Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Progress Incorporated is considering buying a new machine to increase production. It will cost $200,000 to purchase, $10,000 to modify and $5,000 to have it installed. It has a five-year class life. At the end of three years they plan to sell the machine for $95,000. The new machine will allow Progress to increase revenues by $80,000 each year but expenses will increase by $5,000 each year. Inventory will decrease by $6,000 and wages payable will increase by $2,000 if the machine is purchased. Straight-line depreciation will be used. Progress’s marginal tax rate is 34% and its cost of capital is 7%. Should PI purchase the new machine? What is the NICO for the project? The Depreciation for year 1 is? The Operating Cash Flow in year 1 is? The firm has a _________of __________ when they sell the machine?

On

January

1​,

2018​,

On Time

Delivery Service purchased a truck at a cost of

$75,000.

Before placing the truck in​ service,

On Time

spent

$2,200

painting​ it,

$1,700

replacing​ tires, and

$9,100

overhauling the engine. The truck should remain in service for five years and have a residual value of

$10,000.

The​ truck's annual mileage is expected to be

27,000

miles in each of the first four years and

12,000

miles in the fifth

year—120,000

miles in total. In deciding which depreciation method to​ use,

Jacob Nealy​,

the general​ manager, requests a depreciation schedule for each of the depreciation methods​ (straight-line, units-of-production, and​ double-declining-balance).Read the requirements

LOADING...

.

Requirement 1. Prepare a depreciation schedule for each depreciation​ method, showing asset​ cost, depreciation​ expense, accumulated​ depreciation, and asset book value.

Begin by preparing a depreciation schedule using the​ straight-line method.

provide a brief introduction on the topic Cost-Benefit Analysis – Why it is necessary for PICs such as fiji for Accountability

if the demand curve is Q(p)=p*, what is the elasticity of demand? if marginal cost is 1$ and *= -2, what is the profit maximizing price?

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company

The following information is available for Shanika Company for 20Y6:

1. Prepare the 20Y6 statement of cost of goods manufactured.

Consider a monopolist facing a constant marginal cost of MC = $10 per unit and a demand curve of P = 200 – 2q for each individual consumer.

1. If the monopolist has zero fixed costs, what are its profit and the resulting deadweight loss? How does your answer change if the monopolist also has a fixed cost of $4000?

b. Now the monopolist faces a potential competitor. If the consumer switches to buy the product from the entrant the consumer will receive consumer surplus (net of the price they pay for the good) of $4025. What should the monopolist do now?

At the beginning of the year, Lopez Company had the following standard cost sheet for one of it's chemical products:

Direct Materials (4 lbs @ $2.80) - $11.20

Direct Labor (2 hrs @ $18.00) - 36.00

FOH (2 hrs @ $5.20) - 10.40

VOH (2 hrs @ $0.70) - 1.40

Standard Cost Per Unit - $59.00

Lopez computes its overhead rates using practical volume, which is 90,000 units.

The actual results for the year are as follows:

(a) units produced: 88,000

(b) direct labor: 170,000 hours

(c) FOH: $930,000 and

(d) VOH: $125,000

1. Compute the variable overhead spending variance.

2. Compute the variable overhead efficiency variance.

3. Compute the fixed overhead spending variance.

4. Compute the fixed overhead volume variance.