr. $3.00 per hr.
2018 Budgeted Data for February:
Budgeted production, 121 batches (100 tea pots each batch)
Denominator Hours, 363 DLH. (Emerson applies overhead on the basis of direct labor hours.)
Budgeted variable overhead, $2,541
Budgeted fixed overhead, $1,089.
2018 Actual Results for February:
Direct material purchases were 4,500 lbs. at a cost of $4.70 per lb.
Direct material used was 4,100 lbs.
Direct labor costs was $3,344 at an average direct labor cost per hour of $17.60.
Total variable manufacturing overhead was $1,406.
Total fixed manufacturing overhead was $1,490.
Actual production was 60 batches.
EXTRA CREDIT: (Worth 5 pts) Prepare journal entries for:
a. material price and quantity variances.
b. labor rate and efficiency variances.
In: Accounting